Jiuzi Holdings, Inc. announced that its subsidiary, Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd. (Jiuyao), an NEV procurement platform servicing business customers, has officially launched its operations. Set up as a joint venture with the Company and Hubei Yaonin Chuxing Automobile Service Co Ltd. ("Yaonin Chuxing"), Jiuyao integrates the strengths, resources, and skills of both Jiuzi and Yaonin Chuxing to help car rental and ride-hailing corporate customers procure qualified NEVs to operate cost-effectively.

Jiuyao also provides its customers with financial solutions via partnerships with licensed third-party financial institutions. Jiuyao will serve a quintessential role in furthering the value of the joint venture and implementing the Company's "ToB" strategy.