LI Ning agreed to acquire Brand New Management Limited from Hong Kong Resources Holdings Company Limited (SEHK:2882) for HKD 9 million on July 28, 2023. The consideration is subject to adjustment. Upon completion under the disposal, HKRH will no longer have any interest in Brand New Management and Brand New Management will cease to be accounted as a subsidiary of the HKRH Group.

As of December 31, 2022, the net asset value of Brand New Management was approximately HKD 7.201 million. The transaction is subject to approval of shareholders of HKRH, board approval, all necessary consents and approvals.