The board of directors of the Century Energy International Holdings Limited (Company', together with its subsidiaries as the Group) announced that on 6 November 2021, the Company entered into a non-legally binding cooperation framework agreement with Shendianneng Technology Group Co. Ltd. in relation to possible business cooperation. Pursuant to the Cooperation Framework Agreement, Shendianneng Technology may refer projects related to electrochemical energy storage power plants to the Company for consideration of investment. If the investment in the projects related to electrochemical energy storage power plants are approved by the Company, the Group may invest in such projects and be entitled to the title and the revenue generated by such projects. The Company may also give priority consideration in engaging Shendianneng Technology for the design and construction of the electrochemical energy storage power plants on same terms offered by other parties. Upon the completion of construction of the electrochemical energy storage power plants, the Company may engage Shendianneng Technology in managing the operations of such plants. The Group and Shendianneng Technology shall enter into separate legally binding agreements when the terms of the business cooperation materialises. Save and except the clauses regarding confidentiality, costs and expenses and governing law and jurisdiction which are legally binding, all other provisions of the Cooperation Framework Agreement are non-legally binding. The Group is principally engaged in (i) power and data cords business; (ii) trading of refined oil and chemicals business; and (iii) trading of commodities. The Board is of the view that the entering into of the Cooperation Framework Agreement enables the Company to further develop and expand its business in electrochemical energy storage power plants by leveraging on the experience and expertise in electricity retailing of Shendianneng Technology and it complements the business strategy of the Group in establishing its core competitiveness in the fields of new energy materials, energy saving and environmental protection and digital technologies for energy safety, and develop into an technological energy corporation with prominent influence and reputation within the industry.