Directel Holdings Limited entered into a framework agreement with MICAS (Shenzhen) Telecommunications Co. Ltd. According to the Framework Agreement, the Company and Micas (through its wholly-owned subsidiary in Hong Kong) intends to form a joint venture company in Hong Kong (" JV Company"), which will provide complete solutions for the digitisation of industries, governments and other public institutions and communities around the world. On one hand, the JV Company will obtain integrated chips and solutions of 5G small cell's radio units from Micas. On the other hand, the JV Company will explore other business opportunities in the global 5G infrastructure industry by relying on the Company's advantages in strong relationships with overseas and PRC domestic operators and professional management team in the telecommunications industry. The JV Company shall have an issued share capital of HKD 100,000 (tentative) to be paid up by the parties in cash; 40% and 30% of the issued shares in the JV Company shall be allotted to each of the Company and a wholly-owned subsidiary of Micas respectively; The remaining 30% shareholding in the JV Company shall be allotted to a holding company (the "Management Holding Company") to be established by the senior management team led by Mr. Zhang Rikun ("Mr. Zhang"), members of which will consist of experienced managers and experts in the 5G telecommunications industry to be hired by the JV Company, for the purpose of holding the management shares; The JV Company shall not issue any additional shares without the unanimous consent of the Company and Micas. Any dilution of the respective shareholding in the JV Company held by each of the Company, Micas (through its wholly-owned subsidiary in Hong Kong) and the Management Holding Company shall be on an equal basis.