The Board of Directors of World Precision Machinery Limited announced that it has, on 18 August 2023, incorporated a wholly-owned subsidiary, Hainan World Tourism Investment Co. Ltd., with a registered capital of USD 20,000,000, to be paid up in due course. The principal activities of the new subsidiary is hotel investment and management services.

The incorporation is not expected to have any material impact on the earnings per share and net tangible asset per share of the Company for the financial year ending 31 December 2023.