The board of directors of MECOM Power and Construction Limited announced that on 4 May 2023, the Company entered into a memorandum of understanding (the "MOU") with State Power Investment Qinao Smart Energy (Guangdong) Company Limited. Under the MOU, the Company and the Prospective Partner proposed to be strategic business partners in relation to the energy management and electric vehicle ("EV") business (the " Strategic Cooperation") for a term of three years commencing from the date of the MOU. Subject to the terms of the definitive legally binding agreement(s) as may be entered into between the Company and the Prospective partner, the Strategic Cooperation shall include but not limited to the following: (a) conduct research and development with collaboration on project investment and financing in: (i) energy management and facility maintenance for building, air conditioning, and other systems in Macau; (ii) installation and operation of EV charging systems in Macau and the Guangdong Province; and (iii) installation and operation of electric and mechanical energy-saving systems in Macau.

(b) set up a liaison mechanism and joint working group to regularly share and exchange technical and industry information related to the above areas and seek opportunities for joint investment in related projects. The MOU does not create legally binding obligations on the parties in relation to the Strategic Cooperation save for certain provisions relating to confidentiality, governing law and dispute resolution, etc.