According to the Ganyue Expressway announcement, Jia Rong Company, a holding subsidiary of the company, signed a partnership agreement with 7 partners including Shanghai Mu Teng to jointly establish the Huai'an Muteng Chenxi Venture Capital Fund partnership, with a total investment of 200 million yuan. As a limited partner, Jia Rong Company pledged 30 million yuan, accounting for 15%. The partnership lasts for 7 years. The first 3 years are the investment period. It mainly invests in high-quality enterprises in the upstream and downstream industrial chains of Muxi Co., Ltd. This investment does not constitute a related transaction or major asset restructuring, and there is no need to submit for review, but the partnership has not yet completed commercial registration and association filing, so there is uncertainty and risk that the return on the investment will fall short of expectations.

According to the Ganyue Expressway announcement, Jia Rong Company, a holding subsidiary of the company, signed a partnership agreement with 7 partners including Shanghai Mu Teng to jointly establish the Huai'an Muteng Chenxi Venture Capital Fund partnership, with a total investment of 200 million yuan. As a limited partner, Jia Rong Company pledged 30 million yuan, accounting for 15%. The partnership lasts for 7 years. The first 3 years are the investment period. It mainly invests in high-quality enterprises in the upstream and downstream industrial chains of Muxi Co., Ltd. This investment does not constitute a related transaction or major asset restructuring, and there is no need to submit for review, but the partnership has not yet completed commercial registration and association filing, so there is uncertainty and risk that the return on the investment will fall short of expectations.