Boshiwa International : ANNOUNCEMENT UPDATE ON RECENT DEVELOPMENT OF SUSPENSION OF TRADING

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

BOSHIWA INTERNATIONAL HOLDING LIMITED

博士蛙國際控股有限公司

(Provisional Liquidators Appointed)

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1698)

ANNOUNCEMENT

UPDATE ON RECENT DEVELOPMENT OF

SUSPENSION OF TRADING

This announcement is made by Boshiwa International Holding Limited (Provisional Liquidators Appointed) (the "Company") pursuant to Rule 13.09(2) and Rule 13.24A 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 the announcements of the Company dated 7 March 2016, 8 April 2016, 9 May 2016, 24 June 2016, 2 August 2016, 26 August 2016, 31 October 2016, 30 November 2016, 9 December 2016, 22 February 2017, 24 April 2017, 2 June 2017, 7 August 2017, 31 October 2017, 12 January 2018, 28 February 2018, 27 April 2018, 29 May 2018, 29 June 2018, 1 August 2018, 1 November 2018, 4 February 2019, 30 April 2019, 7 August 2019, 30 September 2019, 1 November 2019, 9 January 2020, 31 January 2020, 29 April 2020, 6 May 2020 and 31 July 2020 in relation to, among others, the update on suspension of trading of the Shares (the "Announcements"). Unless otherwise stated, capitalised terms used in this announcement shall bear the same meanings as defined in the Announcements.

UPDATE ON THE APPLICATION FOR A REVIEW IN RELATION TO THE DELISTING OF THE SHARES OF THE COMPANY

As mentioned in the announcement of the Company dated 31 July 2020, the Stock Exchange had previously directed to postpone the date of the hearing for the review by the Listing Appeals Committee. By a letter dated 15 September 2020, the hearing was scheduled on 12 October 2020. The Company will make further announcement in respect of the hearing when appropriate.

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CONTINUED SUSPENSION OF TRADING

Trading in the shares of the Company on the Stock Exchange will remain suspended until further notice.

Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

Further announcement(s) will be made by the Company to update the shareholders of the Company on the development of the Company as and when appropriate pursuant to the requirements of the Listing Rules.

For and on behalf of

Boshiwa International Holding Limited

(Provisional Liquidators Appointed)

Stephen Liu Yiu Keung

David Yen Ching Wai

Keiran Hutchison

Joint Provisional Liquidators

who act without personal liabilities

Hong Kong, 23 September 2020

As at the date of this announcement, the executive directors of the Company are Mr. Zhong Zheng Yong, Ms. Chen Li Ping and Mr. Chen Pei Qi.

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