Gelonghui Co., Ltd. (600114.SH) announced that it received a notice from the joint venture Ningbo Dongmu Guangtai Enterprise Management Partnership (Limited Partnership) (“Ningbo Dongmu Guangtai”). On March 6, 2024, Ningbo Dongmu Guangtai signed “Equity Transfer Agreements” with Liu Xiao, Tian Xiaofeng, and Tang Qi respectively. Ningbo Dongmu Guangtai acquired 10.00% of the shares of Liu Xiao, Tian Xiaofeng, and Tang Qi in cash for RMB 10.08 million. If the acquisition is successful and the relevant legal formalities are completed, Ningbo Dongmu Guangtai will hold 22.00% of Shenzhen Xiaoxiang Electric Company's shares.

Shenzhen Xiaoxiang Electric Company has core technologies such as self-developed concentrated magnetic axial magnetic flux motors and control algorithms. Compared with traditional radial magnetic field motors, the axial magnetic field motors developed and produced have remarkable characteristics of small size, light weight and high efficiency. They are particularly suitable for applications with special requirements for volume and weight, such as new energy vehicles, electric motorcycles, robots, drones, electric ships, and electric aircraft, to provide customers with energy-efficient, efficient and weight-size electric drive solutions.