Qingdao Yuanhai Automotive Trading Market Management Services Co., Ltd. (referred to as "Yuanhai Automotive") was established by Beijing Xingyuan Auto and Vered holding. The company was established in March 2018 with a registered capital of 100 million RMB and is committed to automotive products and a comprehensive export service platform.

Yuanhai Automotive is an advocate and promoter of China's used car export, who submitted the first pilot program of the first used car export and implementation plan to the Ministry of Commerce in China in April 2018. The Bureau of Commerce officially approved Yuanhai Automotive as the first batch of pilot enterprises in Qingdao on July 19th 2019. Yuanhai Automotive obtained the first export license of Qingdao On August 13th 2019, and the first batch of used cars of Qingdao export ceremony was held at Jimo Seaview Garden Hotel on August 22ND. Qingdao Deputy Secretary-General Wan Jianzhong, the Municipal Environmental Protection Bureau and the Public Security Bureau, and other leaders of the Jimo District, Lu Tao, and the deputy head of the district, Li Li, attended the meeting. Shao Jingning, Chairman and CEO of Xingyuan Automotive, and Vice President of Rose Holdings Qiao Kai, chairman of Vered Leasing, Wang Maochang, vice president of Weidong Group Co., Ltd., and Ba Zhen, founder and chairman of Zhongjun Tianbao attended the first export ceremony.

Yuanhai Automotive will build a business system covering the whole chain of "self-operation + platform" and "online + offline" used car export trade, basing on the domestic platform resources and will actively expand the overseas channel distribution network through online platform and strong business team. The business model will open one new business way for new cars, used cars, parts, automotive products and car services. The business system mainly covers the whole automotive industry chain such as new or used car export, automotive insurance and aftersales market, providing one-stop comprehensive service for the export of automotive products and related services. In the future, Yuanhai Automotive can also make good use of the platform for auction, retail, wholesale ect. The distribution layout of the used car export business of Yuanhai Automotive will focus on the left-hand developing countries along the "One Belt One Road" strategy, including the African market represented by Nigeria, Ethiopia and Ghana, and the Southeast Asian market represented by Myanmar, Vietnam and Cambodia, Uzbekistan. The Central and Western markets represented by Uzbekistan and Ukraine, the South American market represented by Bolivia and Paraguay, and Dubai will be re-export trade base in the future. Yuanhai Automotive will actively learn from the Japan or American/South Korean rich experience of exporting used car, and are willing to jointly develop the market through win-win cooperation.