The Board of King Stone Energy Group Limited announce that on 4 April 2022, Zhuhai Jinwei Environmental Protection Technology Co., Ltd, a wholly-owned subsidiary of the Company, entered into the JV Agreement with Yipai Hydrogen Energy Technology (Shanghai) Co., Ltd, pursuant to which the parties thereto agreed to establish the JV Company for the purpose of engaging in, amongst other things, (i) the research and development of hydrogen fuel cell and key components; (ii) the research and development, manufacturing and sales of hydrogen fuel cell heavy trucks; (iii) the operation of hydrogen fuel cell heavy trucks; and (iv) the operation of hydrogen refueling station in Ordos City, Inner Mongolia, the PRC. Zhuhai Jinwei and Yipai Hydrogen Energy will each contribute RMB 50 million (equivalent to HKD 60 million) to the JV Company for 50% equity interest in the JV Company. Upon the establishment of the JV Company, the JV Company shall be owned as to 50% by Zhuhai Jinwei and 50% by Yipai Hydrogen Energy.