The board of directors of the Hong Kong Aerospace Technology Group Limited announced that, on 20 August 2021, SZ Gang Hang Ke and China Great Wall Industry Corporation entered into a multiple satellite launching service agreement in relation to the provision of multiple satellite launching and related services by CGWIC to the Group for a term of three years, commencing on the date of the Agreement. For each satellite launch, SZ Gang Hang Ke shall enter into a satellite launching service confirmation agreement (the Confirmation) with CGWIC to set out the specific terms, including details of the designated satellite to be launched, the designated rocket used for the launch, the target launch period, the price and thepayment terms, in accordance with the terms and conditions of the Agreement. In the event that SZ Gang Hang Ke failed to pay the first instalment in accordance with the Confirmation and such amount had been overdue for more than 30 days, CGWIC shall have the right to terminate the Confirmation in writing and demand for payment for the services provided therein. In the event, due to the reason of CGWIC, the schedule for the satellite launch is postponed for over twelve months from the target launch period stipulated in the Confirmation, SZ Gang Hang Ke shall have the right to issue a revocation notice to CGWIC to revoke the relevant Confirmation on any day from the fourteenth month onwards, and CGWIC shall refund the payments received within 30 days from the date of the revocation notice. The Satellite Launching Service Confirmation Agreement: The Board announced that, on 20 August 2021, SZ Gang Hang Ke and CGWIC entered into the first Confirmation, setting out the terms of the proposed satellite launch, pursuant to the terms and conditions of the Agreement. The parties thereto agreed that the target launch period shall be between October to December 2021.