The Board of Directors of HealthBank Holdings Limited refers to its announcement dated 18 September 2020 in respect of the joint venture agreement entered with Tian Li, pursuant to which the Parties have agreed to establish a joint venture company ("JV Co") to conduct the business of properties investment and management in the People's Republic of China ("China"). The Board wishes to inform that the JV Co, known as Hainan Zhongyuan Cultural Tourism Co. Ltd. has been incorporated with a registered capital of RMB 1,000,000. For the avoidance of doubt, as stated in the Previous Announcement, the initial paid-up share capital of the JV Co amounts to RMB 500,000 which shall be payable in cash within 3 months from the incorporation date of the JV Co, with Elite Management and Local Partner holding 51% and 49% interest respectively. The management and the Board do not envisage any additional investment or lending required for the JV Co in the next 12 months.