On July 16th, Geelong announced that the company held the ninth meeting of the second session of the board of directors on July 16, 2024. The resolution on the proposal to terminate the wholly-owned subsidiary's participation in the Dongguan land bidding was passed. After friendly consultations between Dongguan Yu Run Technology Co., Ltd. (referred to as "Yu Run Technology") and Dongcheng Street Office of Dongguan City (referred to as "Dongcheng Street"), it is proposed to terminate the cooperation of the construction of the new project of the Yu Run Technology new energy smart equipment headquarters (referred to as "the project"). This matter still needs to be submitted to the company's shareholders' meeting for deliberation, and the shareholders' meeting is requested to authorize the management to handle relevant matters, including but not limited to signing the "Termination Agreement" of the
Due to changes in market environment and other factors, the company considers from a overall strategic perspective, and takes into account the planning and progress of its own business development, as well as factors such as fund allocation. After careful study, the company believes that there are considerable uncertainties in continuing to promote the project. In order to effectively control the risk of external investment and optimize resource allocation, and after friendly consultations with Dongcheng Street, the company plans to terminate the project.