Apollo Future Mobility Group Limited — M&A Activity 2023

May 24, 2023

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purposes only and does not constitute an offer to acquire, purchase or subscribe for the securities of the Company referred to in this announcement.

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(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 860)

PROFIT FORECAST UNDER RULE 10 OF THE TAKEOVERS CODE

(1) VERY SUBSTANTIAL ACQUISITION AND CONNECTED TRANSACTION

INVOLVING ISSUE OF CONSIDERATION SHARES UNDER SPECIFIC MANDATE

• (2) REVERSE TAKEOVER INVOLVING A NEW LISTING APPLICATION (3) APPLICATION FOR WHITEWASH WAIVER

• (4) PLACING OF THE PLACING SHARES UNDER SPECIFIC MANDATE

• (5) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL

• (6) SPECIAL DEAL, DISCLOSEABLE AND CONNECTED TRANSACTION DISPOSAL OF THE ENTIRE INTEREST IN THE TARGET COMPANY

Financial Adviser to the Company in relation to Very Substantial Acquisition, Reverse Takeover and the Disposal

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Independent Financial Adviser to the Independent Board Committee, the Whitewash Independent Board Committee and the Independent Shareholders

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Reference is made to the announcements of Apollo Future Mobility Group Limited dated (i) 30 December 2022 (the ‘‘ Disposal Announcement ’’) in relation to the Disposal; (ii) 11 January 2023 (the ‘‘ RTO Announcement ’’) in relation to, among others, (1) the very substantial acquisition and connected transaction involving issue of Consideration Shares under the Specific Mandate; (2) the reverse takeover involving a new listing application; (3) the application for the Whitewash Waiver; (4) the Placing of the Placing Shares under the Specific Mandate; and (5) the proposed increase in authorised share capital; (iii) 11 January 2023 in relation to certain supplemental information regarding the guarantor of the Buyer in respect of the Disposal; (iv) 17 January 2023 in relation to the implications of the Whitewash Waiver on the Disposal under the Takeovers Code; (v) 20 January 2023 in relation to the delay in despatch of the circular in relation to the Disposal; (vi) 2 February 2023 in relation to the delay in dispatch of the circular for the Acquisition and the Whitewash Waiver; and (vii) 2 March 2023, 31 March 2023 and 28 April 2023, respectively, in relation to the monthly update on the Disposal and RTO Transactions. Capitalized terms used herein shall have the same meanings as those defined in the RTO Announcement unless the context requires otherwise.

PursuanttoRules14.58(6)and(7)oftheListingRules,theCompanydisclosed
theunauditednetliabilityvalueoftheAcquisitionTargetGroupasat31
December2021andtheunauditedadjustedlossbeforeandaftertaxationofthe
AcquisitionTargetGroupforthetwoyearsended31December2021inthe
RTOAnnouncement.PursuanttoRule10oftheTakeoversCode,theunaudited
netliabilityvalueoftheAcquisitionTargetGroupasat31December2021and
theunauditedadjustedlossbeforeandaftertaxationoftheAcquisitionTarget
Groupforthetwoyearsended31December2021wererequiredtobereported
onbythefinancialadviserandreportingaccountants.However,duetothe
practicaldifficultiesofincludingtheReportsintheRTOAnnouncementin
termsoftheadditionaltimerequiredforthepreparationoftheReportsbythe
financialadviserandthereportingaccountants,thefinancialinformation
relatingtotheAcquisitionTargetGroupintheRTOAnnouncementwasnot
previouslyprovided.

The unaudited net liability value of the Acquisition Target Group as at 31 December 2021 and the unaudited adjusted loss before and after taxation of the Acquisition Target Group for the two years ended 31 December 2021 have now been reported on by Altus Capital Limited (as Independent Financial Adviser to the Independent Board Committee and the Whitewash Independent Board Committee and the Independent Shareholders) (the ‘‘ Independent Financial Adviser ’’) and JFY CPA Limited (as reporting accountants to the Company) (the ‘‘ Reporting Accountant ’’) in accordance with Rule 10 of the Takeovers Code. The Reports in accordance with Rule 10 of the Takeovers Code have

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been lodged with the Executive as set out at the end of this announcement and will be reproduced in the next circular of the Company in relation to the annual general meeting of the Company which is expected to be published on or before 8 June 2023 (the ‘‘ Circular ’’).

