The Board announced that on 23 October 2023, China Ocean Group Development Limited (" Party B"), and Gree Real Estate Co. Ltd. ("GRE" or " Party A") and Hengqin Financial Investment Leasing Co. Ltd. ("GRE" or 'Party A"), both companies incorporated in Zhuhai, PRC entered into a letter of intent (" Letter of Intent") which would be effective from 30 October 2023.

Pursuant to the Letter of Intent, the Company, Gree and Jintou intend to jointly operate the Hongwan Intelligent Center fishing Port and enhance the strategic cooperation to strengthen Hongwan fishing Port Economic Zone. Party A is responsible for integrating the existing resources of the Hongwan Center fishing Port and reconstructing the business structure. Party B is responsible for laying out the ocean fishery industry chain to serve the development needs of Zhuhai City in fisheries.

Party C has made an intentional commitment of RMB 500 million for ocean fishing financing and fishing vessel leasing to provide special financial support for the layout of Party B's transoceanic fishery industry chain in Indonesia. Pursuant to the letter of Intent., Party A is responsible for providing trading center locations including supervision platforms, trading floors, cold storage and processing plants; Party A is responsible for liaising with the Zhuhai Municipal Government to promote and implement preferential policies for the development of ocean fisheries and international trade in Zhuhai; Party A is responsible for obtaining preferential tax policies; Party A is responsible for providing financial support with the rights to the fishing vessels' catch as collateral; Party B establishes a subsidiary company in Zhuhai to lay out the ocean fishery industry network; Party B is responsible for organizing 300 fishing boats from China, Hong Kong and Macao to go to Indonesian waters for fishing and production; Party B is responsible for all the fishing vessels' catch to be declared at Zhuhai Customs and will provide Party A with price concessions; Party B is responsible for providing comprehensive scientific solutions for the development and construction of "Zhuhai Hongwan Intelligent fishing Port", introducing artificial intelligence supervision system, equipment procurement, installation and commissioning; Party B is responsible for investing in satellite broadband equipment for ocean fishing vessels. After the Zhuhai Municipal Government issues a subsidy policy, Party A will assist Party B in applying for subsidies from the government.