Taste Gourmet Group Limited entered into a new lease agreement (the "New Lease") for the opening of a new Takano Ramen Restaurant in Hong Kong (the "New Restaurant"). The New Lease is still subject to execution by the landlord. The new restaurant is expected to commence operations in third quarter of 2023.

This will be the Group's third restaurant under this brand. The terms of the New Lease were determined after arm's length negotiations between the Landlord and the Group, with reference to the prevailing market rentals for properties of similar type, age and location. Located in the Yuen Long, the Yoho Mall is managed by a major property developer in Hong Kong that also manages a diversified portfolio of investment properties.