The board of directors of the Company to announced that, on 11 March 2022 (after trading hours), the Company entered into a strategic cooperation agreement with Enerstar Corporation which the parties will form a strategic alliance to develop the foundation of the hydrogen energy industry chain in Ordos City, Inner Mongolia, the People's Republic of China and by taking advantage of the high-yield and low-cost advantages of Inner Mongolia's industrial by-product hydrogen and photovoltaic green hydrogen, build a hydrogen supply and hydrogenation chain through the jointly established or self-established stations, open up the lifeline of fuel cell vehicles, and promote the integrated development of hydrogen production, storage, transportation and application. The parties will cooperate in four key areas namely (i) hydrogen fuel cell system manufacturing; (ii) hydrogen fuel cell vehicle sales; (iii) hydrogen refueling station; and (iv) hydrogen fuel cell heavy truck operation. Pursuant to the Agreement, the Company and Enerstar will establish a joint venture entity to build and develop a full-end hydrogen energy industry chain in Ordos City, mainly engaged in the technology research and development, product development, manufacturing and sale of hydrogen fuel cells and main components (membrane electrodes) and hydrogen fuel cell semi-trailer trucks, financial leasing services and operation of hydrogen fuel cell heavy trucks, and construction and development of hydrogen refueling stations.

The parties will jointly formulate the future business plan of the Joint Venture. Enerstar will be primarily responsible for the Joint Venture's operation and management and will provide guarantee to its operating performance in return for the Company's provision of performance incentives to the management team of the Joint Venture. The Agreement will be effective for a term of ten years which may be terminated or further extended by both parties in writing.

The Agreement serves as a framework for, and sets out the principles of, the Strategic Cooperation between the parties may enter into definitive cooperation and/or formal agreement(s), if any, to set out the details for the specific cooperation project(s).