SHENZHEN, China, July 9, 2024 /PRNewswire/ -- BAIYU Holdings, Inc. ("BAIYU" or the "Company") (NASDAQ:BYU), a leading B2B bulk commodity e-commerce platform and supply chain service provider, today announced that on June 14, 2024, the Company, through its wholly owned subsidiary Legend Investment Holdings Co. Limited, completed the acquisition (the "Acquisition") of majority stake in Electra New Energy Vehicle Inc ("ENEV"), a U.S.-registered company based in Los Angeles specializing in the new energy vehicle ("NEV") sector.

Following the closing of the Acquisition, BAIYU now holds a controlling interest of 60% in ENEV. The Acquisition aligns with BAIYU's comprehensive growth strategy, aiming to substantially enhance its footprint in the new energy sector and strengthen its global presence in NEVs through this strategic transaction.

Ms. Renmei Ouyang, Chief Executive Officer of the Company, commented, "This transaction opens a new chapter filled with challenges and opportunities for both parties. We believe that through the Acquisition, by fully exploiting each party's unique strengths and integrating respective advantages in technology, supply chain resources and market potentials between China and the U.S., ENEV is well poised to tell an outstanding and distinguished story in the global NEW market. We are eager to deliver more long-term value with remarkable and sustainable growth for our shareholders and stakeholders."

About BAIYU Holdings, Inc.

BAIYU Holdings, Inc. (NASDAQ:BYU) is a leading B2B bulk commodity e-commerce platform and supply chain service provider. Currently, the Company is focused on expanding its new business in photovoltaic, energy storage power, and fast-charging power stations, along with services for the new energy industry. The Company's business involves investing in fast-charging power stations, commercial power stations, and offering integrated new energy solutions and operations that encompass photovoltaic, energy storage, and fast-charging power stations. It offers comprehensive solutions and operations for global new energy storage systems and specialized sectors. With a central focus on new energy and an orientation towards integrated power systems, the Company is dedicated to fields like clean energy, smart power, intelligent photovoltaic, and the operation and maintenance of fast-charging station outlets. For more information, please visit www.baiyuglobal.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "approximates," "assesses," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

BAIYU Holdings, Inc.

Investor Relations Department

Email: ir@baiyuglobal.com

Ascent Investor Relations LLC

Tina Xiao

President

Phone: +1-646-932-7242

Email: investors@ascent-ir.com

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SOURCE BAIYU Holdings, Inc.

BAIYU Completes Acquisition of Controlling Equity Interest in Electra New Energy Vehicle Inc