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5. Zhejiang Vie Science & Technology Co., Ltd. Business Report FY ended Dec. 2018

Zhejiang Vie Science & Technology Co., Ltd. Business Report FY ended Dec. 2018

Recent Developments

-The Company announced a plan to merge its subsidiary, Zhuji Vie Machinery Co., Ltd., to optimize the management structure and lower operational cost. After the merger, Zhuji Vie Machinery will lose its juridical corporate status, and Zhejiang Vie Science & Technology will take over all the assets, liabilities, business operations, and employees of Zhuji Vie Machinery. Zhuji Vie Machinery was established in 2016 as a manufacturer and seller of metalworking machinery and their components. As of December 31, 2018, it has no sales but a net loss of CNY 1.51 million. (From a press release on April 25, 2019)

Contract

-The Company's wholly-owned subsidiary, Zhejiang Zhuji Wanbao Machine Co., Ltd., recently received a notice announcing the designation of the company as BYD’s supplier. Zhejiang Zhuji Wanbao Machine has become BYD’s designated supplier of vacuum boosters, namely MEF-3540010 for MEF models and VBEY-3540010 and VBET-3540010B for VBEY models. Zhejiang Zhuji Wanbao Machine is now required to develop the products and launch the mass production under the timeline set by BYD. (From a release on October 11, 2018)

-The Company announced on July 9, 2019, that the company is going to start supplying torsion beam assemblies and front subframe assemblies to Xiaopeng Motors for the David 2.1. The two companies are going to sign a technology development contract in the future. (From a press release on July 26, 2018)

-The Company announced on May 18, 2018, that the company would supply solenoid valve assemblies for front anti-lock braking system (ABS), ABS and electronic stability control (ESC) systems, rear axles, brake control module (electronic braking system (EBS) and ESC), and rear axle brake control modules (EBS) to Dongfeng Commercial Vehicle Co., Ltd. These products are used mainly for the truck trailers in the N3 category (commercial trucks having a maximum mass exceeding 3.5 tons). (From a press release on May 21, 2018)

New Company

-The Company and Qingdao Haitong Brake Co., Ltd. agreed to set up a joint venture in Qingdao and signed a contract on April 9, 2019. The registered capital of the new company is CNY 30 million. It’s going to work on development, production, and sales of parts for automotive brake systems and related components. Zhejiang Vie Science & Technology will invest CNY 16.5 million to have a 55% stake in the new company, while Qingdao Haitong Brake will spend CNY 13.5 million to take a 45% stake. (From a press release on April 10, 2019)

-The Company, which announced a plan to establish a wholly-owned subsidiary in Budapest, Hungary, on October 25, 2018, said that it had completed the registration of the new subsidiary recently. The name of the new company is VIE Technology (Europe) Kft, and its registered capital is EUR 1 million. The subsidiary is going to work on research and development of technologies and consulting services in the automotive sector. (From a press release on March 12, 2019)

Business Partnership

-On April 3, 2018, the Company announced that it had signed an agreement with Shanghai Tongyu Automotive Technology Co., Ltd. regarding the investment of CNY 8.38 million to acquire 33.5% shares in Shanghai Tongyu Automotive Technology. The company is a leading supplier of automotive intelligent drive system solutions. It has won the cooperation of School of Automotive Studies, Tongji University and National Collaborative Innovation Center of Intelligent New Energy Vehicle. Its products include brake-by-wire and steer-by-wire systems, as well as advanced driving support systems. These products contribute to the intelligence and motorization of automobiles. (From a press release on April 4, 2018)

Other

-The Company announced that the partners of the investment agreement concluded on February 9, 2018, by Shanghai Tongyu Automotive Technology Co., Ltd., Tongji Innovation & Enterpreneurship Holdings Ltd., and Shanghai Florin Investment Group Co.,Ltd, was changed partly to include Tongji University in stead of Tongji Innovation & Enterpreneurship Holdings. Other shareholders remain unchanged. On December 29, 2018, Zhejiang Vie Science & Technology and Shanghai Tongyu Automotive Technology signed a new investment contract and altered shareholders and their shareholding ratios as follows. Tongji University is going to acquire a 43.44% stake, investing CNY 10.86 million; Zhejiang Vie Science & Technology a 33.50% stake, investing CNY 8.38 million; and Shanghai Florin Investment a 19.06% stake, investing CNY 4.77 million. On top of this, Shu Qiang will earn a 4% stake, investing CNY 1 million. Established in 2016, Shanghai Tongyu Automotive Technology is a manufacturer of electric hydraulic brakes (EHBs), brake and energy regeneration systems, and advanced driving support systems. (From a press release on January 4, 2019)

Awards

-In 2018, the Company got the following prizes:

• 2017 excellent supplier award from SAIC Yuejin
• Quality improvement award and an outstanding contribution award from Chengdu Dayun Automobile Co., Ltd.
• Excellent quality award from FAW Jiefang Automotive
• Excellent supplier awards from Dongfeng Motor and Dongfeng Xiangyang Touring Car.

(From a press release on March 24, 2018)

R&D Facilities

-The Company's technology center has been designated as a nationally accredited technical center.

-The Company has two R&D centers in Beijing, Shanghai and five research institutes consisting of a pneumatic brake institute, disc brake institute, hydraulic brake system institute, chassis electronic institute and brake chamber institute and a national accredited laboratory.

Patents

-As of December 31, 2018, the Company has 235 authorized patents, 34 of which are invention patents.

Technological Alliance

-In 2009, the Company cooperated with the Nanjing University of Science and Technology to establish the "Nanjing University of Science and Technology - Vie Automobile Chassis Parts Joint Institute" to conduct research and development of electronic parking brakes.

-The Company's technology center cooperated with Tsinghua University, Shanghai Jiao Tong University, China Automotive Technology Center, China FAW Group Corporation Technical Center, Dongfeng Automobile Technology Center, Chongqing Automobile Research Institute to jointly develop new products.