On January 31, 2019, GAC Group convened the 13th session of the 5th Board of Directors, which reviewed and approved a Proposal on the Mobility Project. The Project will be implemented after getting the approval of the State-owned Assets Supervision and Administration Commission. GAC Group (in the name of its wholly-owned subsidiary China Lounge Investment Co., Ltd.) intends to cooperate with Tencent Mobility Limited (hereinafter referred to as “Tencent”), Guangzhou Public Transport Group Co., Ltd. (hereinafter referred to as “Guangzhou Public Transport Group”) and other investors to set up a mobility platform company with a total investment of RMB 1 billion (or an equivalent number in U.S dollars). Among them, GAC Group, Tencent and Guangzhou Public Transport Group will have a shareholding of 35%, 25% and 10% respectively; other investors will jointly hold 20% of the shares (each holding no more than 5%); the remaining 10% is reserved for the employee stock option pool.

　　In the meantime, GAC Group (in the name of its wholly-owned subsidiary GAC Business Co., Ltd.), Guangzhou Public Transport Group (or its subsidiary) and the Mobility Platform Company (or its subsidiary) will also cofound an automobile service company with a total investment of RMB 520 million, holding 45%, 45% and 10% of the shares respectively.