The Board of Differ Group Holding Company Limited announced that to further develop online e-commerce platform in the automobile industry in the PRC, the Group has decided to establish and carry out all its online automobile e-commerce businesses under the brand of Cherries Car# ("Cherries Car"), which will provide comprehensive solutions and services to a wide range of customers ranging from car manufacturers, car dealers to retailing customers. In order to support the development of Cherries Car, on 31 August 2021, the Company entered into fourteen (14) strategic cooperation agreements (collectively the "Strategic Cooperation Agreements") with 14 strategic partners (collectively, the "Strategic Partners") respectively for the possible cooperation, including but not limited to by way of capital injection to the Strategic Partners or acquisition of equity stakes in the Strategic Partners. Each of the Strategic Cooperation Agreements has a term of one year commencing from 31 August 2021. The fourteen (14) Strategic Cooperation Agreements will support the following five distinct services to be carried out by Cherries Car.