Elite Creation Group Limited executed a share exchange agreement to acquire China Foods Holdings Ltd. (OTCPK:CFOO) from HY (HK) Financial Investments Co., Ltd in a reverse merger transaction for $4.8 million on June 8, 2020. China Foods Holdings will issue 15 million shares as consideration at a value of $0.32 per share, for an aggregate value of $4.8 million. The consummation of the transactions contemplated in the share exchange agreement is subject to normal and customary conditions precedent including, without limitation, satisfactory due diligence of Elite Creation Group by China Foods Holdings. The transaction has been approved by the Board of China Foods Holdings. The parties are entitled to terminate the share exchange agreement if closing has not occurred on or prior to September 30, 2020.

Elite Creation Group Limited completed the acquisition China Foods Holdings Ltd. (OTCPK:CFOO) from HY (HK) Financial Investments Co., Ltd in a reverse merger transaction on July 9, 2020. As a result of transaction, China Foods entered the healthcare product distributing and marketing industry and senior management of Elite Creation will serve as the senior management of the resulting issuer.