MH Development Limited announced that the Company has signed a three-year IP cooperation development agreement with Meitu, Inc. on July 20, 2021. The theme of the Cooperation Agreement is to jointly cooperate and develop the IP resources from the overseas subsidiary of the Group, POW! Entertainment Inc. (``POW!''), which is owned as to 85% by the Group.

The Company has established a cooperative relationship with Meitu to further expand new channels for its IP business. The Company is aiming to develop and operate IP business with industry benchmark Meitu by signing the Cooperation Agreement. For the deep integration of imaging technology and creativity, Meitu intends to use the Company's IP for its AR, imaging frames, mosaics, stickers, text, graffiti pens, formulas applicable to Meitu Xiuxiu and beauty camera application in the future.

While enriching and innovating the core applications of Meitu Xiuxiu and beauty camera software application, it narrowed the distance between the company and young users. Through utilising the extremely broad user base of Meitu, the company will promote its brand image and business domestically and globally.