The board of directors of WMCH Global Investment Limited announced that on 9 April 2024, the Company entered into a non-legally binding letter of intent with Shaanxi Foping Trading Network Technology Co. Ltd. in relation to the discussion on cooperation in the construction of esports plazas and various aspects of esports business (the "Business Cooperation"). According to the LOI, the scope of Business Cooperation includes: The parties shall cooperate to develop and build a global esports gaming chain brand of 'Happy Valley' and build esports plazas leveraging on their respective strengths.

The first esports plaza is planned to be located in major esports cities in Mainland China, including Xi'an and Zhengzhou, and shall gradually develop into major and medium-sized cities in China in the first phase, and expand to Southeast Asia and other regions in the second phase. Leveraging on the extensive experience and strengths in the field of civil and structural engineering consulting, particularly the long-term multinational experience in Singapore and Vietnam, and the diversified structural engineering consulting business in various aspects of Party A, combined with the strengths of Shaanxi Foping Trading network Technology Co. Ltd. in the esports industry, a working group shall be established and a cooperation plan and work schedule shall be formulated within one month after the signing of this LOI, with an aim to complete the formulation of the specific cooperation plan and signing of the cooperation contract within three months after the signing of the LOI.

In view that esports event venue is a new real estate development project, the parties agree to become strategic partners of the national service platform of esports market through organic cooperation, jointly develop and become one of the most important players in the field. The working group shall carry out extensive discussions and reach consensus in respect of the organization and management of auditions for international and domestic tournaments, the participating teams, the mechanism of generating the champion, first runner-up and second runner-up in the finals, the broadcast rights of events, the accumulated views of event-related topics on Weibo, Tik Tok and other platforms, the coverage of news reports of events on mainstream media, sponsorships and cooperation, event marketing budgets, etc. The parties shall work together to build plazas and event IP with international influence for hosting large-scale esports events in Hong Kong, China, Mainland China and other regions, as well as facilitate the development of esports industry in China.

According to the LOI, The Scope of Business Cooperation shall be in force for a period of three months or a period specified by the parties in the effective cooperation contract. The Business Cooperation is subject to the entering into the formal agreement.