Global Bio chem Technology : JOINT ANNOUNCEMENT COMPLETION OF THE GROUP REPURCHASE AGREEMENTS AND THE OTHER REPURCHASE AGREEMENTS

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GLOBAL BIO-CHEM TECHNOLOGY	GLOBAL SWEETENERS
GROUP COMPANY LIMITED	HOLDINGS LIMITED
大 成 生 化 科 技 集 團 有 限 公 司 *	大 成 糖 業 控 股 有 限 公 司 *
(incorporated in the Cayman Islands with limited liability)	(incorporated in the Cayman Islands with limited liability)
(Stock Code: 00809)	(Stock Code: 03889)

JOINT ANNOUNCEMENT

COMPLETION OF THE GROUP REPURCHASE AGREEMENTS AND THE

OTHER REPURCHASE AGREEMENTS

The GBT Board and the GSH Board are pleased to announce that completion of the Group Repurchase Agreements has taken place on 31 March 2021, and that the Groups have been notified that completion of the Other Repurchase Agreements have also taken place on the same day.

This announcement is made by Global Bio-chem Technology Group Company Limited ("GBT", together with its subsidiaries but excluding the GSH Group, the "GBT Group") and Global Sweeteners Holdings Limited ("GSH", together with its subsidiaries, the "GSH Group", together with the GBT Group, the "Groups") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

Reference is made to the joint announcement of GBT and GSH dated 26 March 2021 (the "Announcement") in relation to, among others, the entering into of repurchase agreements for the Groups' outstanding debts and guaranteed liability in the aggregate outstanding principal amount of approximately RMB4,016.5 million and outstanding interest. Capitalised terms used in this announcement shall have the same meaning as defined in the Announcement unless otherwise stated.

As disclosed in the Announcement, completion of the Group Repurchase Agreements shall be the date of registration of the respective property pledges provided under the Property Pledge Contracts. Changchun Rudder has confirmed to the relevant subsidiaries of the Groups that the registration

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procedures for the property pledges provided under the Property Pledge Contracts have been completed and the completion of the Group Repurchase Agreements has taken place on 31 March 2021.

The GBT Board and the GSH Board are pleased to further announce that the Groups have been notified by Changchun Rudder that it has also confirmed to Dajincang and the associated company of GBT that the completion of the Other Repurchase Agreements has taken place on 31 March 2021.

Upon the completion of the Group Repurchase Agreements and the Other Repurchase Agreements on 31 March 2021, the Transferred Loans and Guarantee, including the Financial Guarantee Contracts, have been discharged under the applicable law in the People's Republic of China as the debtor and creditor have become the same entity. Accordingly, the Auditors have confirmed that there will not be any disclaimer opinion in relation to the Financial Guarantee Contracts in the financial statements of the GBT Group and the GSH Group for the year ending 31 December 2021. However, the Auditors are currently unable to determine whether any adjustments in respect of the Financial Guarantee Contracts as at 31 December 2020 are necessary, which may, if such adjustments are made, have significant impact on the financial position of the GBT Group and the GSH Group as at 31 December 2020, and on the financial performance and the elements making up the respective consolidated statements of cash flows of the GBT Group and the GSH Group for the year ending 31 December 2021.

Shareholders and potential investors of GBT and GSH are advised to exercise caution when dealing in the shares of GBT and GSH.

By order of the GBT Board	By order of the GSH Board
Global Bio-chem Technology Group Company Limited	Global Sweeteners Holdings Limited
Zhang Zihua	Zhang Zihua
Acting Chairman	Acting Chairman
Hong Kong, 31 March 2021

As at the date of this announcement, the GBT Board comprises two executive directors, namely, Mr. Zhang Zihua and Mr. Liu Shuhang; one non-executive director, namely Mr. Gao Dongsheng and three independent non-executive directors, namely, Ms. Dong Hongxia, Mr. Ng Kwok Pong and Mr. Yeung Kit Lam.

As at the date of this announcement, the GSH Board comprises two executive directors, namely, Mr. Zhang Zihua and Mr. Tai Shubin; and three independent non-executive directors, namely, Mr. Fan Yeran, Mr. Fong Wai Ho and Mr. Lo Kwing Yu.

*  for identification purposes only

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