Announcement on behalf of DET regarding the BOD approved the investment and establishment of subsidiary in Huaian. Date of occurrence of the event: December 30, 2021. Total transaction amount: $5million. Trading counterparty and its relationship with the Company (if the trading counterparty is a natural person and furthermore is not a related party of the Company, the name of the trading counterparty is not required to be disclosed): Trading counterparty: Subsidiary in Huaian. Relationship with the Company: 100% owned subsidiary of Darfon Energy Technology Corp.(DET).