The board of directors announced that on 28 November 2022, Cornerstone EV Charging Service Limited an indirectly wholly-owned subsidiary of the Company, has been awarded its third electronic vehicle charging infrastructure installation project under the EV-charging at Home Subsidy Scheme which is rolled out and backed by the Government of the Hong Kong Special Administration region for $3.5 billion in total to subsidise the installation of EV charging-enabling infrastructure in car parks of existing private residential buildings in Hong Kong, and hence further facilitate EV owners to install EV chargers at car parks of their residences. The Project is expected to
commence in November 2022 with a construction period of approximately three months. Cornerstone EV Charging acts as the main contractor of the Project whose role entails project management, coordination and implementation of the site works to be provided by subcontractors. The project is expected to be funded by external financing and internal resources. The Board is of the view that the continuous EHSS projects awarded to the Company demonstrates strong market acceptance and its proven capabilities in EV-charging solutions. The Company is in a leading position in providing solutions for EV-charging infrastructure for residential properties under
EHSS as well as other property types. Cornerstone EV Charging is committed to building an integrated and extensive charging network across Hong Kong. With its advanced solutions and rich expertise in EV-charging, the Company targets to consolidate the market within the region and further expand its network to markets in Southeast Asia.