Luxey International (Holdings) Limited announced that a wholly owned subsidiary of the Company has entered into the MOU with Dentsu Direct Marketing Inc. in relation to the proposed cooperation in developing e-commerce business in China and Hong Kong. DDM is a wholly owned subsidiary of Dentsu Group Inc., which is one of the advertising and public relations group in the world and is based in Japan and listed on the Tokyo Stock Exchange. To the best of the Directors' information and belief having made all reasonable enquiries, DDM and its ultimate beneficial owners are third parties independent of and not connected with the Company and its connected persons. Pursuant to the MOU, DDM shall be responsible for soliciting products from Japan and coordinating with its clients from Japan. The Group shall be responsible for developing an e-commerce platform and the marketing, sales, logistics and collection of payments in China and Hong Kong. Details of the cooperation shall be subject to further negotiations and execution of formal agreements. The MOU does not create legally binding obligations on the parties in relation to the Proposed Cooperation. The Company has always been looking for business opportunities to provide better returns to its Shareholders. The Company believes that the COVID-19 pandemic has fundamentally changed the consumers' behavior worldwide and e-commerce is poised to become a major trend in the future. Therefore, the Company is optimistic of the prospects of e-commerce in China and Hong Kong and expects that the Proposed Cooperation with the world renowned Dentsu Group will create synergy effects and business potentials for the Group's existing e-commerce business.