Dongfeng Motor Corporation (DFM) and DF Import & Export has contributed RMB 950,000 and RMB 50,000 respectively and formed the JV Company on 15 January 2020 as a preliminary step. On 16 January 2020, the JV Company, DF Import & Export (a direct subsidiary of the Company), Dongfeng South Industrial (a Jointly-controlled Entity of the Company), Shanghai Shenyue (an indirect subsidiary of the Company), DFM and four Independent Third Parties entered into the Agreement of Assets Acquisition By Issuing Shares pursuant to which the parties agreed to inject their respective equity interests in Dong Hon Logistics, Fengshen Logistics and Checheng Logisticsinto the JV Company.