On 28 September 2018, Zhuhai Jiuzhou Development Construction Co., Ltd. entered into the JV Agreement and the Articles with Guangdong No.2 Hydropower Engineering Company, Ltd. in respect of business cooperation and the proposed formation of the JV Company. Pursuant to the JV Agreement, the JV Company will be engaged in the construction and operation of the PPP Project. Pursuant to the JV Agreement and the Articles, the registered capital of the JV Company will be RMB 128 million. ZJ Construction will contribute RMB 126.72 million and Guangdong No. 2 Hydropower will contribute the remaining RMB 1.28 million, in cash towards the registered capital of the JV Company.