Xinming China : LAPSE OF ISSUE OF NEW SHARES UNDER GENERAL MANDATE

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Xinming China Holdings Limited

新明中國控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2699)

LAPSE OF ISSUE OF NEW SHARES UNDER GENERAL MANDATE

Reference is made to the announcement of Xinming China Holdings Limited (the ''Company'') dated 17 June 2020 in relation to the acquisition of the entire issued share capital of the Target Company (the ''Acquisition'') and the announcements dated 30 July 2020 and 29 January 2021 in relation to extension of long stop date of issue of new shares (collectively, the ''Announcements''). Unless the context requires otherwise, capitalized terms used herein shall have the same meanings as defined in the Announcements.

LAPSE OF THE AGREEMENT

The Buyer and the Seller previously agreed to extend the Long Stop Date to 30 April 2021. As certain conditions precedent set out in the Agreement could not be fulfilled by the extended Long Stop Date and the parties to the Agreement have not agreed on any further extension of the Long Stop Date, the Agreement lapsed accordingly.

By order of the Board

Xinming China Holdings Limited

Chen Chengshou

Chairman and Chief Executive Officer

Hong Kong, 4 May 2021

As at the date of this announcement, the executive Directors are Mr. Chen Chengshou, Mr. Feng Cizhao and Mr. Pu Wei; the non-executive Directors are Ms. Gao Qiaoqin, Mr. Chou Chiu Ho and Mr. Choi Clifford Wai Hong; and the independent non-executive Directors are Mr. Fong Wo, Felix, Mr. Gu Jiong, Mr. Lo Wa Kei, Roy and Mr. Chu Kin Wang Peleus.

If there is any discrepancy between the English version and the Chinese translation, the English version shall prevail.