Asian Citrus : DECISION OF THE LISTING COMMITTEE FOR THE CANCELLATION OF LISTING; REQUEST FOR WRITTEN REASONS; AND POSSIBLE REVIEW OF THE LISTING COMMITTEE DECISION

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ASIAN CITRUS HOLDINGS LIMITED

亞 洲 果 業 控 股 有 限 公 司*

(Incorporated in Bermuda with limited liability)

(Stock Code: 73)

DECISION OF THE LISTING COMMITTEE FOR

THE CANCELLATION OF LISTING;

REQUEST FOR WRITTEN REASONS; AND

POSSIBLE REVIEW OF THE LISTING

COMMITTEE DECISION

This announcement ("Announcement") is made by Asian Citrus Holdings Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

References are made to (i) the announcements dated 1 August 2018, 1 November 2018, 1 February 2019, 2 May 2019 and 2 August 2019 published by the Company in compliance with Rule 13.24A of the Listing Rules; (ii) the announcements of the Company dated 27 January 2017 and 6 September 2018 in relation to, among others, the conditions for resumption of trading in the shares of the Company (the "Shares") imposed on the Company by the Stock Exchange; and (iii) the announcement of the Company dated 27 July 2018 in relation to the amendments to the delisting framework under the Listing Rules.

DECISION ON CANCELLATION OF LISTING

On 13 September 2019, the Company has received a letter (the "Letter") from the Stock Exchange stating that since trading in the Company's securities on the Stock Exchange has been suspended since 29 September 2016 and the Company has failed to resume trading in its securities by 31 July 2019, the Listing Committee of the Stock Exchange (the "Listing Committee") decided to cancel the Company's listing under Rule 6.01A of the Listing Rules (the "LC Decision"). It is indicated in the Letter that the last day of listing of the Shares will be on 27 September 2019 and the listing of the Shares on the Stock Exchange will be cancelled with effect from 9:00 a.m. on 30 September 2019.

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REQUEST FOR WRITTEN REASONS FOR THE LC DECISION

The Company will submit a written request to the Listing Committee to provide written reasons for the LC Decision (the "Written Reasons") pursuant to Rule 2B.13(1) of the Listing Rules.

POSSIBLE REVIEW OF THE LC DECISION

Under Chapter 2B of the Listing Rules, the Company has the right to request the LC Decision be referred to the Listing Review Committee for review. A written review request shall be made within seven business days of receipt of the LC Decision, or if the Company requests written reasons under Rule 2B.13(1) of the Listing Rules, receipt of those written reasons.

The Company is considering the LC Decision and will continue to seek appropriate advice from its professional advisers on the same. The Company may consider submitting a review request for the LC Decision upon receipt of the Written Reasons. The board of directors of the Company hereby reminds the shareholders of the Company (the "Shareholders") and potential investors of the Company that (i) the Company may or may not proceed with the review; and (ii) the outcome of such review is uncertain, if undertaken.

The Company will continue to update the Shareholders and potential investors of the Company by publishing further announcement(s) as and when appropriate.

Shareholders who have any queries about the implications of the cancellation of listing of the Shares are advised to obtain appropriate professional advice. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the Shares.

By Order of the Board

Asian Citrus Holdings Limited

Ng Ong Nee

Chairman

Hong Kong, 16 September 2019

As at the date of this announcement, the board of directors of the Company comprises two executive directors, namely Mr. Ng Ong Nee (Chairman and Chief Executive Officer) and Mr. Ng Hoi Yue (Deputy Chief Executive Officer); a non-executive director, namely Mr. He Xiaohong; and three independent non-executive directors, namely Mr. Chung Koon Yan, Dr. Lui Ming Wah, PhD, SBS, JP and Mr. Yang Zhen Han.

• For identification purposes only

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