In view of the prospective expiry of the 2017-2019 CRRC Group Mutual Supply Agreement on 31 December 2019, on 26 March 2019, Zhuzhou CRRC Times Electric Co., Ltd. entered into the 2020-2022 CRRC Group Mutual Supply Agreement with CRRC Group Co., Ltd. for a term of three years commencing on 1 January 2020 and ending on 31 December 2022. The 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps constitute non-exempt continuing connected transactions of the Company which are subject to the reporting, announcement, annual review and Independent Shareholders' approval requirements under Chapter 14A of the Listing Rules. The Independent Board Committee has been established to advise the Independent Shareholders in relation to the 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps. In this connection, the Company has appointed Pelican Financial Limited as the Independent Financial Adviser to advise the Independent Board Committee and the Independent Shareholders on, among others, the 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps. A circular containing, among other things, details of the 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps; the letter from the Independent Financial Adviser containing its advice to the Independent Board Committee and the Independent Shareholders on the 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps; and the recommendation of the Independent Board Committee regarding the 2020-2022 CRRC Group Mutual Supply Agreement and the New CRRC Group Caps to the Independent Shareholders will be dispatched to the shareholders of the Company no later than 17 April 2019.