The board of the directors of China Tontine Wines Group Limited announced that on 29 May 2024, the Company has entered into a strategic cooperation agreement with Luzhou Laojiao New Wines Co. Ltd. ("Luzhou Laojiao New Wines") ("Lu Zhou Lao Jiao Xin Jiu Ye You Xian Gong Si"), an indirect wholly owned subsidiary of the Luzhou Laojiao Co. Ltd., a company listed in the Shenzhen Stock Exchange (stock code: 000568).

Luzhou Laojiao new Wines is established in Sichuan province and is mainly engaged in the production of craft beer, light liquor, Chinese fruit wine and distilled wine, and wine derivatives, a total of four types of products. By the virtue of this Strategic Cooperation Agreement, the Group intends to jointly develop new products, expand product ranges, enlarge the distribution channels and sales promotion with Luzhou Laojiao NewWines. The Board believes the strategic cooperation would bring business opportunities to the Group.

The terms of the Strategic Cooperation Agreement are determined by the two parties after friendly negotiations, are fair and reasonable, and in the interests of the Company and its shareholders as whole.