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On the evening of August 19, Changan Automobile issued the "Announcement on the Progress of the <Memorandum of Investment Cooperation> and Overseas Investment of Associated Enterprises."The announcement shows that on August 19, 2024, Changan Automobile's joint venture Avita Technology (Chongqing) Co., Ltd. (hereinafter referred to as "Avita Technology") held a board meeting to review and approve the "Proposal on Avita's Overseas Investment Project Plan".Avita Technology plans to sign a "Share Transfer Agreement" with Huawei in Chongqing on the morning of August 20, stipulating that Avita Technology will purchase Huawei's 10% stake in Yinwang for a transaction amount of RMB 11.5 billion.At the same time, Avita Technology plans to sign a "Shareholder Agreement" with Huawei and Yinwang.After this transaction, Avita Technology holds 10% of Yinwang’s shares, and Huawei holds 90% of Yinwang’s shares.

According to the transaction agreement, the board of directors of Shenzhen Yinwang Intelligent Technology Co., Ltd. will consist of 7 members, and the seats will be determined according to the shareholding ratio of shareholders. Among them, Huawei has the right to nominate 6 directors and Avita Technology has the right to nominate 1 director.

A person related to Changan Automobile further confirmed to the reporter from Shanghai Securities News that Changan Automobile and Huawei plan to sign the "Comprehensive Upgrade Strategic Cooperation Agreement" on the morning of August 20. Changan Automobile, Avita, and Huawei will comprehensively upgrade their strategic cooperation in the fields of brand and ecology, cloud and AI technology, green energy, and industrial chain cooperation, give full play to the advantages of both parties, and help the upgrading and development of the industry.