JZXN - Jiuzi Holdings enters into LOI with subsidiary of Baoneng Auto Group

Jiuzi Holdings (NASDAQ:JZXN) has announced that its operating entity, Hangzhou Zhitongche Technology has entered into a LOI with Kunshan Baoneng Auto Sales, the subsidiary of Baoneng Auto Group. Pursuant to the LOI, Zhitongche intends to distribute Baoneng Auto's "Youbaoli" brand electric cars in Zhejiang Province and enjoys supplies at priority in all major cities of Zhejiang. This strategic move was made in the context of the Chinese government's steady support for the development of NEV and the rapid growth of the NEV market in China. The parties expect to enter into definitive agreement in September 2022.

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Jiuzi Holdings enters into LOI with subsidiary of Baoneng Auto Group