China Conch Venture Holdings Limited (SEHK:586) proposes to spin-off China Conch Environment Protection Holdings Limited on September 28, 2021. China Conch Venture Holdings Limited will separately list the shares of Conch Environment on The Stock Exchange of Hong Kong Limited by way of introduction, which will implemented through a distribution in specie by China Conch Venture Holdings Limited of all the Conch Environment Shares to the Shareholders, in proportion to their respective shareholding in China Conch Venture Holdings Limited as at the Record Date. Listing is conditional upon, among other things, the approvals of the Listing Committee, the final decision of the Board of China Conch Venture Holdings Limited and the board of Conch Environment.

The Stock Exchange has confirmed that China Conch Venture Holdings Limited may proceed with the Proposed Spin-off. China Conch Venture Holdings Limited set a record date for distribution on March 23, 2022. .

Subject to the declaration of the Distribution by the Board on Wednesday, 16 March 2022, the record date for determining entitlements to the Distribution will be on Wednesday, 23 March 2022. The Company announces that the Proposed Spin-off has been approved by the Board. On 16 March 2022, the Board declared a conditional distribution in specie of all the issued Conch Environment Shares held by the Company, representing all the issued shares of Conch Environment, to the Qualifying Shareholders.

The Distribution is conditional upon the Listing Committee granting the approval for the listing. The Listing Document in relation to the Proposed Spin-off expected to be issued by Conch Environment on or around 22 March 2022 will be dispatched to the Registered Shareholders. Computershare Hong Kong Investor Services Limited acted as registrar to China Conch Venture Holdings Limited.

Tianning Xiang and Fang Liu of Clifford Chance LLP (Shanghai) acted as legal advisor in transaction