Zhitong Finance APP news, elife hldgs (00223) announced that the company has noticed media reports regarding the use of funds from the subscription matter, followed by several other online media quoting and reprinting the reports.

To avoid any misleading information for investors and public opinion, the company hereby clarifies the media reports mentioned above. The net amount of funds received, part of which is 13.85 million Hong Kong dollars, is specifically used for expanding the sales and marketing team for the development of the group's business, as well as additional operating capital to support the expected growth of the supply chain business. As of the date of this publication, the company has no intention to allocate these funds to the "brand communication" business or any related "urban corridor" business.

The board of directors will carefully review the fund allocation and seek investment in projects that will help increase the group's revenue, such as building retail platforms and operating centers, as well as establishing joint ventures for new product development.