The board of directors Feiyang International Holdings Group Limited announced that, on 5 August 2022, the Company entered into a non-legally binding memorandum of understanding with Tinian Real Estate Development, LLC in relation to the proposed formation of a joint venture company. Based on the information available to the Company, Tinian Real Estate Development is a limited company incorporated in the United States and controlled by Meng Xianjun. To the best knowledge, information and belief of the Directors having made all reasonable enquiries, Tinian Real Estate Development and its ultimate beneficial owners are third parties independent from the Company and its connected persons.

The JV Company is proposed to be set up for the purpose of engaging in the development and operation of tourism real estate, hotels, amusement parks and other projects in Tinian Island, the United States. Subject to any formal joint venture agreement, the Company and Tinian Real Estate Development shall procure the formation of a new limited company to be owned as to 51% by the Company (or its wholly- owned subsidiary) and as to 49% by Tinian Real Estate Development, and the total capital contribution to be made by the parties shall not exceed USD 15 million.