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Sinotruk and German MAN Group conclude long-term strategic cooperation relationship

China National Heavy Duty Truck (Hong Kong) Co., Ltd. ("China National Heavy Duty Truck") issued an announcement announcing the signing of a long-term strategic cooperation agreement with Germany's MAN SE Group, the third largest heavy truck manufacturer in the world ("MAN").

According to the agreement, MAN will hold 25% of the capital of Sinotruk listed on the Hong Kong Stock Exchange plus one share, becoming a strategic shareholder of Sinotruk. MAN's total equity investment in Sinotruk reached 560 million Euros, which will be realized through the purchase of ordinary shares and capital increase of Sinotruk. The exercise price of this transaction is about 21% premium to the average trading price of Sinotruk 60 days before the suspension.

As part of the cooperation, MAN will license truck and engine technology licenses, laying the foundation for the production of new truck series, and providing continuous technical and management support to Sinotruk to assist production and localization. The new truck series will be produced at Sinotruk's existing plants in China, and its quality and environmental characteristics will be better than those currently on the market.

Sinotruk's parent company is China National Heavy Duty Truck Group Co., Ltd. (referred to as “Sinotruk”). In 1960, Sinotruk manufactured China's first heavy-duty truck; in 1984, it acquired truck technology from Steyr, a subsidiary of MAN. At present, Sinotruk Group is China's leading heavy truck manufacturer, with a market share of about 20%. In 2008, truck sales exceeded 100,000.

MAN has a long history of exchanges and cooperation with China. In recent years, MAN subsidiaries have been more active in strengthening their position in the Chinese market. In 2008, MAN's total revenue in China was 617 million euros, an increase of 22% over the previous year.

Industry insiders pointed out that MAN's investment in Sinotruk has laid the foundation for jointly developing new truck series specifically targeted at emerging markets. By making an equity investment in Sinotruk, MAN will occupy a place in China, the world's largest and fastest-growing truck market.