The board of directors of Lapco Holdings Limited announced that, on 28 January 2019, the Company entered into a non-legally binding memorandum of understanding with Noble Sovereignty Capital Group Limited (‘Noble Sovereignty’) in relation to, among other things, the proposed formation of a joint venture company for the purpose of development of training, recruitment and export of blockchain and internet technology and financial technology application talents, outsourcing services for blockchain and internet technology projects, investment advisory services, talent community ecosystem for blockchain and internet technology projects, and business operated under https://www.senbit.cc, etc. Pursuant to the MOU, it is agreed that the shareholding ratio of the Proposed Joint Venture, if established, shall be 68% to the Company and 32% to Noble Sovereignty, and in view that Noble Sovereignty currently carries out training, recruitment and export of blockchain and internet technology and financial technology application talents, outsourcing services for blockchain and internet technology projects, investment advisory services, talent community ecosystem for blockchain and internet technology projects, and business operated under https://www.senbit.cc, etc, Noble Sovereignty undertakes to take a lead to operate all its current business under the Proposed Joint Venture after its establishment and subject to the conditions that the above-mentioned business and the relevant assets will comply with all the applicable laws and regulations to which they are subject. Noble Sovereignty shall be responsible for the primary operation and management. The operation and management will be provided for in the definitive agreement constituting the Proposed Joint Venture and on terms to be agreed.