Jiuzi Holdings, Inc. Awarded Subsidies by Local Government to Support Sustainable Growth

Rhea-AI Summary

Jiuzi Holdings, Inc. (NASDAQ: JZXN) has received a cash subsidy of RMB 10 million from the Xiaoshan District government in Hangzhou, China. This incentive is part of the 'Phoenix Action 2.0' plan, aimed at boosting local enterprises that successfully accessed capital markets. Jiuzi is highlighted as the only U.S.-listed company from Xiaoshan in 2021. CEO Shuibo Zhang emphasized that this recognition supports Jiuzi's growth strategy and commitment to achieving carbon neutrality in China by 2060, while expanding their new energy vehicle retail ecosystem.

Positive

• Awarded RMB 10 million cash subsidy by Xiaoshan District government.
• Recognized under 'Phoenix Action 2.0' incentive plan, supporting local enterprises.
• Only company from Xiaoshan to be listed on U.S. capital markets in 2021.

Negative

• None.

HANGZHOU, China, Jan. 13, 2022 /PRNewswire/ -- Jiuzi Holdings, Inc. (NASDAQ:JZXN; the "Company"; Jiuzi New Energy), a new energy vehicles franchisor and retailer under the brand name "Jiuzi" in China, today announced that the Company has been awarded RMB 10 million cash subsidies by Xiaoshan District government of China's Hangzhou City as part of the government-led initiatives to recognize achievements by publicly listed companies and facilitate further sustainable growth of such locally headquartered enterprises.

Xiaoshan government launched a "Phoenix Action 2.0" incentive plan in early 2021 that aims to encourage and promote local enterprises to gain access to domestic and international capital public markets. Jiuzi New Energy is among the five new companies that have successfully completed initial public offerings in 2021. Other newly listed firms from Xiaoshao District include, among others, Cloud Village Inc. (HK:09899) (NetEase Cloud Music). In addition, Jiuzi New Energy is the only company that has successfully completed listing in the U.S. capital market in 2021.

Mr. Shuibo Zhang, CEO of Jiuzi Holdings, Inc., commented: "We greatly appreciate the solid recognition from Xiaoshan District government because it signifies Jiuzi's business growth and manifests its capital market strategy. Jiuzi New Energy is confident that it will fulfill its promise to deliver low-carbon, innovative, safe and intelligent commute solutions to contribute its part to China's goal of achieving carbon-neutral by 2060."

"With such strong policy support from our local government, we are able to continue driving growth of our online to offline strategies and to empower our business in order to build a one-stop NEV retail ecosystem and to create sustainable economic benefits for our shareholders."

About Jiuzi Holdings, Inc.

Jiuzi Holdings, Inc., headquartered in Hangzhou, China, and established in 2017, franchises and operates retail stores under the brand name "Jiuzi" to sell New Energy Vehicles ("NEVs") in third-fourth tier cities in China. The Company mainly sells battery-operated electric vehicles, and sources NEVs through more than twenty NEV manufacturers. It has 31 operating franchise stores and one company-owned store. For more information, visit the Company's website at http://www.zjjzxny.cn/.

Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update 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 in its other filings with the SEC.

For more information, please contact:
Janice Wang
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +1 571-464-9470 (from U.S.)
             +86 13811768559 (from China)

View original content:https://www.prnewswire.com/news-releases/jiuzi-holdings-inc-awarded-subsidies-by-local-government-to-support-sustainable-growth-301460075.html

SOURCE Jiuzi Holdings, Inc.

FAQ

What is the significance of the RMB 10 million subsidy for Jiuzi Holdings (JZXN)?

The RMB 10 million subsidy from the Xiaoshan District government supports Jiuzi Holdings' growth and sustainability initiatives.

Under which plan did Jiuzi Holdings receive the subsidy?

Jiuzi Holdings received the subsidy under the 'Phoenix Action 2.0' incentive plan launched by the Xiaoshan District government.

What recognition did Jiuzi Holdings achieve in 2021?

Jiuzi Holdings is recognized as the only company from Xiaoshan that completed a listing on the U.S. capital market in 2021.

How does the subsidy impact Jiuzi Holdings' business strategy?

The subsidy enhances Jiuzi Holdings' ability to drive growth in its online to offline strategies and develop a one-stop NEV retail ecosystem.