Yixin Group Limited — Capital/Financing Update 2021

Oct 26, 2021

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.

==> picture [92 x 58] intentionally omitted <==

==> picture [70 x 58] intentionally omitted <==

YIXIN GROUP LIMITED 易鑫集團有限公司

(Incorporated in the Cayman Islands with limited liability and carrying on business in Hong Kong as “Yixin Automotive Technology Group Limited”) (Stock Code: 2858)

DISCLOSEABLE TRANSACTION IN RELATION TO FINANCE LEASE AGREEMENTS WITH CDB FINANCIAL LEASING

By way of background, on August 27, 2021, Shanghai Yixin, an indirectly wholly-owned subsidiary of the Company, CDB Financial Leasing, WeShare Technology and SZ Fusheng Asset Management entered into the Cooperation Agreement, which is a framework agreement pursuant to which the parties agreed, among other things, that CDB Financial Leasing, as the lessor, and Shanghai Yixin, as the lessee, will carry out financial leasing cooperation up to a maximum cooperation amount of RMB1,000,000,000 (the “ Cooperation Quota ”) which will be valid for a year from the effective date of the signing of the Cooperation Agreement (the “ Validity Period ”). It was agreed that CDB Financial Leasing and Shanghai Yixin shall enter into an individual finance lease agreement separately for each batch of sale-back leasing of assets, which would count towards the Cooperation Quota; and WeShare Technology and SZ Fusheng Asset Management shall assist CDB Financial Leasing in reviewing the underlying leased assets and provide CDB Financial Leasing with the required reports.

On October 26, 2021, the Lessee, Shanghai Yixin, and the Lessor, CDB Financial Leasing, entered into the 1st October Finance Lease Transaction Documents, the 2nd October Finance Lease Transaction Documents and the 3rd October Finance Lease Transaction Documents (together, the “ October Finance Lease Transaction Documents ”) pursuant to the Cooperation Agreement. Pursuant to the October Finance Lease Transaction Documents, the Lessee agreed to sell certain Leased Assets to the Lessor at an aggregate consideration of approximately RMB138,119,887.70 and the Lessor agreed to lease back the Leased Assets to the Lessee during the Lease Periods. Upon the expiry of the Lease Periods and subject to full payment of all the rents and other payables and fulfilment of other conditions by the Lessee under the 1st October Finance Lease Agreement, 2nd October Finance Lease Agreement and 3rd October Finance Lease Agreement (together, the “ October Finance Lease Agreements ”), the Lessor shall transfer the ownership of the Leased Assets back to the Lessee at a nominal consideration of RMB1 per Leased Asset. The Lessor shall provide to the Lessee a certificate of transfer of ownership of the Lease Assets to effectuate the transfer.

1

During the 12-month period preceding the date of the October Finance Lease Transaction Documents, Shanghai Yixin has entered into the August Finance Lease Transaction Documents and the September Finance Lease Transaction Documents (together, the “ Previous Finance Lease Transaction Documents ”) with the Lessor. The Previous Finance Lease Transaction Documents and the October Finance Lease Transaction Documents (together, the “ CDB Finance Lease Transaction Documents ”) have been aggregated as a series of transactions pursuant to Rule 14.22 of the Listing Rules. As the applicable percentage ratios are more than 5% but less than 25%, the transactions contemplated under the CDB Finance Lease Transaction Documents (in aggregate) constitute discloseable transactions of the Company and are subject to the reporting and announcement requirements only but exempt from the requirement of the Shareholders’ approval under Chapter 14 of the Listing Rules.

INTRODUCTION

By way of background, on August 27, 2021, Shanghai Yixin, an indirectly wholly-owned subsidiary of the Company, CDB Financial Leasing, WeShare Technology and SZ Fusheng Asset Management entered into the Cooperation Agreement, pursuant to which the parties agreed, among other things, that CDB Financial Leasing, as the lessor, and Shanghai Yixin, as the lessee, will carry out financial leasing cooperation up to the Cooperation Quota valid for the Validity Period. It was agreed that CDB Financial Leasing and Shanghai Yixin shall enter into an individual finance lease agreement separately for each batch of sale-back leasing of assets, which would count towards the Cooperation Quota; and WeShare Technology and SZ Fusheng Asset Management shall assist CDB Financial Leasing in reviewing the underlying leased assets and provide CDB Financial Leasing with the required reports.

