At 9:45 am Hungary time on November 18, 2021, Chervon Auto held its groundbreaking ceremony for its manufacturing facility in the Mechatronics Park in Miskolc. H.E. Minister Péter Szijjártó, the relevant government officials of Hungarian Investment and Promotion Agency and Hungarian Parliament, Mayor of Miskolc Mr. Pal Veres; Project Manager of Chervon Auto Europe project Mr. Simon Waechter; General Manager of Chervon Auto Europe Kft. Mr. Gaal Gyula and representatives of partners related to the Europe project of Chervon Auto attended the ceremony. This project is the most important greenfield investment project of Miskolc in recent years. Through excellent die casting and related processes, combined with the production capacity layout of the project, we will focus on products in Central Europe to match the electricifaction development trend in the automotive industry. The project covers nearly 28,000 square meter and started construction from September of 2021. Seizing “the Belt and Road Initiatives”，Chervon-auto will optimize the company's production capacity and strategic layout through this investment, further improve the company's market share in new energy vehicle products, and enhance the overall competitiveness of the company.

On July 12, 2021, at the 72nd working meeting of the 18th Issuance Review Committee of the China Securities Regulatory Commission in 2021, Nanjing Chervon Auto Precision Technology Co., Ltd. 's application for public issuance of convertible corporate bonds was approved. Mr. Pan Longquan, Chairman of Chervon Auto Co., Ltd.、Mr. Liu Zhiwen, Secretary of the Board of Directors and Chief Financial Officer, Mr. Liang Yong and Mr. Wei Dejun, representatives of CICC, attended the meeting on behalf of the company. The total amount of the proposed issuance of convertible bonds is not more than RMB620,000,000 (including RMB620,000,000), which is mainly used for the construction of the high-end auto parts intelligent manufacturing project (phase I) of Ma’anshan subsidiary. The review of the issuance of convertible bonds passed smoothly, which is the first time for the company to conduct refinancing after listing. It is not only conducive to speeding up the construction of the Ma’anshan project, but also will become a new starting point for the company's continuous development in the capital market.

Nanjing Chervon Auto Precision Technology CO., Ltd. (hereinafter referred to as Chervon Auto) and H.E. Minister Péter Szijjártó held an investment announcement on the afternoon of October 19, 2020 in the form of video conference. The attendees of the conference included Mr. Pan Longquan, Chairman of Chervon Auto, Mr. Deng Lingqu, General Manager, Mr. Liu Zhiwen, Secretary of the Board of Directors and Chief Financial Officer, Mr. Jia Kuke from the Chervon Organization Strategy and Development Department, and other relevant persons in charge, as well as Mr. Szijjártó, Minister of Foreign Affairs and Trade of Hungary, and relevant government officials of Hungarian Investment and Promotion Agency and Hungarian Parliament. At the conference, the two Parties exchanged views on the details of investment and construction of European production base by Chervon Auto in Hungary. On behalf of the Hungarian government, Mr. Szijjártó welcomed Chervon Auto to invest in Hungary. The Hungarian government attached great importance to the investment of Chervon Auto, and said that it will give the enterprise support in all aspects in the process of the project, in order to promote the project to be put into operation as soon as possible. The completed Hungarian factory will be the first factory established by Chervon Auto outside China, with fixed assets investment of more than 50 million euro. The new factory fully up to capacity will produce 2 million auto parts a year and offer nearly 150 new jobs. Mr. Pan Longquan, Chairman of the Board, expressed his gratitude to the Hungarian government and HIPA for their support in the process. In the early stage of survey and investigation, he felt that the Hungarian people are full of vigor and vitality, which was the basis for the local development of the enterprise. He hoped that Chervon's investment in Hungary would contribute to the good relations between China and Hungary, build stronger friendship with the Hungarian people and its government, and move towards a bright and beautiful future together. The overseas investment project this time could be an important milestone in the history of Chervon Auto, and it is its first overseas project outside China. As people are increasingly aware of environmental protection and the policies are taking positive effect, Europe has become a rapidly developing market for new energy vehicles. Chervon Auto's unique positioning of serving both traditional vehicles and new energy vehicles will help Chervon realize its important expansion in the European market. The Hungarian factory will be devoted to serving our existing and new customers, and provide creative solutions as well as service with high added value.