HONBRIDGE (08137) voluntarily winding up a subsidiary company and ending the ride-hailing business in France.

HONBRIDGE (08137) announced on February 12, 2025 (French time) that the Commercial Court of Nanterre in France confirmed the receipt of the judicial liquidation application (Liquidation judiciaire) submitted by ESQ VTC (voluntary liquidation). ESQ VTC is a limited liability company established in France, mainly engaged in providing capacity and driver management for ride-hailing drivers in France. As of the date of this announcement, ESQ VTC indirectly holds 33.78% of the company's equity. The announcement stated that ESQ VTC's current business is not able to support the company's development and has increased the company's operating costs. Therefore, to further focus resources on the core business of new energy and reduce operating costs, improve efficiency, and achieve high-quality sustainable development, the company has decided to end the operation of ESQ VTC. The company operates the ride-hailing business in France through its indirect non-wholly-owned subsidiary JiXing International Technology Co., Ltd., a limited liability company established in China. Although the ride-hailing business in France has overcome the challenges of the COVID-19 pandemic and has the opportunity of the Paris Olympics, it has not been able to find a sustainable business model. Due to the company's inability to see the prospects of the ride-hailing business in France, and the expected need for continued funding to sustain its operations, after evaluating the financial condition of the ride-hailing business in France, the group believes that terminating the business operations will avoid further losses and improve the group's financial condition, in line with the overall interests of the company and its shareholders. As of the date of this announcement, the ride-hailing business in France has 296 vehicles, and the group will move forward to sell all or part of the vehicles at market-realizable prices and end the business.