The Board of Directors of Yongmao Holdings Limited announced that an accident had occurred involving a tower crane owned by the Company's 60% owned subsidiary, Yongmao Machinery (H.K.) Company Limited in a customer worksite in Sau Mau Ping, Hong Kong. The accident happened on September 07, 2022, morning as the tower crane collapse during operations and hit workers in the worksite resulted in the death of three workers and six other workers injured. The Hong Kong Labour Department is commencing investigation into the cause of the accident.

The Group will assist and cooperate fully with the authorities in their investigations. The company will also be conducting it's own internal investigation. In the meantime, Labour Department has also ordered a cessation of all works at the worksite.