Cooperation Agreement

Each party to the Cooperation Agreement agrees to adopt the Cooperation Model, i.e. the sale-leaseback model to carry out the financial leasing cooperation, where the lessee shall transfer the ownership of its automobiles and other leased assets to the lessor and immediately lease them back from the lessor for use and pay rents to the lessor. Pursuant to the Cooperation Agreement, the Cooperation Quota can be reused during the Validity Period and the unused Cooperation Quota shall not be reserved after the expiry day of the Validity Period. During the Validity Period, CDB Financial Leasing is entitled to unilaterally adjust the Cooperation Quota and the Validity Period with reference to the changes in Shanghai Yixin’s business indicators, industry risks, project development status and regulatory requirements.

The term of the Cooperation Agreement starts from the effective date of the signing of the Cooperation Agreement to the date of which Shanghai Yixin completely settled all of its liabilities under the finance lease agreements that are entered into and counted towards the Cooperation Quota.

2

THE OCTOBER FINANCE LEASE TRANSACTION DOCUMENTS

On October 26, 2021, the Lessee, Shanghai Yixin, and the Lessor, CDB Financial Leasing, entered into the October Finance Lease Transaction Documents pursuant to the Cooperation Agreement. Pursuant to the October Finance Lease Transaction Documents, the Lessee agreed to sell certain Leased Assets to the Lessor at an aggregate consideration of approximately RMB138,119,887.70 and the Lessor agreed to lease back the Leased Assets to the Lessee during the Lease Periods. Upon the expiry of the Lease Periods and subject to full payment of all the rents and other payables and fulfilment of other conditions by the Lessee under the October Finance Lease Agreements, the Lessor shall transfer the ownership of the Leased Assets back to the Lessee at a nominal consideration of RMB1 per Leased Asset. The Lessor shall provide to the Lessee a certificate of transfer of ownership of the Lease Assets to effectuate the transfer.

Subject Matters

Sale of the Leased Assets to the Lessor

Pursuant to the October Finance Lease Agreements, the Lessee agreed to sell and the Lessor agreed to purchase the Leased Assets originally owned by the Lessee at an aggregate consideration of approximately RMB138,119,887.70, which was determined after arm’s length negotiation between the parties with reference to the value of the Leased Assets as set out in the invoices for new automobiles and the assessed prevailing market prices of similar models for used automobiles, and shall be paid by the Lessor to the Lessee on the Payment Date which is a day within five business days following the satisfaction of the conditions described below, including but not limited to:

• (a) the October Finance Lease Agreement and the Cooperation Agreement having been duly executed and effective;

• (b) the Lessee having provided the Lessor a payment request note and confirmed the use of the consideration conform to and comply with the October Finance Lease Agreement;

• (c) the Lessee having provided the Lessor the security deposit prescribed in the October Finance Lease Agreement;

• (d) there not having occurred material breach by the Lessee to any other agreements entered into between the Lessor and the Lessee, and the Lessee having performed payment obligations in full and on time according to the schedules of such other agreements;

• (e) the Lessee having submitted a list of Leased Assets and relevant documents confirming the Lessee’s ownership of the Leased Assets (including but not limited to the scanned copies of the invoices for new automobiles, assessment reports for used automobiles, automobile rental agreements, insurance policies, identification documents of the ultimate tenants and other necessary approval documents, etc.) or any other documents the Lessor deems necessary;

• (f) the Lessee having issued a confirmation on the transfer of the Leased Assets to ensure the Lessor obtained the ownership of the Leased Assets legally and in compliance manner;

• (g) the Lessor having completed the registrations for the finance lease of the Leased Assets and the pledge of account receivable under the unified filing system of security interests over movables and rights* (動產融資統一登記公示系統);

3

• (h) there not having distinct changes in the country’s tax and financial policies or government measures in supervising funds of the financial industry at the time of which the October Finance Lease Agreement was entered into and the time when the Lessor shall pay the consideration for the transfer;

• (i) the Lessor’s payment of the consideration for the transfer do not violate the current regulations, rules and requirements of the regulatory department; and

• (j) the conditional precedents for entering into the October Finance Lease Agreement and Cooperation Agreement and the other conditions related to the payment of the consideration for the transfer having been confirmed.

