Shanghai Highly (Group) Co., Ltd., ("Highly Group"), the world's leading R&D 
manufacturer of core components and cooling & heating related products for 
white home appliances and new energy vehicles, and Marelli Holdings 
("Marelli"), a world-renowned auto parts supplier, recently announced the 
completion of a joint venture transaction of auto parts.

Prior to the deal closing, Marelli had divested and restructured its assets and 
business of automotive air-conditioning compressors and HVAC business (with a 
business scale of 91.7 billion yen in 2019) and incorporated Marelli (Hong 
Kong) Holdings Co., Limited ("Marelli Hong Kong") to carry the target carved 
out assets and business. Highly Group has made the acquisition of 60% of the 
equity of Marelli Hong Kong. Upon completion of the closing, the company 
changes its name to Highly Marelli Holdings Co., Limited ("Highly Marelli").

The Joint Venture between Highly and Marelli is not coincident, but inevitable. 
The same organization DNA, similar missions and complementary advantages of 
Highly and Marelli laid the foundations of the Joint Venture. During the 
preparation over the past one year, both sides have been working closely and 
reaching an agreement on the goals of the joint venture. The successful closing 
of the transaction means a new beginning. Highly Marelli will be devoted to 
developing, manufacturing, and selling world-class automotive air-conditioning 
systems and thermal management systems for new energy vehicles, and providing 
entire solutions. It will leverage the strengths of both parent companies in 
the field of automotive parts and components, maximize the synergies and expand 
the global market. The company is registered in Hong Kong SAR, China, with its 
operation headquarters located in Shanghai (China) and Saitama (Japan). The 
company employs approximately 4,200 people and operates a global business over 
the world in Japan, mainland China, Asia, Europe, and North America.

Source: Highly Marelli Holdings Co., Limited