SUNSHINE OIL (2012) plans to establish a joint venture with Chen Jiongliang to accelerate the diversification of the company's business.

SUNSHINE OIL (02012) announces on May 10, 2026 (Hong Kong and Calgary, Alberta) that the board of directors of the company is pleased to announce that its wholly-owned subsidiary, Sun Cheung Petrochemical (Shanghai) Co., Ltd. (Sun Cheung Petrochemical), has established a joint venture company named Shenzhen Zhongwang Energy Technology Co., Ltd. with independent third party Mr. Chen Jiongliang (Mr. Chen) in Shenzhen. The business scope of the joint venture company includes sales of intelligent heat pumps, as well as investments and operations of decentralized geothermal energy projects and energy-saving projects in the Yangtze River Delta and Pearl River Delta regions of mainland China. The main purpose of establishing the joint venture company is to accelerate the diversification of the company's business, especially when its Canadian projects are undergoing maintenance. The new business is expected to increase the company's revenue and cash flow. The purpose of introducing Mr. Chen to establish the joint venture company is to leverage his advantages in the capital market and financial channels to explore financing paths for the joint venture company, and accelerate the implementation and promotion of decentralized geothermal and energy-saving projects.