Hong Kong Aerospace Technology Group Limited and College of Engineering of City University of Hong Kong entered into the letter of intent (the "LOI'') in relation to the strategic cooperation in the research and development of advanced satellite technology and related applications in Hong Kong, covering communication systems, antenna technology, advanced materials, data processing and energy management. Pursuant to the LOI, the parties thereto agreed to conduct cooperative research on aerospace technology. Meanwhile, both parties intend to cooperate in, among other things, (i) development of basic manufacturing technologies applicable to aerospace and satellites; (ii) development of technologies for remote data transmission and (iii) transformation of scientific research achievements with commercial applications.

The LOI shall be effective for a term of 3 years, commencing on the date of the execution of the LOI. The LOI is non-legally binding save for the clauses relating to confidentiality, term of the LOI, governing laws, amendments of LOI, costs, entire agreement, assignment and counterpart.