Huada Technology plans to acquire 44% of the equity of Jiangsu Hengyi Industrial Technology Co., Ltd.

Huada Automobile Technology Co., Ltd. (hereinafter referred to as Huada Technology) announced plans to spend 549 million yuan to acquire 44% of the shares of Jiangsu Hengyi Industrial Technology Co., Ltd. (hereinafter referred to as Jiangsu Hengyi), with the goal of turning it into a wholly-owned subsidiary. This is a further move after the first acquisition of 51% of Jiangsu Hengyi in 2018, showing Huada Technology's firm confidence in the new energy vehicle market.