Fulum : CONTINUING CONNECTED TRANSACTIONS 2020 CONNECTED TENANCY FRAMEWORK AGREEMENT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Stock Code: 1443)

CONTINUING CONNECTED TRANSACTIONS

2020 CONNECTED TENANCY FRAMEWORK AGREEMENT

Independent Financial Adviser to the Independent Board Committee and

the Independent Shareholders

Reference is made to the circular of the Company dated 28 February 2017 in relation to the 2017 Connected Tenancy Framework Agreement entered into between the Company and Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung, Mr. CN Yeung and Mr. Leung and the circulars of the Company dated 13 July 2018, 26 July 2018 and 8 May 2019 in relation to the supplemental agreements of the 2017 Connected Tenancy Framework Agreement. Pursuant to the 2017 Connected Tenancy Framework Agreement, the parties agreed to (a) renew the existing connected leases; and (b) enter into the new connected leases, at the material time, with a term not passing beyond the expiry date of the 2017 Connected Tenancy Framework Agreement. The 2017 Connected Tenancy Framework Agreement, as amended and supplemented, was initially approved by an ordinary resolution of the Independent Shareholders at the extraordinary general meeting of the Company held on 21 March 2017.

THE 2020 CONNECTED TENANCY FRAMEWORK AGREEMENT

The term of the 2017 Connected Tenancy Framework Agreement and the connected tenancy agreements contemplated thereunder will collectively expire on 31 March 2020, except for Premises 1 where the subsisting connected tenancy agreement covers the lease period from 1 August 2017 to 31 July 2020. The Board wishes to announce that on 9 December 2019 after trading hours, the Company and Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung, Mr. CN Yeung and Mr. Leung renewed the 2017 Connected Tenancy Framework Agreement for a term of three years from 1 April 2020 to 31 March 2023 by entering into the 2020 Connected Tenancy Framework Agreement.

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The 2020 Connected Tenancy Framework Agreement is subject to the approval of the Independent Shareholders. Upon the approval of 2020 Connected Tenancy Framework Agreement by the Independent Shareholders, relevant members of the Group and relevant members of Connected Landlord Entities shall further enter into a separate 2020 Connected Tenancy Agreement for each of the transactions contemplated under the 2020 Connected Tenancy Framework Agreement.

LISTING RULES IMPLICATIONS

Given that (i) Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung and Mr. Leung, being the executive Directors, are connected persons of the Company; and (ii) Mr. CN Yeung and the Connected Landlord Entities are associates of connected persons of the Company and are therefore connected persons of the Company pursuant to Rule 14A.07 of the Listing Rules, the 2020 Connected Tenancy Framework Agreement and the transactions contemplated thereunder constitute continuing connected transactions for the Company under Chapter 14A of the Listing Rules.

As one or more of the applicable percentage ratios for the Right-of-use Asset Caps is more than 5%, the entering into of the 2020 Connected Tenancy Framework Agreement constitutes a continuing connected transaction for the Company under Chapter 14A of the Listing Rules. The 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder and the Right-of-use Asset Caps will be subject to the notification, announcement, annual review, circular (including independent financial advice) and Independent Shareholders' approval requirements under Chapter 14A of the Listing Rules.

Apart from the monthly rent payable to the Connected Landlord Entities, the relevant member of the Group shall also be responsible for paying, among others, the Service Charges. In particular, the monthly payment of Service Charges to the landlord of Premises 1 and 35 also constitutes a continuing connected transaction for the Company. As one or more of the applicable percentage ratios for the Service Charges Caps is more than 0.1% but less than 5%, the Service Charges for Premises 1 and 35 and Service Charges Caps will be subject to the notification, announcement and annual review but exempted from circular (including independent financial advice) and Independent Shareholders' approval requirements Chapter 14A of the Listing Rules.

An extraordinary general meeting will be convened, during which an ordinary resolution(s) will be proposed to the Independent Shareholders to consider and if appropriate, approve the 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder and the Right-of-use Asset Caps. Any vote of the Independent Shareholders at the extraordinary general meeting will be taken by poll.

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The Independent Board Committee comprising all the independent non-executive Directors has been established to advise and give recommendation to the Independent Shareholders on the entering into of the 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder and the Right-of-use Asset Caps. Octal Capital Limited has been appointed as the Independent Financial Adviser to advise the Independent Board Committee and the Independent Shareholders in this regard.

For the purpose of seeking the approval of the Independent Shareholders, a circular containing, inter alia, (i) details of the transactions contemplated under the 2020 Connected Tenancy Framework Agreement; (ii) a letter from the Independent Board Committee; (iii) a letter of advice from the Independent Financial Adviser to advise the Independent Board Committee and the Independent Shareholders; and (iv) a notice of the extraordinary general meeting will be despatched to the Shareholders as soon as practicable, but in any event not later than 31 December 2019.

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

BACKGROUND INFORMATION

Reference is made to the circular of the Company dated 28 February 2017 in relation to the 2017 Connected Tenancy Framework Agreement entered into between the Company and Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung, Mr. CN Yeung and Mr. Leung and the circulars of the Company dated 13 July 2018, 26 July 2018 and 8 May 2019 in relation to the supplemental agreements of the 2017 Connected Tenancy Framework Agreement. Pursuant to the 2017 Connected Tenancy Framework Agreement, the parties agreed to (a) renew the existing connected leases; and (b) enter into the new connected leases, at the material time, with a term not passing beyond the expiry date of the 2017 Connected Tenancy Framework Agreement. The 2017 Connected Tenancy Framework Agreement, as amended and supplemented, was initially approved by an ordinary resolution of the Independent Shareholders at the extraordinary general meeting of the Company held on 21 March 2017.

The term of the 2017 Connected Tenancy Framework Agreement and the connected tenancy agreements contemplated thereunder will collectively expire on 31 March 2020, except for Premises 1 where the subsisting connected tenancy agreement covers the lease period from 1 August 2017 to 31 July 2020. The Board wishes to announce that on 9 December 2019 after trading hours, the Company and Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung, Mr. CN Yeung and Mr. Leung renewed the 2017 Connected Tenancy Framework Agreement for a term of three years from 1 April 2020 to 31 March 2023 by entering into the 2020 Connected Tenancy Framework Agreement.

