Century Ginwa Retail : TERMINATION OF POSSIBLE VERY SUBSTANTIAL DISPOSAL DISPOSAL MANDATE IN RELATION TO POTENTIAL DISPOSAL OF SHARES IN GINWA ENTERPRISE (GROUP) INC.*

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CENTURY GINWA RETAIL HOLDINGS LIMITED

世 紀金 花商 業 控 股 有限 公 司

(Incorporated in Bermuda with limited liability)

(Stock Code: 162)

TERMINATION OF POSSIBLE VERY SUBSTANTIAL DISPOSAL

DISPOSAL MANDATE

IN RELATION TO

POTENTIAL DISPOSAL OF SHARES IN

GINWA ENTERPRISE (GROUP) INC.*

Reference is made to the announcement of Century Ginwa Retail Holdings Limited (the "Company") dated 13 May 2020 (the "Announcement") in relation to the potential Disposal under the Disposal Mandate. Capitalised terms used herein shall have the same meaning as those defined in the Announcement unless stated otherwise.

Taking into consideration of the recent closing price of the A-Shares and that it has been below the Minimum Disposal Price of RMB6 per A-Share for the previous 84 trading days immediately prior to the date of this announcement, the Board considers that it may not be the best timing for the Company to conduct the Disposal and therefore the Disposal Mandate may not be in the best interest of the Company and its Shareholders as a whole at this moment. Accordingly, the Board has resolved not to proceed with the Disposal and will not put forward for the Shareholders to consider and approve the Disposal Mandate. Upon termination of the potential Disposal, the Company will continue to closely monitor the market price of the A-Shares and consider other potential means to generate greater return in the A-Shares held by the Group. Further announcement(s) will be made by the Company as and when appropriate.

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The Directors are of the view that the termination of the potential Disposal will not create any negative impact to the operation and the financial position of the Company.

By order of the Board

Century Ginwa Retail Holdings Limited

Huang Shunxu

Chairman

Hong Kong, 28 August 2020

As at the date of this announcement, the Board comprises four executive Directors, being Mr. Huang Shunxu, Mr. Qin Chuan, Mr. Qi Yong and Ms. Wan Qing; two non-executive Directors, being Mr. Li Yang and Mr. Chen Shuai, and three independent non-executive Directors, being Mr. Tsang Kwok Wai, Mr. Ruan Xiaofeng and Dr. Han Qinchun.

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