HOTAI MOTOR announces on behalf of subsidiary Hotai Insurance Co., Ltd., for announcement the impact of the changes in corporate finance.

 HOTAI MOTOR announces on behalf of subsidiary
Hotai Insurance Co., Ltd., for announcement the impact
of the changes in corporate finance.

1.Date of occurrence of the event:2022/08/17
2.Company name:Hotai Insurance Co., Ltd.
3.Relationship to the Company (please enter "head office" or
  "subsidiaries"):subsidiaries
4.Reciprocal shareholding ratios:NA
5.Cause of occurrence:Due to the effect from the pandemic insurance,
 The Company's subsidiary, Hotai Insurance Co., Ltd., reported six
 months net loss of NTD 4,526,260 thousand in 2022.
 The Company's equity amounted to NTD 1,740,892 thousand as of
 June 30,2022, a 76 % decrease when compared with
 NTD 7,266,202 thousand reported as of Dec 31,2021.
6.Countermeasures:
 The funds obtained from this private placement of common shares
 will be used for strengthening the operating capital.
7.Any other matters that need to be specified:NA