Pursuant to the 2020 Connected Tenancy Framework Agreement, the parties agreed to (a) renew the existing connected leases that are subsisting as at the date of this announcement, where applicable; (b) enter into the new connected leases that are ascertainable at the date of this announcement; and (c) enter into connected leases from time to time with a term not passing beyond the expiry date of the

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2020 Connected Tenancy Framework Agreement, on normal commercial terms based on prevailing market rentals. The 2020 Connected Tenancy Framework Agreement is subject to the approval of the Independent Shareholders. Upon the approval of 2020 Connected Tenancy Framework Agreement by the Independent Shareholders, relevant members of the Group and relevant members of Connected Landlord Entities shall further enter into a separate 2020 Connected Tenancy Agreement for each of the transactions contemplated under the 2020 Connected Tenancy Framework Agreement.

THE 2020 CONNECTED TENANCY FRAMEWORK AGREEMENT AND THE 2020 CONNECTED TENANCY AGREEMENTS

Principal terms of the 2020 Connected Tenancy Framework Agreement

The following sets forth a summary of the principal terms of the 2020 Connected Tenancy Framework Agreement:

Date	:	9 December 2019
Parties	:	(a)	The Company;
		(b)	Mr. Yeung, an executive Director, the chairman, the chief
			executive officer and one of the Controlling Shareholders;
		(c)	Mr. YC Yeung, an executive Director and one of the
			Controlling Shareholders;
		(d)	Mr. YK Yeung, an executive Director and one of the
			Controlling Shareholders;
		(e)	Mr. CN Yeung, the son of Mr. YC Yeung; and
		(f)	Mr. Leung, an executive Director.

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Agreement to enter into the 2020 Connected Tenancy Agreements

Term

Conditions

• The parties to the 2020 Connected Tenancy Framework Agreement agreed that relevant members of the Group and the Connected Landlord Entities shall, subject to the approval of 2020 Connected Tenancy Framework Agreement by the Independent Shareholders, further enter into the 2020 Connected Tenancy Agreements to
• 1. renew the existing connected leases that are subsisting as at the date of this announcement, where applicable; (b) enter into the new connected leases that are ascertainable at the date of this announcement; and (c) enter into connected leases from time to time with a term not passing beyond the expiry date of the 2020 Connected Tenancy Framework Agreement, on normal commercial terms based on prevailing market rentals. The details of the connected leases that are ascertainable at the date of this announcement are summarised in the table headed "The Premises" below.

The parties agree that all the 2020 Connected Tenancy Agreements shall be, among others, (a) in writing and set forth the terms and conditions on which the lease shall be undertaken; (b) reflect the then prevailing market rates and no less favourable than the terms and conditions offered by an independent third party (as defined in the Listing Rules); (c) have a fixed term period not exceeding three years and with a term not passing beyond the expiry date of the 2020 Connected Tenancy Framework Agreement; and (d) given that there are many detailed terms in the 2020 Connected Tenancy Agreements, for prudence sake, in the event of any conflict between the terms of the 2020 Connected Tenancy Framework Agreement and the terms of the 2020 Connected Tenancy Agreements, the terms of the 2020 Connected Tenancy Framework Agreement shall prevail.

The expected principal terms of the 2020 Connected Tenancy Agreements are summarised in the table headed "Principal terms of the 2020 Connected Tenancy Agreements" below.

• The 2020 Connected Tenancy Framework Agreement has a term of three years commencing from 1 April 2020 to 31 March 2023 (both days inclusive).
• The passing by the Independent Shareholders at the extraordinary general meeting of an ordinary resolution by way of poll approving the 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder and the Right-of-use Asset Caps.

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Principal terms of the 2020 Connected Tenancy Agreements

The following sets forth a summary of the expected principal terms of each of the 2020 Connected Tenancy Agreements:

Parties	: (a)	Relevant member of the Group; and
	(b)	Relevant member of the Connected Landlord Entities
Term	: The terms of the 2020 Connected Tenancy Agreements that are
	ascertainable as at the date of this announcement are 36 months
	as set forth in the table headed "The Premises" below during
	the three-year term of 2020 Connected Tenancy Framework
	Agreement.
Rent and other outgoing	: Relevant member of the Group shall pay the monthly rent as set
	forth in the 2020 Connected Tenancy Agreements (exclusive of the
	Government rent, the Government rates and the Service Charges)
	in advance without deduction or set off on the first day of each
	calendar month. Relevant member of the Group shall deposit with
	the relevant member of the Connected Landlord Entities sums
	equivalent to two times of the monthly rental as deposits for each
	of the 2020 Connected Tenancy Agreements.
	Relevant member of the Group shall also be responsible for
	paying:
	(i)	all the Government rent, taxes and outgoings of a recurring
		nature imposed on the leased premises or the owner or
		occupier of the leased premises by the Government;
	(ii)	rates charged on the leased premises as assessed by the
		Government quarterly in advance which shall be payable
		on the first day of the months of January, April, July and
		October, provided that the first payment shall be paid on
		the commencement of the relevant 2020 Connected Tenancy
		Agreement; and
	(iii)	the Service Charges and charges for utilities (i.e. the
		transmission of sewage, water, electricity, gas, and
		telecommunications) at the leased premises.

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The Premises

The following sets forth a summary of the landlords, tenants, location, monthly rental, term and use for each of the connected leases that are ascertainable at the date of this announcement pursuant to the 2020 Connected Tenancy Framework Agreement. The parties have agreed to, subject to the approval of the 2020 Connected Tenancy Framework Agreement by the Independent Shareholders, enter into a separate 2020 Connected Tenancy Agreement for the connected lease of each of the leased premises:

