Dongfeng Motor Corporation entered into an equity transfer agreement to acquire 33.14% stake in Dongfeng Off-road Vehicle Co., Ltd. from Dongfeng Motor Group Company Limited (SEHK:489) on June 17, 2022. As at April 30, 2022, the net asset value of Dongfeng Off-road amounted to CNY 322.9 million. For the year ended December 31, 2021, Dongfeng Off-road reported net profit after taxation of CNY 205.8 million.

Completion of the Equity Transfer is subject to the satisfaction of approval by relevant authorities and approval internally by all parties. The net proceeds from the Equity Transfer are expected to be used for the general working capital of the Company or for future investments.