Feiyang International Holdings Group Limited announced that, on 13 May 2022, the Company entered into a non-legally binding memorandum of understanding with Don Rich Industries Limited in relation to the proposed formation of a joint venture company. The JV Company is proposed to be set up for the purpose of engaging in provision of Metaverse platforms and investing in the Liuzhou Feiyang Metaverse Technology Centre and Weifang Feiyang Metaverse Technology Centre projects in the People's Republic of China. Subject to any formal joint venture agreement, the Company and Don Rich Industries 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 Don Rich Industries, and the total capital contribution to be made by the parties shall not exceed RMB 148 million.