The board of directors of MECOM Power and Construction Limited announced that Wuling Motors Holdings Limited (Wuling Motors, together with its subsidiaries, the Wuling Motors Group) and the Company entered into a memorandum of understanding (the MOU) in early December 2022, pursuant to which the Company and Wuling Motors proposed to be strategic business partners with each other in the development of new energy vehicle business for a term of two years commencing from the date of the MOU. Such strategic business cooperation may take the following forms: Wuling Motors Group and the Group may co-develop charging systems and services in relation to electric vehicles, including design, procurement, instalment, operation and maintenance services and such services may cover applications involving battery swaps; Wuling Motors Group and the Group may set up technical committees to communicate and exchange industry information and technical know-hows in relation to new energy vehicles and their power systems and may co-invest in projects regarding new energy vehicles; Wuling Motors Group and the Group may invest in the other parties or the projects regarding new energy vehicles developed by the other parties in any form; and Wuling Motors Group and the Group may assist in the financing of the projects regarding new energy vehicles developed by the other parties.