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Shanghai International Commodity Auction Co., Ltd.

Announcement on Auction of Vehicle Quotas of Non-commercial Passenger Vehicles for Private Use in Shanghai

Shanghai International Commodity Auction Co., Ltd. (SICA), as the auction enterprise authorized by Shanghai Municipal Transportation Commission, individuals with in-use passenger vehicles in Shanghai, and individuals who intend to convert valid quotas of their two-wheeled motorcycles (with license plate numbers starting with “Hu A” and “Hu B”) into passenger vehicle quotas, plans to hold an auction of vehicle quotas of non-commercial passenger vehicles for private use in Shanghai. With regard to such auction, this announcement is hereby issued as follows:

I. Lot: A total of 4,159 vehicle quotas.

II. Schedule: 10:30-11:30 on June 21, 2025

First Bid Period: 10:30-11:00; Bid Revision Period: 11:00-11:30

Note: There will be a “Warning Price” of RMB 92,400 for the first bid period (10:30-11:00) at this month’s forthcoming auction of vehicle quotas of non-commercial passenger vehicles for private use. No bid higher than the “Warning Price” will be accepted by the system. Bidders are kindly advised to place bids in advance as appropriate.

Customers who need to pay at SICA’s physical offices may, for the avoidance of peak hours, make an appointment for payment in advance on the official website, APP, and WeChat official account of SICA.

III. Methods of Auction:

Method 1: Open the browser on an Internet-connected computer, log in to the auction website (https://paimai.alltobid.com), and attend the auction through the online auction system provided by the auction enterprise and according to the Operating Procedures for Online Auction. Any bidder who wishes to log in again to and run the above auction system after logging out of the system during the course of the auction must enter his/her valid ID number used for auction registration.

Method 2: Dial (021) 16842828 or (021) 16882333, and attend the auction by phone according to the Operating Procedures for Auction by Phone.

Important Notice:

To ensure a pleasant experience at the auction, customers who attend the auction would better use the latest-version Microsoft Edge or Firefox for the Windows operating system, or the latest-version Safari for the MacX operating system, and not use tablet computers.

IV. The auction results may be learned after the auction on the official website (http://www.alltobid.com), WeChat official account (shanghaiguopai) or APP of SICA, or by calling SICA’s customer service hotline (962227).

V. Eligibility of Bidders: (Note: The name of buyer shown on the Vehicle Quota Certificate obtained after the auction and used for vehicle registration must be consistent with that shown on the invoice for vehicle purchase)

Bidders must hold the qualifications prescribed in Article 7 of the Regulations on the Management of Auction of Non-commercial Passenger Vehicle Quotas in Shanghai, and have their information to be verified by the Administrative Service Center of Shanghai Municipal Transportation Commission. (For details, please see the “Guidelines for Qualification Review for Attending Auction of Vehicle Quotas of Non-commercial Passenger Vehicles for Private Use” on the website at http://chepai.alltobid.com)

VI. Time & Place for Auction Registration

★ Online Registration: Download SICA’s APP; register an account and complete real-name authentication; submit an application for attending the auction; complete auction registration; obtain a bidding paddle and password (which should be saved in time and properly for later use in the auction).

Offline Registration: Please timely obtain and properly keep the Auction Password Envelope for later use in the auction.

Time: 9:00-16:00 from Sunday to Friday. No physical office of SICA is in service for auction registration on Saturdays, auction days and national statutory holidays.

Office Addresses:

● Offices in Puxi:

1.No. 938 Songhong Road (Room A2, Floor B1, Fuyuanwan Jiuhua Commercial Plaza)

2.Room 116, Building C1, No. 716 Lingshi Road (Ninghui Plaza Phase III)

3. No. 288 Xinzhen Road (Stilt Floor B2, Minhang Stadium)

4. 2F, No. 181 Middle Sichuan Road

● Offices in Pudong:

5. No. 800 Chengshan Road (Room 101, Tower A, Yunding International Business Plaza)

VII. Time Limit of Payment: June 22-July 1, 2025 (9:00-16:00)

Each buyer winning the auction should make the payment and obtain the General Payment Receipt for Non-tax Revenue in Shanghai (Electronic) and the Passenger Vehicle Quota Certificate (which is non-transferable and is only usable within its validity period) within the time limit specified in this Announcement. The buyer’s failure to make the payment and obtain the Passenger Vehicle Quota Certificate within said time limit will constitute the waiver of the deal and breach of contract on the part of the buyer, and as a result, will lead to no refund of the deposit paid by the buyer.

Payment Options: Offline payment, or online payment

Option 1: Offline payment. A buyer winning the auction must make the payment (by cash or by bank card) at any of the following offices with his/her original identity document and other necessary materials, and obtain the General Payment Receipt for Non-tax Revenue in Shanghai (Electronic) and the Passenger Vehicle Quota Certificate.

