On 4 October 2019 Besting Capital Limited (Besting Capital) a wholly-owned subsidiary of the International Business Settlement Holdings Limited entered into the Cooperation Agreement with Unicon Optical Co., Ltd. (Unicon) pursuant to which Besting Capital and Unicon will jointly establish the Joint Venture for purpose of manufacturing and selling of contact lenses. According to the Cooperation Agreement, (a) Besting Capital and Unicon shall enter into a joint venture agreement within two months from the date of the Cooperation Agreement for purpose of establishing the Joint Venture in the PRC; (b) the registered capital of the Joint Venture shall be USD 30,000,000 (approximately RMB 211.4 million), of which Besting Capital shall be contributing USD 21,000,000 (representing 70% of the equity interests in the Joint Venture) by the Group's internal resources and Unicon shall be contributing USD 9,000,000 (representing 30% of the equity interests in the Joint Venture); (c) the total investment amount of the Joint Venture is expected to be around RMB 540,000,000, apart from the registered capital of the Joint Venture, the remaining investment amount of approximately RMB 328.6 million will be contributed by loans from bank or financial institution or shareholders' loan.