Jiuzi Holdings, Inc. announced that it has entered into strategic cooperation (the "Agreement") with Zhejiang Shuke Automobile Service Co. Ltd. The cooperation will be operated by its newly established subsidiary Hangzhou Jiuyao New Energy Automobile Technology Co. Ltd. According to the Agreement, Jiuyao is granted a non-exclusive right to engage in the sales of Shuke electric-vehicle (EV) cars, Shuke's car-hailing business, and financial products.

Jiuyao plans to purchase 200 standard and customized models of Shuke EVs between 2022 and 2023. Shuke is prepared to provide about a financial credit line of up to 100 million yuan to Jiuyao based on Jiuyao's financing needs. Jiuyao will be able to sell Shuke's EVs directly to end users on car-hailing platforms such as T3 Mobility, Didi Chuxing, Huolala, Jiuzi Haoche, and Zhongche Chuxing, among others, according to the Agreement.

Based in Zhejiang province's capital Hangzhou city, Shuke is mainly engaged in minibus rental, auto parts trading and services, sales of EVs and other car-related after-sale services. Shuke's core management team also has extensive experience in banking and micro-lending and Shuke has a connection with a network of professional financial and investment institutions, operating as a service platform that links online to offline services, with a focus on the nationwide automotive aftermarket sector, according to the Agreement.