On June 13th, Gelunhui announced that on June 13th, 2024, the buyer, River Moder Limite (a wholly-owned subsidiary of the company), and the seller, Speed Sword Limited, entered into an agreement, whereby the buyer conditionally agreed to acquire and the seller conditionally agreed to sell the sale shares (i.e., all the equity interests of the target company, River Bar Limited), at a price of HK $400 million.

At the announcement date, the target company was the legal and beneficial owner of all the issued shares of the target subsidiary. The target subsidiary is the legal and beneficial owner of the property and is in the process of acquiring the remaining property. Upon completion, the target company will become an indirect wholly-owned subsidiary of the company, and its financial performance will be included in the group's consolidated financial statements.

The target company is an investment holding company registered in the British Virgin Islands, which is 100% owned by the seller. The target company is the legal and beneficial owner of all the issued shares of the target subsidiary. Each of the target subsidiaries is a limited company registered under Japanese law, and is 100% owned by the target company. These companies mainly engage in property holding.

The property and the remaining properties are located in Kosuge, Narita City, Japan. The total land area of the property and the remaining properties is approximately 68,317.44 square meters. The property and the remaining properties are vacant residential land. The property and the remaining properties are intended to be developed into hotel lodging.

The Group has rich experience in developing residential and commercial properties, and plans to develop the property and the remaining properties into hotel lodging, becoming a long-term and stable source of income for the Group. Investing in hotel lodging business can also diversify the Group's sources of income, thereby enhancing the Group's core competitiveness.