The board of directors of SIIC Environment Holdings Ltd. announced that the Company through SIIC Environment Tech (Hong Kong) Limited together with Canvest Environmental Investment Company Limited intended to incorporate a joint venture company, SIIC Yangtze Delta Environmental Resources (Hong Kong) Limited (the "JV Co") pursuant to a joint venture agreement signed on 21 August 2019 ("Agreement"). The JV Co has been incorporated on 21 August 2019 with a registered capital of HKD 30 million. The JV Co will be principally engaged in potential investment, construction and operation of waste-to- energy project opportunities located in Yangtze River Delta region ("Project Opportunities"). The contribution made by SIIC Environment Tech for the incorporation of the JV Co was wholly satisfied in cash and funded by the internal resources of the Group. The contributions were arrived at following arms' length negotiation factors such as the proportionate risks and rewards to be borne by each of the Parties upon incorporation of the JV Co to undertake the Project. Following the completion of the proposed incorporation of the JV Co, the JV Co will become an indirect non-wholly subsidiary of the Company.