Hong Kong Aerospace Technology Group Limited announced In April 2021 (transliterated as Gang Hang Ke (Shenzhen) Space Technology Co. Ltd.) (SZ Gang Hang Ke''), being an indirect wholly-owned subsidiary of the Company, successfully launched the initial two satellites under the ``Golden Bauhinia Constellation'' project. To successfully form the Golden Bauhinia Constellation, the Group has to launch further satellites in the coming few years. It is expected that by the end of 2021, the follow-up satellite of the first formation of the ``Golden Bauhinia Constellation'' will also be launched, and the second formation satellite of the ``Golden Bauhinia Constellation'' will be launched in due course. Reference is made to the announcement of the Company dated 20 August 2021 in relation to, the entering into of the multiple satellite launching service agreement and the satellite launching service confirmation agreement between SZ Gang Hang Ke and China Great Wall Industry Corporation, with respect to, among others, the proposed satellite launch between October to December 2021. The board (the ``Board'') of directors (``Director(s)'') of the Company announced that, on 14 October 2021, SZ Gang Hang Ke had successfully launched a satellite under ``Golden Bauhinia Satellite No. 2'' from the Taiyuan Satellite Launch Center using the Changzheng (Long March) 2D rocket launcher and had successfully entered the predetermined orbit. The satellite under ``Golden Bauhinia Satellite No. 2'', together with the two satellites under ``Golden Bauhinia Satellite No. 1 (01 & 02)'', launched in April 2021, shall constitute the first formation of the ``Golden Bauhinia Constellation'' project. The successfully launch of the satellite under ``Golden Bauhinia Satellite No. 2'' sets a technological milestone for the Group's ``Golden Bauhinia Constellation'' project. The payload of the satellite under ``Golden Bauhinia Satellite No. 2'' uses a high- integration, high-performance, small-size and low-power DSC03 system industrial-control camera, and a micro-propulsion system air-conditioning to achieve imaging of the earth or ground plane while verifying the on-orbit formation technology, anti-collision and terminal de-orbit effect, for in-depth exploration of the subsequent construction of a cost-effective remote sensing satellite constellation. It is expected that subsequent satellites constituting the first formation of the ``Golden Bauhinia Constellation'' project will continue to be launched by the end of this year. It is expected that the ``Golden Bauhinia-Qilu'' agricultural satellite constellation will be successively launched by the end of 2022. The ``Golden Bauhinia Constellation'' project is committed to building a smart city, in particular, at the Guangdong-Hong Kong-Macao Greater Bay Area, to achieve sustainable development and innovation through the integration of information, refined management and artificial intelligence in urban areas. As such, priority will be given to the Guangdong- Hong Kong-Macao Greater Bay Area for the use of the remote sensing data obtained by the ``Golden Bauhinia Constellation'' satellites, which provide overall solutions for smart cities, help cities achieve full-cycle monitoring of refined management and ecological environment construction, and actively explore applications in urban areas, agricultural monitoring, disaster prevention and mitigation, comprehensive urban governance, and watershed management, etc.