The Board of Hifood Group Holdings Co., Limited announced that on 16 December 2021, the Company entered into the JV Agreement with San J Jewellery, pursuant to which the parties agreed to form the Joint Venture to engage in the online sales of jewellery to the mainland China. The registered capital of the Joint Venture shall be HKD 5,000,000, and the parties shall pay up their respective contributions in cash to the Joint Venture. The Joint Venture shall be principally engaged in the online sales of jewellery to the mainland China. The board of directors of the Joint Venture shall consist of five directors, three of whom shall be appointed by the Company whereas two of whom shall be appointed by San J Jewellery. The first chairman of the board of directors of the Joint Venture shall be appointed by the Company.