Reference is made to the joint announcement dated October 28, 2016 and the composite offer and response document dated November 18, 2016 (the "Composite Document"), both jointly issued by Crown City Inc. Limited (the "Offeror") and Man Sang Jewellery Holdings Limited (the "Company"). The Offeror and the Company jointly announced that the Offer closed at 4:00 p.m. on December 9, 2016, and was not revised or extended by the Offeror. The Board announced that Ms. Yan Sau Man, Amy ("Ms. Yan") has resigned as executive Director; Mr. Cheng has resigned as non-executive Director and Mr. Fung Yat Sang ("Mr. Fung"), Mr. Look Andrew ("Mr. Look") and Mr. Tsui Francis King Chung ("Mr. Tsui") have resigned as independent non-executive Directors, all with effect on 10 December 2016.

The resignation of the above Directors was due to the change in control of the Company. With effect from December 10, 2016, the composition of the Board committees will be changed as follows: Mr. Lai Yat Yuen ("Mr. Lai") has been appointed as a member and the chairman of the audit committee of the company; and Mr. Pang Siu Yin ("Mr. Pang") and Mr. Lee Kin Keung ("Mr. Lee") have been appointed as members of the Audit Committee. Mr. Fung will cease to be member and chairman of the Audit Committee; and Mr. Look and Mr. Tsui will cease to be members of the Audit Committee, Mr. Pang has been appointed as a member and the chairman of the remuneration committee of the company; and Mr. Lai, Mr. Lee and Mr. Lan Zhi Cheng ("Mr. Lan") have been appointed as members of the Remuneration Committee.

Mr. Look will cease to be member and chairman of the Remuneration Committee; and Mr. Cheng, Ms. Yan, Mr. Fung and Mr. Tsui will cease to be members of the Remuneration Committee; and Mr. Lee has been appointed as a member and the chairman of the nomination committee of the Company; and Mr. Pang, Mr. Lai and Mr. Archambaud-Chao Percy Henry Junior have been appointed as members of the Nomination Committee. Mr. Tsui will cease to be member and chairman of the Nomination Committee; and Mr. Cheng, Ms. Yan, Mr. Fung and Mr. Look will cease to be members of the Nomination Committee. Mr. Cheng will cease to be chairman of the Company upon his resignation as a Director and Mr. Lan has been appointed in his stead with effect from December 10, 2016.

Ms. Yan will cease to be chief executive officer of the Company upon her resignation as a Director taking effect from December 10, 2016. Mr. Cheng and Ms. Yan will cease to be authorised representative and alternate authorised representative of the Company, and Mr. Lan has been appointed as authorised representative of the Company with effect from December 10, 2016.