The board of directors of Feiyang International Holdings Group Limited announced that Zhejiang Feiyang International Travel Group Co., Ltd., a wholly-owned subsidiary of the Company, Anhui Civil Aviation Airport Group Co., Ltd., (An Hui Min Hang Ji Chang Ji Tuan You Xian Gong Si) and Huangshan Tourism Development Co., Ltd. (Huang Shan Lu You Fa Zhan Gu Fen You Xian Gong Si) (Huang Shan Lu YouFa Zhan Gu Fen you Xian Gong Si) ("Huang Shan Lu You FaZhan Gu Fen You Xianong Si") (Huang Shan Lu you Fa Zhan Xian Gong Si) (the "JV Company") have recently set up a joint venture company, Anhui Feiyang Aviation Operations Development Co., Ltd. (An Hui Feiyang Aviation Operations development Co., Ltd. (Anhui Feiyang aviation Operations Development Co. Ltd. (An Hui Fei Yang Hang Kong Yun Ying Fa Zhan You Xian Gong Si) in the PRC. The registered capital of the JV Company is RMB 10 million, which is contributed as to 45%, 30% and 25% by Anhui Airport Group, Feiyang International and Huangshan Tourism Company, respectively.

The JV Company shall principally be engaged in the provision of airport operation related services. It is expected that the joint venture cooperation would open up more flight routes and expand the aviation market, thereby effectively promoting the high-quality development of civil aviation in Huangshan City.