Veken China established the SDIC (Ningbo) Industrial Investment Fund with CHINA SDIC GAOXIN? INDUSTRIAL INVESTMENT CORP., LTD.

On the afternoon of March 22nd, 2018, the Ningbo Municipal People's Government signed "The Framework Agreement for Strategic Cooperation" with CHINA SDIC GAOXIN INDUSTRIAL INVESTMENT CORP., LTD in the Ningbo Administrative Conference Center. The Vice Mayor of the Ningbo Municipal People's Government called Chen Zhongchao, and the General Manager of CHINA SDIC GAOXIN INDUSTRIAL INVESTMENT CORP., LTD Wu Weiwei signed the strategic cooperation agreement on behalf of both sides. The Mayor of the Ningbo Municipal People's Government called Qiu Dongyao and the Chairman of CHINA SDIC GAOXIN INDUSTRIAL INVESTMENT CORP., LTD called Pan Yong witnessed the signature of the agreement. According to the agreement, the two sides will establish a comprehensive strategic cooperative relation, give full play to their own advantages, and strengthen the comprehensive cooperation in some areas such as the forward-looking strategic emerging industry, the transformation of scientific and technological achievements, and the investment and operation of funds.

Subsequently, the General Manager of CHINA SDIC GAOXIN INDUSTRIAL INVESTMENT CORP., LTD called Wu Weiwei, the Chairman of the Ningbo Industrial Investment Group Co., Ltd called Tian Pingyue, the General Manager of the SDIC Venture Capital Management Co., Ltd. called Gao Aimin, and the Chairman of Veken China called He Chengming signed "The Letter of the Intention for Cooperation" on behalf of the four companies.They will set up an industrial investment fund in Ningbo City (Tentative Name: SDIC (Ningbo) Scientific and Technological Achievement Transformation Fund) jointly. The expected total size of the fund is 10 billion yuan and the first-term fund scale is 2 billion yuan.

The industrial fund will give full play to the advantages of Central Government-owned Enterprises, local governments and industrial groups. It is focused on the investment in the innovative enterprises in the forward-looking strategic emerging industry and the scientific and technological achievement transformation field. It is committed to the promotion on the regional coordinated development and the common promotion on the transformation of scientific and technological achievements as well as the industrial transformation and upgrading in Ningbo City by the complementation of the resources and advantages of all parties as well as taking Ningbo City as a key investment region.