The Board of Baofeng Modern International Holdings Company Limited announced that the Group has received the first procurement order from Fujian Yishan Electrical Engineering Company Limited for photovoltaic modules based on cast monocrystalline silicon ("Cast-mono") high efficiency heterojunction technology ("HJT") solar cells which will be used for building a demonstrating integrated charging station (the "Charging Station") for new energy vehicles located in Fuzhou City, Fujian Province for State Grid Corporation of China ("State Grid"). The Charging Station, upon completion, will be the largest integrated charging station for photovoltaic, energy storage and charging in Fujian Province, which will have a benchmarking and demonstration effect. After the building of the Charging Station is completed, it is expected that State Grid will place more similar integrated photovoltaic, energy storage and charging stations for new energy vehicles in Fujian Province and throughout China. After successfully execution of this procurement order, the Group expects that it will actively and continuously strive for cooperation with State Grid in order to enhance the application of Cast-mono HJT along with expansion of the integrated photovoltaic, energy storage and charging stations. Fujian Yishan is the major contractor for the building of the Charging Station for State Grid. State Grid is the large supplier for the commercial electric vehicle charging market in China. It has built up a fast charging network covering over 170 cities and 51,000km throughout China. According to the information on the 2020 major working tasks as disclosed by State Grid, its vehicle charging network has connected over 1,000,000 charging piles, covering more than 80% of the market and users throughout China.