Daphne International Holdings Limited (SEHK:210) agreed to acquire the remaining 40.04% stake in Full Pearl International Limited from Yue Yuen Industrial (Holdings) Limited (SEHK:551) for CNY 42.5 million on September 28, 2023. Upon signing of the SP Agreement, the Daphne shall pay to the Yue Yuen Industrial (Holdings) Limited a deposit in the amount of CNY 12.75 million which will be paid at closing as a part payment and CNY 29.75 million, equivalent to be paid by the Daphne to the Yue Yuen Industrial (Holdings) Limited (SEHK:551) at completion. Upon Completion, the Full Pearl International Limited will become a direct wholly-owned subsidiary of the Daphne International Holdings Limited. The deal is subject to (a) all the Warranties being true and correct in all material respects and remaining so from the date of share purchase agreement up to Completion (b) all necessary consents in relation to the transactions contemplated under share purchase agreement having been obtained by each Obligor of the Stock Exchange and any relevant authorities and other relevant third parties in Hong Kong, the PRC or elsewhere which are required for the entering into, execution, delivery and performance of share purchase agreement and the Transaction, having been obtained (c) Daphne International Holdings having paid the Deposit in full to Yue Yuen Industrial (Holdings) (d) Daphne International Holdings having paid the Deposit in full to Yue Yuen Industrial (Holdings) (e) all necessary consents in relation to the transactions contemplated under share purchase agreement having been obtained by each Daphne International Holdings of the Stock Exchange and any relevant authorities and other relevant third parties in Hong Kong, the PRC or elsewhere which are required for the entering into, execution, delivery and performance of share purchase agreement and the Transaction, having been obtained (f) Daphne International Holdings having published an announcement on the website designated by the Stock Exchange in relation to share purchase agreement and the Transaction, and the Stock Exchange not having made any objection to share purchase agreement, the Transaction, or this announcement. The Directors (including the independent non-executive Directors) of Daphne International Holdings Limited Chang Chih-Kai considered that the terms of the Transaction were fair and reasonable. As of July 31, 2023, Full Pearl International Limited having the net assets of approximately CNY 210 million. The deal expected to close by December 31, 2023.

Daphne International Holdings Limited (SEHK:210) acquired the remaining 40.04% stake in Full Pearl International Limited from Yue Yuen Industrial (Holdings) Limited (SEHK:551) on October 30, 2023.