China Investment Development Limited announce that the Company has recently signed a letter of intent (the "Letter of Intent") of strategic cooperation (the "Strategic Cooperation") with Scallop (Zhejiang) Intelligent Technology Co. Ltd. Scallop (Zhejiang) Intelligent Technology aimed at "Establishment of a new morphology in retail business which centered on consumer experience, driven by technology and data". Adhering to the Internet operation concept, it actively promotes retail intelligence through cloud platform management and offline smart operation modes. Its products include AI smart fruit and vegetable machines, mini vending machines, smart washing machines, adult products machines, supply chain management, advertising media, blockchain e-commerce, 24-hour sharing stores and other professional services. The Company believes that the proposed strategic cooperation under the Letter of Intent is in line with the Group's long-term development objectives and business development strategy. The strategic cooperation with Scallop (Zhejiang) Intelligent Technology will potentially bring profit growth for both parties, which is in the interests of the Company and its shareholders as a whole. The specific
terms and conditions of the formal agreement are subject to the approval of the Board after the completion of the Company's due diligence.