We attended GEX’s EGM in Hanoi on December 29, 2020. There were many questions from investors on GEX’s plans to consolidate Viglacera Corporation (HSX: VGC) and we believe investors were generally comfortable with the proposed equity raising plan and offer price. GEX’s guidance for 2021 implies potential upside risk to our 2021 earnings forecast but also potential downside risk to our current landbank valuation, pending a fuller review.