The Board of Directors of the Company is pleased to announce that Ni Hsin EV Tech Sdn. Bhd. ("NHEVT"), a wholly-owned subsidiary of the Company had on 15 April 2026 entered into a Memorandum of Understanding ("MOU") with Chongqing Qiulong Technology Co., Ltd. ("QIULONG") (NHEVT and QIULONG are collectively referred to as the "Parties" and individually as the "Party").

Pursuant to the MOU, the Parties shall, in good faith, engage in discussions and negotiations with a view toward entering into a definitive Assembly Services Agreement for the provision of assembly services by NHEVT in Malaysia on exclusive basis for SURRON brand electric motorcycles from completely knocked down components supplied by QIULONG.

Please refer to the attachment for the further details of the MOU.

This announcement is dated 15 April 2026.