Announcement of the passing of the project investment agreement at the Directors’Meeting on behalf of Namchow Food Group (Shanghai) Co., Ltd.

 Announcement of the passing of the project
investment agreement at the Directors'Meeting on behalf
of Namchow Food Group (Shanghai) Co., Ltd.

1.Date of the resolution of the board of directors or
shareholders meeting:2022/08/09
2.Content of the investment plan:
  Nanchow Food Co. has proposed to establish a subsidiary, Chongqing
  Namchow Co. (tentative), in Chongqing Municipal, serving as the
  production base for the manufacturing of processing workshops, R&D
  workshops, facility rooms, and other production equipment for whipped
  cream and frozen dough in Western China and Southeast Asia markets.
3.Projected monetary amount of the investment:About RMB 480million
4.Projected date of the investment:
  The project has 2 phases:
  Phase 1: Approximately RMB 340 million; Construction begins within
  3 months from land handover; Construction will be completed and put
  into operation within 24 months from the construction commencement date.
  Phase 2: Approximately RMB 140 million; Construction begins within 24
  months from the operation commencement date in phase 1; Construction
  will be completed and put into operation within 18 months from the
  construction commencement date.
5.Source of capital funds:Self-owned and self-raised capital.
6.Specific purpose:
  It is for the purpose of the promotion of operation strategy in
  Western China and Southeast Asia markets, the meeting of the Company's
  business development needs for operating sites, the realization of
  local production and local supply, and the continued enhancement of the
  Company's operating capability.
7.Any other matters that need to be specified:
  If the actual investment amount in the future reaches the threshold
  required to be announced, which is stipulated by relevant laws and
  regulations, it will be disclosed on the Market Observation Post System
  (MOPS).