The board of directors of Inno-Tech Holdings Limited announced that on 18 February 2019, the company entered into a memorandum of understanding (the "Cooperation MOU") with China Alliance Shengshi Electronic Sports (Hainan) Co., Ltd. ("China Alliance Shengshi") in respect of the possible cooperation in business relating to cooperation in business relating to develop equestrian sports, research and development and sales of related products, sports promotion such as ball and racing, stadium management and ticket sales, e-sports games and game development, distribution and service. Pursuant to the Cooperation MOU, the parties thereto (the "Parties") agreed, among other things, the following intentions on their co-operation: China Alliance Shengshi shall develop equestrian sports, research and development and sales of related products, sports promotion such as ball and racing, stadium management and ticket sales, e-sports games and game development, distribution and service to the Company. The Company shall enjoy priority of participation in any cooperation that may be established between China Alliance Shengshi and third party, including but not limited to investment in and acquisition of develop equestrian sports, research and development and sales of related products, sports promotion such as ball and racing, stadium management and ticket sales, e-sports games and game development, distribution and service in PRC or overseas. The Company shall provide services for resources and professional management to China Alliance Shengshi. (collectively "Possible Cooperation"). Pursuant to the Cooperation MOU, the Parties shall refrain from, directly or indirectly, exploring, cooperating, negotiating any business opportunity or enter into any agreement or understanding with any third parties in relation to the subject matters under the Cooperation MOU and the Parties' discussion thereon for a period of 1 year from the date of the Cooperation MOU. Depending on the progress of the Possible Cooperation, the Parties may assess whether the exclusivity clause should be adjusted at 6 months from the date of the Cooperation MOU.