Welife Technology Limited — Annual Report 2020

Jul 28, 2021

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”) 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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PALACE BANQUET HOLDINGS LIMITED 首灃控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1703)

SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO THE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2020

Reference is made to the annual report of Palace Banquet Holdings Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) for the year ended 31 March 2020 (the “ Annual Report ”). This announcement is supplemental to, and should be read in conjunction with the Annual Report. Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Annual Report.

In addition to the information disclosed in the Annual Report, the Board would like to provide the shareholders of the Company and the potential investors with the following supplementary information.

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USE OF NET PROCEEDS

As at 31 March 2020, the utilisation of the Net Proceeds from the Listing Date is set out as follows:

Intended use of Net Proceeds as disclosed in the Prospectus Opening restaurants(note 2) Renovation of existing restaurants Promoting brands Additional working capital, strategic investment and other general corporate purposes	Approximate percentage of the total amount % 76.1 14.1 5.0 4.8 100.0	Actual Net Proceeds received HK$’000 70,557 13,063 4,633 4,481 92,734	Amount utilised up to 31 March 2020 Unused Net Proceeds as at 31 March 2020 (note 2) Estimated timeline for utilization of the unused Net Proceeds (notes 1 and 2) HK$’000 HK$’000 7,500 63,057 31 March 2023 13,063 — 1,689 2,944 31 March 2022 4,481 — 26,733 66,001

Notes:

1. The expected timeline for utilising the remaining net proceeds is made based on the best estimation of the Company taking into account, among others, prevailing and future market conditions and business developments and need, and therefore is subject to change.

2. The unutilised net proceeds from the Listing are expected to be used in accordance with the Company’s plan as disclosed in the Prospectus except the original timeline for utilising the remaining net proceeds as disclosed in the Prospectus has been delayed due to, among others, the business environment being affected by the social unrest in Hong Kong since June 2019 and the outbreak of novel coronavirus since January 2020.

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RETIREMENT BENEFIT COSTS

As at 31 March 2020, forfeited contributions which arose upon employees leaving the retirement plans and which are available to reduce the contributions payable in the future years amounted to nil (2019: nil).

For and on behalf of the Board Palace Banquet Holdings Limited Chan Shou Ming Chairman

Hong Kong, 28 July 2021

As at the date of this announcement, the executive Directors of the Company are Mr. Chan Shou Ming, Ms. Chen Xiao Ping and Ms. Qian Chunlin; and the independent nonexecutive Directors of the Company are Mr. Lee Wai Man, Mr. Ng Kwok Tung and Mr. Tsang Hung Kei.

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