The board (the "Board") of directors (the "Directors") of the Asian Capital Resources (Holdings) Limited announced that on 3 December 2021 (after trading hours), the Company entered into a letter of intent (the "Letter of Intent") in relation to an strategic cooperation (the "Strategic Cooperation") with (Shanghai Zhongwo Culture Communication Co. Ltd.) ("Shanghai Zhongwo"). Pursuant to the Letter of Intent, the scope of the Strategic Cooperation included: (i) to construct a multi-channel network system for eSports broadcasting business (the "eSports MCN System"); (ii) to establish a cooperation platform and financing channel for the eSports MCN System; (iii) the Company will lead the establishment of relevant fund which would be focused on incubation and consolidation of eSports broadcasting resources; (iv) Shanghai Zhongwo will lead the establishment of eSports MCN System, including but not limited to the research and development, acquisition and consolidation of target companies and team management; and (v) the Company will further provide different financial services to Shanghai Zhongwo such as capital integration, financial management consultancy, arrangement of roadshows, communication with investment institutions and potential investors, review and assessment of the current and future business development and structure, and capital market consultancy. The Company is of the view that the Strategic Cooperation contemplated under the Letter of Intent is in line with the business development strategies and plans of the Group and under the normal course of business of the Group for consultancy services, and that the Strategic Cooperation with Shanghai Zhongwo will be complimentary to the Group existing multi media business in particular the value-added marketing services of the KOL platforms, which is in the interests of the Company and its shareholders as a whole.