The Board of China Conch Venture Holdings Limited (SEHK:586) announced the spin-off of unknown minority stake in Anhui Conch Venture Green Energy Environmental Protection Group Co., Ltd. on May 6, 2022. As at the date of this announcement, Anhui Conch Venture Green Energy Environmental Protection Group Co., Ltd. is indirectly held by China Conch Venture Holdings Limited as to 89.63%. It is expected that, upon the Proposed Spin-off and Listing, China Conch Venture Holdings Limited will remain as the controlling shareholder of Anhui Conch Venture Green Energy Environmental Protection Group Co., Ltd. On 6 May 2022, the sponsor to Anhui Conch Venture Green Energy Environmental Protection Group Co., Ltd. in the Proposed Spin-off and Listing submitted an application to the Chinese Securities Regulatory Commission (‘‘CSRC'') Anhui Branch for the commencement of the pre-listing tutoring process. For purpose of the Proposed Spin-off, China Conch Venture Holdings Limited has submitted an application in relation to the Proposed Spin-off and Listing under Practice Note 15 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ‘‘Listing Rules'') to The Stock Exchange of Hong Kong Limited (the ‘‘Stock Exchange'') for its review and approval. The Proposed Spin-off and Listing is conditional upon, among others, the approval of the CSRC, the Shanghai Stock Exchange and the Stock Exchange. No final decision has been made by the Board as to whether and when the Proposed Spin-off and Listing will proceed. If the Proposed Spin-off and Listing is proceeded with, China Conch Venture Holdings Limited expects that, upon completion of the Proposed Spin-off and Listing, China Conch Venture Holdings Limited equity interest in Anhui Conch Venture Green Energy Environmental Protection Group Co., Ltd. will be reduced, but Anhui Conch Venture Green Energy Environmental Protection Group Co., Ltd. will remain as a subsidiary of China Conch Venture Holdings Limited.