The board of directors of Envision Greenwise Holdings Limited announced that the Company has established a Low Carbon Research Institute in Hong Kong with GUOXUAN HIGH-TECH (HK) Limited (Gotion HK) in the form of a joint venture (JV), namely, Gotion EVS Greenwise Low Carbon Research Institute Limited, in January 2024, with a view to jointly promote low carbon technology research and development, appliance and trade in Hong Kong and worldwide. Gotion HK is company incorporated in Hong Kong with limited liability. It is a wholly-owned subsidiary of Gotion High-tech Co.

Ltd. Gotion HK is principally engaged in the business of new energy technologies and services. The JV will be held as to 49% by the Company and as to 51% by Gotion HK. The JV will be principally engaged in (1) the design, research and development of low carbon technology; (2) the sales (including import and export) of goods and technology; and (3) provision of technology services and consultation in relation to the promotion of low carbon technology.

The formation of the JV will promote the Company's low carbon technology and enable the development of innovative low carbon technology and enrich the Company's product line in the long run. The Board is of the view that the formation of the JV is conducted in the ordinary and usual course of business of the Company, the terms of which are fair and reasonable, on normal commercial terms and in the interests of the Company and the Shareholders as a whole.