PacRay International Holdings Limited announced that the Group intended to further expand from the existing yacht agency business to other business opportunities in the yacht industry, including (but not limited to) yacht sales, and for this purpose, has established a wholly-owned subsidiary "Balk Megayacht (Hainan) Co. Ltd." in mainland China. As at the date of this announcement, Balk Megayacht is in the business negotiation with several potential clients, and intends to discuss sales terms and formulate formal agreements for yacht sales. Such deals, if materialized, will bring positive returns to the Group. The Board expects that the yacht industry possesses good development potential, and expanding the existing yacht business and further exploring other business opportunities in the yacht industry will broaden the income sources of the Group and create better returns for the shareholders.