Reference is made to the Company’s announcements dated 21 February 2023 and 28 December 2023 on the above matter ("Previous Announcements"). Unless otherwise stated, the abbreviations and definitions used herein shall have the same meanings as those used in the Previous Announcements.

Further to the Previous Announcements, the Company wishes to announce that the new distributor agreement and distributor supplementary agreement entered between Bai Li Enterprise Co., Ltd. (“Bai Li Enterprise”), QiaQia Food Co., Ltd. and ChaCha Food (Thailand) Co., Ltd. (collectively referred to as “QiaQia Group”) (“Agreements”) are subject to renewal, from 1 July to 30 June annually.

Bai Li Enterprise and QiaQia Group will usually take three (3) to six (6) months to finalise the terms, after the expiration of the existing Agreements entered between the parties. There is no impact to the Group’s business operations for entering into the new distributor agreement and distributor supplementary agreement after the commencement date of the Agreements.

The next renewal is estimated to be entered between the parties within three (3) to six (6) months after the expiration of the existing Agreements on 30 June 2024, i.e., by 31 December 2024.

This announcement is dated 3 January 2024.