As at the Payment Date, the title of the Leased Assets shall be transferred from the Lessee to the Lessor.

Leaseback of the Leased Assets to the Lessee

Pursuant to the October Finance Lease Agreements, the Leased Assets shall be leased back to the Lessee during the Lease Periods at the total rent of approximately RMB151,929,564.00, which comprises (i) the amount of the lease principal of approximately RMB138,119,887.70 and (ii) the lease interest of approximately RMB13,809,676.30 at an annual interest rate of 5.85% which is determined with reference to the five-year or above benchmark lending rate promulgated by the People’s Bank of China plus 120 basis points. During the Lease Periods, the interest rate shall be adjusted on April 21 of each year, where the first interest rate adjustment date shall be the first April 21 when the lease has commenced for 12 months. The rent shall be paid by the Lessee to the Lessor during the Lease Periods in 29 instalments, 34 instalments and 48 instalments for the 1st October Finance Lease Agreement, 2nd October Finance Lease Agreement and 3rd October Finance Lease Agreement, respectively.

Lease Periods

The Lease Periods of the relevant Leased Assets shall be periods of 29 months, 34 months and 48 months for the 1st October Finance Lease Agreement, the 2nd October Finance Lease Agreement and the 3rd October Finance Lease Agreement, respectively, and which are expected to commence from the Payment Date.

Leased Assets

The Leased Assets comprise automobiles of the Lessee as particularized under the October Finance Lease Agreements. The Leased Assets did not generate revenue and net profits for the Group for the years ended December 31, 2019 and 2020. The net asset value of the Leased Assets as at the last date of determining the composition of the Leased Assets was approximately RMB177,592,500.76.

4

Ownership of the Leased Assets during and after the Lease Periods

During the Lease Periods, the ownership of the Leased Assets will vest in the Lessor and the Lessee will be entitled to occupy and use the Leased Assets.

Upon expiry of the Lease Periods and subject to full payment of all the rents and other payables and fulfilment of other conditions by the Lessee under the October Finance Lease Agreements, the Lessor shall transfer the ownership of the Leased Assets back to the Lessee at a nominal consideration of RMB1 per Leased Asset. The Lessor shall provide to the Lessee a certificate of transfer of ownership of the Lease Assets to effectuate the purported transfer.

Security Deposit

Pursuant to the October Finance Lease Agreements, Shanghai Yixin agreed to pay the Lessor a security deposit of approximately RMB6,905,994.39, being 5% of the total lease principal under the October Finance Lease Agreements, so as to protect the rights of the Lessor under the October Finance Lease Agreements. The security deposit can be used to offset the rents, liquidated damages, compensation and other payables of the Lessee under the October Finance Lease Agreements. After fulfilment of all obligations on the part of the Lessee under the October Finance Lease Agreements, the Lessor shall refund the remaining security deposit to the Lessee without interest.

Pledge of Receivables

On October 26, 2021, the Lessor and the Lessee entered into the October Receivables Pledge Agreements, pursuant to which the Lessee agreed to pledge their receivables and all existing and future interests related thereto in favour of the Lessor so as to guarantee their payment of debts under the October Finance Lease Agreements (including but not limited to rent, early termination charge, liquidated damages, damages, compensation, nominal repurchase consideration, other payables and fees incurred in connection with any enforcement actions of creditors’ rights).

Effective Date of the October Finance Lease Agreements

The October Finance Lease Agreements shall take effect upon its execution by the parties thereto.

THE AUGUST FINANCE LEASE TRANSACTION DOCUMENTS AND THE SEPTEMBER FINANCE LEASE TRANSACTION DOCUMENTS

On August 27, 2021, the Lessor and the Lessee entered into the August Finance Lease Transaction Documents. On September 23, 2021, the Lessor and the Lessee entered into the September Finance Lease Transaction Documents.

