Karrie International Holdings Limited (SEHK:1050) agreed to spin-off KRP Development Holdings Limited on February 4, 2022. The Proposed Spin-off to be effected by way of the Distribution and introduction of the new KRP Development Shares. Karrie to effect the Distribution on the basis of one KRP Share for every four Shares held on the Distribution Record Date. The Distribution Record Date is March 17, 2023. Post Spin-off KRP Development will apply for the listing of its shares on the Stock Exchange of Hong Kong Limited. Transaction has been approved by The Stock Exchange of Hong Kong Limited and board of directors of Karrie International Holdings Limited. The Spin-off is subject to the completion of the acquisitions of both Kar Info International Property Limited and Dongguan City Jiaxuntong Computer Products Limited. Listing is conditional upon, among other things, the approval of the Listing Committee, the final decision of the Board and the board of directors of KRP Development, market conditions and other considerations. Dealings in KRP Shares on the Stock Exchange to commence on March 23, 2023. Computershare Hong Kong Investor Services Limited acted as share registrar to Karrie International Holdings. As of March 23, 2023, KRP Development debuted on the Hong Kong bourse. Karrie International Holdings obtained approval from Hong Kong Stock Exchange for the spin-off and listing. LUO Ke, Napoleon Zhao, Elaine Li, Jing Xu and Ganxin Zhang of Fangda Partners acted as legal advisors to KRP Development Holdings. Ke Luo and David Cheng of Winston & Strawn acted as legal advisor to Karrie International.

Karrie International Holdings Limited (SEHK:1050) completed the spin-off of KRP Development Holdings Limited (SEHK:2421) for approximately HKD 890 million on March 23, 2023.