DST Raises US$80 Million in Latest Round of Financing

China's Leading NEV Fleet Management Company Secures One of the Largest US Dollar Private Investments in 2023

Highlights:

• DST aims to expand the scale of its NEV fleet in China as well as to deepen its R&D efforts, increase offline service network, and offer comprehensive and tailor-made service packages
• Management remains unwavering in its drive to implement sustainable practices at every level, supporting the environment and society while achieving further scalability and growth
• In collaboration with prominent strategic and financial partners, DST will look to explore international expansion

SHENZHEN, China, Dec. 11, 2023 /PRNewswire/ — DST, China's leading new energy vehicle ("NEV") fleet management company, today announced the completion of a US$ 80 million round of financing, led by a globally renowned growth fund as well as several existing shareholders. This investment will fuel further investments in R&D and, more specifically, its real-time computational analytics. These technologies are key to enhancing DST's digitalized fleet management capabilities and helping to efficiently and effectively expand and manage the increased scale of the company's NEVs for logistics fleet in China.

DST has long been the go-to partner for logistics companies like SF Express, JD Logistics, and other well-known clients from various industries. DST's clients desire to lower their total cost of vehicle ownership, maximize operational efficiencies, and streamline their logistics schedules. To date, the Company has approximately 100,000 logistics NEVs under management, serving over 5,000 enterprise clients and over 400,000 drivers on its digitalized logistics platform and offline service network.

Ms. Haiying Zhang, Founder and Chairman of DST, commented, "As the founder of DST, I am proud to lead a company that exemplifies technological leadership and unwavering commitment to sustainability in China's logistics and fleet management industry. As a firm believer and practitioner of carbon neutrality, we share the mutual goal of reducing carbon emissions with our new investor. Our innovative solutions, digital intelligence, and commitment to environmental responsibility not only sets us apart but also drives our entire industry forward. DST is not just a company; it's a catalyst for change and a beacon of excellence in this transformative era for logistics and fleet management. With the proceeds, we are poised to make additional investments in deepening our R&D capabilities and expanding our computational analytics infrastructure, ensuring that we remain at the forefront of industry innovation. By doing so, we are confident to create long-term value for our stakeholders."

As the leader in digital intelligent operation services for new energy logistics in China, DST has intensified its commitment to advancing the sustainability of China's logistics industry in line with the national "dual carbon" goal. The core mission remains focused on enabling the electrification of urban logistics through comprehensive solutions, encompassing vehicle leasing, sales, charging, storage, maintenance, and environmentally conscious practices. The company also focuses on end-to-end services and environmentally responsible practices, supporting circular economy principles, digital transformation, and privacy protection while aligning with the UN Sustainable Development Goals and implementing robust ESG governance. DST's pledge to ESG principles is exemplified by obtaining the highly coveted "Dark Green Rating" for both its revenue and CAPEX from Cicero – Shades of Green, an S&P Global brand which provides independent research-based ESG evaluations. DST's future vision is centered on innovation, efficiency, and collaboration, driving the growth of the entire industry ecosystem and enhancing value for all stakeholders.

More information about DST is available at www.dstcar.com.

About DST

Founded in 2015, DST Electric Vehicle Rental (Shenzhen) Co., Ltd.("DST", the "Company", "we"), is a leading digital intelligent operation service provider in China for new energy logistics vehicles. Based on the principles of green and sustainable development, we take the responsibility of promoting the full electrification of urban logistics vehicles and managing their life cycle as our approach. DST connects the whole value chain of the new energy logistics vehicle industry and provides customers with a digital intelligent operation service network, including asset operation and services integrating vehicle leasing and sales, charging, storage, maintenance, and cascade utilization. We empower every participant in the industry to achieve efficiency and value enhancement by "service-oriented" and continue to promote the standardization and intelligence of the industry, so that the emerging ecosystem will become simpler and more effective due to DST.

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