The Board of Directors (the ‘Board') of Fu Yu Corporation Limited (the ‘Company') and together with its subsidiaries, the ‘Group') announced that the Company has incorporated a wholly- owned subsidiary in Singapore under the name of Fu Yu Biomedical Pte. Ltd. (the ‘New Subsidiary'). The initial issued and paid-up capital of the New Subsidiary is SGD 1,000 comprising of 1,000 shares.

The principal activities of the New Subsidiary are those of manufacturing and sub-assembly of precision plastic parts and components, design and fabrication of precision moulds and dies and investment holding. The incorporation of the New Subsidiary is funded through the Company's internal resources and is not expected to have any material impact on the earnings per share or net tangible assets per share of the Group for the current year ending 31 December 2023.