WM Motor Expected Over US$300M in Series D1 Financing Round Led by PCCW and Shun Tak Holdings

SHANGHAI and HONG KONG,Oct. 5,2021 --WM Motor Holdings Limited("WM Motor",the "Group" or the "Company"),a dominant EV player in China's mainstream market,today announced that it has expected US$300+ million in a Series D1 round financing led by PCCW Limited ("PCCW") and Shun Tak Holdings Limited ("Shun Tak Holdings"),joined by other investors including the US dollar investment arm of Guangfa Xinde Investment Management Co.,LTD. The Company further expects that a few other prestigious international investors will join in Series D2,bringing the total fund raising to approximately US$500 million. The proceeds will be used for the development of autonomous driving and other smart technologies and products,and the expansion of its sales and service channels for the users.

"We are extremely honored to have been invested in by such renowned global investors,especially during this period of industry consolidation and rapid growth coupled with intensified competition," commented Freeman H. Shen,Founder and CEO of WM Motor. "The estimated total amount financed during this round resembles the largest single investment from the private equity community towards the mainland China EV market during the past 12 months. It marks a significant milestone for our Company. We will use the proceeds to further develop advanced product technologies and improve our capabilities to serve our users to entrench our leading position in the industry. We earned our dominant position in China's mainstream EV market by delivering smart electric vehicles equipped with cutting-edge technologies. All our vehicles have the most advanced smart cockpits and the world's leading electric powertrain system (battery,motor,and controls) to provide a superior user driving experience. Our W6,which launched in April 2021,is the first smart BEV that is equipped with L4 Automated Valet Parking (AVP) technology. We will launch our latest sedan model in mid-October,further revealing our technological strengths and bringing our smart user experience to a next level."

John Bi,Chief Financial Officer said,"Since deliveries of our W6 model in April 2021,we have successfully enlarged our offering to the market and expanded our reach to a wider range of consumers. A record of 29,043 vehicles has been sold from January to September 2021,exceeding our entire full-year sales of 2020. As the entire industry faced a shortage of chips and key components since the beginning of the year,we were able to secure our supply chain and keep on delivering vehicles by relying on our core management team's 20+ years of established network in the industry. Despite the challenges,we successfully achieved a positive cash gross profit. Looking ahead,we will continue to expand our sales network,improve operational efficiency and enhance consumer loyalty,laying a solid foundation to achieve an ambitious target in 2022."

About WM Motor Holdings Limited

WM Motor Holdings Limited is the dominant player in China's mainstream electric vehicle market. To date,the Company has delivered over 70,000 vehicles cumulatively. WM Motor focuses on designing and manufacturing vehicles for the largest and fastest growing segment of China's EV market and is recognized as one of the most popular brands among tech savvy young families. WM Motor differentiates itself by producing user-defined vehicles that offer full life-cycle personalization enabled by all channel user data and full-domain OTA on a learning basis of vehicles and users. The Company has also produced the industry's only vehicle that is equipped with L4 Automated Valet Parking (AVP) technology and offers electric SUV models with the highest number of ADAS functions in the China EV market,which brings an unparalleled smart driving experience demonstrating differentiated smart cockpit features. WM Motor operates two fully self-owned and highly automated factories,enabling the Company to seamlessly integrate in-house research and development and manufacturing,which lays the foundation for utmost safety and reliability for vehicles delivered.

To learn more about WM Motor,please visit www.wm-motor.com/en

About PCCW Limited

PCCW Limited (SEHK: 0008)

To learn more about PCCW,please visitwww.pccw.com.

About Shun Tak

Shun Tak Holdings Limited (HKSE: 0242)

To learn more about Shun Tak,pleasevisit www.shuntakgroup.com

Investor Relations Contact

WM Motor Holdings Limited

Mr. John BI,CFO

E-mail:John.bi@wm-motor.com

Tel: +86. 021-60128009

Christensen China Limited

Ms. Vivian Wang

E-mail:vwang@christensenir.com

Tel: +852.2117.0861