The table below sets out the information about each of the August Finance Lease Transaction Documents and the September Finance Lease Transaction Documents, including (i) the amount of the lease principal; (ii) the approximate lease interest, approximate interest rate, and approximate total fees at which the Leased Assets were leased back to the Lessee; (iii) the approximate security deposit; (iv) the approximate net asset value of the Leased Assets; and (v) the lease periods.

5

								Lease periods
								(commencing
							Approximate	on the
							net asset	date of
		Approximate	Approximate	Approximate		Approximate	value of the	payment of
Relevant	Date of	lease	lease	interest	Approximate	security	Leased	consideration
transaction	agreements	principal	interest	rate	total fees	deposit	Assets	by the Lessor)
		(RMB)	(RMB)	(%)	(RMB)	(RMB)	(RMB)
1st August Finance	August 27,	37,658,006.08	3,106,162.24	5.85	40,764,168.32	1,882,900.30	37,854,740.18	32 months
Lease Transaction	2021
Documents
2nd August Finance	August 27,	51,463,678.93	4,378,673.57	5.85	55,842,352.50	2,573,183.95	57,266,528.00	33 months
Lease Transaction	2021
Documents
3rd August Finance	August 27,	130,239,202.00	11,420,546.80	5.85	141,659,748.80	6,511,960.10	149,218,384.41	34 months
Lease Transaction	2021
Documents
4th August Finance	August 27,	10,731,399.94	969,016.06	5.85	11,700,416.00	536,570.00	11,885,564.88	35 months
Lease Transaction	2021
Documents
1st September Finance	September 23,	37,306,236.05	2,995,426.79	5.85	40,301,662.84	1,865,311.80	41,951,278.20	31 months
Lease Transaction	2021
Documents
2nd September Finance	September 23,	29,428,332.29	3,289,015.79	5.85	32,717,348.08	1,471,416.61	29,428,332.29	43 months
Lease Transaction	2021
Documents
3rd September Finance	September 23,	56,475,436.50	7,061,594.70	5.85	63,537,031.20	2,823,771.83	56,475,436.50	48 months
Lease Transaction	2021
Documents

Save for the key commercial terms set out in the table above, all material terms of the August Finance Lease Transaction Documents and the September Finance Lease Transaction Documents are substantially similar to the October Finance Lease Transaction Documents.

The considerations under each of the August Finance Lease Transaction Documents and the September Finance Lease Transaction Documents were determined after arm’s length negotiation between the parties with reference to the value of the relevant Leased Assets as set out in the invoices for new automobiles and the assessed prevailing market prices of similar models for used automobiles.

REASONS AND BENEFITS OF ENTERING INTO THE TRANSACTIONS

By entering into the CDB Finance Lease Transaction Documents, the Group can diversify its financing channels, replenish capital required for its operations and optimise its liability structure.

In view of the above, the Board (including the independent non-executive Directors) considers that the terms of the CDB Finance Lease Transaction Documents and the transactions contemplated thereof, were arrived at after arm’s length negotiations between the parties thereto, and are fair and reasonable and in the interests of the Company and its Shareholders as a whole.

6

INFORMATION ABOUT THE PARTIES

The Group is principally engaged in the operation of an online automobile retail transaction platform in China. The Group operates its business in two segments (i) transaction platform business, and (ii) self-operated financing business.

Shanghai Yixin is a company incorporated in the PRC with limited liability and an indirectly wholly-owned subsidiary of the Company. Shanghai Yixin is principally engaged in financing lease and operation of leases business in the PRC.

The Lessor is a company established in the PRC in 1984 and converted into a joint stock limited company on September 28, 2015, the H shares of which are listed on the Main Board of the Stock Exchange (Stock Code: 1606). It is principally engaged in providing leasing services to customers in industries of including aviation, infrastructure, shipping, inclusive finance, new energy and high-end equipment manufacturing.

