On 30 August 2022, Min Xin Holdings Limited as the borrower has entered into a facility letter with a bank (the "Bank") as the lender (the "Facility Letter") whereby the Bank has agreed to make available to the Company an uncommitted revolving loan facility of up to HKD 183,000,000 (the "Facility"). The Bank may at any time modify, terminate, cancel or suspend the Facility or vary the terms applicable to the Facility, and declare all outstanding balances to be due and payable on demand at any time. Pursuant to the Facility Letter, amongst other things, the Company undertakes to procure Fujian Investment & Development Group Co.

Ltd. ("FIDG"), the controlling shareholder of the Company, shall beneficially own (whether directly or indirectly) not less than 35% of the issued share capital of the Company and have the power to exercise (whether directly or indirectly) management control over the Company during the term of the Facility Letter. Breach of such undertakings will constitute an event of default and all amounts (including principal and interest) due and owing by the Company to the Bank under the Facility Letter shall become immediately due and payable. As at the date of this announcement, FIDG is beneficially interested in approximately 59.53% of the issued share capital of the Company.