The board of directors of the China Ocean Fishing Holdings Limited announced that on 17 January 2019, the Company and the China Road and Bridge Corporation (Collaboration Partner) entered into the Collaboration Memorandum, pursuant to which the Company and the China Road and Bridge Corporation have agreed to establish a strategic collaboration relationship to develop and operate the Project. Pursuant to the Collaboration Memorandum, the Company and the Collaboration Partner have agreed to establish a long term strategic collaboration relationship in accordance with the following terms to develop the Project: The Collaboration Partner shall be responsible for initial development, investment, and construction of public facilities on the Project Premises, and the general operation of the Project. The Collaboration Partner shall obtain access permits for fishing vessels, and shall be responsible for servicing, docking, loading and unloading of fishing vessels in the Project Premises. The Company shall provide and operate 120 fishing vessels, the production capacity of which shall, at minimum, equal to the fishing quota to be agreed upon between the Collaboration Partner and the Company, the yearly catch would be at least 120,000 tons. The Company shall sell fishing catch, at a price not higher than the market price to other enterprises at the Project Premises first. The Company shall design, and invest in the construction of, the following aspects of the Project: A frozen processing plant with an expected annual output of 50,000 tons; A canning factory with an expected annual output of 25,000 tons; and A fish processing plant with an expected annual output of 30,000 tons. The Company shall pay to the Collaboration Partner fees related to the Project, such as management fees and rental fees. The Collaboration Memorandum shall be effective for a period of 3 years from the date of the Collaboration Memorandum, subject to extension by agreement in writing between the Parties.