The existing connected leases to be renewed

				Monthly
	Landlord	Tenant	Location	rental	Term	Use
				(Note 1)	(Note 2)
1.	China Good	Centralink	The whole of Third floor of Hsin Kuang Centre, No.120	HK$1,300,000	1 April 2020 to	Restaurant
	Corporation	International	Lung Cheung Road, Kowloon, erected on New		31 March	operation
	Limited	Development	Kowloon Inland Lot No.5755, Hong Kong		2023 (Note 3)
		Limited
2.	China Hall	Sino Rank	1-5/F, and parking spaces Nos. L3, L4, L8, L9, L10,	HK$960,000	1 April 2020 to	Central
	Enterprises	Limited	P1, P2, P3, P6, P7 and P8 on G/F Sandoz Centre,		31 March	kitchen and
	Limited		178-182 Texaco Road, Tsuen Wan, New Territories,		2023	logistics
			Hong Kong			centre
3.	Sino Billion	China Mutual	Shop No. 91A on the G/F and 1/F, Shop No. 125B on 2/F,	HK$884,000	1 April 2020 to	Restaurant
	Development	Development	portion 1 of shop No. 103A on 1/F and portion 1 of		31 March	operation
	Limited	Limited	Shop No. 104A on 2/F, Nos. 69-119 Broadway, Mei		2023
			Foo Sun Chuen, Kowloon, Hong Kong
4.	Central Base	Central King	Shop 201 on the Second Floor of Kings Wing Plaza 2,	HK$820,000	1 April 2020 to	Restaurant
	Industrial	Development	No.1 On Kwan Street, Sha Tin, New Territories,		31 March	operation
	Limited	Limited	Hong Kong		2023
5.	Excel Source	China Extreme	Portion of shop 1A on level 5 and the whole of Level 6,	HK$460,000	1 April 2020 to	Restaurant
	Investment	Limited	The Commercial Block of Greenwood Terrace, 16		31 March	operation
	Limited		Tai Man Street, Hong Kong		2023
6.	Sino Billion	Central	Portion of Unit No. G16 on G/F, Units Nos. B105,	HK$456,000	1 April 2020 to	Restaurant
	Development	Champion	B106, B107, B108, B109, B110, B111, B112, B113,		31 March	operation
	Limited	Limited	B114, B115, B116, B117, B118, B119, B120,		2023
			B121, B122, B131, B132 and Coffee Shop "A" on
			Basement 1/F, East Ocean Centre, No. 98 Granville
			Road, Kowloon, Hong Kong
7.	China Spring	China Extreme	Shop A, G/F, Kwai Chung Car Park and Shopping	HK$397,000	1 April 2020 to	Restaurant
	Development	Limited	Centre, 26-30 Wo Yi Hop Road, Kwai Chung, New		31 March	operation
	Limited		Territories, Hong Kong		2023
8.	China Body Limited China Show	Portion of G/F of Elegant Garden, No. 409 Queen's	HK$270,000	1 April 2020 to	Restaurant
		Industrial	Road West, Hong Kong		31 March	operation
		Limited			2023
9.	China Hall	Central King	Restaurant A, 1/F, Tower 1 Enterprise Square, 9 Sheung	HK$380,000	1 April 2020 to	Restaurant
	Enterprises	Development	Yuet Road, Kowloon, Hong Kong		31 March	operation
	Limited	Limited			2023
10.	China Spring	China Show	Restaurant 5-6, G/F, restaurant 8, 1/F & portion of	HK$380,000	1 April 2020 to	Restaurant
	Development	Industrial	Restaurant 7, 1/F together with Car Parking Spaces		31 March	operation
	Limited	Limited	Nos. C106, C107 and C108 on 1/F, Canaryside, 8		2023
			Shung Shun Street, Kowloon, Hong Kong

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Landlord Tenant Location

Monthly
rental	Term	Use
(Note 1)	(Note 2)

11.	Excel Source	China Easy
	Investment	Investment
	Limited	Limited
12.	China Crown	China
	Industrial	Professional
	Limited	Asia Limited
13.	Central Big	China Show
	Enterprises	Industrial
	Limited	Limited

14.	China Hall	Central Group
	Enterprises	(Hong Kong)
	Limited	Limited
15.	China All	China Mutual
	Enterprises	Development
	Limited	Limited
16.	Sino Horse	China Harvest
	Investment	(Hong Kong)
	Limited	Limited

17. 廣州順隆投資有限 廣州加盈餐飲

	公司	管理有限公
		司安華匯分
		公司
18.	China Spring	China Kings
	Development	Development
	Limited	Limited
19.	China Label	China Harvest
	Industries	(Hong Kong)
	Limited	Limited
20.	Merry Gain	China Kings
	International	Development
	Limited	Limited
21.	Kind Rich	China Kings
	International	Development
	Limited	Limited
22.	Central Steel	China Harvest
	Limited	(Hong Kong)
		Limited
23.	Spring Luck Hong	Fulum
	Kong Limited	Management
		Limited

Portion of G/F, Lux Theatre Building, 2-20 Ming On Street, 103-105 Baker Street and 2J-2K Bulkeley Street, Kowloon, Hong Kong

4/F, Shatin Fun City, 7 Lek Yuen Street, Shatin, New Territories

Restaurant on 1/F (including lavatories, lift lobby and entrance hall on 1/F, escalators leading to the restaurant from G/F, staircases No. 5,6 & 8 and lift No. 11 and lift machine room for lift No. 11 on 2/F), Tuen Mun Central Square, No. 22 Hoi Wing Road, Tuen Mun, New Territories, Hong Kong

Unit G5, G/F, Enterprise Square, 9 Sheung Yuet Road, Kowloon, Hong Kong

Unit A on G/F, Unit A on 1/F and the canopy adjoining such unit and portion of unit A on 2/F, Kin Wing Commercial Building, Nos. 24-30 Kin Wing Street, Tuen Mun, New Territories, Hong Kong

Shop A on the basement of Kimberley House, No. 35 Kimberley Road, Kowloon, Hong Kong erected on all that piece or parcel of ground registered in the land registry of the Government as Kowloon Inland Lot No.7403, Hong Kong

Rooms 01-22, 22nd Floor, Lufu Lianhe Guangchang (Lufu Union Square), No. 233, Hanxi Avenue West, Panyu District, Guangzhou, the PRC*

（中國廣州市番禺區漢溪大道西233號路福聯合廣場22 層01-22房）

Portion of Ground Floor (known as Shop B and Shop

1. of Kwai Chung Car Park and Shopping Centre, Nos.26-30 Wo Yi Hop Road, Kwai Chung, New Territories, Hong Kong

Shop B5 on G/F, (including the roof immediately above the shop) and cockloft B3 (including the roff immediately above cockloft), Fung Cheung House, Nos. 5-15,19-33 Wan Fung Street, Kowloon, Hong Kong

1st Floor, No.90 Hung To Road, Kowloon, Hong Kong

2nd Floor, No.90 Hung To Road, Kowloon, Hong Kong

Workshop No.3, Ground Floor, Laurels Industrial Centre No.32 Tai Yau Street, Kowloon, Hong Kong

Unit F (including flat roof), 4/F, Luk Hop Industrial Building, 8 Luk Hop Street, San Po Kong, Kowloon, Hong Kong

