The Board of Directors of Grand Venture Technology Limited provided an update to the Company's R&D discussed on pages 116 and 117 of the Offer Document dated 15 January 2019. In 2018, the Company had entered into a ten (10) year Cooperation Agreement with SICO Technology GmbH and SICO Asia Quartz Pte. Ltd., to develop quartz and ceramic machining capabilities along with other commercial arrangements. However, there have not been significant business dealings and/or commercial benefits for both parties over the past two (2) years. Therefore, SICO and the Company have mutually agreed to terminate such Cooperation Agreement on 7 September 2020. The mutual termination of the Cooperation Agreement is not expected to materially affect the financial performance of the Group nor its business plans moving forward.