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Shanghai International Commodity Auction Co., Ltd.

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

Shanghai International Commodity Auction Co., Ltd. (SICA), as the auction enterprise authorized by Shanghai Municipal Transportation Commission, entities with in-use passenger vehicles in Shanghai, and entities which intend to convert valid quotas of their 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 business use in Shanghai. With regard to such auction, this announcement is hereby issued as follows:

I. Lot: A total of 1,393 vehicle quotas.

II. Schedule: 14:00-15:00 on June 23, 2025

First Bid Period: 14:00-14:30; Bid Revision Period: 14:30-15:00

Important Notice:

1. The forthcoming auction of vehicle quotas of non-commercial passenger vehicles for business use will be held with a reserve price which is the average hammer price at this month’s auction of vehicle quotas of non-commercial passenger vehicles for private use.

2. Close attention from buyers to the changes in the payment process is needed. For details about the available payment options, please see this announcement.

3. 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.

4. Bidders placing high bids will be friendly reminded by the auction system during the first bid period. All bidders are advised to place bids rationally.

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 which 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 its Unified Social Credit Code.

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

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. When and where to complete auction registration and get auction deposits refunded:

★ Online: Download SICA’s APP; register an account; log in to the registered account, and complete bidder’s four-factor authentication and its transactor’s real-name authentication; complete auction registration; obtain a bidding paddle and password (please save them in time and properly for later use in the auction).

★ Offline:

Service Hours: SICA’s physical offices are in service between 9:00-16:00 from Sunday to Friday for auction registration and refund of auction deposits (not 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)

VI. 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 be legal entities such as enterprises and public institutions registered in Shanghai, and should cause their auction registration to be completed by their authorized transactors with bidders’ original valid business licenses and transactors’ letters of reference and original ID cards.

Note: For those bidders as government bodies, public institutions and corporation aggregates registered in Shanghai (each as an “Entity Subject to Purchase Control”), the Approval Notice for Purchasing Specially Controlled Commodities in Shanghai (the “Approval Notice”) issued by the relevant department is also needed.

VII. Time Limit of Payment: June 24-July 1 , 2025 (9:00-16:00) (holidays excepted)

For each buyer winning the auction:

Upon bid acknowledgment, you should log in to SICA’s APP or the designated payment website (https://jrfw.alltobid.com/BidEntWeb/), enter your account bank and bank account number, download and print out the General Payment Receipt for Non-tax Revenue in Shanghai (Electronic), select the service of paying with non-tax revenue at the bank counter (or visit the online or mobile banking portal) of your account bank, enter the 20-digit payment code on the General Payment Receipt for Non-tax Revenue in Shanghai (Electronic) as prompted, and pay if the payment information is accurate.

After successful payment, you can choose within the payment period to mail the Passenger Vehicle Quota Certificate by EMS to your address or to get the same at any of SICA’s physical offices with your Auction Password Envelope and your relevant (valid) documents used for auction registration. The Passenger Vehicle Quota Certificate is non-transferable and is only usable within its validity period. After the Passenger Vehicle Quota Certificate is obtained, you can pay commissions based on the actual number of auctions and get your auction deposit refunded on SICA’s APP or at any of its physical offices (the invoice of commissions must be claimed at any of SICA’s physical offices).

It is important to note that buyers should print out their notices of payment as soon as possible to ensure sufficient time for payment. Any buyer’s failure to pay as scheduled 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.

Addresses of SICA’s Physical Offices:

● 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)

VIII. Any bidder failing the auction can get its auction deposit refunded and pay commissions based on the actual number of auctions on SICA’s APP or at any of SICA’s physical offices with its relevant (valid) documents used for auction registration and Auction Password Envelope (the invoice of commissions must be claimed at any of SICA’s physical offices).

Important Notice:

★ Customer service hotline: 962227.

★ Each bidder must obtain the Auction Password Envelope, the Auction Guide and the Instructions on Auction of Vehicle Quotas of Non-commercial Passenger Vehicles for Business Use when transacting auction registration, and check its name, ID number and caller number for auction use as shown on the Auction Password Envelope. In case of any error found, the bidder should contact SICA without delay, or otherwise it should solely bear all the consequences arising therefrom.

No bidder may transfer or lend its 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.

★ 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.

★ 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 auction slow-down, 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 the bidder places a valid bid during such period, and is deemed to be absent from the auction if the bidder places no bid or no valid bid during the “first bid period”. A bidder placing a high bid will, before its next bid, receive from the system an auto prompt saying “Please bid carefully”.

3. A bidder placing a valid bid during the “first bid period” may revise its 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 the database will, when processing the revised bid, 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 its bid with due care).

4. A bidder will have the last revised bid as its final bid if its revised bids are valid, or will have the first valid bid as its final bid if its 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 its final valid bid and the time when its 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

● 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.

● For the purpose of auction registration, each bidder must fill in the Registration Form for Auction of Passenger Vehicle Quotas and have such form to be reviewed and sealed by the competent notary office. For each auction, each Entity Subject to Purchase Control can get one valid Auction Password Envelope only with one Approval Notice, and needs to pay an auction deposit of RMB 1,000 in cash. Each bidder needs to pay a commission of RMB 60 for each auction when the bidder gets its auction deposit refunded.

● The Auction Password Envelope will remain valid for six months from the date of auction registration. If a bidder does not win the auction during the validity period, it is not required for the bidder to re-register for auction unless otherwise required by a new announcement, and the obtained Auction Password Envelope 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, through its authorized transactor, re-register for auction with the bidder’s Auction Password Envelope and original valid business license and its transactor’s letter of reference and original ID card (Note: The Approval Notice is also needed if the bidder is an Entity Subject to Purchase Control).

● If a bidder as an Entity Subject to Purchase Control fails to complete auction registration within the prescribed time limit, or if a bidder has its auction deposit refunded before it wins the auction and does not register for attending the next auction, or if a bidder winning this month’s forthcoming auction fails to make the required payment, then the Approval Notice held by the bidder will become null and void, and the bidder needs to apply for a new Approval Notice from the relevant department.

● 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 entity which sells its “vehicle quota of in-use non-commercial passenger vehicle for business use” by auction must not register for attending auction within three (3) years.