On April 14, PATEO CONNECT Technology (Shanghai) Corporation (Stock Code: 02889.HK) officially announced that the Company has received a “Strategic M&A Support Letter of Intent” issued by Ping An Capital Co., Ltd. (hereinafter referred to as “Ping An Capital”). Ping An Capital intends to provide PATEO CONNECT with total capital support of US$1 billion within the next five years, which will focus on the Company's strategic layout in the field of industrial M&A, providing all-around support including M&A funding, joint M&A, and project consulting. This signifies that the cooperative relationship between both parties has further extended from equity investment and business synergy to a brand-new stage of industrial M&A.