Weichai Power Reduces Stake in Ballard Power Systems to 13.02%, Losing Board Nomination Rights

Weichai Power Hong Kong International Development Co., Limited, along with its parent Weichai Power Co., Ltd. and ultimate controller Shandong Heavy Industry Group Co., Ltd. (SHIG), filed an amendment to their Schedule 13D regarding Ballard Power Systems Inc. (BLDP). The filing reports that between May 8 and May 12, 2026, Weichai Hong Kong sold 6,878,886 common shares in open market transactions at prices ranging from $4.1767 to $4.2742 per share. Following these transactions, the reporting persons collectively hold 39,252,826 shares, representing a 13.02% ownership stake. Significantly, because the ownership level has fallen below the 15% threshold specified in the Investor Rights Agreement, Weichai Hong Kong's right to designate two board members has terminated. Consequently, directors Michael Chen and Huajie Wang are expected to resign from the Board within 10 business days of May 8, 2026. Despite the reduction, the reporting persons maintain a joint venture with Ballard in China (Weichai-Ballard JV) and retain certain anti-dilution rights under their existing agreements. The shares were originally acquired for investment purposes using working capital and bank loans.