Value Convergence Holdings Limited — Capital/Financing Update 2021

Dec 24, 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)

COMPLETION OF DISCLOSEABLE TRANSACTION DISPOSAL OF THE ENTIRE ISSUED SHARE CAPITAL OF THE TARGET COMPANY AND ASSIGNMENT OF THE SHAREHOLDER’S LOAN AND CHANGE IN USE OF PROCEEDS

COMPLETION OF THE DISPOSAL

Reference is made to the announcement of Value Convergence Holdings Limited (the “ Company ”) dated 9 December 2021 in relation to the Disposal (the “ Announcement ”). Capitalised terms used herein, unless otherwise defined, shall have the same meanings as those defined in the Announcement.

The Board is pleased to announce that all conditions precedent set out in the Sale and Purchase Agreement have been fulfilled and the Completion took place on 24 December 2021. Upon the Completion, the Target Company will cease to be a subsidiary of the Company and the financial results of the Target Company will no longer be consolidated into the financial statements of the Group.

CHANGE IN USE OF PROCEEDS

Reference is also made to the announcement of the Company dated 24 July 2020 in relation to, among other things, placing of convertible bonds under specific mandate (the “ CB Placing ”). According to the announcement, approximately HK$15,000,000 of the net proceeds from the CB Placing would be used for possible business development in relation to the agreements entered into among the Target Company and its joint venture partner. As at the date of this announcement, approximately HK$9.9 million of which has not yet been utilised (the “ Unutilised Proceeds ”). In light of the Disposal, the Unutilised Proceeds can no longer be used for such purpose. The Board has resolved to reallocate the Unutilised Proceeds as general working capital for operating expenses of

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the Company including but not limited to rental and salary expenses. The Board considers that the reallocation of the Unutilised Proceeds is in the interests of the Company and the Shareholders as a whole.

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

Hong Kong, 24 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.

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