Item 1.01. Entry into a Material Definitive Agreement

On March 22, 2022, Khashing Yachts Industry (Guangdong) Limited Company, our wholly owned subsidiary in Guangzhou, China, entered into an agreement to sell and transfer its ownership in Shenzhen Ocean Way Yacht Services Co., Ltd. ("Ocean Way"), which represented 60% of the total ownership of Ocean Way, to Yuqing Qiu for a price of RMB 1.8 million Yuan. The share transfer transaction is completed on May 7, 2022

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