Nullmax (Cayman) secures investment, control shifts from Shanghai Yanshan Technology

Nullmax (Cayman) is set to receive a $10 million investment from a domestic leading automotive-grade chip company, valuing Nullmax at $425 million pre-investment. This represents a 9.04% increase from its previous B-round valuation of 2.7575 billion yuan. Post-investment, the new strategic investor will hold 2.45% of Nullmax (Cayman).

Concurrently, a voting rights entrustment agreement involving Stonehill and Yanheng, representing 21.88% of Nullmax (Cayman)'s voting rights, will be terminated. Following the capital increase and termination of the entrustment, Ruifeng BVI's voting rights in Nullmax (Cayman) will decrease from 50.20% to 27.62%. This change means Ruifeng BVI will no longer have control, and Nullmax (Cayman) will cease to be consolidated into Shanghai Yanshan Technology Co., Ltd.'s financial statements.

Shanghai Yanshan Technology Co., Ltd. anticipates no material impact on its net profit or owner’s equity from this change. Despite the shift in control, Shanghai Yanshan Technology Co., Ltd. will remain Nullmax (Cayman)'s single largest shareholder.