Subject:Subsidiary, Honxun Electrical Industry (HangZhou) Co., Ltd. disposal of land use rights and building

Contents:

1.Name and nature of the underlying asset (e.g., land located at Sublot XX, Lot XX, North District, Taichung City):

Nos. 58, 58-2,58-3 and M14-11-10, 11th Avenue, Hangzhou Economic and Technological Development Zone, Hangzhou, Zhejiang Province, the PRC:Land, buildings, decorations, and accessories

2.Date of occurrence of the event:2022/11/02

3.Transaction unit amount (e.g.XX square meters, equivalent to XX ping), unit price, and total transaction price:

Transaction unit amount:212,009.00 square meters(about 318 acres) of land, 114,012.93 square

meters of buildings, decorations, and accessories

total transaction price: RMB 656,397,411.00 (Including compensation for staff relocation and the losses consequential to removal and cessation of production and operations)

4.Trading counterparty and its relationship with the Company (if the trading counterparty is a natural person and furthermore is not a related party of the Company, the name of the trading counterparty is not required to be disclosed):The Headquarters for the Development of the Dongbuwan New District in Hangzhou; None

5.Where the trading counterparty is a related party, announcement shall also be made of the reason for choosing the related party as trading counterparty and the identity of the previous owner, its relationship with the Company and the trading counterparty, and the previous date and monetary amount of transfer: NA

6.Where an owner of the underlying assets within the past five years has been a related party of the Company, the announcement shall also include the date and price of acquisition and disposal by the related party, and its relationship with the Company at the time of the transaction: NA

7.Projected gain (or loss) through disposal (not applicable for acquisition of assets; those with deferral should provide a table explaining recognition):RMB 480,135,145

8.Terms of delivery or payment (including payment period and monetary amount), restrictive covenants in the contract, and other important terms and conditions:According to the contract

9.The manner of deciding on this transaction (such as invitation to tender, price comparison, or price negotiation), the reference basis for the decision on price, and the decision-making unit: Negotiated;market price;the Board of Directors

10.Name of the professional appraisal firm or company and its appraisal price:

BMI APPRAISALS LIMITED:RMB 455,800,000.00

hejiang Zhetianyun Asstes Appraisal Co., LTD:RMB 488,238,513.00

11.Name of the professional appraiser:

BMI APPRAISALS LIMITED: Chen Yongfen

hejiang Zhetianyun Asstes Appraisal Co., LTD: Du Yingjun/Cen Chao

12.Practice certificate number of the professional appraiser:

Chen Yongfen:0836303

Du Yingjun:33180079/Cen Chao:33170038

13.The appraisal report has a limited price, specific price, or special price:NA

14.An appraisal report has not yet been obtained:NA

15.Reason for an appraisal report not being obtained:NA

16.Reason for any significant discrepancy with the appraisal reports and opinion of the CPA:NA

17.Name of the CPA firm:NA

18.Name of the CPA:NA

19.Practice certificate number of the CPA:NA

20.Broker and broker's fee:None

21.Concrete purpose or use of the acquisition or disposal: Cooperate with the PRC government plan regarding an urban organic update

22.Any dissenting opinions of directors to the present transaction: None

23.Whether the counterparty of the current transaction is a related party: No

24.Date of the board of directors resolution: NA

25.Date of ratification by supervisors or approval by the audit committee: NA

26.The transaction is to acquire a real property or right-of-use asset from a related party: NA

27.The price assessed in accordance with the Article 16 of the Regulations Governing the cquisition and Disposal of Assets by Public Companies: NA

28.Where the above assessed price is lower than the transaction price, the price assessed in accordance with the Article 17 of the same regulations: NA

29.Any other matters that need to be specified: None