Huizhou Desay SV Automotive Co., Ltd. announced a private placement of no more than 166,501,830 A shares for the gross proceeds of CNY 4,500,000,000 on September 6, 2024. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors including securities investment fund management companies, securities companies, trust companies, financial companies, insurance institutional investors, qualified foreign institutional investors. The transaction has been approved by the shareholders of the company in the third meeting of the fourth board of directors and is subject to the review and approval of the shareholders' meeting. The issuance of shares to specific subscribers can only be implemented after the approval of the Shenzhen Stock Exchange and the approval of the registration of the China Securities Regulatory Commission.

On November 23, 2024, the company announced that it has received the "Notice on the Acceptance of the Application Documents for the Issuance of Shares to Specific Entities by (Shenzhen Stock Exchange Review [2024] No. 296) issued by the Shenzhen Stock Exchange (hereinafter referred to as "SZSE"). The SZSE has verified the application documents submitted by the Company for the issuance of shares to specific entities in accordance with relevant regulations and determined that the application documents are complete, thus deciding to accept them. The Company's issuance of shares to specific entities is still subject to approval by the SZSE and a decision from the China Securities Regulatory Commission (hereinafter referred to as "CSRC") for registration consent before it can be implemented. There remains uncertainty regarding whether the application will pass the SZSE review and whether the CSRC will grant registration consent, as well as the timing of such decisions. The Company will, based on the progress of this matter, strictly fulfill its information disclosure obligations in a timely manner according to the relevant laws and regulations, and kindly remind all investors to pay attention to investment risks.