Milkwai established an industrial development company, including the new energy vehicle business.

The Qichacha APP shows that recently, Shanghai Milkway Industrial Development Co., Ltd. was established with a registered capital of 10 million RMB. Its business scope includes: sales of assisted bicycles, mobility scooters and spare parts; sales of high-speed rail equipment and accessories; sales of electric cars; sales of new energy vehicles as well as sales of accessories for new energy vehicles. According to Qichacha's equity penetration, the company is wholly owned by Milkway.