Joint Venture of Apollo Future Mobility Group and Shanghai Alliance Investment Signed Strategic Co-operation Agreement with HiPhi

(15 November 2023, Hong Kong) — Apollo Future Mobility Group Limited (“AFMG” or the “Company”, HKEX stock code: 860, together with its subsidiaries, the “Group”) is pleased to announce that WESail New Energy Automotive Co. Ltd. (“WESail New Energy”), a joint venture of the Group and Shanghai Alliance Investment Ltd. (“SAIL”) signed a strategic co-operation agreement with HiPhi in Shanghai. Together with ShanghaiTech University, the three parties, based on the strategic resources and core competitiveness of their respective fields, will highly integrate science and advanced technology across industry sectors, promote the rapid implementation of state-of-the-art technology, build up momentum for the high-quality development of China's new energy industry, and contribute to the advancement of the society through the empowerment of science and technology.

According to the agreement, WESail New Energy and HiPhi will collaborate to explore and break through the traditional values of luxury based on the joint development of smart, technology-driven supercar. The two parties will empower the Chinese automotive industry and achieve new breakthroughs with new technologies, bringing luxury products and experiences of the new century to car enthusiasts worldwide. Guests attending the signing ceremony included Mr. Edmund Ho; Mr. Jiang Mianheng, President of ShanghaiTech University; Mr. Qin Jian, Chairman of Shanghai Alliance Investment Ltd; Mr.Ye Jun, President of Shanghai Alliance Investment Ltd; Mr. Sun Xidong, Vice President of Shanghai Alliance Investment Ltd; Mr. Jiang Ge, Vice President of ShanghaiTech University; Mr. Ho King Fung, Eric, Chairman and General Manager of WESail New Energy; Mr. Ho King Lun, President of The Industry and Commerce Association of Macau; Mr. Ding Lei, Founder, Chairman, and CEO of HiPhi; and Mr. Chen Jun, Chief Technology Officer of HiPhi, etc.

At the event, HiPhi A, a premier supercar inspired by the Apollo’s brand values, made its global debut for the first time. It showcases innovative technologies such as a highly intelligent, high-performance electric powertrain, high-tech lightweight materials, and an omni-directional vectoring chassis system that represents the control of the electronic age, delivering maximum driving enjoyment through precise electronic parameter control in closed circuit scenarios and on the road daily. The HiPhi A's exterior features sophisticated aerodynamic designs, exuding a dynamic, charismatic look, while creating a futuristic and sci-fi digital experience for users.

Mr. Ho King Fung, Eric, Chairman and General Manager of WESail New Energy, said in his speech that WESail New Energy, as a joint venture between AFMG and SAIL, has undertaken the responsibility of exploring the electrification and intelligentisation of the Apollo hypercar in China. The flapship model presented today, HiPhi A, embodies the integration of Chinese and western supercar concepts.

At the signing ceremony, Mr. Qin Jian, Chairman of Shanghai Alliance Investment Ltd, said that SAIL, as a state-owned science and innovation investment platform, has made the new energy automobile industrial chain one of the key areas for long-term investment layout. Today's co-operation is essential for SAIL to advance from the upstream and downstream layout of the new energy automobile industry chain to the whole vehicle business. The investment layout in the new generation of information technology, high-end equipment, and other fields will also form a more competitive cross-field technical co-operation with new energy automobiles to jointly promote technological and industrial progress and further develop China's new energy strategy.

Mr. Jiang Ge, Vice President of ShanghaiTech University, commented, ShanghaiTech University has been actively exploring ways to efficiently carry out industry-academia-research transfer and establish ongoing strategic partnerships with technology leaders in the "critical chain" of the innovative industrial ecosystem. ShanghaiTech University and HiPhi will form an innovation consortium oriented to basic frontier research in the industry, joint research on crucial core technologies, and results integration and landing in the fields of creativity and design of intelligent electric vehicles, intelligent manufacturing, artificial intelligence, power electronics, and power management. HiPhi A electric supercar will become the landing platform of the joint R&D results with ShanghaiTech University, which is the first innovation carrier of the co-operation, and aim to accelerate the landing and adoption of the new technology, transforming it into a new driver and productivity for the development of China's new energy automobile industry.