Zhejiang United Investment Holdings Group Limited announced that on 24 December 2019, the Company entered into the Cooperation Agreement with Arima Communications Corporation, pursuant to which the Company and Arima Communications Corporation agreed to establish the Joint Venture with an initial registered capital of HKD 42 million in Hong Kong, and the Company and Arima Communications Corporation shall make capital contributions by cash of approximately HKD 33.6 million and by providing specific 5G mobile phones and other terminal technology assets respectively. The Joint Venture will primarily be engaged in the development, production and global sales of 5G mobile phones and relevant products.