Beijing, China, October 14, 2021: FAW Group (FAW) will participate in the strategic investor placement of Jing-Jin Electric Technologies Co., Ltd. (JJE) IPO on Science and Technology Innovation Board (STAR) of Shanghai Stock Exchange, to further deepen the strategic collaboration between FAW and JJE. In 2017, FAW and JJE signed a collaboration agreement for a strategic partnership. The two parties jointly developed and produced industry-leading motors and electric drive assemblies for new energy vehicles, covering Hongqi-brand battery-electric and hybrid passenger vehicles and Jiefang-brand battery-electric and hybrid commercial vehicles.

FAW Group will subscribe in JJE IPO strategic investor placement with its own funds through FAW Equity Investment (Tianjin) Co., Ltd., for a total of 19.18 million shares or CNY 264 million (approx. USD 42 million).  Going forward, the two parties will continue to deepen the strategic collaboration.

About Jing-Jin Electric Technologies (JJE)

Established in 2008, JJE is an electrified propulsion leader in components, assemblies and systems for global automotive and commercial vehicle customers.  Headquartered in Beijing, China, JJE has technical centers and production facilities in the United States and China including Michigan, Shandong, and Shanghai.  Following the company’s initial public offering, JJE shares will begin trading on the Shanghai Stock Exchange (SSE) under the stock code of 688280. For more information, please visit www.jjecn.com.

About FAW Group

China FAW Group Corporation (short for FAW), formerly China First Automobile Works, can trace its roots back to Jul 15, 1953, when its first assembly plant started to be constructed. FAW is one of China’s oldest and largest automotive manufacturers, with registered capital of RMB 35.4 billion yuan and total assets of RMB 457.83 billion yuan.

FAW is headquartered in China's northern city of Changchun, Jilin province, and manufacturing plants are located in northeastern China's Jilin, Liaoning and Heilongjiang provinces, eastern China's Shandong province and Tianjin municipality, southern China's Guangxi Zhuang autonomous region and Hainan province, and southwestern China's Sichuan province and Yunnan province. The Group comprises Hongqi, Bestune and Jiefang brands, and its core business also covers joint ventures and external cooperation, emerging businesses, overseas businesses and industrial ecosystem.  For more information, please visit www.faw.com