Jiuzi Holdings, Inc., a leading new energy vehicle (NEV) dealership group under the brand name “Jiuzi” in China, announced that its operating entity, Hangzhou Zhitongche Technology Limited (“Zhitongche”), has entered into a Letter of Intent (the “LOI”) with Kunshan Baoneng Auto Sales Co. Ltd. ("Kunshan Baoneng"), the subsidiary of Baoneng Auto Group Ltd. (“Baoneng Auto”). Pursuant to the LOI, Zhitongche intends to distribute Baoneng Auto's "Youbaoli" brand electric cars in Zhejiang Province and enjoys supplies at priority in all major cities of Zhejiang, including Hangzhou, Ningbo, Wenzhou, Jiaxing, Huzhou, Shaoxing, Jinhua, Quzhou, Zhoushan, Taizhou, and Lishui.

The parties expect to enter into definitive agreement in September 2022.