China Evergrande New Energy Vehicle : VOLUNTARY ANNOUNCEMENT - BUSINESS UPDATE - ESTABLISHMENT OF A JOINT VENTURE

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CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED 中 國 恒 大 新 能 源 汽 車 集 團 有 限 公 司

(a company incorporated in Hong Kong with limited liability)

(Stock Code: 708)

VOLUNTARY ANNOUNCEMENT

BUSINESS UPDATE - ESTABLISHMENT OF A JOINT VENTURE

The Board of the Company is pleased to announce that, on 15 March 2021, the Company entered into an agreement with Beijing Tinnove Technology Co., Ltd.# (北京梧桐車聯科技有限責任公司 ), a company under Tencent Holdings Limited, pursuant to which the parties agreed to establish a joint venture with a 60%: 40% capital contribution to jointly develop industry-leading smart vehicle operating system with proprietary intellectual property rights. Both parties are expected to give a full play of their respective capabilities in new energy vehicle research and development, manufacturing, artificial intelligence, big data, cloud computation, commuting and other fields, together aiming to create a world-leading smart vehicle ecosystem.

By Order of the Board

China Evergrande New Energy Vehicle Group Limited

SIU Shawn

Chairman

Hong Kong, 15 March 2021

As at the date of this announcement, the executive Directors of the Company are Mr. SIU Shawn, Mr. LIU Yongzhuo and Mr. QIN Liyong; and the independent non-executive Directors of the Company are Mr. CHAU Shing Yim David, Mr. GUO Jianwen and Mr. XIE Wu.

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for identification purposes only.