EachoftheIndependentFinancialAdviserandtheReportingAccountanthas
givenandhasnotwithdrawntheirconsenttotheissueofthisannouncement
andtheCircularwiththeinclusionoftheirreportsandreferencestoitsname
andlogointheformandcontextinwhichtheyrespectivelyappear.

AfullsetoftheauditedfinancialinformationrelatingtotheAcquisitionTarget
Groupcoveringthethreeyearsended31December2022,preparedand
reporteduponbythereportingaccountantsunderHongKongFinancial
ReportingStandardsandinfullcompliancewiththerequirementsunderRule
10oftheTakeoversCodeandunderChapter4oftheListingRules,willbe
includedintheRTOCircular.Shareholdersshouldnotethattheremaybe
differencesbetweentheunauditedfinancialinformationrelatingtothe
AcquisitionTargetGroupaspresentedintheRTOAnnouncementandthe
auditedfinancialinformationtobepresentedintheRTOCirculartobeissued
bytheCompanytotheShareholders.

Shareholders and potential investors should note that completion of each of the Acquisition and the Placing is subject to the fulfilment or waiver (as the case may be) of the conditions under each of the Acquisition Agreement and the Placing Agreement. In addition, the Listing Committee may or may not approve the new listing application to be made by the Company, and the Executive may or may not grant the Whitewash Waiver. In the event that approval of the new listing application of the Company and/or the Whitewash Waiver is not granted, the Acquisition Agreement and the Placing Agreement will not become unconditional and the Acquisition and the Placing will not proceed. As the Acquisition and the Placing may or may not proceed to completion, Shareholders and potential investors are reminded to exercise caution when dealing in the Shares.

By order of the Board Apollo Future Mobility Group Limited Ho King Fung, Eric Chairman

HongKong,24May2023

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As at the date of this announcement, the Board comprises three executive Directors, namely Mr. Ho King Fung, Eric (Chairman), Mr. Joseph Lee (Vice Chairman) and Mr. Qi Zhenggang; two non-executive Directors, namely Mr. Freeman Hui Shen (Co-Chairman) and Mr. Wilfried Porth; and four independent non-executive Directors, namely Mr. Teoh Chun Ming, Mr. Peter Edward Jackson, Mr. Charles Matthew Pecot III and Ms. Hau Yan Hannah Lee.

The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than information relating to the Vendor and the Acquisition Target Group) and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement (other than those expressed by the directors of the Vendor) have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

As at the date of this announcement, the board of the Vendor comprises four executive Directors, namely Mr. Freeman Hui Shen, Mr. Ligang Du, Mr. Haijing Hou and Mr. John Yijia Bi; and three non-executive Directors, namely Mr. Zhenyu Li, Dr. Shuolong Peng and Mr. Shaoqing Jiang.

The directors of the Vendor jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than information relating to the Group), and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement (other than those expressed by the Directors) have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statements in this announcement misleading.

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AppendixI

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER ON THE PROFIT FORECAST

24May2023

TheBoardofDirectors

Apollo Future Mobility Group Limited Units 2001–2002, 20/F Li Po Chun Chambers 189 Des Voeux Road Central Sheung Wan Hong Kong

DearSirorMadam,

We refer to the announcement dated 11 January 2023 (the ‘‘ Announcement ’’) issued by Apollo Future Mobility Group Limited (the ‘‘ Company ’’). Capitalised terms used in this letter shall have the same meanings as defined in the Announcement unless otherwise specified.

We refer to (i) the unaudited adjusted loss before taxation of the WM Motor Global Investment Limited (the ‘‘ Acquisition Target Company ’’) and its subsidiaries (collectively referred as the ‘‘ Acquisition Target Group ’’) for the two years ended 31 December 2021; (ii) the unaudited adjusted loss after taxation of the Acquisition Target Group for the two years ended 31 December 2021; and (iii) the unaudited consolidated net liability of the Acquisition Target Group as at 31 December 2021 (excluding financial instruments with preferred rights at amortized cost) as set out in the section headed ‘‘Financial information of the Acquisition Target Group’’ (together, the ‘‘ Unaudited Required Financial Information ’’) under the Announcement. The Unaudited Required Financial Information is regarded as a profit forecast under the Code on Takeovers and Mergers and, therefore, is required to be reported on pursuant to Rule 10 of the Takeovers Code. The Unaudited Required Financial Information has been prepared by the directors of the Company (the ‘‘ Directors ’’) based on the unaudited consolidated management accounts of the Acquisition Target Group.

