Dongfeng Group Co., Ltd.: Planning to establish a joint venture company with Xiangyang Holdings and others to develop and sell smart cars.

Dongfeng Group announced that on September 17, the company, Dongfeng Motor Corporation, Xiangyang Holdings, and Xiangao Investments have entered into an investment agreement. According to this, the contracting parties will jointly establish a joint venture company through capital contribution. The registered capital of the joint venture company is 8.47 billion yuan, of which the company and Dongfeng Motor Corporation will contribute 3.55 billion yuan and 920 million yuan respectively through the right to use intangible assets and physical assets, accounting for approximately 41.9% and 10.9% of the registered capital of the joint venture company. The contracting parties plan to cooperate in the development and sales of smart cars.