Geely Auto Group sells 45% stake in Ruilan Auto

Geely Auto Group announced that its subsidiary Zhejiang Jirun has transferred its 45% stake in Ruilan Automobile to Geely Qizheng for RMB 504 million. After the transaction, Geely Auto Group will no longer hold any shares in Ruilan Automobile and is expected to receive approximately RMB 117 million in revenue. Ruilan Automobile was established on January 24, 2022 by Geely Auto and Lifan Technology, and is mainly engaged in battery swapping vehicles and service businesses. After the transaction is completed, the equity structure of Ruilan Automobile will change to Lifan Technology holding 55% and Geely Qizheng holding 45%.