The Board announced that, on 17 May 2024 (after trading hours), the Kinergy Corporation Ltd., Shanghai GenLight, Nantong Angel Master Fund, Nantong Kechuang, Nengda Xinxing and Guangguan Zhihe have entered into the Fund Partnership Agreement for the establishment and management of the Fund with initial proposed size of RMB 100 million (equivalent to approximately HKD 110 million). The proposed capital commitment of the Company is RMB 30 million (equivalent to approximately HKD 33 million), representing 30% of the total committed capital contribution of the Fund. Date: 17 May 2024; Name of the Fund: Nantong Genlight Venture Capital Fund Partnership (Limited Partnership) (the name of the Fund is subject to approval upon industrial and commercial filing in the PRC); Parties: Shanghai GenLight (as General Partner and Fund Manager); Nantong Angel Master Fund (as Limited Partner); Nantong Kechuang (as Limited Partner); Nengda Xinxing (as Limited Partner); the Company (as Limited Partner); and Guangguan Zhihe (as Limited Partner).

Term of the Fund: The expected term of the Fund shall be ten (10) years commencing from the date of its establishment. The investment period of the Fund (the Investment Period) shall be three (3) years commencing from the date of receipt of the First Instalment in full by the Fund. The withdrawal period of the Fund (the Withdrawal Period) shall be five (5) years commencing from the expiration of the Investment Period, during which the Fund may not make further investment other than those confirmed during the Investment Period.

For operational needs of the Fund, (i) the Investment Period can be extended for one (1) year free of management fee upon approval of all Fund Partners; and (ii) the Withdrawal Period can be extended for one (1) year free of management fee upon approval of Fund Partners holding more than half of the capital contribution. Size of the Fund and Capital Contribution: The initial total capital contribution by the Fund Partners to the Fund shall be RMB 100 million (equivalent to approximately HKD 110 million). The respective capital commitment in RMB payable by each of the Fund Partners are as follows: Shanghai GenLight -- RMB 8,000,000, representing 8.0% of the equity interest in the Fund; Nengda Xinxing -- RMB 30,000,000, representing 30.0% of the equity interest in the Fund; the Company -- RMB 30,000,000, representing 30.0% of the equity interest in the Fund; Nantong Angel Master Fund -- RMB 25,500,000, representing 25.5% of the equity interest in the Fund; Nantong Kechuang -- RMB 4,500,000, representing 4.5% of the equity interest in the Fund; and Guangguan Zhihe -- RMB 2,000,000, representing 2.0% of the equity interest in the Fund.

Purpose and objectives of the Fund: The Fund will invest in start-up enterprises in emerging industries such as semiconductors, new energy (including hydrogen energy), new materials and advanced manufacturing, in the PRC. At least 60% of the capital contribution of the Fund shall be invested in start-up enterprises at their early stage.