Complex sentence: The competition will be held in February 2017 in Gangneung, South Korea, and will serve as the Olympic test event for figure skating for the 2018 Winter Olympics in Pyeongchang.
Split into simpler sentences: The competition will be held in February 2017 in Gangneung, South Korea. This event serve as the Olympic test event for figure skating for the 2018 Winter Olympics in Pyeongchang.