The board of directors of Link-Asia International MedTech Group Limited announced that after trading hours on 22 March 2023, the Company, through its wholly-owned subsidiary, Huashi Management Consulting (Shenzhen) Limited, entered into a formal joint venture agreement with Yuanda Chinese Medicine Chain (Shenzhen) Company Limited and Mr. Liu Zhiwei, an executive director of the Company. Pursuant to the Joint Venture Agreement, (i) Huashi, Yuanda and Mr. Liu would hold 51%, 39% and 10% of the shares of the Joint Venture Company, respectively; and (ii) the Joint Venture Company is principally engaged in the business of Chinese medicine healthcare services, health and wellness consultation and brand management, as well as corporate consulting. Mr. Liu is an executive director of the Company, and Mr. Liu and his wife directly and indirectly hold approximately 100% equity interest in Yuanda, therefore Mr. Liu and Yuanda are the connected persons of the Company.

Accordingly, the entering into of the Joint Venture Agreement and the formation of the Joint Venture Company thereunder by the parties will constitute connected transactions for the Company. The scope of business of the Joint Venture Company includes: brand management; corporate consulting; health and wellness consulting services; Chinese medicine health and wellness services; sales of health care products; sales of health food (pre- packaged); offsite health management services; technology services, technology development, technology consulting, technology exchange, technology transfer, technology promotion; information consulting services (excluding licensed information consulting services); marketing; software development; data processing services; conference and exhibition services; etiquette services; software outsourcing services, etc. 30 years from the date of obtaining the business license, in accordance with the Company Law of the People's Republic of China and other relevant regulations.

The board of directors believes that the formation of the Joint Venture Company will facilitate the expansion of the Company's healthcare business chain, and the Joint Venture Company is expected to contribute to the revenue and profit of the Company, which in turn will enhance the financial performance of the Company. The board of directors considers that the Joint Venture Agreement is still on normal commercial terms and its terms are fair and reasonable, and the transactions contemplated thereunder are in the interests of the Company and the Shareholders as a whole.