Offices supporting offline payment:

● Offices in Puxi:

1.No. 938 Songhong Road (Room A2, Floor B1, Fuyuanwan Jiuhua Commercial Plaza)

2.Room 116, Building C1, No. 716 Lingshi Road (Ninghui Plaza Phase III)

3. No. 288 Xinzhen Road (Stilt Floor B2, Minhang Stadium)

4. 2F, No. 181 Middle Sichuan Road

● Offices in Pudong:

5. No. 800 Chengshan Road (Room 101, Tower A, Yunding International Business Plaza)

Option 2: Online payment. A buyer winning the auction may view his/her auction results on http://www.alltobid.com, make the payment on the online payment page, and obtain the General Payment Receipt for Non-tax Revenue in Shanghai (Electronic) and the Passenger Vehicle Quota Certificate at any physical office with necessary materials or select online to have those documents to be delivered to him/her by postal express.

SICA, as the auction enterprise, will provide buyers with online financial services in conjunction with several banks, allowing buyers to seek financial services online as needed. For details, please see the financial service column on SICA’s website (http://www.alltobid.com).

Any buyer, if needing to make the payment at any of SICA’s physical offices, may make an appointment for payment in advance on the official website, APP, and WeChat official account of SICA to avoid peak hours.

Users who wish to obtain or renew the Auction Password Envelope may download SICA’s APP to apply for attending the auction, complete auction registration, and obtain relevant bidding information, or may log in to chepai.alltobid.com to apply for attending the auction, make an appointment for auction registration at physical offices to avoid peak hours and obtain the Auction Password Envelope. Upon review and approval, the Auction Password Envelope and the relevant bidding information shown on the APP will be automatically activated for the auction. (Please timely and properly save the obtained bidding paddle and password for later use in the auction).

Important Notice

★ Customer service hotline: 962227.

★ For auction by phone, the auction enterprise will adopt calling line identification restriction, allowing each bidder to provide it with no more than two caller numbers for landline or mobile calls. During the course of an auction by phone, only the bids placed via such two caller numbers will be accepted by the system, and each of such two caller numbers can win the bid for one passenger vehicle quota only in the same auction.

★ Bidders must sign the Instructions on Auction of Vehicle Quotas of Non-commercial Passenger Vehicles for Private Use based on their true intentions, and obtain the Auction Guide, the Instructions on Auction of Vehicle Quotas of Non-commercial Passenger Vehicles for Private Use and the Auction Password Envelope from SICA’s physical offices. Bidders must check the relevant information contained in the foregoing documents, make prompt corrections in case of any error found, and solely bear the consequences arising from their failure to check and correct. The Auction Password Envelope obtained by bidders is not activated at the very beginning, and will be automatically activated after bidders’ application for attending auction is reviewed and approved to allow bidders to attend the corresponding auction.

Bidders may download SICA’s APP to register an account, log in to the registered account, complete real-name authentication, submit an application for attending auction, complete auction registration, and obtain the bidding paddle and password (which must be saved in time and properly for later use in auction). Bidders must check the relevant information, make prompt corrections in case of any error found, and solely bear the consequences arising from their failure to check and correct. The bidding paddle obtained is not activated at the very beginning, and will be automatically activated after bidders’ application for attending auction is reviewed and approved to allow bidders to attend the corresponding auction.

★ Bidders must not transfer or lend their bidding paddle or password to any other person or entity. The auction enterprise will not be liable for any unauthorized use of bidding paddle or password due to users’ willful misconduct or negligence. All operations performed on the auction system with a bidder’s bidding paddle and password will be deemed to be performed by the bidder. Bidders should be legally liable for all activities and events that take place using their bidding paddle.

★ In consideration of limited telephone lines and in order to avoid busy lines caused by bidders’ improper operations that hinder bidders’ bidding, bidders should strictly follow the voice prompts when placing bids by phone, and should timely enter accurate information as prompted. In the event of failure to enter the information within 10 seconds after being prompted, or an interval of more than 10 seconds between two consecutive key presses, or 3 errors in entering the information as prompted during a call, the auction system will give a prompt and then automatically hang up bidders’ calls, and bidders need to redial to attend the auction.

★ To ensure fair and orderly online auctions, bidders should log in to online auction websites and attend online auctions through the designated online auction system in accordance with the Operating Procedures for Online Auction, and must not attend online auctions through any other software (including but not limited to auxiliary software and automated auction software) than that provided by the auction enterprise.

★ If a bidder places a bid during the course of auction through any software not provided by the auction enterprise, such bid placing will be deemed to be improper and unacceptable and be subject to the restrictions imposed by the auction enterprise at its sole discretion (including but not limited to suspension of bid and in the worst case, termination of auction).

★ In order to ensure the smooth auction process and to avoid invalid bids due to busy network traffic or telephone lines, bidders are expected to place bids as early and as soon as possible. Uncontrollable and unpredictable system, equipment, communication, power and network failures, system attacks, virus attacks, and other unpredictable circumstances preventing bidders from attending auction (including but not limited to bidding suspension and data error) may occur due to the potentially unstable Internet. If any of the above circumstances occurs, the auction enterprise has the right to terminate the auction without liability, and bidders must thoroughly estimate the risks that are brought by online bidding as a result of the circumstance.

