ATIF Holdings Announces Investment in Phoenix Motor Inc. IPO

Irvine, California, June 22, 2022 -- ATIF Holdings Limited (Nasdaq: ATIF) (the “Company,” “ATIF” or “We”) is pleased to announce that it has deepened its investments in emerging technology companies with an investment in Phoenix Motor Inc. (Nasdaq: PEV) an electric drive system and vehicle maker.

Founded in 2003, Phoenix Motor designs, assembles, and integrates electric drive systems and electric vehicles (EVs), and markets and sells EV chargers for the commercial and residential markets. Phoenix Motors converts light- and medium-duty commercial vehicles into EVs for various service and government fleet markets and serves a broad spectrum of commercial fleet customers. Phoenix delivered its first commercial EV in 2014 and as of December 31, 2021, it has delivered a total of 104 EVs, consisting of 91 shuttle buses and 13 work and delivery trucks. It is currently in production of its third-generation drivetrain, which includes the largest battery pack and longest electric range for any Class 4 product on the market, offering up to 160 miles in range.

Jun Liu, President, Chairman of the Board, and CEO of ATIF, commented, “We are excited to be an investor in Phoenix Motor Inc., based on my strong belief in their growth prospects. We routinely work with entrepreneurs and up-and-coming companies with compelling technologies. We believe that Phoenix Motor brings a unique value proposition to ATIF and its shareholders. I am happy that ATIF participated alongside the other investors in their IPO and look forward to their continued growth.”