Cheche Group Inc. (Nasdaq: CCG) ("Cheche" or the "Company"), a leading auto insurance technology platform, today announced that it has entered into a non-binding term sheet in connection with a proposed strategic investment in Long Way Fortune ("Target"), a residential solar-plus-storage business with operations currently in Australia and Singapore. The term sheet is non-binding and does not obligate Cheche to consummate the proposed investment.

The term sheet contemplates an initial 20% minority investment in the Target with the potential for Cheche to increase its ownership interest in the Target to up to 51% over time, subject to agreed conditions and performance milestones. The transaction will be a stock-for-stock investment in the Target at an overall implied equity value of US$490 million, with Cheche's consideration being stock-linked and subject to a delayed schedule of release over the next few years. Completion of the proposed transaction remains subject to, among other things, satisfactory due diligence, negotiation and execution of definitive agreements, approval by the respective boards and shareholders, if required, and receipt of all applicable regulatory and third-party approvals, including Nasdaq's clearance. Subject to the satisfaction of the foregoing conditions, the Company currently aims to complete the initial investment by December 31, 2026, although there can be no assurance that definitive agreements will be executed or that the proposed transaction will be completed by that date, or at all.