★ Bidding

1. The auction will last for 60 minutes, with the first 30 minutes as the “first bid period” and the last 30 minutes as the “bid revision period”.

2. Bidders should place valid bids during the first bid period. The first bids, after being confirmed and submitted, will be in queued to be received and processed by the database which will show processing progresses, and after being processed, will be confirmed as valid or invalid. A bidder cannot rebid during the “first bid period” if he/she places a valid bid during such period, and is deemed to be absent from the auction if he/she places no bid or no valid bid during the “first bid period”.

3. A bidder placing a valid bid during the “first bid period” may revise his/her bid once or twice during the “bid revision period”. Bidders can revise their bids by pressing the increase or decrease button with a fixed increment or decrement on the client page, or by pressing the custom increment button to set a bid increment as needed, provided that the increment must be an integer multiple of RMB 100 and not greater than RMB 9,900. The revised bids, after being confirmed and submitted, will be queued to be received and processed by the database which will show processing progresses, and after being processed, will be confirmed as valid or invalid.

For the “bid revision period”, a “database’s acceptable price range” is set. “Database’s acceptable price range” means the price range in which valid bids are accepted and processed by the database. The database’s acceptable price range for the auction is between the price RMB 300 lower than the reserve price and the price RMB 300 higher than the reserve price. The bid revised and submitted by a bidder will be queued to be received and processed by the database, and when processing the revised bid, the database will consider it valid if it is within the “database’s acceptable price range” or request for re-bidding if it is not within the “database’s acceptable price range” (since it takes certain time for the bid revised by the bidder to be queued and to be received and processed by the database, the bidder should thoroughly estimate and consider real-time changes in the “current reserve price” and “database’s acceptable price range” mentioned in the public information, and should revise his/her bid with due care).

4. A bidder will have the last revised bid as his/her final bid if his/her revised bids are valid, or will have the first valid bid as his/her final bid if his/her revised bids are invalid.

5. The time when a valid bid is placed by a bidder is the time when the bid is received, processed, and recorded by the auction database.

6. A bidder’s competitiveness depends on his/her final valid bid and the time when his/her final valid bid is placed.

7. In the system, bidders will be sorted based on their final valid bids in a descending order, and those with the same final valid bids will be sorted and become successful bidders in order of their valid bid time entered in the auction database, with earlier bids taking precedence.

8. Bidders must place bids in integer multiples of RMB 100. All bids must be placed in the currency of RMB.

★ During the course of auction, real-time auction-related information (including but not limited to the current system time, current number of bidders, current reserve price, bid time for the reserve price, and database’s acceptable price range) will be announced online or by telephone.

★ Bidders must carefully read the auction announcement, auction instructions and operating procedures for auction prior to auction registration, and upon auction registration, will be deemed to have agreed and accepted all the information contained in and reflected by the auction announcement, auction instructions, online auction as an objective form of auction, auction-related images and texts, prompts and live audio and video signals transmitted from the auction system to the online auction system, and operating procedures for auction.

Important Notice

● For each auction, each bidder can register for auction once and should pay an auction deposit of RMB 1,000, and each bidder should pay a commission of RMB 60 when the bidder pays the hammer price after winning the auction or when the bidder gets his/her auction deposit refunded after failing the auction.

● The Auction Password Envelope/electronic bidding document will remain valid for six months from the date of activation. If a bidder does not win the auction during the validity period, it is required for the bidder to neither re-apply for attending auction nor re-register for auction unless otherwise required by a new announcement, and the obtained Auction Password Envelope/electronic bidding document can be further used in follow-up auctions for up to six times. If the bidder has participated in six auctions during said validity period or said validity period expires, then the bidder can, on SICA’s APP, re-apply for attending auction, re-register for auction, obtain relevant bidding information, and get their auction deposits refunded and pay commissions based on the actual number of auctions in accordance with the Regulations on the Management of Auction of Non-commercial Passenger Vehicle Quotas in Shanghai (the obtained bidding paddle and password need to be timely and properly saved for later use in the auction).

● The time when a bid is placed by a bidder is the time when the bid is recorded by the server of the auction database (for both online auction and auction by phone, the time when a bid is actually placed is different from the time when the bid is recorded by the server of the auction system, bidders are expected to place bids as early and as soon as possible).

● Any person who sells his/her “vehicle quota of in-use non-commercial passenger vehicle for private use” by auction must not apply for attending auction or register for auction within three (3) years.

● Acceptable vehicle model for vehicle quotas of in-use non-commercial passenger vehicles for private use: Small passenger vehicles for daily use with no more than 9 seats.

● The name of buyer shown on the Passenger Vehicle Quota Certificate obtained after the auction and used for vehicle registration must be consistent with that shown on the invoice for vehicle purchase.