HK$373,000 1 April 2020 to	Restaurant
31 March	operation
2023
HK$369,000 1 April 2020 to	Restaurant
31 March	operation
2023
HK$368,000 1 April 2020 to	Restaurant
31 March	operation
2023
HK$350,000 1 April 2020 to	Restaurant
31 March	operation
2023
HK$232,500 1 April 2020 to	Restaurant
31 March	operation
2023
HK$148,000 1 April 2020 to	Restaurant
31 March	operation
2023
HK$140,339** 1 April 2020 to	Office premises
31 March
2023
HK$125,200 1 April 2020 to	Restaurant
31 March	operation
2023
HK$113,300 1 April 2020 to	Restaurant
31 March	operation
2023
HK$75,000 1 April 2020 to	Restaurant
31 March	operation
2023
HK$75,000 1 April 2020 to	Restaurant
31 March	operation
2023
HK$70,000 1 April 2020 to	Restaurant
31 March	operation
2023
HK$62,000 1 April 2020 to	Warehouse
31 March
2023

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				Monthly
	Landlord	Tenant	Location	rental	Term	Use
				(Note 1)	(Note 2)
24.	Able Dynasty	China Kings	Workshop B-2A and Canteen on Ground Floor, Kai Tak	HK$55,000	1 April 2020 to	Restaurant
	Development	Development	Factory Building Stage II, No.99 King Fuk Street &		31 March	operation
	Limited	Limited	Nos.39-41 Tseuk Luk Street, Kowloon, Hong Kong		2023
25.	Sino Billion	Fulum	Unit B, 2/F, Luk Hop Industrial Building, 8 Luk Hop	HK$55,000	1 April 2020 to	Warehouse
	Development	Management	Street, San Po Kong, Kowloon, Hong Kong		31 March
	Limited	Limited			2023
26.	Spring Luck Hong	Fulum	Unit A, 23/F & portion of stores A and Flat Roof A	HK$51,000	1 April 2020 to	Warehouse
	Kong Limited	Management	on 23/F, Luk Hop Industrial Building, 8 Luk Hop		31 March
		Limited	Street, San Po Kong, Kowloon, Hong Kong		2023
27.	Step Dragon	China Kings	Portion of Workshop B2 on Ground Floor, Kai Tak	HK$27,500	1 April 2020 to	Restaurant
	International	Development	Factory Building Stage II, No. 99 King Fuk Street &		31 March	operation
	Limited	Limited	Nos.39-41 Tseuk Luk Street, Kowloon, Hong Kong		2023
28.	Skies Faithful	Central King	Shop 228A on 2nd Floor, Kings Wing Plaza 2, No.	HK$22,000	1 April 2020 to	Restaurant
	Limited	Development	1 On Kwan Street, Shatin, New Territories, Hong		31 March	operation
		Limited	Kong		2023
29.	Kind Rich	China Harvest	Portion of Ground Floor as shown coloured pink	HK$18,000	1 April 2020 to	Restaurant
	International	(Hong Kong)	hatched red on Ground Floor Plan annexed to		31 March	operation
	Limited	Limited	Assignment Memorial No. UB1502741, No.90 Hung		2023
			To Road, Kowloon, Hong Kong
30.	China Crown	Fulum	The whole of 15/F., Luk Hop Industrial Building, 8 Luk	HK$294,000	1 April 2020 to	Headquarters
	Industrial	Management	Hop Street, San Po Kong, Kowloon, Hong Kong		31 March
	Limited	Limited			2023
31.	China Crown	Fulum	Unit D, 14/F, Luk Hop Industrial Building, 8 Luk Hop	HK$52,900	1 April 2020 to	Headquarters
	Industrial	Management	Street, San Po Kong, Kowloon, Hong Kong		31 March
	Limited	Limited			2023
32.	Central Steel	Fulum	Unit E, 14/F, Luk Hop Industrial Building, 8 Luk Hop	HK$49,400	1 April 2020 to	Headquarters
	Limited	Management	Street, San Po Kong, Kowloon, Hong Kong		31 March
		Limited			2023
The new connected leases to be entered

				Monthly
	Landlord	Tenant	Location	rental	Term	Use
				(Note 1)	(Note 2)
33.	China Hall	China Harvest	Unit 4 on 1/F, Tower 1 Enterprise Square, No. 9	HK$45,000	1 April 2020 to	Restaurant
	Enterprises	(Hong Kong)	Sheung Yuet Road, Kowloon, Hong Kong		31 March	operation
	Limited	Limited			2023 (Note 4)
34.	Power King	China Harvest	Portion of Flat C on Ground Floor, Wing Hin Factory	HK$88,000	1 April 2020 to	Restaurant
	International	(Hong Kong)	Building, Nos. 226-228 Choi Hung Road, Nos. 31-		31 March	operation
	Investment	Limited	33 Ng Fong Street, Kowloon, Hong Kong		2023 (Note 4)
	Limited
35.	China Good	Super Rich	Shop 205, 205A, 206, 206A, 207 and 207A of the	HK$203,000	1 April 2020 to	Restaurant
	Corporation	International	Second Floor, Hsin Kuang Centre, No. 120 Lung		31 March	operation
	Limited	Limited	Cheung Road, Kowloon, erected on New Kowloon		2023 (Note 4)
			Inland Lot No. 5755, Hong Kong

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Notes:

1. The monthly rental is all exclusive of the Government rent, the Government rates and the Service Charges.
2. There is an option to renew for another three years commencing from 1 April 2023.
3. Reference is made to the circular of the Company dated 13 July 2018 regarding the supplemental agreement dated 8 June 2018 entered into among the Company and Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung, Mr. CN Yeung and Mr. Leung in relation to 2017 Connected Tenancy Framework Agreement, the subsisting connected tenancy agreement of Premises 1 as at the date of this announcement covers the lease period from 1 August 2017 to 31 July 2020 which exceeded the term of the 2017 Connected Tenancy Framework Agreement. For the purpose of compliance with the Listing Rules, the landlord and tenant have indicated their intention to terminate the subsisting connected tenancy agreement with effect from 31 March 2020 and renew the tenancy with a term from 1 April 2020 to 31 March 2023 by entering into the 2020 Connected Tenancy Agreement.
4. There is a rent free period from 1 April 2020 to 30 April 2020.

Apart from the monthly rent payable to the Connected Landlord Entities, the relevant member of the Group shall also be responsible for paying, among others, the Service Charges. In particular, the monthly payment of Service Charges to the landlord of Premises 1 and 35 of HK$237,591 and HK$36,658, respectively, also constitutes a continuing connected transaction for the Company as the landlord will collect the Service Charges on behalf of the building manager of the shopping arcade of Hsin Kuang Centre, in which both Premises 1 and 35 are located. The building manager, China Talent Properties Limited, is directly wholly-owned by China Well Properties Management Limited, which is indirectly owned as to approximately 41%, 31%, 21% and 7% by Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung and Mr. Leung, respectively, and hence is an associate of a connected person of our Company under the Listing Rules.

