AFMG Announces Appointments of Freeman Hui Shen and Joseph Lee as New Board Members to Highlight Synergy Potential with WM Motor

(13 January 2022, Hong Kong) Apollo Future Mobility Group Limited (“AFMG”, the “Company”, HKEX stock code: 860, together with subsidiaries, the “Group”) announces the appointment of two new members of the Board to highlight synergy potential with the new majority shareholder WM Motor Group (“WM Motor”), after WM Motor became the largest shareholder of AFMG in the fourth quarter last year with 28.51% equity interest in the Company via an array of share exchange arrangements.

Mr. Freeman Hui Shen, Founder, Chairman and CEO of WM Motor, was appointed as a non-executive

Director, the Co-Chairman of the Board, the chairman of the Nomination Committee and a member of the investment committee of the Board of AFMG. Meanwhile, Mr. Joseph Lee was appointed as an executive Director, the Vice Chairman of the Board, a member of the investment committee and a member of the corporate governancecommittee of the Board of AFMG. These appointments will be effective from 13 January 2022.

Mr. Shen, aged 51, founded WM Motor and groomed it into one of the leaders in China’s mainstream smart electric vehicle market. He has extensive experience in the automotive and technology industry and was previously a board member and group vice president of one of the largest car groups in China, where he took the lead in the acquisition of a renowned Swedish luxury car company in 2010. Mr. Shen graduated with a bachelor’s degree in engineering mechanics from South China University of Technology and obtained a master's degree in structural engineering from the University of California, Los Angeles and a master’s degree in Business Administration from Carlson School of Management of the University of Minnesota.

Mr. Lee, aged 43, has over 15 years of experience in private equity, capital markets and investment banking. Mr. Lee’s major experience include serving as a partner at a renowned private equity firm in China, and as a seasoned investment banking professional at multiple prestigious international investment banks. He obtained a master’s degree in business administration majoring in finance and economics from Columbia University in the United States in May 2006, and a bachelor’s degree in management from Binghamton University in the United States in May 2000.

Mr. Ho King Fung Eric, Founder and Chairman of Apollo Future Mobility Group, comments, “We warmly welcome WM Motor to become the largest shareholder of AFMG and Mr. Freeman Hui Shen on board as our Co-Chairman. WM Motor’s participation will take our engineering service outsourcing and new energy vehicle (“NEV”) businesses to the next level with their commercial production capacities, marketing, and distribution resources in China. Meanwhile, our cutting-edge design, engineering backing, proprietary technologies, and exquisite experiences in serving Tier-1 auto brands will further elevate WM Motor’s products design and quality. We look forward to exploiting further synergies with them with Mr. Freeman Hui Shen joining our Board to tread deeper into the NEV industry chain and establish stronger footholds for both of us in the NEV industry in China and overseas markets. We also welcome Joseph on board to strengthen our management and business, and the connection with capital market.”

Mr. Freeman Hui Shen, Founder, Chairman and CEO of WM Motor, said, “We are glad to include AFMG on our smart EV business launch pad to explore together the potential on the upper end of the EV ecosystem. We plan to tap the EV design, advanced engineering expertise, proprietary technologies of AFMG with full support from their two bases in Germany, the EV platform support from GLM Co., Ltd., and the world's first 3D metal printing automotive manufacturing platform and assembly system from Divergent 3D, coupled with WM Motor’s experience of delivering approximately 100 thousands smart EV vehicles, collaboratively unleashing synergies . We are going to draw on solid experiences of AFMG in serving the world’s Tier-1 automobile brands, for development of new smart EV models, product series and enhancing user experience. We believe our established EV R&D, manufacturing facilities and distribution networks will be able to facilitate AFMG’s EV businesses in China. We are excited about starting business projects with AFMG very soon.”