The board of directors of Vestate Group Holdings Limited announced that on 26 January 2019, Guoxin Wangfu Information Technology Company Limited, a subsidiary of the Company, and Shenzhen Maqi Industrial Development Company Limited (‘Shenzhen Maqi’) entered into a cooperation agreement (the ‘Cooperation Agreement’) in relation to the application of a new retail model of artificial intelligence technology for unmanned sale of tobacco (the ‘Project’) in the People's Republic of China (the "PRC"). Pursuant to the Cooperation Agreement, Shenzhen Maqi shall be primarily responsible for development of the tobacco big data platform, application for license for exclusive sale of the tobacco intellegent terminals and the design and manufacture of point of sale (POS) intelligent terminals for sale of tobacco. It is anticipated that no less than two exclusive licenses for the sale of the tobacco intelligent terminals on the provincial or municipal levels will be granted and no less than 5,000 tobacco POS intelligent terminals shall be installed in the PRC within one year after the date of the Cooperation Agreement.