The board of directors of the China Fordoo Holdings Limited announced that Jiangsu HengAn Energy Technology Co. Ltd.("Jiangsu HengAn"), an indirectly wholly-owned subsidiary of the Company, has recently entered into a five-year corporation agreement with China Energy Conservation & Environmental Protection (Hong Kong) Investment Co., Limited (a wholly-owned subsidiary of China Energy Conservation & Environmental Protection Group Co., Limited* (), which is a central enterprise formed with the approval of the State Council of the People's Republic of China) and Asia Technology Venture Limited (collectively, the "Partners"). According to the Corporation Agreement, among others, (1) Jiangsu HengAn authorizes the Partners as the joint-agents to act as the dealers of Jiangsu HengAn's zinc-bromine flow battery () technology and products globally; (2) based on Jiangsu HengAn's requirement, the Partners will explore potential energy storage project collaboration opportunities for Jiangsu HengAn; and (3) in the event that Jiangsu HengAn conducts equity financing, the Partners possess a priority right to subscribe for the equity of Jiangsu HengAn provided that the terms and conditions offered by the Partners' are same as the other subscriber (if any).

The Company believes that the zinc-bromine flow battery and other energy storage market will have good prospects for development under the support of the national policy of "carbon emission reduction". The Partners have extensive experience in new energy, marketing strategies and technology commercialization. The entering of the Corporation Agreement is in line with the business development strategies and planning of the Group's zinc-bromine flow battery and other energy storage business.