LIST OF MAJOR SUBSIDIARIES

Name of company	Place and date of incorporation/ establishment	Type of legal entity under PRC law	Issued and fully paid/registered capital	Proportion of ownership interest			Principal activities
				Group’s effective interest	Held by the company	Held by a subsidiary
Top Talent Holdings Limited (“Top Talent”)	BVI 18 March 2003	N/A	US$1/ US$50,000	100%	100%	–	Investment holding
Shenzhen Huayu Expressway Investment Co., Ltd. (“Qingping”)*	Mainland China 22 December 2002	Limited liability company	RMB150,000,000/ RMB150,000,000	60%	–	60%	Construction, operation and management of an expressway in the PRC
Shenzhen Huayu Wine Development Co., Ltd. (“Wine Development”)*	Mainland China 25 January 2013	Limited liability company	HK$93,892,000/ HK$100,000,000	100%	–	100%	Distribution of liquor and spirits
Huayu Healthy Wine (Shenzhen) Co., Ltd. (“Healthy Wine”)*	Mainland China 24 August 2018	Limited liability company	RMB50,000,000/ RMB50,000,000	77%	–	77%	Distribution of liquor and spirits
Guangxi Bama Huayu Yechang Liquor Co., Ltd.*	Mainland China 19 May 2021	Limited liability company	RMB10,000,000/ RMB10,000,000	70%	–	70%	Distribution of liquor and spirits
Guizhou Huayu Pengzhi Liquor Co., Ltd.*	Mainland China 18 December 2020	Limited liability company	RMB10,000,000/ RMB10,000,000	39%	–	51%	Distribution of liquor and spirits
Guangxi Bama Huayu Pengzhi Liquor Co., Ltd.*	Mainland China 28 December 2021	Limited liability company	RMB698,000/ RMB1,000,000	39%	–	51%	Distribution of liquor and spirits

* These entities are established in Mainland China. The English translation of the Companies’ names are for references only. The official names are in Chinese.

LIST OF MAJOR ASSOCIATES

					Proportion of ownership interest
Name of associate	Form of business structure	Place of incorporation and business	Particulars of issued and paid-up capital	Group’s effective interest	Held by the Company	Held by a subsidiary	Principal activity
湖南華昱瀟湘酒業有限公司 Hunan Huayu Xiaoxiang Liquor Co., Ltd.*	Incorporated	Mainland China	RMB10,000,000	27.1%	–	27.1%	Sales of liquor and spirits
河南華昱鼎立酒業有限公司 Henan Huayu Dingli Liquor Co., Ltd.*	Incorporated	Mainland China	RMB10,000,000	30.0%	–	30.0%	Sales of liquor and spirits
貴州華昱深黔酒業有限公司 Guizhou Huayu Shenqian Liquor Co., Ltd.*	Incorporated	Mainland China	RMB8,500,000	35.0%	–	35.0%	Sales of liquor and spirits
陝西華昱恒韻酒業有限公司 Shanxi Huayu Hengyun Liquor Co., Ltd.*	Incorporated	Mainland China	RMB10,000,000	23.0%	–	23.0%	Sales of liquor and spirits
北京華昱盛京酒業有限公司 Beijing Huayu Shengjing Liquor Co., Ltd.*	Incorporated	Mainland China	RMB10,000,000	28.0%	–	28.0%	Sales of liquor and spirits
廣東華昱粵海酒業有限公司 Guangdong Huayu Yuehai Liquor Co., Ltd.*	Incorporated	Mainland China	RMB10,000,000	19.0%	–	19.0%	Sales of liquor and spirits
山東華昱德泰酒業有限公司 Shandong Huayu Detai Liquor Co., Ltd.*	Incorporated	Mainland China	RMB10,000,000	31.0%	–	31.0%	Sales of liquor and spirits
貴州仁懷華昱酒業有限公司 Guizhou Renhuai Huayu Liquor Co., Ltd.*	Incorporated	Mainland China	RMB155,000,000	30.0%	–	30.0%	Manufacture of liquor and spirits

* These entities are established in Mainland China. The English translation of the Companies’ names are for references only. The official names are in Chinese.