JIN MI FANG GP (08300): Established Jin Mi Fang catering in Hong Kong.

JIN MI FANG GP (08300) announces that the group has recently established a non-wholly owned subsidiary company in Hong Kong named Jn m fng cnyn (xinggng) yuxin gngs, with the aim of developing hot pot dining business in Hong Kong. Before the establishment of Jn m fng cnyn in Hong Kong, the group has accumulated many years of experience in the food and beverage industry in Hong Kong. Due to the ongoing uncertainty in the overall dining market in Hong Kong since the outbreak of COVID-19 and the post-pandemic era, the group has gradually closed its restaurants and ceased its restaurant operations in Hong Kong by late October 2024. The group has been reassessing its strategic policies regarding the allocation of resources for its various business segments in order to create the best returns for the company and shareholders. To diversify its sources of income and further develop its dining business, the group has also entered the wine supply and food sales and distribution markets in mainland China for the financial years ended March 31, 2024, and March 31, 2025, respectively. At the same time, the group has been closely monitoring business trends in the market and has adopted a conservative and cautious business strategy for its dining business in Hong Kong in order to restore its position in the dining industry. Considering the popularity of the hot pot dining industry in Hong Kong, the group plans to explore market opportunities through collaboration with a business partner. As of the date of this announcement, Jn m fng cnyn Hong Kong is owned 51% by the group and 49% by Mr. Ln hi q. Mr. Ln has many years of experience in the dining industry in Hong Kong, particularly in opening, managing, and operating hot pot restaurants. Following all reasonable inquiries made by the board of directors, it is known, understood, and confirmed that Mr. Ln was an independent third party separate from the company and its related parties before the establishment of Jn m fng cnyn in Hong Kong. The board believes that the group will be able to leverage Mr. Ln's industry insights, management expertise, and business network to enhance the competitiveness and operational efficiency of its planned hot pot dining business in Hong Kong. The group plans to open its new hot pot restaurant in Kowloon, Hong Kong through Jn m fng cnyn Hong Kong, which is currently in the preparation stage. The group aims to start operating the hot pot restaurant around the second quarter of 2026, subject to the progress of relevant preparations and obtaining the necessary licenses, permits, and approvals. The directors believe that the establishment of Jn m fng cnyn in Hong Kong and the development of the hot pot dining business in Hong Kong are in the overall interests of the company and shareholders. The directors believe that this business development is a strategic step for the group to re-establish itself in the dining market, enabling the group to leverage its existing experience and expertise in the dining industry to develop the hot pot dining business, broaden the group's sources of income, and ultimately improve the overall financial performance of the group.