According to Zhitong Finance App, Meigaoyu (01985) announced that it will establish two wholly-owned subsidiaries in Shanghai, China in May 2024: Meigaoyu (Shanghai) Artificial Intelligence Technology Co., Ltd. (“Meigaoyu Artificial Intelligence”) and Meigaoyu (Shanghai) Technology Development Co., Ltd. (both are provisional names, subject to final approval by the regulatory authorities and the commercial registration authorities). The registered capital is RMB 60 million and RMB 10 million, respectively, to promote the strategic layout of artificial intelligence in the Chinese market. Furthermore, the board of directors has authorized management to handle administrative industrial and commercial procedures and all other related matters relating to the establishment of Meigaoyu Artificial Intelligence and the development of Meigaoyu Technology.

According to reports, Meigaoyu Artificial Intelligence and Meigaoyu Technology Development will be direct wholly-owned subsidiaries of the company, dedicated to the technology research and development business of artificial intelligence infrastructure. It will be established in May 2024. At the same time, the Group will actively develop new trends:

• Technological innovation and R&D investment: The Group will invest in AI infrastructure R&D and industry implementation, pursue technological innovation to maintain its leading position in the IT infrastructure solutions industry, and will continue to launch more competitive products and services.

• Market expansion and partnership relationships: In addition to deepening our influence in existing markets, we will also actively explore new market areas, establish strategic partnerships with more partners, and jointly promote the widespread application of artificial intelligence infrastructure in various industries.

• Talent training and team building: The Group attaches importance to the cultivation and development of talents. It will continue to attract top talents in the industry, strengthen team building, and develop talent reserves in the rapidly developing field of generative artificial intelligence.

• Strategic investment and mergers and acquisitions: In order to accelerate business growth, the Group will seek potential strategic investment and mergers and acquisitions opportunities, integrate high-quality resources, further consolidate and strengthen the Group's position in the field of artificial intelligence infrastructure, and actively seize the market opportunities brought by artificial intelligence.

• Social Responsibility and Sustainable Development: The Group will actively fulfill its social responsibilities, pay attention to environmental protection and sustainable development, and strive to make positive contributions to society and the environment. The Group is confident in the continuous development of the Chinese market and will work tirelessly to create continuous value for shareholders and investors.