Xidelang Holdings Ltd

Formalises Partnership for a New Shoes Manufacturing Plant in Indonesia

Xidelang Holdings Ltd (the “Company”) is pleased to announce the formalisation of its partnership with Mr. Xia ZiXuan to establish a shoe manufacturing plant in Indonesia. This milestone follows discussions and market surveys initiated in late 2023. After a thorough evaluation of market conditions, operational benefits, and the identification of a suitable partner, the Company is confident that this strategic collaboration will create long-term value for all stakeholders.

As part of the preliminary activities in year 2023, a local Indonesian entity, PT NBF Shoes and Clothing, was incorporated on 1 November 2023 where Mr. Ding WeiBin, the Company’s Director of Business Development and Foreign Investment, acts as the legal representative of the Company. This step was taken to facilitate and ease market survey activities during the initial stages of the project. Today, with the decision to proceed with the partnership with Mr. Xia ZiXuan, the Company is pleased to ratify and formalise the establishment of PT NBF Shoes and Clothing.

PT NBF Shoes and Clothing, which has an initial paid-up capital of Indonesian Rupiah (Rp) 10,000,000,000.00 (approximately Ringgit Malaysia (RM) 2,700,000.00), each of Mr. Xia and the Company holds 50% equity interest. At this stage, the partnership’s details remain limited to the establishment of the local entity, and each party will appoint a representative to sit on the board of directors to oversee governance and operations. Mr. Ding WeiBin shall continue to continue serving as its legal representative, pending the formalisation of governance and investment agreements in accordance with Indonesian regulations.

The total investment for the Indonesia project, including specific funding allocations, is yet to be finalised, as several key elements of the partnership and operational strategy are still under discussion.

Mr. Xia ZiXuan is not a person connected with the Directors and/or major shareholders of the Company. Save as disclosed above, none of the Directors and/or major shareholders of the Company and/or persons connected with them has any interest, direct or indirect, in the abovementioned partnership.

Further announcements regarding the project’s developments will be made as and when appropriate.

This announcement is dated 24 January 2025.