NUG: The subsidiary invests to establish a wholly-owned subsidiary to facilitate the development and construction of the land parcel won in Shengsi County

NUG announced on the evening of January 20 that on January 20, 2025, the company will hold the first extraordinary meeting of the 10th Board of Directors, agreeing to establish a wholly-owned subsidiary by its wholly-owned subsidiary Ningbo United Construction Development Co., Ltd. The registered capital of the new company is 100 million yuan, funded by the construction development company in cash. The purpose of establishing the above subsidiary is to meet the local government land transfer conditions required for the recently won SS-CY-28 land parcel in Shengsi County, as well as to better develop and construct the project. After the establishment of the subsidiary, it will be included in the company's consolidated financial statements. The establishment of the wholly-owned subsidiary through the subsidiary's investment will not have a significant impact on the company's future financial status and operating results