The Board of Directors of DNeX wishes to announce that the Company had on 21 October 2023 entered into a Joint Venture Agreement with Zhongheguoji Construction Group Co. Ltd. to establish a joint venture enterprise to provide licenses and/or services to Chinese and international customers in respect of the following areas of Chinese technology solutions:

• Smart city solutions: including innovative technology and infrastructure solutions for urban development and city management, with a focus on improving operational efficiency, sustainable development and improving the quality of life of urban residents;
• Artificial intelligence ("AI") solutions: AI solutions from Chinese vendors. These solutions can support other technologies and solutions in smart city projects. The focus will be on, but not limited to, core AI technologies in the areas of autonomous driving, natural language processing and quantum computing;
• Local community development and virtual tourism solutions: including technology to support local communities as well as enhance interaction between local residents and international tourists as part of the overall development of smart cities;
• Logistics and e-commerce solutions: technological solutions involving the optimization and automation of logistic operations and the improvement of e-commerce platform operation processes;
• Cross-border payment solutions: technological solutions that facilitate cross-border financial transactions, payments and currency exchanges, with a focus on the security and efficiency of the solution.

Please refer to the attachment for futher details.

This announcement is dated 23 October 2023.