The Board announced that on 21 April 2020 (after trading hours), Yunnan Water Investment Co., Limited, CSMDI and Jiangxi the Third Construction entered into the JV agreement, pursuant to which the parties to the JV agreement agreed to establish the JV Company in Yingde City, Guangdong Province, the PRC with a registered capital of RMB 219,397,700. Pursuant to the terms of the JV agreement, the JV Company will be owned as to 99.98% by the Company, 0.01% by CSMDI and 0.01% by Jiangxi the Third Construction, respectively. The JV Company will be responsible for the investment, financing, construction, operation and maintenance of the PPP Project.