BASIS OF DETERMINATION OF THE RENT OF THE PREMISES and the service charges for premises 1 and 35

The 2020 Connected Tenancy Framework Agreement was entered into on an arm's length negotiations. The aggregate rent of the connected leases that are ascertainable at the date of this announcement for the years ending 31 March 2021, 2022 and 2023 is approximately HK$116,894,000, HK$117,230,000 and HK$117,230,000, respectively. The rent of each of the Premises has been arrived at after arm's length negotiations according to (i) the market rent of the Premises with reference to the fair rent letters issued by the Valuer; and (ii) various conditions of the Premises, including but not limited to the location of the Premises as well as the facilities and management services associated with the Premises.

The aggregate annual Service Charges for Premises 1 and 35 for the years ending 31 March 2021, 2022 and 2023 are approximately HK$3,291,000, HK$3,291,000 and HK$3,291,000, respectively. The Service Charges for Premises 1 and 35 have been arrived at after arm's length negotiations with reference to (i)

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similar charges chargeable to other shop units of the shopping arcade of Hsin Kuang Centre leased or to be leased to independent third parties to the market; and (ii) the letters issued by the Valuer in assessing the market rate of the Services Charges for Premises 1 and 35.

HISTORICAL TRANSACTION AMOUNTS AND HISTORICAL ANNUAL CAPS

The aggregate historical rental amounts

Reference is made to the Announcements in respect of the continuing connected transactions of certain leases entered between the relevant members of the Group and relevant members of Connected Landlord Entities at the material time.

Given that all the landlords under the Announcements and the 2017 Connected Tenancy Framework Agreement are members of the Connected Landlord Entities, the transactions contemplated under the 2017 Connected Tenancy Framework Agreement are required to be aggregated with the transactions in the Announcements pursuant to Rule 14.22, Rule 14.23 and Rule 14A.81 of the Listing Rules. As a result, during the years ended 31 March 2018 and 2019 and the eight months ended 30 November 2019, the aggregate rental paid for the continuing connected transactions between the Group and the Connected Landlord Entities for the periods indicated is set forth below:

For the year ended	For the year ended	For the eight months ended
31 March 2018	31 March 2019	30 November 2019
HK$	HK$	HK$
101,168,246	110,279,798	67,981,414
The aggregate historical rental annual caps

The following sets forth the Group's aggregate rental annual caps in relation to the continuing connected transactions with the Connected Landlord Entities for the periods indicated:

For the year ended	For the year ended	For the year ending
31 March 2018	31 March 2019	31 March 2020
HK$	HK$	HK$
101,173,246	112,812,998	109,210,152

The aggregate historical Service Charges paid to connected person of the Company under the connected leases

The actual Service Charges paid to connected person of the Company under the connected leases were nil, nil, and nil for the years ended 31 March 2018 and 2019 and the eight months ended 30 November 2019.

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ANNUAL CAPS

Accounting implication to the connected leases

In accordance with the applicable HKFRSs applicable to the Group, the payments by the Group contemplated under the 2020 Connected Tenancy Agreements comprise different components and hence different accounting treatments will be applied. The rental payment to be made by the Group are capital in nature and will be recognised, among others, as assets of the Group at the respective commencement dates of the 2020 Connected Tenancy Agreements and amortised over the term of the connected leases. The Service Charges for Premises 1 and 35 to be made by the Group will be recognised, among others, as expenses of the Group over the respective lease terms of the 2020 Connected Tenancy Agreements.

The Right-of-use Asset Caps

As HKFRS 16 "Lease" has taken effect from 1 January 2019 and be applicable to financial years starting on or after 1 January 2019, pursuant to the requirements of the Stock Exchange, the annual caps for the continuing connected transactions under the 2020 Connected Tenancy Framework Agreement with the Group as the lessee for the years ending 31 March 2021, 2022 and 2023 will be based on the total value of right-of-use assets relating to the leases to be entered into by the Group. Having considered, among others:

1. the fact that the 2020 Connected Tenancy Agreements may be entered into in any of the years ending 31 March 2021, 2022 and 2023;
2. the rent of the Premises;
3. the market rent of the Premises according to the fair rent letters issued by the Valuer based on the prevailing market conditions and the rental level of similar properties at the vicinity;
4. various conditions of the Premises, including but not limited to the location of the Premises as well as the facilities and management services associated with the Premises; and
5. the value of the Group's rights to use the underlying leased asset for the lease term which is initially measured on present value basis and calculated by discounting the non-cancellable lease payments for respective connected lease, using the incremental borrowing rate as the discount rate,

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the Directors (including the independent non-executive Directors) set the Right-of-use Asset Caps for the respective financial year as follows:

	For the year	For the year	For the year
	ending	ending	ending
	31 March 2021	31 March 2022	31 March 2023
	HK$	HK$	HK$
Right-of-use Asset Caps	352,155,000	234,770,000	117,385,000

The Valuer has assessed the market rents of the Premises (defined as the estimated amount for which a property would be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease term in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently, and without compulsion). In determining the market rents, the Valuer has examined comparable rentals of similar properties at the vicinity of each of the Premises. The Valuer has considered (i) location; (ii) usage; and (iii) transaction date to select the appropriate comparables to derive the market rent of the Premises.

The Service Charges Caps

The Service Charges Caps were determined based on the aggregate annual Service Charges for Premises 1 and 35 and having considered a reasonable buffer for any upward adjustment (including due to inflation or otherwise), the Directors (including the independent non-executive Directors) set the Service Charges Caps for the respective financial year as follows:

	For the year	For the year	For the year
	ending	ending	ending
	31 March 2021	31 March 2022	31 March 2023
	HK$	HK$	HK$
Service Charges Caps	3,291,000	3,291,000	3,291,000

The Valuer has evaluated the reasonableness of the Service Charges for Premises 1 and 35 by comparing the Service Charges chargeable to other shop units within the shopping arcade of Hsin Kuang Centre leased or to be leased to independent third parties on the market. The Valuer has considered the floor areas of the shop units and the unit service rates of each of the shop units (including Premises 1 and 35) of the shopping arcade in proving the reasonableness of the Service Charges for Premises 1 and 35.

The payment of the rent and Service Charges of the leases contemplated under the 2020 Connected Tenancy Framework Agreement will be funded by internal resources of the Group.

