The Board announced that on 25 September 2023, it has approved that New Focus (Beijing) (an indirect wholly-owned subsidiary of the Company) to establish a new company, Jinyi, with Botong and Shanghai Refire, with a registered capital of RMB100 million, of which RMB60 million will be contributed by New Focus (Beijing). Upon the establishment of Jinyi, it will become an indirect 60%-owned subsidiary of the Company. Jinyi will be principally engaged in comprehensive hydrogen energy solutions and commercialized operations.