Tian Yuan Group Holdings Limited dated 9 October 2020 in relation to the JV Deed entered into between the Company and Fortune Oil PRC on even date in relation to the formation of the JV Company by capital injection. Unless the context otherwise requires, capitalized terms in this announcement shall have the same meanings as defined in the Announcement. The principal purpose of the JV Company is to, among others, invest and obtain 60% equity interest in the Target Company, and obtain all of its assets (including administrative permits, qualifications and filings required for construction and operation) and to continue its operation.