Background introduction of Jiangxi Xingneng Energy Storage Technology Co., Ltd.

Jiangxi Xingneng Energy Storage Technology Co., Ltd. was established in August 2023 and is 100% owned by Jiangxi Xingneng Technology Co., Ltd., whose major shareholder is Zhejiang Yaoning Technology Group Co., Ltd., which holds 56% of the shares. Yaoning Technology was born out of Geely Auto and was formerly known as Geely Auto Parts Business Center. It was officially established in December 2020. At present, an industrial ecology has been formed with the three major business sectors of auto parts, new energy and phosphorus chemical industry working together.