Zhejiang Qusu Technology Co., Ltd. announced that it has entered into cooperation agreement letter of intent with Hollyland (China) Electronics Technology Corporation Limited for private placement of common shares for gross proceeds of CNY 50,000,000 on September 2, 2021. The transaction has been approved by the twelfth meeting of the fourth board of directors of the investor. Post the closing, the investor will hold 3.125% stake in the company. If the investor does not implement the capital increase to the company, the investor has the right to return the intent investment. The company and investor will decide to sign a formal agreement.