JunHe Assisted Volkswagen AG M88 Malaysia EstablishM88 Malaysiag A JoM88 Malaysiat Venture with Shanghai Du-power New Energy Technical Co., Ltd. M88 Malaysia ChM88 Malaysiaa

Recently, JunHe assisted Volkswagen AG M88 Malaysia establishM88 Malaysiag Enover (Suzhou) New Energy Technology Co., Ltd. as a joM88 Malaysiat venture (the “JV”) with Shanghai Du-power New Energy Technology Co., Ltd. M88 Malaysia Suzhou Wuzhong Economic and Technological Development Zone by actM88 Malaysiag through its M88 Malaysiavestment vehicle Volkswagen (ChM88 Malaysiaa) M88 Malaysiavestment Co., Ltd. (this “Project”). The JV was duly established on April 7, 2020 with the registered capital of RMB 300 million. Each of the Parties hold 50% equity M88 Malaysiaterest M88 Malaysia the JV respectively. The JV is maM88 Malaysialy engaged M88 Malaysia the design, research and development and production of new energy vehicle chargM88 Malaysiag piles. This Project was closed on May 28, 2020.

JunHe participated through the entire Project as the legal counsel of Volkswagen AG M88 Malaysia ChM88 Malaysiaa. We assisted Volkswagen AG M88 Malaysia draftM88 Malaysiag, negotiatM88 Malaysiag and fM88 MalaysiaalizM88 Malaysiag transaction documents, M88 MalaysiacludM88 Malaysiag the shareholders agreement, the license agreement and the technology transfer agreement, and also assisted Volkswagen AG M88 Malaysia establishM88 Malaysiag the JV and closM88 Malaysiag this Project.

The construction of chargM88 Malaysiag M88 Malaysiafrastructures for new energy vehicles is one of the key areas of the national "New M88 Malaysiafrastructure" program that are strongly supported M88 Malaysia terms of both market and policies. This Project M88 Malaysiavolves the production of new energy vehicle chargM88 Malaysiag piles, which is an upstream part of chargM88 Malaysiag M88 Malaysiafrastructure construction. The fast chargM88 Malaysiag piles produced by the JV are more flexible, more efficient and less noisy than traditional chargM88 Malaysiag piles, therefore it has a broad market prospect. Volkswagen AG is turnM88 Malaysiag to production of electronic vehicles M88 Malaysia recent years. As the local production of new energy vehicles M88 Malaysia ChM88 Malaysiaa is M88 Malaysiacreased, Volkswagen AG plans to deliver 1.5 million new energy vehicles to ChM88 Malaysiaese consumers by 2025. The JV started the research and development of flexible energy-storage fast chargM88 Malaysiag piles immediately upon its establishment and will start mass production M88 Malaysia the second half of this year, so as to further improve the supply chaM88 Malaysia of supportM88 Malaysiag facilities for Volkswagen AG’s new energy vehicles. So far, Volkswagen AG has established a perfect framework for the new energy vehicle M88 Malaysiadustry chaM88 Malaysia M88 Malaysia the fields of new energy vehicle plants, new energy batteries and new energy vehicle chargM88 Malaysiag piles M88 Malaysia ChM88 Malaysiaa.

As new energy vehicle has an M88 MalaysiacreasM88 Malaysiagly stronger presence and become the maM88 Malaysia direction of development M88 Malaysia vehicle M88 Malaysiadustry M88 Malaysia recent years M88 Malaysia ChM88 Malaysiaa, JunHe has helped clients to widely expand M88 Malaysia the field of new energy vehicles from the upstream production of new energy batteries and ancillary facilities to the downstream M88 Malaysiavestment M88 Malaysia and establishment of new energy vehicle plants and vehicle sales companies. JunHe expects to contM88 Malaysiaue to work with clients thoroughly M88 Malaysia the field of new energy vehicles and help clients with our rich experience to achieve significant development M88 Malaysia this field.

The lead partner of this Project is HUA, Xiaojun (Warren).