The Board of Directors of the Courage Investment Group Limited (Company) announced that the Group entered into a strategic cooperation agreement (the ‘Strategic Cooperation Agreement’) with Shandong Sooc Education Technology Stock Corp. Ltd. (‘Shandong Sooc’, being the ‘Vendor’) on 25 January 2021. Pursuant to this agreement, both parties will: (1) establish a joint venture to tap into the online marine crew training market and strive to grow into a leader in the online marine crew training market of mainland China and Hong Kong; (2) the Group propose to invest an initial amount of RMB 800,000 as its capital contribution to XianFeng Online (Beijing) Information Technology Co. Ltd. (‘XianFeng Online’), a controlled subsidiary of Shandong Sooc possessing the property rights of the online education platform, the mobile APP training system and the capability of course development. Shandong Sooc agreed to transfer 60% of its equity interests in XianFeng Online and 20% of its equity interests held by relevant third parties, totaling 80% of XianFeng Online's shares, with the remaining 20% of its shares continuing to be held by the Vendor (the ‘Joint Venture Arrangement’); (3) Shandong Sooc shall provide technical supports in relation to the use of the online education platform, the mobile APP software programs course development; while the Group shall provide business planning on marine crew training professional training advices and resources on the maritime industry. With XianFeng Online as the joint venture operating entity, both parties will jointly invest and carry out marketing and promotion to expand the market, so as to drive the Group to be one of the large online marine crew training institutions in mainland China and Hong Kong. Entering into the Strategic Cooperation Agreement will provide the Group with opportunities to develop the maritime marine crew training business. Currently, the COVID 19 is spreading worldwide and there is a considerable demand for maritime marine crew training in both mainland China and Hong Kong as such the online training market is booming. Both parties believe that online professional examination training will become a major trend and there will be a huge market for online marine crew training. The cooperation program aims to become one of the large online maritime marine crew training courses in mainland China and Hong Kong, thereby enhancing the diversity of the Group's business, which in turn will improve the overall performance of the Group's businesses. The joint venture will conduct exploratory cooperation in terms of industry integration targeting maritime marine crew training, so as to jointly cultivate new profit growth points and create greater value for the Group.