CR CONSTRUCTION (01582) entered into a joint venture agreement with Mike Green Energy and plans to establish a joint venture company.

CR CONSTRUCTION (01582) issued an announcement on September 20, 2024, stating that its wholly-owned subsidiary Zhejiang Construction Environmental Protection and Meike Sheng Energy have entered into a joint venture agreement, agreeing to establish a joint venture with a registered capital of RMB 50 million. After the establishment of the joint venture, Zhejiang Construction Environmental Protection will own 70% of the shares and Meike Sheng Energy will own 30% of the shares. The proposed name of the joint venture is Zhejiang Construction Investment Group New Energy Technology Co., Ltd. (the final name is subject to approval and registration by relevant Chinese government departments). The joint venture will become an investment platform specializing in energy storage business and providing comprehensive new energy services. This move is a strategic initiative for the company to explore opportunities in the emerging new energy industry, aligning with the company's development strategy and benefiting its long-term business development. The directors believe that the establishment of the joint venture can leverage Meike Sheng Energy's leading technology in energy storage and the group's project resources, playing a constructive role in achieving complementary advantages, resource integration, and win-win cooperation, thus enhancing the company's competitiveness.