On 22 June 2018, Hung Hing Printing Group Limited, entered into a non-binding letter of intent with Dream International Limited pursuant to which Hung Hing and Dream agreed to establish a joint venture to engage in printing and packaging manufacturing in Hanoi, Vietnam, serving both domestic and export markets. The Joint Venture will have an initial registered capital of USD 10 million and it is currently intended to be contributed as to USD 9 million by Hung Hing, representing 90% of the registered capital of the Joint Venture, and as to USD 1 million by Dream, representing 10% of the registered capital of the Joint Venture. Pursuant to the terms of the Letter of Intent, the Parties agreed to negotiate a definitive agreement in relation to the establishment of the Joint Venture within three months after the execution of the Letter of Intent.

There are no binding obligations on the Parties in relation to the execution of the Joint Venture Agreement. The Parties will keep the market informed by way of further announcement in compliance with the requirements of the Listing Rules as and when binding agreement in relation to the Joint Venture has been entered into.