Steedoriental (08277) announced that on July 25, 2024 (after trading hours), its wholly-owned subsidiary Wan Jialai and Hainan Intercity officially established a joint venture company with a proposed registered capital of RMB 10 million. After the joint venture company is established, Wan Jialai will contribute RMB 5.1 million in cash as the registered capital of the joint venture company, accounting for 51% of the equity of the joint venture company. The joint venture company intends to invest in and operate new energy technology research and development, as well as energy storage technology services.

With the support of national policies and the prospects of carbon neutrality and new energy development, the joint venture will be committed to the contract energy management and operation mode that combines digital technology, energy storage technology and energy saving technology (including). The joint venture intends to build a modern energy system that is clean, low-carbon, safe, efficient and low-cost, in order to achieve economic and social benefits. The Board of Directors believes that through the establishment of the joint venture, with the experience of Hainan Intercity in the new energy industry, the development of the new energy market is expected to bring huge business growth potential, and in the long run, investing in new businesses can generate potential commercial value.