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REASONS AND BENEFITS OF ENTERING INTO THE 2020 CONNECTED TENANCY FRAMEWORK AGREEMENT

Out of 35 premises, 27 of them would be used as the Group's restaurants (the "Restaurant Premise(s)"). These 27 Restaurant Premises are all located in prime locations of various districts in Hong Kong, with easy transportation access and are of great convenience to the customers and able to further strengthen the branding and maintain the number of the restaurants of the Group in prime locations. Among the 27 Restaurant Premises, 24 Restaurant Premises are existing connected leases to be renewed at which the Group's business is carried out, their relocation would be costly and may have impact on daily business operation of the Group. Therefore, the Board considered that the renewal of their tenancy is fair and reasonable in order to avoid any material disruptions in their operations.

Eight premises would be used as the Group's headquarters, central kitchen and logistics centre, warehouses and office premises. The Group has been using these premises and therefore intend to renew the relevant leases to save the relocation costs.

In view of the benefits discussed above, the Board is not aware of any disadvantages to the Company of entering into the 2020 Connected Tenancy Framework Agreement.

As Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung and Mr. Leung, being the executive Directors, have material interests in the entering into of the 2020 Connected Tenancy Framework Agreement and the transactions contemplated thereunder, Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung and Mr. Leung had abstained from voting on the Board resolutions approving the entering into of the 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder, the Right-of- use Asset Caps and the Service Charges Caps.

Save for the aforesaid and to the best knowledge, information and belief of the Company, as at the date of this announcement, none of the other Directors has any material interest in any of the 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder, the Right- of-use Asset Caps and the Service Charges Caps and therefore no other Director was required to abstain from voting on the resolution(s) of the Board approving of the 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder, the Right-of-use Asset Caps and the Service Charges Caps.

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The Board (excluding Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung and Mr. Leung) is of the opinion that:

1. the 2020 Connected Tenancy Framework Agreement and the transactions contemplated thereunder are on normal commercial terms and are fair and reasonable;
2. the amount of the Right-of-use Asset Caps and the Service Charges Caps are fair and reasonable;
3. the letters issued by the Valuer are also provided to support that the rent of the Premises and Service Charges for Premises 1 and 35 are both on normal commercial terms and fair and reasonable; and
4. the 2020 Connected Tenancy Framework Agreement and the transactions contemplated thereunder are and will be conducted in the ordinary and usual course of business of the Group and in the interests of the Company and its Shareholders as a whole.

INFORMATION ON THE GROUP

The Group is principally engaged in restaurant operations in Hong Kong and the PRC, the provision of festive food products, production, sale and distribution of food products related to restaurant operations.

All the relevant members of the Group which would, subject to the approval of the 2020 Connected Tenancy Framework Agreement by the Independent Shareholders, enter into the 2020 Connected Tenancy Agreement as tenants, are indirect wholly-owned subsidiaries of the Company and are principally engaged in restaurant operation, provision of management services to fellow subsidiaries or processing, sale and distribution of food products in Hong Kong.

INFORMATION ON THE CONNECTED LANDLORD ENTITIES

All the relevant members of the Connected Landlord Entities which would, subject to the approval of the 2020 Connected Tenancy Framework Agreement by the Independent Shareholders, enter into the 2020 Connected Tenancy Agreements as landlords, are property investment companies.

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The table below sets forth the details of shareholding of the Connected Landlord Entities regarding the Premises:

Connected Landlord	Shareholding information
Entities
China Good	directly wholly-owned by Foo Lum Properties Limited, which is indirectly
Corporation Limited	owned as to 41%, 31%, 21% and 7% by Mr. Yeung, Mr. YC Yeung, Mr. YK
	Yeung and Mr. Leung, respectively, and hence is an associate of a connected
	person of our Company under the Listing Rules

China Hall Enterprises directly owned as to 1% by Mr. Yeung and as to 99% by Foo Lum

LimitedProperties Limited, which is indirectly owned as to 41%, 31%, 21% and 7% by Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung and Mr. Leung, respectively, and hence is an associate of a connected person of our Company under the Listing Rules

Sino Billion	directly owned as to 1% by Mr. Yeung and as to 99% by Foo Lum
Development	Properties Limited, which is indirectly owned as to 41%, 31%, 21% and 7%
Limited	by Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung and Mr. Leung, respectively,
	and hence is an associate of a connected person of our Company under the
	Listing Rules
Central Base	directly wholly-owned by Mr. Yeung, and hence is an associate of a
Industrial Limited	connected person of our Company under the Listing Rules
Excel Source	indirectly owned as to 41%, 31%, 21% and 7% by Mr. Yeung, Mr. YC
Investment Limited	Yeung, Mr. YK Yeung and Mr. Leung, respectively, and hence is an
	associate of a connected person of our Company under the Listing Rules
China Spring	directly wholly-owned by Foo Lum Properties Limited, which is indirectly
Development	owned as to 41%, 31%, 21% and 7% by Mr. Yeung, Mr. YC Yeung, Mr. YK
Limited	Yeung and Mr. Leung, respectively, and hence is an associate of a connected
	person of our Company under the Listing Rules
China Body Limited	directly wholly-owned by Foo Lum Properties Limited, which is indirectly
	owned as to 41%, 31%, 21% and 7% by Mr. Yeung, Mr. YC Yeung, Mr. YK
	Yeung and Mr. Leung, respectively, and hence is an associate of a connected
	person of our Company under the Listing Rules

