On October 24, 2019 (the “Closing Date”), Greenland Acquisition Corporation (the registrant) consummated the previously announced business combination (the “Business Combination”) following a special meeting of stockholders where the stockholders of Greenland Acquisition Corporation (“Greenland”, the “Company”) considered and approved, among other matters, a proposal to adopt an share exchange agreement, dated as of July 12, 2019, entered into by and among (i) Greenland, (ii) Zhongchai Holding (Hong Kong) Limited, a Hong Kong company (“Zhongchai Holding”), (iii) Greenland Asset Management Corporation, a British Virgin Islands company with limited liability, in the capacity as the purchaser representative (the “Purchaser Representative”), and (iv) Cenntro Holding Limited, the sole member of Zhongchai Holding (the “Zhongchai Equity Holder” or the “Seller”). Pursuant to the Share Exchange Agreement, Greenland acquired from the Seller all of the issued and outstanding equity interests of Zhongchai Holding in exchange for 7,500,000 newly issued ordinary shares, no par value of the Company, to the Seller (the “Exchange Shares”). Three directors of Greenland, Jiang Pu, Shan Cui, and Yu Chen resigned from the Board upon the closing of the Business Combination.

The Board following the Business Combination is comprised of the following five directors: Peter Zuguang Wang, who also serves as the Chairman of the Company, Yanming Liu, Min Zhang, Everett Xiaolin Wang, and Hong Liang Lu. Upon the closing of the Business Combination, River Chi resigned the position as the Chief Financial Officer of the Company, and Yanming Liu resigned the position as the Chief Executive Officer of the Company. The current management team consists of the following officers: Raymond Z. Wang as Chief Executive Officer and President; Jing Jin as Chief Financial Officer; and Lei Chen as Chief Scientist.