JILI AUTOMOBILES ANNOUNCED ON FEBRUARY 20, 2024 THAT ITS SUBSIDIARY ZHEJIANG JIRUN AND JILI QIZHENG SIGNED A SHARE TRANSFER AGREEMENT, AGREEING TO SELL 45% OF ITS SHAREHOLDING IN RMB 5.4 MILLION. After the transaction is completed, Gili Cars will no longer hold any shares in Smart Blue and is expected to record revenues of about RMB 1.17 million. Gili Kizheng is wholly owned by the Gili Automobile Group, while the Gili Group is wholly owned by Mr. Li Shufu and his associates. Mr. Li Shufu, as the Executive Director and major shareholder of Gili Motors, holds approximately 41.19% of the shares. Therefore, the transfer of shares constitutes a connected transaction. Under the Listing Rules, this transaction is subject to the declaration and announcement requirements, but is exempt from approval by independent shareholders. The net proceeds from the sale will be used as general operating capital of Gilly Cars.

JILI AUTOMOBILES ANNOUNCED ON FEBRUARY 20, 2024 THAT ITS SUBSIDIARY ZHEJIANG JIRUN AND JILI QIZHENG SIGNED A SHARE TRANSFER AGREEMENT, AGREEING TO SELL 45% OF ITS SHAREHOLDING IN RMB 5.4 MILLION. After the transaction is completed, Gili Cars will no longer hold any shares in Smart Blue and is expected to record revenues of about RMB 1.17 million. Gili Kizheng is wholly owned by the Gili Automobile Group, while the Gili Group is wholly owned by Mr. Li Shufu and his associates. Mr. Li Shufu, as the Executive Director and major shareholder of Gili Motors, holds approximately 41.19% of the shares. Therefore, the transfer of shares constitutes a connected transaction. Under the Listing Rules, this transaction is subject to the declaration and announcement requirements, but is exempt from approval by independent shareholders. The net proceeds from the sale will be used as general operating capital of Gilly Cars.