CONVERSION OF CONVERTIBLE NOTES
On 1 March 2021, the Company issued a Convertible Notes with principal amount of US$500,000 to Masan Multi Strategy Fund SPC — Masan Hong Kong Equity Fund SP (“Masan Fund”) pursuant to the Subscription Agreement. On 2 March 2021, the Company received a conversion notice from Masan Fund as Noteholder in respect of the exercise of the Conversion Rights attached to the Convertible Notes in the aggregate principal amount of US$500,000 at the initial conversion price of HK$0.65 per Share (the “Conversion”).