Reference is made to the previous announcements released on 18 December 2013, 9 May 2014, 6 May 2015, 14 May 2015, 9 May 2016, 20 April 2017, 28 April 2017, 6 October 2017, 5 April 2018, 4 May 2018, 5 November 2018, 29 April 2019, 3 May 2019, 1 November 2019, 30 April 2020, 30 October 2020, 30 April 2021, 28 October 2021, 28 April 2022, 28 October 2022 and 27 April 2023.

The Board of Directors of China Ouhua (“Board”) wishes to update that the land title ownership has yet to be transferred to Yantai Fazenda Ouhua Winery Co., Ltd. (“Yantai Ouhua”).

There had been orderly progress on the Transfer since last announcement made on 27 April 2023. China Ouhua has made multiple contacts with the relevant local government departments to facilitate the Transfer since a consensus was reached among the relevant local government departments, that the Company can continue with the formalities related to the Application for real estate certificate.

Currently, the Transfer has entered the valuation of assets stage, where upon completion and finalization of the valuation, the Company would then be required to make the necessary payment of taxes and fees related to Application for real estate certificate based on the valuation. Upon the requisite payment, the real estate certificate will be issued by the Real Estate Registration Center. 

There was no confirmation given by any of the government officer on the completion date of the Application. Thus, the Board is unable to ascertain the completion date of the Transfer.

China Ouhua will proactively follow up with the relevant government authorities of the PRC to ensure the land title ownership is transferred to Yantai Ouhua.

Barring any unforeseen circumstances, the Board is of the view that the whole process should be able to complete within six (6) months from the date of this announcement.