The board of directors of Pizu Group Holdings Limited announced that on 7 November 2018, an indirect non-wholly owned subsidiary of the company had received the letter of acceptance, which stated that it has been awarded with the tender of two mining projects for a mine located in Lhasa City, Tibet Autonomous Region from a state owned Chinese mining corporation, primarily engaged in the mining and refining of gold, silver, cooper and molybdenum. On 7 January 2019, the Company received two contracts formally entered into by both parties. The value (tax-included) of the two contracts amounted to approximately RMB 2.79 billion for a term of five years from 1 November 2018 to 31 October 2023 and from 1 December 2018 to 30 November 2023 respectively, which the Group will act as the general contractor of the Mining and Blasting Projects.