Zhuoyue Cars Co. Ltd. intends to acquire 71.88% stake in GreenWay Urban Traffic (Europe) Co., Ltd. from Zhejiang Founder Motor Co., Ltd. (SZSE:002196) for CNY 50 million on March 22, 2023. After the equity transfer is completed, Founder Motor will no longer hold the equity of GreenWay Urban Traffic (Europe).

As per the terms of agreement, Zhuoyue Cars shall make a one-time payment of the transfer price to Zhejiang Founder Motor's bank account ("delivery") when this agreement becomes effective. GreenWay Urban Traffic (Europe) has reported total assets of CNY 47.8406 million, net assets of CNY 47.7572 million and net loss of CNY 3.4313 million on December 31, 2022. The board of has approved the deal at 28th meeting of the 7th board of directors and the 20th meeting of the 7th board of supervisors held on March 22, 2023.