Tao Heung Holdings Limited announced that in view of the recent development of COVID-19 pandemic and the latest public health situation in Hong Kong, in order to fitting in with the government's anti-epidemic measures and safeguard the health and safety of customers and staff, the board of directors of the Company announces that the Group has decided to suspend the operation of all the restaurants in Hong Kong save and except the bakery and food production business with effect from 1 March 2022. The management expects the suspension is a temporary nature. With prudent evaluation on the Company's operations in Hong Kong and Mainland China, the management considers there is no material impact on the Company's financial position and going concern of the Group upon the temporary suspension of operations of restaurants in Hong Kong.

The Group will pay attention to the prevailing development of the public health situation in Hong Kong and closely monitor the market conditions to considering adjustment of its response strategies in a timely manner, and will endeavor to reopen the said restaurants for operation in due course.