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[Avita Technology purchased Huawei's 10% stake in Shenzhen Yinwang Intelligent Technology Co., Ltd. for RMB 11.5 billion.]

On August 20, Huawei and Changan Automobile (000625.SZ) held a signing ceremony for comprehensive strategic cooperation and Avita Investment and Prospect Company. According to the agreement, Changan Automobile 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.

On the same day, Changan Automobile's joint venture Avita Technology and Huawei signed an equity transfer agreement, stipulating that Avita Technology will purchase Huawei's 10% equity in Shenzhen Yinwang Intelligent Technology Co., Ltd. (hereinafter referred to as "Yinwang") for RMB 11.5 billion. According to the announcement, the source of funds for this transaction is Avita Technology's own funds, and the transfer price will be paid in three installments, with payment prerequisites set for each. After the transaction is completed, Avita Technology will become Yinwang's second largest shareholder.

At the signing ceremony, Zhu Huarong, Chairman of Changan Automobile, said: "Avita's investment in Yinwang fully reflects Changan Automobile's strategic intention. As the most important brand strategy carrier for Changan's new and upward development, Avita represents the company's high-end development direction. Changan supports Avita to become the first company to invest in Yinwang in order to build it into the most vivid example of an 'open platform for joint participation of the automotive industry'."

Huawei's Rotating Chairman Xu Zhijun said: "Avita is Huawei's pioneering practice in helping automakers to 'build good' cars and 'good cars'. This time Avita Technology's investment in Yinwang and becoming a strategic investor of Yinwang is a key step for Huawei to build Yinwang into an open platform for intelligent automobile industry. In the future, Yinwang will continue to open up equity to strategic partners and work together to promote the rise of the automobile industry and the comprehensive development of intelligence. At the same time, Yinwang will operate based on market principles in the future and provide products and services to all customers in accordance with the principles of fairness, openness and win-win."