The board of directors of the Company announced that, on 24 October 2022, the Company and Jiangxi Normal University entered into the strategic cooperation agreement in relation to the cooperation in the development and manufacturing of satellites, covering satellite research and development and manufacturing, satellite monitoring, control and data receiving, and intelligence applications of satellite data. Scope of the Cooperation: Pursuant to the Agreement, the parties thereto intend to, among others: establish a joint laboratory of space science and technology in order to attract aerospace talents from around the globe to Hong Kong and Nanchang (the capital of Jiangxi Province) and create an international platform for cooperation in innovation and technology; tender for the governmental technology projects and commence collaboration in areas such as satellite research and development and manufacturing, satellite monitoring, control and data receiving, and intelligence applications of satellite data. The parties will jointly develop new environmental remote sensing satellites (the ERS Satellite(s)), where the Company will be responsible for the research and development and manufacturing of the ERS Satellites; Jiangxi Normal University will be responsible for the launching of application demonstration and business development of the ERS Satellites; and the parties together will work on the terrestrial communication receiver systems, so as to form an innovative service chain in Jiangxi Province and Hong Kong consisting of remote sensing satellites -- terrestrial receiver stations -- system platform -- industrial applications''.

It is expected by the parties that the first experimental ERS Satellite in Jiangxi Province, the ``Jiangxi Normal No.1'', will be launched by the end of 2022; commence intelligence applications of satellites, which include typical applied research on mountains, rivers, forests, farmlands, lakes, grasslands, deserts and urban and rural ecosystems; and commence the development and industry promotion of data processing of remote sensing satellites with independent intellectual property rights and geospatial information platform. The results of the parties' scientific research (including intellectual property rights such as patents, trademarks and copyrights) will be jointly owned by the parties; and establish Beidou Soaring Industrial College# in order to refine the talent supply chain in the development of aerospace technology; establish hands-on training bases in Hong Kong and Nanchang; promote internationalisation of education; and enhance the international influences of the Company's satellite manufacturing practices and the applications of Jiangxi Normal University's remote sensing satellites.