WeShare Technology is a company established under the laws of the PRC which focuses on financial technology. It is primarily concentrates on providing technical support, consulting and management services for financing projects involving financial assets, as well as providing professional investment advisory services to institutional investors. As at the date of this announcement, WeShare Technology is ultimately controlled by Zuo Lesi (左仂思), being the single largest shareholder holding 31.6% equity interest in WeShare Technology through intermediaries.

SZ Fusheng Asset Management is a company established under the laws of the PRC. It is principally engaged in entrusted asset management and investment management and consulting. As at the date of this announcement, SZ Fusheng Asset Management is held by Zhejiang Jingning Fusheng Enterprise Management Partnership Industry (Limited Partnership)* (浙江景寧富盛企業 管理合夥企業（有限合夥）) as to 77%, which is in turn held by Wei Qing (衛青) as to 93.75% and by Zheng Ying (鄭瑛) as to 6.25%.

To the best of the knowledge, information and belief of the Directors and having made all reasonable enquiries, as at the date of this announcement, the Lessor, WeShare Technology and SZ Fusheng Asset Management and their ultimate beneficial owners are Independent Third Parties.

LISTING RULES IMPLICATIONS

During the 12-month period preceding the date of the October Finance Lease Transaction Documents, Shanghai Yixin has entered into the Previous Finance Lease Transaction Documents with the Lessor. The CDB Finance Lease Transaction Documents have been aggregated as a series of transactions pursuant to Rule 14.22 of the Listing Rules. As the applicable percentage ratios are more than 5% but less than 25%, the transactions contemplated under the CDB Finance Lease Transaction Documents (in aggregate) constitute discloseable transactions of the Company and are subject to the reporting and announcement requirements only but exempt from the requirement of the Shareholders’ approval under Chapter 14 of the Listing Rules.

7

DEFINITIONS

In this announcement, unless the context otherwise requires, the following terms have the following meanings:

• “1st August Finance Lease Agreement”

the finance lease agreement dated August 27, 2021 entered into between the Lessor and the Lessee with lease periods of 32 months

• “1st August Finance Lease Transaction Documents”

• collectively, the 1st August Finance Lease Agreement and the 1st August Receivable Pledge Agreement

• “1st August Receivable Pledge Agreement”

• the receivable pledge agreement dated August 27, 2021 entered into between the Lessor and the Lessee in relation to the 1st August Finance Lease Agreement

• “1st October Finance Lease Agreement”

• the finance lease agreement dated October 26, 2021 entered into between the Lessor and the Lessee with lease periods of 29 months

• “1st October Finance Lease collectively, the 1st October Finance Lease Agreement and the 1st Transaction Documents” October Receivable Pledge Agreement

• “1st October Receivable Pledge Agreement”

• the receivable pledge agreement dated October 26, 2021 entered into between the Lessor and the Lessee in relation to the 1st October Finance Lease Agreement

• “1st September Finance Lease Agreement”

• the finance lease agreement dated September 23, 2021 entered into between the Lessor and the Lessee with lease periods of 31 months

• “1st September Finance Lease collectively, the 1st September Finance Lease Agreement and the Transaction Documents” 1st September Receivable Pledge Agreement

• “1st September Receivable Pledge Agreement”

• the receivable pledge agreement dated September 23, 2021 entered into between the Lessor and the Lessee in relation to the 1st September Finance Lease Agreement

• “2nd August Finance Lease Agreement”

the finance lease agreement dated August 27, 2021 entered into between the Lessor and the Lessee with lease periods of 33 months

• “2nd August Finance Lease Transaction Documents”

• collectively, the 2nd August Finance Lease Agreement and the 2nd August Receivable Pledge Agreement

• “2nd August Receivable Pledge Agreement”

the receivable pledge agreement dated August 27, 2021 entered into between the Lessor and the Lessee in relation to the 2nd August Finance Lease Agreement

• “2nd October Finance Lease Agreement”

the finance lease agreement dated October 26, 2021 entered into between the Lessor and the Lessee with lease periods of 34 months

