In Technical Productions Holdings Limited (SEHK:8446) entered into a non-legally binding memorandum of understanding to acquire Shenzhen JinHua FangCheng Technology Limited on March 28, 2022. Consideration for the Proposed Acquisition are subject to further negotiations between the parties to the MOU before entering into any Formal Agreement. Pursuant to the MOU, the Buyer shall be entitled to conduct due diligence review on the business, financial and legal affairs of Shenzhen JinHua upon signing of the MOU. During the period of three months from the date of the MOU ShenzhenJinHua will negotiate with the Buyer exclusively on the Proposed Acquisition and will not discuss, negotiate and/or enter into any agreement or understanding with any other party with respect to the Proposed Acquisition or the MOU. In Technical Productions and Shenzhen JinHua shall use their best endeavors to agree on the terms of and enter into a legally binding formal agreement in relation to the Proposed Acquisition within the Exclusivity Period. Unless mutually agreed otherwise in writing, the MOU will terminate at the earlier of the expiry of the Exclusivity Period, the date on which the Buyer gives notice in writing to Shenzhen JinHua in accordance with the terms of the MOU that the results of the due diligence review are unsatisfactory, the date of execution of the Formal Agreement. Terms and conditions of the Proposed Acquisition are still being negotiated and no legally binding agreement has been entered into.