Gelonghui November 1st 丨Kuaiyi Smart (08040.HK) announcement,On October 31, 2023, Yachtism (Far East) Co., Ltd., a wholly-owned subsidiary of the company, and Zhang Jiangnan signed a cooperation agreement on the registration of a non-wholly owned subsidiary of a company in China. The subsidiary's proposed registered capital is RMB 3 million. The Group will invest RMB 1.71 million, accounting for 57% of the subsidiary's shares. The subsidiary is mainly engaged in R&D, production and sales of intelligent, energy-saving and environmental protection equipment; and the development and sales of nano-products.

From time to time, the Board of Directors reviews its existing business and explores business opportunities for business expansion to promote the steady development of the Group's business. The board of directors believes that the signing of this cooperation agreement will benefit the continuous development of the Group's business and provide a good opportunity for the Group to develop revenue streams.