The board of directors of Solomon Worldwide Holdings Limited announced that a joint venture agreement for the establishment of three joint venture companies was signed by the Company and Mr. Liu Haitao (the JV Partner) on 20 January 2023. Paid up capital: The Parties shall totally invest HKD 2,000,000 as paid up capital based on their respective equity interest in the JV Companies. Accordingly, the Company shall totally contribute HKD 1,020,000 and the JV Partner shall totally contribute HKD 980,000 as paid up capital of the JV companies.

Shareholding in the JV Companies: The Company will directly hold 51% of equity interest in each of the JV Companies and the JV Partner will indirectly hold 49% of equity interest in each of the JV Companies through the JV Partner's wholly-owned company incorporate in the British Virgin Islands. Principal business of the JV Companies: Cultural industries and catering service from brand licensing, energy service sector from cooperation mode and import and export trading of building materials in Hong Kong, the People's Republic of China (the PRC) and overseas. Board structure of the JV Companies: The board of directors of each of the JV Companies shall comprise two members of which one will be nominated by the Company and one will be nominated by the JV Partner.

Registered location of the JV Companies: Hong Kong. The Board considerd that the entering into of the JV Agreement could potentially lead to more business opportunities for the Group and enable both the Group and the JV Partner to leverage on their respective strengths, resources and/or expertise for the business development in the cultural industries and catering service on brand licensing, energy service sector on cooperation mode and import and export trading of building materials in PRC and Overseas with synergy effects on the preferential status of Hong Kong as an international financial centre. The formation of the JV Companies will enhance the corporate development of the Group which will be in the best interests of the Company and its shareholders as a whole.