Hong Kong Aerospace Technology Group and Silver Rock Group Ltd reach strategic cooperation

17 October 2022, the Company and Silver Rock Group Ltd ("Silver Rock") entered into a memorandum of understanding (the "MOU") on the strategic cooperation in relation to the setting up of a commercial satellite manufacturing centre (the "Satellite Centre") in the United Arab Emirates (the "UAE").

Pursuant to the MOU, the parties also agreed to explore the possibility of setting up the Satellite Centre in the UAE covering the manufacturing of a full spectrum of satellite categories, including optical remote sensing satellites, radar satellites, and communication satellites.

The setting up of the Satellite Centre will enhance the satellite manufacturing capabilities of the Group. Entering into of the MOU with Silver Rock allows the Company to gain a market advantage by leveraging on the business connections of Silver Rock in the UAE and allows the Company to have a smooth entrance into the aerospace and technology markets of the UAE. The Company believes that entering into the MOU is a step of strategic importance for the future development of the Group’s Aerospace Business.

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