INVT Electric Vehicle Drive Technology (Shenzhen) Co., Ltd. announced that it will receive CNY 165,500,000 in an equity round of funding on May 23, 2022. The transaction will include participation from existing investor Shenzhen INVT Electric Co.,Ltd for CNY 66,000,000, new investors Shenzhen Yingwei Tengde Investment Enterprise (Limited Partnership) for CNY 18,000,000, Shenzhen Yingwei Tenghou Investment Enterprise (Limited Partnership) for CNY 19,500,000, Jiaxing Pengying Phase I Equity Investment Partnership Enterprise (Limited Partnership) for CNY 26,400,000, Liu Xiangyang for CNY 35,200,000 and Ye Xueliang for CNY 4,400,000. Out of the total gross proceeds, CNY 85,000,000 will go into registered capital, and CNY 84,500,000 will go into capital reserve.

Post-closing, the registered capital of the company will increase from CNY 180,000,000 to CNY 265,000,000. Post-closing of share transfer and capital increase Huang Shenli's stake will decrease from 16.67% to 6.79%, Shenzhen Yingwei Tengying Investment Partnership Enterprise (Limited Partnership)'s stake will decrease from 4.28% to 2.91%, Shenzhen Yingsheng Investment Development Enterprise (Limited Partnership)'s stake will decrease from 6.67% to 4.53%, Shenzhen Yingwei Tengda Investment Development Enterprise (Limited Partnership)'s stake will decrease from 5.55% to 3.77%, Shenzhen INVT Electric Co., Ltd.'s stake will decrease from 56.00% to 49.36%, Shenzhen Yingwei Tengxing Investment Development Enterprise (Limited Partnership)'s stake will decrease from 10.83% to 7.36%, Shenzhen Yingwei Tengde Investment Enterprise (Limited Partnership) will hold 4.53%, Shenzhen Yingwei Tenghou Investment Enterprise (Limited Partnership) will hold 4.91%, Jiaxing Pengying Phase I Equity Investment Partnership Enterprise (Limited Partnership)will hold 4.53%, Liu Xiangyang will hold 6.04% and Ye Xueliang will hold 5.28% stake in the company. The transaction has been approved by the board of directors of Shenzhen INVT Electric Co., Ltd. at its 12th session of the company's 6th directorate and is subject to approval from its shareholders.