8

“2nd October Finance Lease collectively, the 2nd October Finance Lease Agreement and the Transaction Documents” 2nd October Receivable Pledge Agreement “2nd October Receivable the receivable pledge agreement dated October 26, 2021 entered Pledge Agreement” into between the Lessor and the Lessee in relation to the 2nd October Finance Lease Agreement “2nd September Finance the finance lease agreement dated September 23, 2021 entered Lease Agreement” into between the Lessor and the Lessee with lease periods of 43 months “2nd September Finance Lease collectively, the 2nd September Finance Lease Agreement and the Transaction Documents” 2nd September Receivable Pledge Agreement “2nd September Receivable the receivable pledge agreement dated September 23, 2021 Pledge Agreement” entered into between the Lessor and the Lessee in relation to the 2nd September Finance Lease Agreement “3rd August Finance the finance lease agreement dated August 27, 2021 entered into Lease Agreement” between the Lessor and the Lessee with lease periods of 34 months “3rd August Finance Lease collectively, the 3rd August Finance Lease Agreement and the 3rd Transaction Documents” August Receivable Pledge Agreement “3rd August Receivable the receivable pledge agreement dated August 27, 2021 entered Pledge Agreement” into between the Lessor and the Lessee in relation to the 3rd August Finance Lease Agreement “3rd October Finance the finance lease agreement dated October 26, 2021 entered Lease Agreement” into between the Lessor and the Lessee with lease periods of 48 months “3rd October Finance Lease collectively, the 3rd October Finance Lease Agreement and the Transaction Documents” 3rd October Receivable Pledge Agreement “3rd October Receivable the receivable pledge agreement dated October 26, 2021 entered Pledge Agreement” into between the Lessor and the Lessee in relation to the 3rd October Finance Lease Agreement “3rd September Finance the finance lease agreement dated September 23, 2021 entered Lease Agreement” into between the Lessor and the Lessee with lease periods of 48 months “3rd September Finance Lease collectively, the 3rd September Finance Lease Agreement and the Transaction Documents” 3rd September Receivable Pledge Agreement “3rd September Receivable the receivable pledge agreement dated September 23, 2021 Pledge Agreement” entered into between the Lessor and the Lessee in relation to the 3rd September Finance Lease Agreement

9

“4th August Finance the finance lease agreement dated August 27, 2021 entered into Lease Agreement” between the Lessor and the Lessee with lease periods of 35 months “4th August Finance Lease collectively, the 4th August Finance Lease Agreement and the 4th Transaction Documents” August Receivable Pledge Agreement “4th August Receivable the receivable pledge agreement dated August 27, 2021 entered Pledge Agreement” into between the Lessor and the Lessee in relation to the 4th August Finance Lease Agreement “August Finance Lease collectively, the 1st August Finance Lease Transaction Transaction Documents” Documents, the 2nd August Finance Lease Transaction Documents, the 3rd August Finance Lease Transaction Documents and the 4th August Finance Lease Transaction Documents

“Board” the board of Directors “CDB Finance Lease collectively, the Previous Finance Lease Transaction Documents Transaction Documents” and the October Finance Lease Transaction Documents “China” or “PRC” the People’s Republic of China, which for the purpose of this announcement to the PRC or China excludes Hong Kong, the Macau Special Administrative Region of the PRC and Taiwan “Company” Yixin Group Limited (易鑫集團有限公司), an exempted company with limited liability incorporated under the laws of the Cayman Islands, the Shares of which are listed on the Main Board of the Stock Exchange (Stock Code: 2858) “connected person(s)” has the meaning ascribed to it by the Listing Rules “Consolidated Affiliated the entity the Company controls through a series of contractual Entity” arrangements, namely Beijing Yixin Information Technology Co., Ltd.* (北京易鑫信息科技有限公司), a company established under the laws of the PRC on January 9, 2015 “Cooperation Agreement” the cooperation agreement dated August 27, 2021 entered into between Shanghai Yixin, the Lessor, WeShare Technology and SZ Fusheng Asset Management

“Cooperation Model”

the sale-leaseback model to carry out the financial leasing cooperation, where the Lessee shall transfer the ownership of its automobiles and other leased assets to the Lessor and immediately lease them back from the Lessor for use and pay rents to the Lessor

“Cooperation Quota” a maximum cooperation amount of RMB1,000,000,000 “Director(s)” the director(s) of the Company

