The board of directors of PW Medtech Group Limited (the ?Company?) announces that the Company is considering the proposed spin-off of its non-wholly owned subsidiary, Sichuan Ruijian Medical Technology Co. Ltd. (Sichuan Ruijian Medical), by way of a separate quotation on NEEQS (National Equities Exchange and Quotations System) without issuance of new shares (the ?NEEQS Quotation?) and a subsequent listing on Beijing Stock Exchange subject to the then market conditions and its strategic development needs (the ?Subsequent Listing?, together with the NEEQS Quotation, collectively as the ?Proposed Spin-off?). The Company has submitted an application in relation to the Proposed Spin-off to the Stock Exchange for approval pursuant to PN15.

As of the date of this announcement (May 20, 2024), the Stock Exchange has confirmed that the Company may proceed with the Proposed Spin-off under PN15 of the Listing Rules. Further, the Company has also applied for, and the Stock Exchange has granted, a waiver from compliance with the assured entitlement requirement under Paragraph 3(f) of Practice Note 15 of the Listing Rules. Sichuan Ruijian Medical intends to submit the application for its quotation on NEEQS in the second quarter of 2024, subject to the then market condition.

The Company expects that the NEEQS Quotation will not involve any issue of new shares of Sichuan Ruijian Medical and the Subsequent Listing will involve the issue of new shares of Sichuan Ruijian Medical, subject to the approval from relevant authorities, including the CSRC and Beijing Stock Exchange and the approval of the Shareholders (if required under the Listing Rules). It is intended that Sichuan Ruijian Medical will remain as a subsidiary of the Company after completion of the Proposed Spin-off, subject to the Company and its auditor's assessment under HKFRS.