CMMB Vision Holdings Limited (The Company) announced that the Company, jointly with Novocomms Limited, Xingtera Inc, Vivipari Technology Limited, have entered into a Memorandum of Understanding ("MOU") to form a joint-venture company ("JVC") for procuring, developing, and implementing Internet-of- Things ("IoT") projects and solutions for smart cities and smart vehicles for regional governments and enterprises in China and ASEAN. Such projects and solutions aim at enhancing a city's digital infrastructure, wireless and mobile network, and B-to-B and B-to-C communication and information capabilities so as to overhaul a city's operational efficiency, public information sharing, government service quality, and citizen's welfare while rendering becoming environmentally, socially, and economically ("ESG") "smart" and friendly. The JVC, if consummated, is expected to bring together expertise from the Company and its JVC partners that will span across satellite broadcasting, communication, 5G communication, remote sensing technology, AI and big-data analytics, digital multimedia service operation, IoT system integration, and project management to develop and implement integrated smart city solutions for regional and local governments for providing ubiquitous low-cost digital entertainment, universal public information, emergence broadcasting, smart transportation and logistics management, and connected-car infotainment services.

The Company is expected to contribute to the JVC its Asia-based satellite-5G/LTE Converged mobile and wireless communication network capabilities, and end-to-end user application ecosystem support; NVC will contribute to the JVC their cutting-edge antenna and RF solution for satellite/5G/LTE communication; XINGTERA will provide its IoT technology, media communication and analytics, product and system integration, and project management expertise; and VIVIPARI will contribute its comprehensive sales, marketing and product commercialization knowledge. Collectively, they represent an aggregation of holistic mobile data delivery capabilities and applications that could give rise to end-to-end total network and service solution for accelerating smart-city's digital transformation. Following the signing of the MOU, all parties will work together to form a joint-venture company as soon as applicable which will be responsible for developing and carrying out the intent of the MOU.

A shareholder agreement will be reached amongst all parties in governing the operation of the joint- venture company.