Huachen AI Parking Management Technology Holding Co., Ltd. - Share Purchase Agreement

Huachen AI Parking Management Technology Holding Co., Ltd. has entered into a share purchase agreement to sell all issued and outstanding shares of its subsidiary, Hua Chen Intelligent Technology Co., Limited, for $50,000. This sale includes nine of the Target's subsidiaries and is part of the Company's strategic shift away from the smart parking business due to a slowdown in the sector. The Company will now focus on its equipment structural parts business and its newly commenced electric vehicle charging business. The transaction is expected to be completed on a date mutually agreed upon by the parties involved. The agreement outlines the terms of the sale, representations and warranties of the seller, buyer, and target, and miscellaneous provisions including governing law and jurisdiction.