10

“Group”	the Company, its subsidiaries and the Consolidated Affiliated
	Entity
“Hong Kong”	the Hong Kong Special Administrative Region of the People’s
	Republic of China
“Independent Third	any entity or person who is not a connected person of the
Party(ies)”	Company or an associate of such person within the meaning
	ascribed to it by the Listing Rules
“Leased Assets”	automobiles of the Lessee
“Lease Period”	periods of 29 months, 34 months and 48 months for the 1st
	October Finance Lease Agreement, the 2nd October Finance
	Lease Agreement and the 3rd October Finance Lease Agreement,
	respectively, and which are expected to commence from the
	Payment Date
“Lessee”	Shanghai Yixin
“Lessor” or	China Development Bank Financial Leasing Co., Ltd. (國銀金融
“CDB Financial Leasing”	租賃股份有限公司), a company established in the PRC in 1984
	and converted into a joint stock limited company on September
	28, 2015, the H shares of which are listed on the Main Board of
	the Stock Exchange (Stock Code: 1606)
“Listing Rules”	the Rules Governing the Listing of Securities on The Stock
	Exchange of Hong Kong Limited, as amended, supplemented or
	otherwise modified from time to time
“Main Board”	the stock exchange (excluding the option market) operated by
	the Stock Exchange which is independent from and operates in
	parallel with the GEM of the Stock Exchange
“October Finance	collectively, the 1st October Finance Lease Agreement, the 2nd
Lease Agreements”	October Finance Lease Agreement and the 3rd October Finance
	Lease Agreement
“October Finance Lease	collectively, the 1st October Finance Lease Transaction
Transaction Documents”	Documents, the 2nd October Finance Lease Transaction
	Documents and the 3rd October Finance Lease Transaction
	Documents
“October Receivables	collectively, the 1st October Receivable Pledge Agreement, the
Pledge Agreements”	2nd October Receivable Pledge Agreement and the 3rd October
	Receivable Pledge Agreement

11

“Payment Date”

“Payment Date” the date of payment of the aggregate consideration of approximately RMB138,119,887.70 by the Lessor to the Lessee pursuant to the October Finance Lease Agreements “percentage ratios” has the meaning ascribed to it by the Listing Rules “Previous Finance Lease collectively, the August Finance Lease Transaction Documents Transaction Documents” and the September Finance Lease Transaction Documents “RMB” Renminbi, the lawful currency of China “September Finance Lease collectively, the 1st September Finance Lease Transaction Transaction Documents” Documents, the 2nd September Finance Lease Transaction Documents and the 3rd September Finance Lease Transaction Documents “Shanghai Yixin” Shanghai Yixin Financing Lease Co., Ltd (上海易鑫融資租賃有 限公司), a company incorporated in the PRC with limited liability and an indirect wholly-owned subsidiary of the Company “Shares” ordinary share(s) in the share capital of the Company with a par value of US$0.0001 “Shareholder(s)” holder(s) of Shares from time to time “SZ Fusheng Asset Shenzhen Fusheng Asset Management Limited (深圳市富盛資產 Management” 管理有限公司), a company established under the laws of the PRC “Stock Exchange” The Stock Exchange of Hong Kong Limited “subsidiary(ies)” has the meaning ascribed to it by the Listing Rules “Validity Period” a year from the effective date of the signing of the Cooperation Agreement

12

“WeShare Technology”

WeShare (Shenzhen) Limited* (新分享科技服務(深圳)有限公 司), a company established under the laws of the PRC

“%”

per cent

• for identification purposes only

By Order of the Board Yixin Group Limited 易鑫集团有限公司 Andy Xuan Zhang Chairman

Hong Kong, October 26, 2021

As at the date of this announcement, the Directors are:

Executive Directors

Mr. Andy Xuan Zhang and Mr. Dong Jiang

Non-executive Directors

Independent non-executive Directors

Mr. Matthew Yun Ming Cheng, Mr. Jun Yang, Mr. Chenkai Ling and Ms. Amanda Chi Yan Chau Mr. Tin Fan Yuen, Mr. Chester Tun Ho Kwok and Ms. Lily Li Dong

13