Chengdu Babaozhou Automobile Service Co., Ltd. (hereinafter referred to as "Babaozhou") was founded on October 30, 2018. Jointly launched by the People's Insurance Company of China (PICC) and Zhongzhibao Group, Babaozhou is a new retail brand for automobiles. It acts as the sales entity for direct leasing businesses and the fixed asset holder for managed leasing businesses. As an automotive asset manager, the company records automotive sales revenue, motor vehicle inventory and motor vehicle fixed assets under its financial statements.