The board of directors of Dragon Rise Group Holdings Limited announced that it entered into (i) a non-legally binding framework agreement (" Framework Agreement") with a precast concrete manufacturer (the "Precast Concrete Manufacturer") in the People's Republic of China (the "PRC"); and (ii) a consultancy agreement (the " Consultancy Agreement") with an architectural design consultancy company (the " Consultant") in Hong Kong in relation to the cooperation of modular integrated construction (the "MIC") on 31 May 2023 and 5 July 2023, respectively. Pursuant to the Framework Agreement, the Company agreed to collaborate with the Precast Concrete Manufacturer in (i) jointly preparing the MIC works in Hong Kong and (ii) jointly executing and completing any projects involving MIC works for a term of three years. The Company also agreed to design and promote the MIC works and other precast concrete components in Hong Kong.

The Precast Concrete Manufacturer agreed to optimise the design of precast concrete components and assign experts to do site visits in Hong Kong to ensure the quality of MIC works and other precastcrete components. The Precast Concrete manufacturer is a state-owned enterprise established in Guangdong, the PRC with limited liability. The principal businesses of the Precast Concrete Manufacturer include the production of precast concrete components for the MIC.

The MIC is a construction method whereby free-standing integrated modules (com completed with finishes, fixtures, and fittings) are manufactured and assembled in a prefabrication factory and then transported to site for installation in a building. The buildings are substantially completed off-site by transferring on-site construction processes to a controlled factory environment. Pursuant to the Consultancy Agreement, the Company agreed to appoint the Consultant to provide consultancy services for application for In-principle Acceptance of MIC System to the Building Department of Hong Kong.