The board of directors of the Company announced that, the Group through a wholly owned subsidiary of the Company entered into a new lease (the "New Lease") for the opening of a new QUE Restaurant in Hong Kong (the "New Restaurant"). The agreement in respect of the New Lease is still subject to execution by the landlord. The landlord is a major property developer and operator of premium shopping malls in Hong Kong.

The basic terms of the New Lease are as follows: Shop 453, 4th Floor, Lease Term: 5 years, Lease Commencement Date: 30 April 2023. The new restaurant is expected to commence operations in third quarter 2023. This will be the Group's fourth QUE Restaurant in Hong Kong.

The terms of the New Lease were determined after arm's length negotiations between the Landlord and the Group, with reference to the prevailing market rentals for properties of similar type, age and location. Located adjacent to the Mong Kok East MTR Station, MOKO offers a wide range of brand-name retailers and restaurants. MOKO is managed by a major property developer in Hong Kong that also manages a diversified portfolio of investment properties.