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(June 18th, 2020-Shanghai) On June 11th, 2020, Hilong Group of Companies and Shanghai Aviation Industry (Group) Co., Ltd. signed a strategic cooperation agreement on establishing four major cooperation platforms at Hilong Group's headquarters in Shanghai, signifying a further strategic partnership between both sides, featuring complementary advantages and strong alliance based on long-term friendly cooperation.

According to the agreement, both sides will establish four major cooperation platforms including a resource sharing platform, a new energy power generation cooperation platform, an oil and gas pipeline inspection service cooperation platform, and a comprehensive energy cooperation platform. A "Joint Working Group on Strategic Cooperation" will be established to actively push the early implementation of the agreement and promote mutual development of both parties in these areas.

Mr. Fang Jianping, President of Shanghai Aviation Industry Group, said that as traditional industrial groups, both sides stand at the forefront of reform and need to advance high-end and technology-intensive business transformation through technological innovation and enhanced cooperation.

Mr. Dai Daliang, Executive President of Hilong Group, said, "Hilong Group is a private enterprise dedicated to technological innovation and new technology development, while Shanghai Aviation Industry Group, as a representative of the Aviation industry, is the leading domestic intensive new technology enterprise. Signing of the agreement has laid a solid foundation for close cooperation. Taking it as an opportunity, we hope to give full play to our strengths in the fields of oil and gas pipeline inspection, energy project development and investment, market and industry chain, equipment manufacturing and project construction, and develop all-round and in-depth multi-channel and multi-field cooperation at various levels. I believe that both sides will bear fruitful results through the integration of superior scientific and technological resources in future cooperation."

About Shanghai Aviation Industry (Group) Co., Ltd.

As a subsidiary of China Aerospace Science and Technology Cooperation, Shanghai Aviation Industry (Group) Co., Ltd. is responsible for planning, development, and operation of Shanghai Academy of Spaceflight Technology's civil industry and military-civilian integration industry.