The board of directors of Oi Wah Pawnshop Credit Holdings Limited and PACM Group (Holdings) Limited jointly announced that the two companies have entered into a memorandum of understanding (the "MOU") on June 2, 2023, in relation to the formation of a strategic partnership to carry out long-term cooperation, which the parties intend to cooperate in the real estate private credit institutional investment management business with investment strategies including asset-backed direct lending, non-performing debt acquisition, acquisition financing, stretch senior financing, project financing, bridge financing and other debt related strategies within Hong Kong and overseas. According to the MOU, one of the potential cooperation models between both parties is to jointly establish a limited partnership fund with Oi Wah acting as the cornerstone investor by providing initial capital for the fund; and a company to be jointly established by both parties to act as the general partner of the fund, the specific content of the cooperation model will be set out in a formal agreement to be entered into between both parties.