WehavereviewedtheUnauditedRequiredFinancialInformationandtheunaudited
consolidatedmanagementaccountsoftheAcquisitionTargetGroupanddiscussedwiththe
directorsandtheseniormanagementoftheCompanythekeybasesuponwhichthe
UnauditedRequiredFinancialInformationwereprepared.Inaddition,wehaveconsidered,
andreliedupon,theindependentassurancereportontheunauditedrequiredfinancial
informationissuedbyJFYCPALimited,whichstatedthat,sofarastheaccountingpolicies
andcalculationsareconcerned,theUnauditedRequiredFinancialInformationhasbeen
properlycompiledinaccordancewiththebasesadoptedbytheDirectorsassetoutunderthe
paragraphheaded‘‘Directors’responsibilityfortheUnauditedRequiredFinancial
Information’’ofthereportandhasalsobeenpreparedonabasisconsistent,inallmaterial
respects,withtheaccountpoliciesadoptedbytheGroupassetoutintheaudited
consolidatedfinancialstatementsoftheGroupfortheperiodended31December2022.

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Basedontheabove,wearesatisfiedthattheUnauditedRequiredFinancialInformation,for
whichtheDirectorsaresolelyresponsible,havebeenmadewithduecareandconsideration.

Yours faithfully, For and on behalf of Altus Capital Limited

Jeanny Leung Sean Pey Chang Executive Director Executive Director

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Appendix II

INDEPENDENT ASSURANCE REPORT ON THE UNAUDITED REQUIRED FINANCIAL INFORMATION

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To the board of directors of Apollo Future Mobility Group Limited

Wehaveperformedourworkontheprincipalaccountingpoliciesadoptedandthe
calculationsusedinthepreparationofthe(1)AdjustedlossbeforetaxationofWMMotor
GlobalInvestmentLimited(the‘‘AcquisitionTargetCompany’’)anditssubsidiaries
(collectivelyreferredtoasthe‘‘AcquisitionTargetGroup’’)forthetwoyearsended31
December2021;(2)AdjustedlossaftertaxationoftheAcquisitionTargetGroupforthetwo
yearsended31December2021and(3)theunauditedconsolidatednetliabilityof
AcquisitionTargetGroupasat31December2021assetoutundersectionheaded
‘‘FinancialinformationoftheAcquisitionTargetGroup’’(the‘‘UnauditedRequired
FinancialInformation’’),intheannouncementinconnectionwithproposedacquisitionof
entiresharecapitaloftheAcquisitionTargetCompanydated11January2023(the
‘‘Announcement’’)ofApolloFutureMobilityGroupLimited(the‘‘Company’’).We
understandtheUnauditedRequiredFinancialInformationisrequiredtobereportedon
underRule10oftheCodeonTakeoversandMergers.Unlessotherwisedefined,termsused
hereinshallhavethesamemeaningsasthosedefinedintheAnnouncement.

Directors’ Responsibilities for the Unaudited Required Financial Information

TheUnauditedRequiredFinancialInformationhasbeencompiledbythedirectorsofthe
CompanybasedontheunauditedconsolidatedmanagementaccountsoftheAcquisition
TargetGrouppreparedbythedirectorsoftheAcquisitionTargetCompany.TheUnaudited
RequiredFinancialInformationwaspreparedonabasisconsistentwiththeaccounting
policiesadoptedbytheCompanyanditssubsidiaries(togetherthe‘‘Group’’)assetoutin
theauditedconsolidatedfinancialstatementsoftheGroupfortheperiodended31December
2022.Thisresponsibilityincludesdesigning,implementingandmaintaininginternalcontrols
relevanttotheselectionandapplicationofappropriateaccountingpoliciesandtheaccurate
calculationsinthepreparationoftheUnauditedRequiredFinancialInformationthatisfree
frommaterialmisstatement;applyingappropriateaccountingpoliciesadoptedbytheGroup
assetoutintheauditedconsolidatedfinancialstatementsoftheGroupfortheperiodended
31December2022;andmakingestimatesthatarereasonableinthecircumstances.

