CHTC Fong's International Company Limited announced that references are made to (i) the announcement of CHTC Fong ' s International Company Limited (formerly known as CHTC Fong's Industries Company Limited) (the "Company") dated 1 April 2014 and the circular of the Company dated 25 April 2014 (the " First Circular") in respect of the Co-operation Agreement relating to the Urban Renewal Project which constituted a very substantial disposal for the Company; (ii) the announcement of the Company dated 25 September 2014 in relation to the extension of time for the fulfilment of a condition precedent to the Co-operation Agreement; (iii) the announcement of the Company dated 2 April 2015 and the circular of the Company dated 21 April 2015 (the "Second Circular") in relation to, among others, the variation of the instalment payment terms and change of the guarantor on the part of the Project Company under the Co-operation Agreement; and (iv) the announcements of the Company dated 13 April 2016 and 22 April 2016 and the circular of the Company dated 6 May 2016 (the "Third Circular") in relation to the further variation of the payment terms of the Co-operation Agreement. Given the Project Company has yet to obtain all the requisite approvals from the relevant government authorities to complete the Urban Renewal Project and the difficulty to ascertain the timing of obtaining such approvals at this stage amidst the governmental implementation of its redevelopment plans in the Shenzhen area, the Project Company and FNES have agreed to amend various terms of the Co-operation Agreement primarily to accelerate payment of the remaining Cash Compensation to the Group. On 30 September 2021 (after trading session), FNES and the Project Company (among others) entered into the new supplemental agreement in relation to the further variation of the terms under the Co-operation Agreement in relation to the Urban Renewal Project.