ATIF Holdings Signs Definitive Agreement with Solarever Ltd., a Leading Solar Energy Company in Mexico

ATIF will Receive a 5.25% Equity Stake and Form IPO Listing Team in Support of Solarever's Future Public Listing

IRVINE, Calif., May 4, 2022 -- ATIF Holdings Limited (Nasdaq: ATIF, the "Company," "ATIF") is pleased to announce that it has signed a definitive agreement to provide IPO advisory services to Solarever Ltd. ("Solarever"), the leading solar energy company in Mexico. Under the terms of the agreement, the Company will receive a 5.25% equity stake in Solarever and lead the IPO process by utilizing internal staff and engaging third parties in auditing, valuation, stock exchange consulting, investor relations, and other IPO services.

About Solarever:

  • Leading designer and manufacturer of solar products, including photovoltaics (PV) panels, energy storage systems, electric vehicles (EV), and other zero-emission solutions operating in solar and electric vehicle sectors
  • Solarever is the first and currently only domestic electric vehicle company in Mexico that has been granted electric vehicle safety certification and an EV dealer's license. Solarever is qualified to import electric vehicles to Mexico.
  • Owns Latin America's largest solar panel manufacturing plant in Tecoman, Colima, Mexico, and has a total of three plants in Mexico that are considered some of the largest in Latin America
  • Solarever is considered one of the largest producers of solar panels in Mexico and currently does business in over five countries, including the U.S.
  • Launched its first EV in 2022 and is licensed to sell EVs in Mexico from US$14,500
  • PV design facility in Chino, California, and warehouse facilities in Laredo, Texas, and San Diego, California

Why it matters:

  • Solarever is seeking an initial public offering to scale production across its PV, energy storage solutions, and EV operations
  • Solarever is a highly-respected leader in PV-based solar technologies and energy storage solutions and has grown revenues since its founding in 2012
  • Solarever is well-positioned to operate in fast-growing industry sectors related to energy decarbonization and decentralized energy
  1. Global solar capacity installations totaled about 158 GW in 2021, up from about 130 GW of new capacity in 2020[1]
  • Solarever has begun production of the SEV e-Wan EV with sizable customer interest and purchase orders
  1. In 2021, global EV sales accelerated in volume and market share, where 6.6 million plug-in vehicles were sold in 2021, a greater than 100% increase compared to three million sold in 2020 and 2.2 million in 2019. Including hybrids, EV sales represented about 9% of the global new-car market in 2021, up from 4.1% in 2020 and 2.5% in 2019[2]
  2. It is anticipated that as compared to 2021, worldwide EV production will increase by 37% in 2022[3]
  3. Global EV market penetration rates are forecast to rise from 4% in 2020 to 30% by 2030, while global electric vehicle sales are forecast to increase ten-fold from 3.2m units in 2020 to 36.0m units in 2030[4]

Simon Zhao, President of Solarever with ATIF Chairman and CEO Jun Liu

Jun Liu, President, Chairman of the Board, and CEO of ATIF, commented, "We are very proud to deploy our IPO advisory services in support of Solarever as they pursue a public listing that will fuel their next level of growth. Solarever's business model is similar to Tesla's; they've grown to become one of the largest renewable energy solution providers in Mexico while launching several new EV models that have received significant customer pre-orders. We are excited to prepare Solarever to enter the capital market to fund its operations while providing ATIF the opportunity to invest in Solarever before its IPO, benefiting our shareholders upon a successful future IPO."

Simon Zhao, President of Solarever, commented, "We are delighted to partner with Mr. Liu and the team at ATIF to help us explore and prepare for an initial public offering. The decision of which IPO advisor to choose was one we approached with tremendous seriousness. I look forward to ATIF's extraordinary efforts and diligence that will be instrumental in helping us towards achieving our ultimate goal of entering the US capital markets."

"We believe that solar energy development and infrastructure are vital to maintaining energy security and removing harmful CO2 emissions. Solarever has been doing business in Mexico for the past ten years, growing our market share in Mexico while building our business reputation across hundreds of customers throughout the United States, Canada, Latin America, and more recently, South America. Global energy markets have reached an inflection point, with consumers and investors demanding cleaner energy alternative sources independent of geopolitical events. Solarever has made tremendous efforts in global energy interconnection that addresses these concerns," concluded Mr. Zhao.

"In turbulent capital markets like we're witnessing today, experience matters more important than ever. I invite everyone to visit  to review the companies that have successfully gone public with our IPO advisory services. Our model simply works - we provide a 'one-stop-shop' platform that allows innovative companies like Solarever to focus on growing their business. At the same time, our team helps lay the foundation for a well-received IPO and life as a publicly-traded company," concluded Mr. Liu.

[1] according to S&P Global Commodity Insights

[2] according to the International Energy Agency (IEA)

[3] according to IHS Markit

[4] according to BloombergNEF