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Connected Landlord	Shareholding information
Entities
China Crown	directly owned as to 1% by Mr. Yeung and as to 99% by Foo Lum
Industrial Limited	Properties Limited, which is indirectly owned as to 41%, 31%, 21% and 7%
	by Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung and Mr. Leung, respectively,
	and hence is an associate of a connected person of our Company under the
	Listing Rules
Central Big	directly wholly-owned by Foo Lum Properties Limited, which is indirectly
Enterprises Limited	owned as to 41%, 31%, 21% and 7% by Mr. Yeung, Mr. YC Yeung, Mr. YK
	Yeung and Mr. Leung, respectively, and hence is an associate of a connected
	person of our Company under the Listing Rules
China All Enterprises	directly wholly-owned by Mr. Yeung, and hence is an associate of a
Limited	connected person of our Company under the Listing Rules
Sino Horse Investment	directly wholly-owned by Mr. Yeung, and hence is an associate of a
Limited	connected person of our Company under the Listing Rules
China Label Industries	directly owned as to 49% by Mr. CN Yeung and as to 51% by Mr. YC
Limited	Yeung, and hence is an associate of a connected person of our Company
	under the Listing Rules
Merry Gain	directly wholly-owned by China Full Treasure Limited, which is indirectly
International Limited	owned as to approximately 41%, 31%, 21% and 7% by Mr. Yeung, Mr.
	YC Yeung, Mr. YK Yeung and Mr. Leung, respectively, and hence is an
	associate of a connected person of our Company under the Listing Rules
Kind Rich	directly wholly-owned by China Full Treasure Limited, which is indirectly
International Limited	owned as to approximately 41%, 31%, 21% and 7% by Mr. Yeung, Mr.
	YC Yeung, Mr. YK Yeung and Mr. Leung, respectively, and hence is an
	associate of a connected person of our Company under the Listing Rules
Central Steel Limited	directly wholly-owned by Mr. Yeung, and hence is an associate of a
	connected person of our Company under the Listing Rules
Spring Luck Hong	directly wholly-owned by Foo Lum Properties Limited, which is indirectly
Kong Limited	owned as to 41%, 31%, 21% and 7% by Mr. Yeung, Mr. YC Yeung, Mr. YK
	Yeung and Mr. Leung, respectively, and hence is an associate of a connected
	person of our Company under the Listing Rules

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Connected Landlord	Shareholding information
Entities
Able Dynasty	directly wholly-owned by China Moral Corporation Limited, which is
Development	indirectly owned as to approximately 41%, 31%, 21% and 7% by Mr. Yeung,
Limited	Mr. YC Yeung, Mr. YK Yeung and Mr. Leung, respectively, and hence is an
	associate of a connected person of our Company under the Listing Rules
Step Dragon	directly wholly-owned by China Moral Corporation Limited, which is
International Limited	indirectly owned as to approximately 41%, 31%, 21% and 7% by Mr. Yeung,
	Mr. YC Yeung, Mr. YK Yeung and Mr. Leung, respectively, and hence is an
	associate of a connected person of our Company under the Listing Rules
Skies Faithful Limited	directly wholly-owned by Foo Lum Properties Limited, which is indirectly
	owned as to 41%, 31%, 21% and 7% by Mr. Yeung, Mr. YC Yeung, Mr. YK
	Yeung and Mr. Leung, respectively, and hence is an associate of a connected
	person of our Company under the Listing Rules
Power King	directly wholly-owned by Foo Lum Properties Limited, which is indirectly
International	owned as to 41%, 31%, 21% and 7% by Mr. Yeung, Mr. YC Yeung, Mr. YK
Investment Limited	Yeung and Mr. Leung, respectively, and hence is an associate of a connected
	person of our Company under the Listing Rules
廣州順隆投資有限	directly wholly-owned by Rare Achievement Limited, which is directly
公司	wholly-owned by Mr. Yeung, and hence is an associate of a connected
	person of our Company under the Listing Rules

LISTING RULES IMPLICATIONS

Given that (i) Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung and Mr. Leung, being the executive Directors, are connected persons of the Company; and (ii) Mr. CN Yeung and the Connected Landlord Entities are associates of connected persons of the Company and are therefore connected persons of the Company pursuant to Rule 14A.07 of the Listing Rules, the 2020 Connected Tenancy Framework Agreement and the transactions contemplated thereunder constitute continuing connected transactions for the Company under Chapter 14A of the Listing Rules.

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As one or more of the applicable percentage ratios for the Right-of-use Asset Caps is more than 5%, the entering into of the 2020 Connected Tenancy Framework Agreement constitutes a continuing connected transaction for the Company under Chapter 14A of the Listing Rules. The 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder and the Right- of-use Asset Caps will be subject to the notification, announcement, annual review, circular (including independent financial advice) and Independent Shareholders' approval requirements under Chapter 14A of the Listing Rules.

Apart from the monthly rent payable to the Connected Landlord Entities, the relevant member of the Group shall also be responsible for paying, among others, the Service Charges. In particular, the monthly payment of Service Charges to the landlord of Premises 1 and 35 also constitutes a continuing connected transaction for the Company. As one or more of the applicable percentage ratios for the Service Charges Caps is more than 0.1% but less than 5%, the Service Charges for Premises 1 and 35 and Service Charges Caps will be subject to the notification, announcement and annual review but exempted from circular (including independent financial advice) and Independent Shareholders' approval requirements Chapter 14A of the Listing Rules.

An extraordinary general meeting will be convened, during which an ordinary resolution(s) will be proposed to the Independent Shareholders to consider and if appropriate, approve the 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder and the Right- of-use Asset Caps. Any vote of the Independent Shareholders at the extraordinary general meeting will be taken by poll.

The Independent Board Committee comprising all the independent non-executive Directors has been established to advise and give recommendation to the Independent Shareholders on the entering into of the 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder and the Right-of-use Asset Caps. Octal Capital Limited has been appointed as the Independent Financial Adviser to advise the Independent Board Committee and the Independent Shareholders in this regard.

For the purpose of seeking the approval of the Independent Shareholders, a circular containing, inter alia, (i) details of the transactions contemplated under the 2020 Connected Tenancy Framework Agreement; (ii) a letter from the Independent Board Committee; (iii) a letter of advice from the Independent Financial Adviser to advise the Independent Board Committee and the Independent Shareholders; and (iv) a notice of the extraordinary general meeting will be despatched to the Shareholders as soon as practicable, but in any event not later than 31 December 2019.

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GENERAL

As Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung and Mr. Leung have material interests in the entering into of the 2020 Connected Tenancy Framework Agreement and the transactions contemplated thereunder, Mr. Yeung, Mr. YC Yeung, Mr. YK Yeung and Mr. Leung would abstain from voting in the extraordinary general meeting of the Company on the resolution(s) approving the entering into of the 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder and the Right-of-use Asset Caps. Save for the aforesaid and to the best knowledge, information and belief of the Company, as at the date of this announcement, no other Shareholder has a material interest in the 2020 Connected Tenancy Framework Agreement and therefore no other Shareholder is required to abstain from voting on the proposed resolution(s) approving the 2020 Connected Tenancy Framework Agreement, the transactions contemplated thereunder and the Right-of-use Asset Caps.

