Reference is made to the voluntary announcement of China Wantian Holdings Limited dated 1 August 2023 in relation to, among others, the proposed cooperation arrangement (the "Cooperation") on the Group's food supply business expansion by importing fresh fruit from Southeast Asia to the Greater Bay Area market. In August 2023, the Company entered into a strategic cooperative framework agreement in respect of the Cooperation with a business partner in the People's Republic of China ("PRC") (the "Business Partner"), which is a third party independent of and not connected with the Company and its connected persons (as defined in the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited). Over the months since the commencement of the Cooperation, the Group has imported durian from Southeast Asia countries and distributed through the sales channels of the Business Partner in the Greater Bay Area.

The board of directors of the Company announced that the Group has recently also expanded its food supply business on the supply of domestic pork to school canteen through a subsidiary of a state-owned enterprise and the supply of egg to the online shopping platforms and retail supermarket chains in the PRC. It is anticipated that there will be a continuous growth in the food supply chain business which will contribute significant revenue to the Group. Accordingly, the Board is of the view that the new business development is in line with the Group's business development strategies, which would provide the Group with a good opportunity for business development and lead to a long-term growth in return of the Company and the Shareholders as a whole.

The Group will make continuous and coordinated efforts to push forward the development of the comprehensive food supply chain system covering from the source of cultivation to the food supply chain and the catering businesses, with a view to becoming a leading service provider for good life in the PRC and a premier green brand of food supply chain in Greater Bay Area.