Weichai Power acquires stake in Tsingzhi Technology for RMB 660 million

Weichai and the founding shareholders of Tianjin Qingzhi Technology Co., Ltd. (hereinafter referred to as "Qingzhi Technology") signed the Equity Transfer Agreement on November 18, 2019, and acquired 55% of the equity of Qingzhi Technology for a cash consideration of RMB 660 million, becoming the majority shareholder of Qingzhi Technology; on November 28, 2019, Weichai paid the full cash consideration and obtained control over Qingzhi Technology's financial and operating policies and other related activities. The founding shareholders of Qingzhi Technology promised that their actual main business income in 2019, 2020 and 2021 should reach RMB 941 million in total. During the commitment period, if the target is not met, the founding shareholders shall compensate Weichai Power for the performance.