China Ocean Industry Group Limited announced that the publication of 2020 Annual Results will be postponed around the end of December 2021 and therefore, the board meeting to approve the 2020 Annual Results and 2021 Annual Results will be postponed to a date to be determined by the Board. Pursuant to Rule 13.49(1) and Rule 13.49(2) of the Listing Rules on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), the Company is required to publish the 2020 Annual Results and 2021 Annual Results not later than three months after the end of the financial year, i.e. 31 March 2021 and 31 March 2022 respectively, and such results shall be based on the financial statements for the financial year which shall have been agreed with the auditors. As the Company was unable to publish the 2020 Annual Results on or before 31 March 2021, trading in the shares of the Company on the Stock Exchange was suspended with effect from 9:00 a.m. on 1 April 2021 until the publication of the announcement in relation to the 2020 Annual Results and 2021 Annual Results by the Company.

However, additional time is still required for the auditors of the Company to complete its audit procedures, including but not limited to the return of the audit confirmations from debtors, creditors and financial institutions; valuation reports on various accounting balances; and audit evidence in relation to the net realisable values of the rescinded vessels, the Company was unable to publish the 2020 Annual Results and 2021 Annual Results on or before 30 April 2022. Based on the current assessment of the Board, it is expected that the Company will be able to agree with its auditors on the financial statements of the Group for the year ended 31 December 2020 and the 2020 Annual Results will be published by the end of May 2022. Rule 13.49(3) of the Listing Rules provides that where an issuer is unable to make an announcement of its preliminary results based on its financial statements in accordance with Rules 13.49(1) and 13.49(2) of the Listing Rules, it must announce its financial results which have yet to be agreed with its auditors not later than three months after the end of the financial year.

However, after due and careful consideration and taking into consideration of the expected date of publication of the 2020 Annual Results and 2021 Annual Results, the Board is of the view that it would be more prudent and in the interest of the shareholders of the Company as a whole and potential investors to publish the 2020 Annual Results and 2021 Annual Results, which is based on the financial statements agreed with its auditors, before trading commences by the end of May 2022. Pursuant to Rules 13.49(6) and 13.48(1) of the Listing Rules, the Company is required to publish its preliminary results for the six months ended 30 June 2021 ("Interim Results") not later than 31 August 2021 and despatch its interim report for the same financial period ("Interim Report") to its shareholders on or before 30 September 2021. The Board announces that, additional time is required to compile the Group's consolidated management accounts for the six months ended 30 June 2021 and for the Company ' s audit committee to gather sufficient information to discharge its duties or responsibilities.

Accordingly, publication of the Interim Results and despatch of the Interim Report have been delayed. Such delay constitutes breaches of Rules 13.49(6) and 13.48(1) of the Listing Rules. It is expected that the Interim Results and audited annual results for the year ended 31 December 2021 will be published after the publication of the audited annual results for the year ended 31 December 2020 and being reviewed by the Company's audit committee.