China Smartpay Group Holdings Limited announces delay in publication of its annual results for the year ended 31 March 2023. As disclosed in the Rule 17.21 Announcement, the Company received the Default Notice dated 8 May 2023 in relation to the Bonds from the existing holders of the Bonds, namely, Honour Grace and AI SPC, notifying the Company that an Event of Default has allegedly occurred since 1 August 2020 and is continuing. Since then, the Group has been striving to communicate and negotiate with the Bondholders with a view to reaching an amicable settlement or repayment plan for the Bonds but no consensus had been reached with the Bondholders by 30 June 2023.

In the meantime, the Company has been making continuous efforts to seek for funding to settle any outstanding amount of the Bonds but no such funding has been successfully sought by the Group as at 30 June 2023. Under such circumstances, the Company is uncertain as to the position of the Bonds, the impact of the Default Notice on the Group's financial position as well as any possible new funding available to the Group, and was therefore unable to conduct a meaningful cashflow forecast for the Group's going concern by 30 June 2023.