ThedirectorsoftheCompanyaresolelyresponsibleforthecompilationoftheUnaudited
RequiredFinancialInformation.

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Our Independence and Quality Management

WehavecompliedwiththeindependenceandotherethicalrequirementsoftheCodeof
EthicsforProfessionalAccountantsissuedbytheHongKongInstituteofCertifiedPublic
Accountants(the‘‘HKICPA’’),whichisfoundedonfundamentalprinciplesofintegrity,
objectivity,professionalcompetenceandduecare,confidentialityandprofessionalbehavior.

Our firm applies Hong Kong Standard on Quality Management (HKSQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements , which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Our Responsibilities

Itisourresponsibilitytoreport,asrequiredbyRule10oftheCodeonTakeoversand
Mergers,onwhether,sofarastheaccountingpoliciesandcalculationsareconcerned,the
UnauditedRequiredFinancialInformationhasbeenproperlycompiledinaccordancewith
thebasesadoptedbytheDirectorsassetoutundertheparagraphheaded‘‘Directors’
responsibilitiesfortheUnauditedRequiredFinancialInformation’’ofthisreportaboveand
hasalsobeenproperlycompiledonabasisconsistent,inallmaterialrespects,withthe
accountingpoliciesadoptedbytheGroup,assetoutintheauditedconsolidatedfinancial
statementsoftheGroupfortheperiodended31December2022.

WeconductedourworkinaccordancewithHongKongStandardonAssuranceEngagements
3000(Revised)‘‘AssuranceEngagementsOtherThanAuditsorReviewsofHistorical
FinancialInformation’’(‘‘HKSAE3000(Revised)’’)issuedbytheHKICPA.

Ourworkconsistedprimarilyofproceduressuchasa)obtaininganunderstandingofthe
basisofpreparationandtheprincipalaccountingpoliciesadoptedforcompilingthe
UnauditedRequiredFinancialInformationthroughinquiresprimarilyofpersonsresponsible
forfinancialandaccountingmatters,b)obtaininganunderstandingoftheinternalcontrols
relevanttotheselectionandapplicationofappropriateaccountingpoliciesandtheaccurate
calculationsinthepreparationoftheUnauditedRequiredFinancialInformation,c)
comparingtheprincipalaccountingpoliciesadoptedinthepreparationoftheUnaudited
RequiredFinancialInformationwiththoseadoptedbytheGroupassetoutintheaudited
consolidatedfinancialstatementsoftheGroupfortheperiodended31December2022,d)
checkingsolelythearithmeticalcalculationsandthecompilationoftheUnauditedRequired
FinancialInformation,andsuchotherproceduresthatweconsiderednecessaryinthe
circumstancesinaccordancewithHKSAE3000(Revised).Ourworkwouldnotenableusto,
andwedonot,provideanyassuranceonthedesignoroperationaleffectivenessofinternal
controlrelatingtopreparationoftheUnauditedRequiredFinancialInformation.

Ourreasonableassuranceengagementdoesnotconstituteanauditorreviewconductedin
accordancewithHongKongStandardsonAuditingorHongKongStandardsonReview
EngagementsissuedbytheHKICPA.Accordingly,wedonotexpressanauditorreview
opinionontheUnauditedRequiredFinancialInformation.

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Conclusion

Inouropinion,basedontheforegoing,sofarastheaccountingpoliciesandcalculationsare
concerned,theUnauditedRequiredFinancialInformationhasbeenproperlycompiledin
accordancewiththebasesadoptedbytheDirectorsassetoutundertheparagraphheaded
‘‘Directors’responsibilitiesfortheUnauditedRequiredFinancialInformation’’ofthisreport
aboveandhasalsobeenpreparedonabasisconsistent,inallmaterialrespects,withthe
accountingpoliciesadoptedbytheGroupassetoutintheauditedconsolidatedfinancial
statementsoftheGroupfortheperiodended31December2022.

JFY CPA Limited

Certified Public Accountants Hong Kong

24May2023

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