The board of directors of the Company announced that on 1 November 2021, its wholly-owned subsidiary, Shenzhen Expressway New Energy Holdings Co. Ltd. entered into the articles of association of Shenzhen Fenghe Energy Investment Co. Ltd. with SPIC Fujian Electric Power Co. Ltd., pursuant to which each of New Energy Company and SPIC Fujian intend to contribute RMB 290 million to establish Shenzhen Fenghe Energy Investment Co. Ltd. with a proposed registered capital of RMB 580 million in the PRC. The JV company is proposed to engage in investment, development, construction, and operation of power source, electricity, and heat; development and construction, operation and management of new energy and smart energy projects, power projects, and distribution networks, etc. Upon establishment of the JV Company, each of New Energy Company and SPIC Fujian shall own 50% equity interest in the JV Company and share the profit in proportion to their respective shareholding therein. The board of directors of the JV Company shall comprise 4 members which each of New Energy Company and SPIC Fujian can appoint 2 members. The JV Company will not become a subsidiary of the Company nor consolidated into the financial statements of the Company. Pursuant to the plan of the Company, upon the JV Company being established, it shall be the entity to implement the acquisition of (the "Proposed Acquisition") 51% equity interest in Nanjing AVIS Transmission Technology Co. Ltd. The AVIS equity interest to be acquired under the Proposed Acquisition include 26.90% equity interest owned by one of its shareholders, Nanjing Anbeixin Investment Management Co. Ltd.