China First Capital : PROFIT WARNING - DECREASE IN LOSS

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CHINA FIRST CAPITAL GROUP LIMITED ʕ਷࠯છණྠϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1269)

PROFIT WARNING - DECREASE IN LOSS

This announcement is made by China First Capital Group Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board (the "Board") of directors (the "Directors") of the Company wishes to inform the shareholders and potential investors of the Company that based on the information currently available to the Board, the Company is expected to record a loss before tax of approximately RMB350 million to RMB400 million for the year ended 31 December 2020, while the loss before tax of approximately RMB2,259 million for the year ended 31 December 2019. Such decrease in loss before tax of approximately 82% to 85% is mainly attributable to the decrease in realised and unrealised loss arising from the adverse fair value change of the financial assets measured at fair value through profit or loss held by the Group and its joint ventures.

The information contained in this announcement is based only on the preliminary assessment by the Board with reference to the information currently available, including the latest unaudited consolidated management accounts of the Group, and is not based on any information or figures which have been audited, confirmed or reviewed by the auditors or the audit committee of the Company. As at the date of this announcement, the unaudited consolidated results of the Group for the year ended 31 December 2020 have not yet been finalised and are subject to adjustments.

The annual results announcement of the Group for the year ended 31 December 2020 is expected to be published on 30 March 2021.

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

By Order of the Board

China First Capital Group Limited

Wilson Sea

Chairman and Executive Director

Hong Kong, 24 March 2021

As at the date of this announcement, the executive Directors are Dr. Wilson Sea, Mr. Zhao Zhijun and Dr. Zhu Huanqiang; and the independent non-executive Directors are Mr. Chu Kin Wang, Peleus, Dr. Du Xiaotang and Mr. Loo Cheng Guan.