Shenzhen Woer New Energy Electric Technology Co., Ltd. entered into a capital increase agreement to receive CNY 103,389,400 in an equity round of funding on December 11, 2023. The company is increasing its capital at CNY 9.35 per CNY of share capital. The transaction will include participation from returning investor ShenZhen Woer Heat-Shrinkable Material Co.,Ltd. for CNY 80,000,000, of which CNY 8,556,200 will be added to registered capital, new investors Shenzhen Woer Dali Technology Enterprise (Limited Partnership) for CNY 20,000,000, of which CNY 2,139,000 will be added to registered capital, and Shenzhen Woxin No.

6 Investment Partnership Enterprise (Limited Partnership) for CNY 3,389,400, of which, CNY 362,500 will be added to registered capital. ShenZhen Woer Heat-Shrinkable Material Co.,Ltd. will acquire 0.10% stake, Shenzhen Woxin No. 6 Investment Partnership Enterprise (Limited Partnership) will acquire 0.43% stake, Shenzhen Woer Dali Technology Enterprise (Limited Partnership) will acquire 2.53% stake as a part of the transaction.

This has been approved in the 7th directorate during its 11th meeting of ShenZhen Woer Heat-Shrinkable Material Co.,Ltd. The company will raise money at a pre-money valuation of CNY 685,941,200. CNY 11.05770 million will be included in the registered capital and the remaining CNY 92.33170 million in the capital reserve. The registered capital of the company will increase from CNY 73.37820 million to CNY 84.43590 million post-completion of the transaction.