Gelonghui May 24 丨 Construction and Development of New City (300778)(00456scratchppt.HK) AnnouncementscratchpptOn May 24, 2024, the Company (as buyer) and the Seller (as seller) entered into a purchase agreement, pursuant to which the Company agreed to purchase, and the Seller agreed to sell a total of 85 concrete mixer trucks for a total consideration of RMB 14.72 million, which must be purchased at the issue price of 0 per consideration share upon completion.scratchpptThe Company issued and allotted 18,475,750 consideration shares at HK$.866. The consideration shares must be issued under general mandate.

In view of the government's promulgation of urban renewal measures in many cities in China, the company is optimistic that in the near future, related to property development,scratchpptOur business needs will flourish. As the company has been engaged in property development business in China, the company intends to diversify its business by providing concrete logistics and transportation and preparation services to a number of property developers in China, thereby horizontally expanding the group's business and serving as an additional source of income for the group.

The purchase of 85 concrete mixing trucks will be used for the preparation and transportation of concrete. The directors believe that the acquisition will allow the Group to diversify its property development business.