The Board of Infinities Technology International (Cayman) Holding Limited announced that, on 23 June 2023 the Company entered into a Joint Venture Agreement with Infinities Technology (Cayman) Holding Limited (Infinities Cayman) to jointly establish a Joint Venture Company to further explore the advertisement distribution services market in the PRC. Pursuant to the Joint Venture Agreement, the registered capital of the Joint Venture Company amounted to RMB 10 million (equivalent to approximately HKD 10.9 million), among which, the Company, and Infinities Cayman will contribute RMB 7.5 million (equivalent to approximately HKD 8.2 million) and RMB 2.5 million (equivalent to approximately HKD 2.7 million) and each of them will own 75% and 25% of the equity interest in the Joint Venture Company, respectively. The Joint Venture Company will become a subsidiary of the Company.

The financial results of the Joint Venture Company, and its subsidiaries, will be consolidated into the Company's consolidated financial statements.