New Focus Auto (00360) announced that the board of directors declared on September 4, 2024, the company's direct wholly-owned subsidiary New Focus Holdings (Peking), Mr. Tong, chairman and executive director of the company, and Shenzhen Ke Shang established a new company, New Focus Newtek (Shenzhen), with a registered capital of RMB 10 million, of which New Focus Holdings (Peking), Mr. Tong, and Shenzhen Ke Shang contributed RMB 4.5 million, RMB 1 million, and RMB 4.5 million respectively. New Focus Newtek (Shenzhen) is a subsidiary company in which the company indirectly owns 45% equity.

As a technology innovation center, Shenzhen has huge potential and business opportunities in technology projects related to the automotive and electronics industries. Establishing operations in the city to seize these opportunities and maintain competitiveness aligns with the group's interests.

Establishing Niu Fu Ke Si Technology (Shanghai) aims to establish a corporate platform to communicate and negotiate with local authorities on factory relocation issues arising from property acquisition.