CRCC High Tech Equipment : (1) ADOPTION OF CHINA ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES; (2) PROPOSED AMENDMENTS TO THE ARTICLES OF ASSOCIATION; AND (3) PROPOSED CHANGE OF INTERNATIONAL AUDITOR

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(a joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1786)

ANNOUNCEMENT

1. 1. ADOPTION OF CHINA ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES;
2. PROPOSED AMENDMENTS TO THE ARTICLES OF ASSOCIATION; AND
3. 1. PROPOSED CHANGE OF INTERNATIONAL AUDITOR

This announcement is made by CRCC High-Tech Equipment Corporation Limited (the "Company") pursuant to Rule 13.51 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

ADOPTION OF CHINA ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES

Since the date of listing of the Company's H shares on the Stock Exchange, the Company has been preparing its financial statements in accordance with the China Accounting Standards for Business Enterprises ("CASBE") and the International Financial Reporting Standards ("IFRS").

According to the "Consultation Conclusions on Acceptance of Mainland Accounting and Auditing

Standards and Mainland Audit Firms for Mainland Incorporated Companies Listed in Hong Kong" 《( 有 關接受在香港上市的內地註冊成立公司採用內地的會計及審計準則以及聘用內地會計師

事務所的諮詢總結》) published by the Stock Exchange in December 2010, issuers listed in Hong Kong and incorporated in mainland China have been approved to adopt the CASBE to prepare their financial statements, and domestic accounting firms recognized by the Ministry of Finance (the "MOF") of the People's Republic of China (the "PRC") and the China Securities Regulatory Commission (the "CSRC") are permitted to provide services to such issuers by adopting the CASBE.

In view of the above arrangement, on 6 May 2021, the board of directors of the Company (the "Board") considered and approved the change of standards for preparation of foreign financial statements of the Company from the IFRS to the CASBE, subject to the approval by the shareholders of the Company (the "Shareholders") at the Shareholders' general meeting of the Company (the "General Meeting") of the amendments to relevant articles of the articles of association of the Company (the "Articles of Association").

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Subject to the approval of proposed amendments to the Articles of Association by the Shareholders, it is expected that the Company will adopt the CASBE for preparation of financial statements and disclosure of related financial information starting from the interim financial report and interim results of 2021. The Board believes that the adoption of the CASBE will enhance efficiency and reduce costs of disclosure and is in the interests of the Company and the Shareholders as a whole.

PROPOSED AMENDMENTS TO THE ARTICLES OF ASSOCIATION

Due to the proposed adoption of the CASBE, the Company intends to make corresponding amendments to certain provisions in relation to accounting standards in the Articles of Association currently in force. For details of the proposed amendments to the Articles of Association, please refer to the appendix to this announcement.

The Board of the Company considers that the proposed amendments to the Articles of Association are in the interests of the Company and the Shareholders of the Company.

The proposed amendments to the Articles of Association are subject to consideration and approval by the Shareholders of the Company at the General Meeting of the Company. A circular containing details of the proposed amendments to the Articles of Association will be despatched to the Shareholders of the Company as soon as practicable.

PROPOSED CHANGE OF INTERNATIONAL AUDITOR

Deloitte Touche Tohmatsu is currently the Company's international auditor responsible for the audit of the Company's financial statements prepared under the IFRS. In view of the above change in the standards for preparation of foreign financial statements of the Company, the Board also proposed to change the Company's international auditor from Deloitte Touche Tohmatsu to Deloitte Touche Tohmatsu Certified Public Accountants LLP, subject to approval by the Shareholders at the General Meeting.

Deloitte Touche Tohmatsu Certified Public Accountants LLP is a certified public accounting firm recognized by the MOF and the CSRC and qualified to provide audit services to issuers listed in Hong Kong and incorporated in mainland China using Auditing Standards for Certified Public Accountants of China. It is currently the Company's PRC auditor. Subject to approval by the Shareholders at the General Meeting of the proposed change of international auditor, Deloitte Touche Tohmatsu Certified Public Accountants LLP will become the sole auditor of the Company to audit the Company's financial statements under the CASBE and will also assume the duties of international auditor as required under the Rules Governing the Listing of Securities on the Stock Exchange.

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Deloitte Touche Tohmatsu confirms that there are no matters in relation to the proposed change of auditor that need to be brought to the attention of the Shareholders. The Board is not aware of any matters in relation to the proposed change of auditor that need to be brought to the attention of the Shareholders. The Board and the audit committee of the Company confirm that there is no disagreement between the Company and Deloitte Touche Tohmatsu in relation to the proposed change of auditor.

By Order of the Board

CRCC High-Tech Equipment Corporation Limited

Liu Feixiang

Chairman

Kunming, the People's Republic of China, 6 May 2021

As at the date of this announcement, the Board of the Company comprises Mr. Liu Feixiang, Mr. Tong Pujiang and Mr. Chen Yongxiang, as executive directors; Mr. Zhao Hui and Mr. Sha Mingyuan, as non-executive directors; and Mr. Sun Linfu, Mr. Yu Jiahe and Mr. Wong Hin Wing, as independent non-executive directors.

APPENDIX

Details of proposed amendment to the Articles of Association are set out as follows:

Original Article	Amended Article
Article 224 The Company shall prepare its	Article 224 The Company shall prepare its
financial statements in accordance with the PRC	financial statements in accordance with the PRC
accounting standards and regulations as well as	accounting standards and regulations.
the international accounting standards or the
accounting standards of the place where the
Company's shares are listed overseas. In case
of any material difference between the financial
statements respectively in accordance with the
two accounting standards, explanations shall be
made in the notes to the financial statements.
Distribution of the profit after tax for the
relevant fiscal year shall be based on the lesser
of the profit after tax as shown in the two sets
of financial statements.
Article 225 The interim results or financial	Article 225 The interim results or financial
information announced or disclosed by the	information announced or disclosed by the
Company shall be prepared in accordance with the	Company shall be prepared in accordance with the
PRC accounting standards and regulations as well	PRC accounting standards and regulations.
as the international accounting standards or
the accounting standards of the place where the
Company's shares are listed overseas.

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