The board of directors of the Cinese International Group Holdings Limited announced that on January 10, 2022, the Group has (through its wholly-owned subsidiary, CIG Study Tour Limited) entered into a non-legally binding memorandum of understanding (the "MOU") with Dongguan Digao Study Tour Cultural Co. Ltd. (the "Prospective Partner"), in relation to their potential travel business cooperation (including the sharing of resources such as customers and supply chain) in the Guangdong-Hong Kong-Macao Greater Bay Area ("Greater Bay Area"), with a view to achieve business expansion (the "Potential Cooperation"). In accordance with the MOU, the Potential Cooperation is subject to further negotiations concerning the entering into of a formal agreement between the parties.

If the parties fail to enter into a formal agreement on or before 30 June 2022, the MOU will expire and terminate, and all rights and obligations of the parties (save for antecedent breaches and those under general provisions such as governing law and confidentiality) shall cease upon termination. As at the date of this announcement, the terms and conditions of such formal agreement are yet to be finalised or agreed, and no legally binding agreement has been entered into. The Potential Cooperation may or may not proceed.