DEFINITIONS

In this announcement, unless the context otherwise requires, the following expressions have the following meanings:

"2017 Connected Tenancy	the tenancy framework agreement (including any amendment(s)
Framework Agreement"	thereto and supplemental agreement(s)), dated 18 January 2017
	entered into among the Company and Mr. Yeung, Mr. YC Yeung,
	Mr. YK Yeung, Mr. CN Yeung and Mr. Leung;
"2020 Connected Tenancy	the connected tenancy agreements (including any amendment(s)
Agreements"	thereto and supplemental agreement(s)) to be entered into between
	the relevant member(s) of the Group and the relevant member(s)
	of the Connected Landlord Entities containing the detailed terms
	and conditions governing the leases contemplated under the 2020
	Connected Tenancy Framework Agreement and with a term not
	passing beyond the expiry date of the 2020 Connected Tenancy
	Framework Agreement;
"2020 Connected Tenancy	the tenancy framework agreement (including any amendment(s)
Framework Agreement"	thereto and supplemental agreement(s)), dated 9 December 2019
	entered into among the Company and Mr. Yeung, Mr. YC Yeung,
	Mr. YK Yeung, Mr. CN Yeung and Mr. Leung;
"Announcements"	the announcements of the Company dated 20 October 2015 and 30
	June 2016;
"associate(s)", "connected	has the meaning ascribed to this term under the Listing Rules;
person(s)" and "controlling
shareholder(s)"

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"Board"	the board of Directors;
"Company"	Fulum Group Holdings Limited (stock code: 1443), a company
	incorporated in the Cayman Islands with limited liability whose
	issued Shares are listed on the Main Board of the Stock Exchange;
"Connected Landlord Entities"	various entities controlled by Mr. Yeung, Mr. YC Yeung, Mr. YK
	Yeung, Mr. CN Yeung, Mr. Leung and/or their associates, being
	the landlords of the leases contemplated under the 2020 Connected
	Tenancy Framework Agreement;
"Controlling Shareholders"	has the meaning ascribed thereto under the Listing Rules and,
	in the context of the Company, refers to Mr. Yeung, China Sage
	International Limited (a company incorporated in the British
	Virgin Islands with limited liability on 28 May 2014 and directly
	wholly-owned by Mr. Yeung), Mr. YC Yeung and Mr. YK Yeung;
"Director(s)"	the director(s) of the Company;
"Government"	the government of Hong Kong;
"Group"	the Company and its subsidiaries from time to time;
"Hong Kong"	the Hong Kong Special Administrative Region of the PRC;
"Independent Board	a committee of the Board established with all independent non-
Committee"	executive Directors, namely Mr. Fan Chun Wah Andrew, Mr. Wu
	Kam On Keith and Mr. Ng Ngai Man Raymond, as members;
"Independent Financial	Octal Capital Limited, a corporation licensed by the Securities and
Adviser"	Futures Commission to carry on Type 1 (dealing in securities) and
	Type 6 (advising on corporate finance) regulated activities under
	the Securities and Futures Ordinance (Chapter 571 of the Laws
	of Hong Kong), being the independent financial adviser to the
	Independent Board Committee and the Independent Shareholders
	in respect of the 2020 Connected Tenancy Framework Agreement,
	the transactions contemplated thereunder and the Right-of-use
	Asset Caps;

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"Independent Shareholders"	the Shareholders other than Mr. Yeung, Mr. YC Yeung, Mr. YK
	Yeung, Mr. CN Yeung, Mr. Leung and those Shareholders who
	are otherwise interested or involved in the entering into of the
	2020 Connected Tenancy Framework Agreement and are required
	to abstain from voting in the extraordinary general meeting of
	the Company on the resolution to approve the 2020 Connected
	Tenancy Framework Agreement, the transactions contemplated
	thereunder and the Right-of-use Asset Caps;
"Listing Rules"	The Rules Governing the Listing of Securities on The Stock
	Exchange of Hong Kong Limited, as amended, supplemented or
	otherwise modified from time to time;
"Mr. CN Yeung"	Mr. Yeung Chun Nin (楊振年), the son of Mr. YC Yeung;
"Mr. Leung"	Mr. Leung Siu Sun (梁兆新), an executive Director;
"Mr. YC Yeung"	Mr. Yeung Yun Chuen (楊潤全), an executive Director and one of
	the Controlling Shareholders;
"Mr. Yeung"	Mr. Yeung Wai (楊維), an executive Director, the chairman, the
	chief executive officer and one of the Controlling Shareholders;
"Mr. YK Yeung"	Mr. Yeung Yun Kei (楊潤基), an executive Director and one of
	the Controlling Shareholders;
"PRC"	the People's Republic of China but for the purpose of this
	announcement shall exclude Hong Kong, the Macau Special
	Administrative Region of the PRC, and Taiwan;
"Premises"	the premises in respect of the leases to be entered or renewed that
	are ascertainable as at the date of announcement pursuant to the
	2020 Connected Tenancy Framework Agreement as set forth in the
	table headed "The Premises" in this announcement
"Right-of-use Asset Caps"	the total value of right-of-use assets relating to the transactions
	contemplated under the 2020 Connected Tenancy Framework
	Agreement;
"Shareholder(s)"	the holder(s) of the Share(s);

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"Shares"	ordinary share(s) in the share capital of the Company;
"Service Charges"	such service and management charges as may from time to time be
	payable in respect of the Premises or by the owner or occupier of
	them under the deed of mutual covenant;
"Service Charges Caps"	the aggregate annual Service Charges for Premises 1 and 35;
"Stock Exchange"	The Stock Exchange of Hong Kong Limited;
"Valuer"	Asset Appraisal Limited, an independent property valuer;
"HK$"	Hong Kong dollars, the lawful currency of Hong Kong;
"HKFRS(s)"	Hong Kong Financial Reporting Standard(s) issued by the Hong
	Kong Institute of Certified Public Accountants from time to time;
"RMB"	Renminbi, the lawful currency of the PRC;
"sq. ft"	square foot; and
"%"	per cent.

• The English address is the translation for identification purpose only.
• For the purpose of this announcement, the exchange rate for the conversion of RMB into HK$ for indication only is: RMB1.0 = HK$1.0964.

By order of the Board

Fulum Group Holdings Limited

YEUNG WAI

Chairman and Chief Executive Officer

Hong Kong, 9 December 2019

As at the date of this announcement, the Board comprises Mr. Yeung Wai, Mr. Yeung Yun Chuen, Mr. Yeung Yun Kei and Mr. Leung Siu Sun as executive Directors; and Mr. Fan Chun Wah Andrew, Mr. Wu Kam On Keith and Mr. Ng Ngai Man Raymond as independent non-executive Directors.

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