On 27 April 2022, Guangdong Join-Share Financing Guarantee Investment Co., Ltd., Foshan Hi-Tech Industries Investment Development Company Limited and Guangdong Yuecai Financing Guarantee Group Co., Ltd. entered into the Shareholding Investment Cooperation Agreement in relation to formation of a joint venture, pursuant to which the Company, Foshan Hi-Tech and GD Yuecai shall contribute RMB 210 million, RMB 60 million and RMB 30 million to the New Subsidiary, respectively. The New Subsidiary shall be owned as to 70%, 20% and 10% by the Company, Foshan Hi-Tech and GD Yuecai, respectively. The Company agrees to grant the Put Option to GD Yuecai, pursuant to which GD Yuecai has the right to sell all of its shareholdings in the New Subsidiary to the Company, if the assessment results of the New Subsidiary fail to reach the level of distinction based on the assessment method set out in the Provisional Measures on Performance Assessment of Financing Guarantee Institutions of Guangdong Province issued by the Department of Finance of Guangdong Province for consecutive five financial years after the establishment of the New Subsidiary.

GD Yuecai is entitled to a guaranteed return of RMB 600,000 (2% of return per year) in each financial year. The New Subsidiary shall pay the Guaranteed Return to GD Yuecai before 30 June each year in form of profit sharing based on its audited financial results in the previous financial year. Regardless of reason, in case GD Yuecai does not receive the Guaranteed Return or there is any shortfall from the payment of the New Subsidiary by 30 June, the Company shall be responsible to settle the Guaranteed Return or any outstanding balance.