Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities nor is it calculated to invite any such offer or invitation. In particular, this announcement does not constitute and is not an offer to sell or a solicitation of any offer to buy securities in Hong Kong or elsewhere.

ᐂࣵਗɢٰ΅Ϟࠢʮ̡

WEICHAI POWER CO., LTD.

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 2338)

VOLUNTARY ANNOUNCEMENT

POSSIBLE SPIN-OFF AND SEPARATE LISTING OF

THE SPARK PLUG BUSINESS OF THE GROUP

This announcement is made by Weichai Power Co., Ltd. (the "Company", and together with its subsidiaries, the "Group") on a voluntary basis.

The board of directors (the "Board") of the Company would like to announce that it has considered and approved a possible spin-off and separate listing of the spark plug business of the Group (the "Spark Plug Business") on the ChiNext Board of the Shenzhen Stock Exchange (the "Possible Spin-off"), at the Board meeting held at the date hereof. It is proposed that the Possible Spin-off will be conducted through a combination of off-market placement and on-market public offering, and the total number of shares to be issued by the spin-off company (the "Offer Shares") will not be less than 25% of the number of shares of the spin-off company in issue immediately following completion of the issuance, with an over-allotment option of not exceeding 15% of the Offer Shares.

The Company will submit the proposal in relation to the Possible Spin-off to The Stock Exchange of Hong Kong Limited (the "Stock Exchange") on 25 February 2021 pursuant to Practice Note 15 ("PN15") to the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules").

In the event that the Company proceeds with the Possible Spin-off, it will constitute a spin-off of the Spark Plug Business by the Company pursuant to PN15 and will also be a deemed disposal of an interest in the Spark Plug Business by the Company under Rule 14.29 of the Listing Rules. Based on the information available to the Company, all of applicable percentage ratios (as defined under Rule 14.07 of the Listing Rules) in respect of the Possible Spin-off are expected to be less than 5%. Therefore, the Possible Spin-off will not constitutea notifiable transaction of the Company under Chapter 14 of the Listing Rules and hence, the Possible Spin-off is subject to the approval of the Stock Exchange, but is not subject to the approval by the shareholders of the Company pursuant to the Listing Rules.

However, to comply with relevant laws and regulations of the PRC, the Company is required to obtain approval(s) regarding the Possible Spin-off at the general meeting of the Company. Please refer to the announcements issued by the Company on the website of the Shenzhen Stock Exchange dated 25 February 2021 and the notice to the extraordinary general meeting to be issued by the Company for further details.

As at the date of this announcement, the details of the Possible Spin-off are yet to be finalised. The Company will make further announcement(s) in connection with the Possible Spin-off as and when appropriate or as required under the Listing Rules.

Shareholders of the Company and potential investors should note that the Possible Spin-off is subject to, among others, approvals from the relevant regulatory authorities and market conditions. There is no assurance that the Possible Spin-off will proceed or as to when it may take place. Shareholders of the Company and potential investors are reminded to exercise caution when dealing in the securities of the Company.

By order of the Board of Directors

Weichai Power Co., Ltd.

Tan Xuguang Chairman and CEO

The PRC, 25 February 2021

As at the date of this announcement, the executive Directors of the Company are Mr. Tan Xuguang, Mr. Zhang Quan, Mr. Xu Xinyu, Mr. Sun Shaojun, Mr. Yuan Hongming and Mr. Yan Jianbo; the non-executive Directors of the Company are Mr. Zhang Liangfu, Mr. Jiang Kui, Mr. Gordon Riske and Mr. Michael Martin Macht; and the independent non-executive Directors of the Company are Mr. Li Hongwu, Mr. Wen Daocai, Ms. Jiang Yan, Mr. Yu Zhuoping and Ms. Zhao Huifang.

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Weichai Power Company Limited published this content on 25 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2021 12:28:05 UTC.