Value Convergence Holdings Limited — Capital/Financing Update 2021

Dec 28, 2021

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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Value Convergence Holdings Limited

(Incorporated in Hong Kong with limited liability) Website: http://www.vcgroup.com.hk (Stock Code: 821)

VOLUNTARY ANNOUNCEMENT FORMATION OF A JOINT VENTURE

This announcement is made by Value Convergence Holdings Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) on a voluntary basis for the purpose of providing an update on the latest business development of the Group to its shareholders and investors.

The board (the “ Board ”) of directors (the “ Directors ”) of the Company is pleased to announce that on 24 December 2021, Shenzhen Qianhai Value Convergence Technology Power Co. Ltd.* ( 深圳市前海滙盈科技動力有限公司 ) (“ Qianhai VCT ”), a wholly-owned subsidiary of the Company, has established a joint venture company, namely Shenzhen Huiwei Duoying Technology Co. Ltd.* (深圳市滙微多盈科技有限公 司) (the “ JV Company ”), with Shenzhen Yiyun Information Electronic Co. Ltd.* (深圳 市倚雲信息電子有限公司) (“ Shenzhen Yiyun Information ”) and Ms. Li Xiaowen. The equity interests of the JV Company are held as to 51%, 25% and 24% by Qianhai VCT, Shenzhen Yiyun Information and Ms. Li Xiaowen, respectively.

The JV Company is principally engaged in the sales and marketing of virtual assets and has made plans with regard to, including but not limited to, the business of sales and marketing of virtual products of Tencent with an expectation to obtain exclusive sales rights from virtual product distributors of Tencent. The virtual products of Tencent range from Tencent Games, QQ, video and music. The Board believes that by entering into the business of sales and marketing of virtual products through the JV Company, the Group can expand its competitiveness and enhance its profitability in the Internet sector.

To the best of the Directors’ knowledge, information and belief having made all reasonable enquiries, as at the date of this announcement, Shenzhen Yiyun Information and its ultimate beneficial owner and Ms. Li Xiaowen are third parties independent of the Company and its connected persons.

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LISTING RULES IMPLICATION

As all the applicable percentage ratios (as defined in Rule 14.07 of the Listing Rules) in respect of the abovementioned formation of the JV Company do not exceed 5%, the formation of the JV Company does not constitute a notifiable transaction under Chapter 14 of the Listing Rules. This announcement is made by the Company on a voluntary basis.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

By Order of the Board of Value Convergence Holdings Limited Fu Yiu Man, Peter Chairman & Executive Director

Hong Kong, 28 December 2021

As at the date of this announcement, the Board comprises four executive Directors, namely, Mr. Fu Yiu Man, Peter (Chairman), Mr. Lin Hoi Kwong, Aristo, Ms. Li Cindy Chen and Mr. Zhang Nu; and three independent non-executive Directors, namely, Mr. Wong Chung Kin, Quentin, Mr. Wong Kam Choi, Kerry, MH and Mr. Siu Miu Man, Simon, MH.

• English name for identification purpose only.

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