The board of directors of Virtual Mind Holding Company Limited announced that a wholly-owned subsidiary of the Company has entered into a cooperation intention agreement (" Cooperation Agreement") with MGM (Shanghai) Cultural Tourism Development Co. Ltd. ("MGM") in respect of the development and operation of various IP pan-entertainment projects, utilizing its own resources, channels and market advantages to develop, incubate, establish and operate immersive experience centers for various game IP, animation IP as well as cultural and creative IP. The Cooperation Agreement shall be effective for a period of three years commencing from 26 June 2023 and shall be exclusive for a period of six months.

Both parties shall not enter into any negotiation or agreements with any third party in relation to the ongoing project. The specific business arrangement between both parties shall be subject to the definitive business agreement to be signed by both parties in accordance with the principles and framework set out in the Cooperation Agreement.