Nullmax (Cayman), a subsidiary of Iwayama Technology (002195.SZ), plans to introduce a leading domestic automotive-grade chip company to participate in Series C financing

According to Zhitong Finance App, Iwayama Technology (002195.SZ) announced that the company's holding subsidiary Nullmax (Cayman) plans to launch Series C financing, with a maximum financing amount of 100 million US dollars, and first introduce a leading domestic automotive-grade chip company with deep business synergy effects through capital increases and stock expansion to participate in Series C financing as a strategic investor. The Series C investor plans to increase capital to Nullmax (Cayman) with US$10 million, corresponding to the pre-investment valuation of Nullmax (Cayman) of US$425 million, corresponding to RMB 3,06.8 billion based on the median exchange rate announced by the China Foreign Exchange Trading Center on the day the “Purchase Agreement” was signed, which is an increase of 9.04% over Nullmax (Cayman)'s valuation of RMB 2,757.5 billion after the previous Series B financing investment. After the capital increase was completed, the C round investor's shareholding ratio in Nullmax (Cayman) was 2.45%. The transaction is conducive to further promoting the strategic cooperation between Newmax Technology and Series C investors.

Due to the request of the capital increase party and based on considerations for Nullmax (Cayman)'s future independent listing and business development, Ruifeng BVI signed a “Termination Agreement on Voting Rights Entrustment Agreement” with Stonehill Technology Limited and Yanheng Limited to end entrusting Nullmax (Cayman) 21.88% voting rights to Ruifeng BVI as an agent. Following this capital increase and termination of voting rights delegation, Ruifeng BVI's voting rights ratio for Nullmax (Cayman) will be reduced from 50.20% to 27.62%.

After the voting delegation was terminated, Ruifeng BVI no longer has control over Nullmax (Cayman), and Nullmax (Cayman) is no longer included in the scope of the company's consolidated statements. This matter will not affect the net profit attributable to shareholders of the listed company and the rights of owners belonging to shareholders of the listed company in future consolidated financial statements of the company. After this transaction, the listed company remains the single largest shareholder of Nullmax (Cayman), and this transaction will not affect the company's collaborative development in various fields of AI business.