JX Luxventure Limited (NasdaqCM:LLL) announced that its board of directors has formed a special board committee consisting of Li Hui Dan, Chairman of the Board, Mu Ruifeng, Chairman of the Audit Committee and Jin Yan, a member of the Audit Committee, to explore a potential sale of the menswear segment of the Company's business operation. Sun "Ice" Lei, CEO of the Company commented: "We have experienced a decrease in sales revenue and increase in loss of menswear segment of our business for several years, including in 2021. The management of the Company evaluated this trend and determined that there is no viable short-term strategy to make our menswear business profitable and that a potential sale of the menswear segment of our business would allow the Company to focus on the two fast-growing segments of our business operations: the cross-border merchandise and tourism.

The operations of these two segments achieved a record revenue of $54,040,948 in 2021, an increase of 4046% from revenue of $1,335,374 in 2020 and will be the engine to fuel our growth through 2022 and beyond".