CRRC: set up a joint venture company with related parties, mainly engaged in the sales of electrical accessories for new energy vehicles, etc.

CRRC announced on the Hong Kong Stock Exchange on October 28 that Zhuzhou Institute (a wholly-owned subsidiary of the company), Xiangyang Electric (a wholly-owned subsidiary of Zhuzhou Institute) and CRRC Electric (a non-wholly-owned subsidiary of CRRC Group) Enter into a joint venture agreement to jointly fund the establishment of a joint venture company in accordance with the terms and conditions of the joint venture agreement. After the transaction is completed, Zhuzhou Institute, Xiangyang Electric and CRRC Electric will hold 48.79%, 16.21% and 35% of the equity of the joint venture respectively, and the joint venture will become a subsidiary of the company.

The name of the joint venture company is tentatively set as Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. (the final name is subject to industrial and commercial registration). The registered capital of the joint venture company is 206 million yuan. The business scope of the joint venture company will cover the sales of electric accessories for new energy vehicles; Energy vehicle production and testing equipment sales; auto parts research and development; auto parts and accessories manufacturing; electrical equipment repair; technology import and export; software development; technical services, technology development, technical consultation, technical exchange, technology transfer, technology promotion. CRRC is the controlling shareholder that directly holds 51.35% of the company’s shares.