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On July 12, 2021, at the 72nd working meeting of the 18th Issuance Review Committee of the China Securities Regulatory Commission in 2021, Nanjing Chervon Auto Precision Technology Co., Ltd. 's application for public issuance of convertible corporate bonds was approved. Mr. Pan Longquan, Chairman of Chervon Auto Co., Ltd.、Mr. Liu Zhiwen, Secretary of the Board of Directors and Chief Financial Officer, Mr. Liang Yong and Mr. Wei Dejun, representatives of CICC, attended the meeting on behalf of the company. The total amount of the proposed issuance of convertible bonds is not more than RMB620,000,000 (including RMB620,000,000), which is mainly used for the construction of the high-end auto parts intelligent manufacturing project (phase I) of Ma’anshan subsidiary. The review of the issuance of convertible bonds passed smoothly, which is the first time for the company to conduct refinancing after listing. It is not only conducive to speeding up the construction of the Ma’anshan project, but also will become a new starting point for the company's continuous development in the capital market.

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.

On August 26, 2020, Chervon Auto and Ma’anshan Yushan Economic Development Zone Management Committee held a ceremony to sign the investment contract for the intelligent manufacturing of high-end automobile parts. This signing ceremony involved Zhang Yuefeng, Secretary of Ma’anshan Municipal Party Committee, Yuan Fang, Mayor, Wu Jin, Deputy Secretary of Municipal Party Committee and Executive Vice Mayor, Kan Qinghe, Deputy Mayor of Municipal Government, and main leaders from Ma’anshan Municipal Development and Reform Commission, Ma’anshan Municipal Science and Technology Bureau, Ma’anshan Municipal Economic and Information Bureau, Ma’anshan Municipal Finance Bureau, Ma’anshan Municipal Natural Resources and Planning Bureau and Ma’anshan Municipal Investment Promotion Center. Shen Chunxia, Deputy Secretary of Yushan District Committee and District Head, presided over the signing ceremony, and Pan Longquan, Chairman of Nanjing Chervon Auto Precision Technology Co., Ltd., Zhang Wei, Chairman of Co-Stone, and Zuo Nianwen, Secretary of Yushan District Committee, made a speech respectively. Zuo Nianwen, Secretary of Yushan District Committee, made a speech Shen Chunxia, Deputy Secretary of Yushan District Committee and District Head, presided over the signing ceremony Pan Longquan, Chairman of Chervon Auto, made a speech Zhang Wei, Chairman of Co-Stone, made a speech Deng Lingqu, General Manager of Chervon Auto, and Liu Ping, Member of the Standing Committee of Yushan District Committee and Director of the Management Committee of Yushan Economic Development Zone, signed the investment agreement Through prudent evaluation and preliminary investigation, the management of Chervon Auto finally determined the project plan for this outbound investment, so as to meet its needs of business development, increase production capacity, and accelerate industrial layout. It is expected to invest RMB 2.05 billion in total for this project which covers an area of about 230mu (1mu≈666.7m2) and is mainly engaged in the research & development, production and sales of key automobile parts made of aluminum alloy and ferrous metals. The products are mainly used in key systems of new energy automobiles and mid-to-high end traditional automobiles. Since its establishment in 2012, Chervon Auto has always adhered to its development goal that is to “create world-class manufacturing capacity and design goal top automotive industry chain”. Over the years, it has won good reputation in the industry and been widely recognized in the market with its high product quality, fast customer response and continuous technological innovation capabilities. The company will set up a project company that will continue to promote the implementation of the overall project in Ma’anshan Yushan Economic Development Zone. Also, this project company will be the first wholly-owned subsidiary established by Chervon Auto and the result of an important decision made by Chervon Auto in resources and management after evaluating the trend of industry development. Furthermore, it represents the first step taken by Chervon Auto to start industrial layout, with important strategic significance. Mr. Pan Longquan, Chairman of Chervon Auto, thanked Ma’anshan Municipal Party Committee and Government as well as the governments at all levels in Yushan District and Yushan Development Zone for their support on behalf of Chervon Auto. Pan Longquan said that the company would take full advantage of existing successful experience in management, technology, cost and other aspects to build an automobile parts production base with more intelligent management, more efficient production, and more advanced technology, so as to repay shareholders, leaders at all levels and friends from all walks of life with better performance for their trust and expectations.