The board of directors of Value Convergence Holdings Limited announce that on 24 December 2021, Shenzhen Qianhai Value Convergence Technology Power Co. Ltd. has established a joint venture company, namely Shenzhen Huiwei Duoying Technology Co. Ltd, with Shenzhen Yiyun Information Electronic Co. Ltd. and Ms. Li Xiaowen. The equity interests of the JV Company are held as to 51%, 25% and 24% by Qianhai VCT, Shenzhen Yiyun Information and Ms. Li Xiaowen, respectively. has established a joint venture company, The JV Company is principally engaged in the sales and marketing of virtual assets and has made plans with regard to, including but not limited to, the business of sales and marketing of virtual products of Tencent with an expectation to obtain exclusive sales rights from virtual product distributors of Tencent. The virtual products of Tencent range from Tencent Games, QQ, video and music. The Board believes that by entering into the business of sales and marketing of virtual products through the JV Company, the Group can expand its competitiveness and enhance its profitability in the Internet sector.