Tranche Update on Nanjing Kangni Mechanical & Electrical Co.,Ltd's Equity Buyback Plan announced on February 20, 2024.

Nanjing Kangni Mechanical & Electrical Co., Ltd is a China-based company principally engaged in the research and development, production and sales of rail transit products and new energy automobile parts. Its rail transit products mainly include urban rail vehicle door systems, platform safety door systems, connectors and common trunk railways. Its new energy automobile parts mainly include high voltage power transmission and distribution assembly and new energy bus doors. The Company is also engaged in consumer electronic surface treatment business. The Company distributes its products within domestic market and to overseas markets.