Yangzhou Guangling District Taihe Rural Micro-finance Company Limited entered into the JV Agreement with Yangzhou Tuyun IoT Technology Co. Ltd. for the formation of the JV Company, which will be primarily engaged in the development of technologies, products and solutions in relation to artificial intelligence and internet of things ("IoT") and promoting the applicability of such technologies, products and solutions. Jiangsu Interactive Photosensitive IoT Technology Co. Ltd. as proposed name of JV. The JV Company will be primarily engaged in developing technologies, products and solutions in relation to AI and IoT and promoting the applicability of such technologies, products and solutions. The Company and Yangzhou Tuyun are entitled to receive distributable profits of the JV Company in accordance with their respective equity interest in the JV Company. Once the JV Company has accumulated profits, the amount of dividend to be distributed for each financial year shall be no less than 30% of the profits after tax of the JV Company for the corresponding financial year.