Nanjing Chervon Auto Precision Technology CO., Ltd. (hereinafter referred to as Chervon Auto) and H.E. Minister Péter Szijjártó held an investment announcement on the afternoon of October 19, 2020 in the form of video conference. The attendees of the conference included Mr. Pan Longquan, Chairman of Chervon Auto, Mr. Deng Lingqu, General Manager, Mr. Liu Zhiwen, Secretary of the Board of Directors and Chief Financial Officer, Mr. Jia Kuke from the Chervon Organization Strategy and Development Department, and other relevant persons in charge, as well as Mr. Szijjártó, Minister of Foreign Affairs and Trade of Hungary, and relevant government officials of Hungarian Investment and Promotion Agency and Hungarian Parliament.

At the conference, the two Parties exchanged views on the details of investment and construction of European production base by Chervon Auto in Hungary. On behalf of the Hungarian government, Mr. Szijjártó welcomed Chervon Auto to invest in Hungary. The Hungarian government attached great importance to the investment of Chervon Auto, and said that it will give the enterprise support in all aspects in the process of the project, in order to promote the project to be put into operation as soon as possible. The completed Hungarian factory will be the first factory established by Chervon Auto outside China, with fixed assets investment of more than 50 million euro. The new factory fully up to capacity will produce 2 million auto parts a year and offer nearly 150 new jobs.

Mr. Pan Longquan, Chairman of the Board, expressed his gratitude to the Hungarian government and HIPA for their support in the process. In the early stage of survey and investigation, he felt that the Hungarian people are full of vigor and vitality, which was the basis for the local development of the enterprise. He hoped that Chervon's investment in Hungary would contribute to the good relations between China and Hungary, build stronger friendship with the Hungarian people and its government, and move towards a bright and beautiful future together.

The overseas investment project this time could be an important milestone in the history of Chervon Auto, and it is its first overseas project outside China. As people are increasingly aware of environmental protection and the policies are taking positive effect, Europe has become a rapidly developing market for new energy vehicles. Chervon Auto's unique positioning of serving both traditional vehicles and new energy vehicles will help Chervon realize its important expansion in the European market. The Hungarian factory will be devoted to serving our existing and new customers, and provide creative solutions as well as service with high added value.