Reference is made to the previous announcements released on 18 December 2013, 9 May 2014, 6 May 2015, 14 May 2015, 9 May 2016, 20 April 2017, 28 April 2017, 6 October 2017, 5 April 2018, 4 May 2018, 5 November 2018, 29 April 2019, 3 May 2019, 1 November 2019, and 30 April 2020.

The Board of Directors of China Ouhua (“Board”) wishes to update that the land title ownership has yet to be transferred to Yantai Fazenda Ouhua Winery Co., Ltd. (“Yantai Ouhua”).

After the submission of all the requested documents to Ministry of Housing and Urban-Rural Development (“MOHURD”) and the Real Estate Registration Center (“RERC”) for their assessment and approval in April 2020, both MOHURD and RERC as well as the Huangwu Subdistrict Office, Zhifu District, Yantai City had conducted several meetings to resolve the historical land property rights related issues. Management had been told to wait for the notification from the government departments before proceed with the necessary process and procedure of the land title ownership transfer.

There was no confirmation given by any of the government officer on the completion date of the Application. Thus, the Board is unable to ascertain the completion date of the Transfer.

China Ouhua will proactively follow up with the relevant government authorities of the PRC to ensure the land title ownership is transferred to Yantai Ouhua.

Barring any unforeseen circumstances, the Board is of the view that the whole process should be able to complete within six (6) months from the date of this announcement.