Gelonghui May 23 丨 World (Group)(00713multiplayvideopoker.HK) AnnouncementmultiplayvideopokerOn May 22, 2024, Fengbao Textile (Zhongshan), a wholly-owned subsidiary of the group company, and Guangdong Nansu Building Materials Products Co., Ltd., signed an investment promotion agreement for the Shaxi Town Industrial Project with the People's Government of Shaxi Town, Zhongshan City, in line with the terms of the agreement and the government's industrial reform policies and relevant laws and regulations. Among the implementation of the industrial reform projects mentioned in the announcement, Fengbao Textile (Zhongshan) owns the Yongbian Industrial Zone located in Yongbian Village, Shaxi Town, Zhongshan City, Guangdong Province, China. Industrial land with an area of approximately 119 acres (China's land measurement unit generally is 666.7 square meters per mu).

According to the agreement, Fengbao Textile (Zhongshan) will contribute land and capital, accounting for 51% of the property rights of the project, and Guangdong Nansu will contribute capital, accounting for 49% of the property rights of the project. It is estimated that the total investment of this project will be approximately RMB 595 million, and the construction area of this project will be approximately 230,000 square meters.

It is expected that the factory building on Fengbao's land will be completed in about 2028. The group company plans to relocate the plastic pipes and pipe fittings production and sales business operated by Guangdong Nansu's temporary lease factory in Qingxi Town, Dongguan city, China to the completed factory and continue to operate these businesses to save rental expenses.