China Hongqiao Group Ltd Announces Voluntary Announcement Joint Venture Company

China Hongqiao Group Ltd announced that the Company entered into the Joint Venture Agreement with Winning Investment, PT. Cita and PT. Danpac in respect of the Joint Venture Company in Indonesia. Pursuant to the Joint Venture Agreement, the Joint Venture Company shall be held as to 60% by the Company, 10% by Winning Investment, 25% by PT. Cita and 5% by PT. Danpac. Accordingly, the Joint Venture Company shall become a direct non-wholly-owned subsidiary of the Company and its results will be consolidated into the results of the Company. Pursuant to the Joint Venture Agreement, the issued capital of the Joint Venture Company shall be IDR 94,000,000,000 (equivalent to approximately HKD75,000,000) divided into 94,000 Shares with a par value of IDR 1,000,000 (equivalent to approximately HKD800) each. Pursuant to the Joint Venture Agreement, the Joint Venture Company shall be held as to 60% by the Company, 10% by Winning Investment, 25% by PT. Cita and 5% by PT. Danpac.