East Stone Acquisition Corporation Confirms Financing to Extend Period Until Completion of Initial Acquisition


Burlington, MA, Aug 25, 2021 (GLOBE NEWSWIRE) – East Stone Acquisition Corporation (Nasdaq: ESSCU), a publicly traded special purpose acquisition company (“East Stone”), today announced that an amount total of $ 1,380,000 (the “Extension Payment”) has been deposited into East Stone’s trust account for its public shareholders, representing $ 0.10 per public share, allowing East Stone to extend for three month the period available to complete its initial business combination until November 24, 2021 (the “Extension”). The extension is the second of two maximum three-month extensions allowed under East Stone’s constating documents and gives East Stone additional time to complete its proposed business combination with JHD Holdings (Cayman) Limited (“JHD”) ) in accordance with the business combination agreement. entered into on February 18, 2021 (the “Business Combination Agreement”).

JHD, on behalf of Double Venture Holdings Limited, the sponsor of East Stone, loaned the extension payment to East Stone. East Stone issued a promissory note to JHD in the amount of the extension payment. The loan under the promissory note does not bear interest and will be repaid upon completion of the proposed business combination. Completion of the business combination is subject to, among other things, the approval of the transaction by the shareholders of East Stone, the satisfaction of the conditions set out in the final business combination agreement and other conditions. customary closing procedures, including that the United States Securities and Exchange Commission complete its review of the Proxy Circular / Prospectus relating to the transaction, obtaining certain regulatory approvals and approval by the Nasdaq Stock Market of the transaction. ” register the securities of the combined company.

About the East Stone Acquisition Company

East Stone Acquisition Corporation (Nasdaq: ESSC) (“East Stone”) is a blank check company incorporated as a British Virgin Islands trading company incorporated for the purpose of acquiring, engaging in exchange of shares, reconstitute shares and merge with, purchase all or substantially all of the assets of, enter into contractual agreements with, or enter into any other similar business combination with one or more companies or entities. While not confined to any particular industry or geographic region with the goal of achieving an initial business combination, East Stone believes it is uniquely positioned to take advantage of the growing opportunities created by the space. of financial technology (fintech) in North America and Asia. -Peaceful.

About JHD Holdings (Cayman) Limited

JHD Holdings (Cayman) Limited (“JHD”) is an online and offline merchant empowerment service platform that provides nearly 90,000 independent retailers in five provinces of China with a full range of services and technologies, including point of sale (POS), supply chain and logistics, and fintech / payment capability. To enable the financial inclusion of significantly underbanked communities, JHD’s platform has already enabled around 2,900 outlets to become licensed financial stations in rural areas, allowing established banks to expand their branch network. to serve more consumers. By providing their partner stores with reliable and timely delivery of branded consumer products, JHD provides a reliable supply chain to stores.

Additional information

JHD Technologies Limited, a Cayman Islands exempt company (“Pubco”), filed with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 on June 28, 2021 (as amended, the “Statement”), which includes a preliminary proxy statement from East Stone Acquisition Corporation, a British Virgin Islands trading company (“East Stone”), and a prospectus relating to the proposed business combination (the “Combination companies ”involving East Stone), JHD Holdings (Cayman) Limited, a Cayman Islands company (“ JHD ”), Yellow River MergerCo Limited, a British Virgin Islands company and a wholly owned subsidiary of Pubco, Navy Sail International Limited , a British Virgin Islands company, as representative of the buyer, Yellow River (Cayman) Limited, a Cayman Islands company, as principal seller and representative of the seller, and has other shareholders of JHD who become parties to it (the “Sellers”) and Double Ventures H oldings Limited, a British Virgin Islands trading company (the “Sponsor”) under a business combination agreement (the “ business combination ”). The definitive proxy circular and other relevant documents will be mailed to East Stone shareholders on a record date to be established for voting on the initial business combination of East Stone with JHD. EAST STONE SHAREHOLDERS, SELLERS AND OTHER INTERESTED PARTIES ARE INVITED TO READ THE PRELIMINARY STATEMENT OF PROXY AND AMENDMENTS TO IT, AND THE DEFINITION OF PROXY IN CONNECTION WITH THE PARAST STONE PROXY SOLICITATION FOR THE MEETING SPECIAL FROM ITS SHAREHOLDERS COMBINATION OF COMPANIES BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT EAST STONE, JHD, PUBCO AND THE COMBINATION OF COMPANIES. Shareholders will also be able to obtain copies of the registration statement and proxy / prospectus, free of charge, once available, from the SEC’s website at www.sec.gov or by directing a request to East Stone by contacting its CFO, Chunyi (Charlie) Hao, c / o East Stone Acquisition Corporation, 25 Mall Road, Suite 330, Burlington, MA 01803, at (781) 202-9128 or at [email protected]

No offer or solicitation

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy securities, and there will be no sale of securities in any jurisdiction in which the offer, solicitation or sale would be illegal prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

No insurance

There can be no assurance that the proposed business combination will be completed, and no assurance, if the business combination is completed, that the potential benefits of the business combination will be realized.

Participants in the call for tenders

East Stone, JHD and Pubco and their respective directors, officers and employees and others may be considered to be participants in the solicitation of proxies from holders of East Stone common shares with respect to the business combination. offers. Information on the directors and officers of East Stone and their ownership of East Stone common stock is set out in East Stone’s Annual Report on Form 10-KT for the fiscal year ended December 31, 2020, which was filed with the SEC on June 9, 2021 as amended or supplemented by any Form 3 or 4 filed with the SEC since that date. Further information regarding the interests of participants in the proxy solicitation will be included in the final registration statement relating to the proposed business combination when available. These documents can be obtained free of charge from the sources indicated above.

Caution regarding forward-looking statements

This press release contains forward-looking statements that involve risks and uncertainties regarding the business combination and expected financial performance of JHD, as well as its strategic and operational plans. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from those indicated by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) the occurrence of any event, change or other circumstance which could result in the termination of the Business Combination Agreement; (2) the outcome of any legal proceedings that may be brought against East Stone, JHD or others as a result of the announcement of the business combination agreement and the transactions contemplated therein; (3) failure to complete the transactions contemplated by the business combination agreement or any related financial condition due to failure to obtain East Stone shareholder approval; (4) delays in obtaining, unfavorable conditions contained in or inability to obtain regulatory approvals necessary for the completion of the transactions contemplated by the Business Combination Agreement; (5) the risk that the Business Combination will disrupt current plans and operations following the announcement and completion of the transactions described herein; (6) the inability to recognize the expected benefits of the Business Combination; (7) the ability to obtain or maintain the listing of Pubco’s securities on the Nasdaq Stock Exchange following the business combination, including having the required number of shareholders; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations; (10) the possibility that JHD will be adversely affected by other economic, business and / or competitive factors; and (11) other risks and uncertainties indicated from time to time in documents filed with the SEC by East Stone or Pubco.

Contact

East Stone Acquisition Company
Xiaoma (Sherman) Lu
25 Mall Road, Suite 330
Burlington, MA 01803
[email protected]

About Joshua M. Osborne

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