The board of directors of the company announced that it has been advised by that on 9 August 2021, Geely Holding and Renault Group signed a memorandum of understanding to create a long term strategic partnership, which will initially focus on the development of hybrid vehicles in the core fast-growing markets like China and Korea. As at the date of this announcement, the company would like to clarify that it is not a party to the Proposed Transaction and it is not partnering with Geely Holding or providing financing to Geely Holding in relation to the Proposed Transaction. Given the strategic importance of hybrid vehicles and the Chinese market and the huge potential of the Korean market, the Group is exploring different options to involve in the Proposed Transaction.

Should the Proposed Transaction materialise, subject to the compliance with The Rules Governing the Listing of Securities on the stock Exchange of Hong Kong Limited and taking into account the interests of the company and its shareholders as a whole, the company will make further announcement(s) if and when necessary in order to keep the market informed. Geely Holding is a connected person of the Company for the purpose of the Listing Rules by virtue of the fact that it is a substantial shareholder indirectly holding an approximately 41% of the issued share capital of the company and also that it is an associate of Mr. Li Shu Fu, an executive director of the Company. Consequently, to the extent that any actual cooperation takes place or is proposed to take place between Renault and the company which constitutes a notifiable transaction and/or a connected transaction for the company, the company will comply with the relevant Listing Rules requirements as and when appropriate.