Doyen International : POSITIVE PROFIT ALERT

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DOYEN INTERNATIONAL HOLDINGS LIMITED ؇ვ਷ყછٰϞࠢʮ̡

(Incorporated in Hong Kong with limited liability)

(Stock Code: 668)

POSITIVE PROFIT ALERT

This announcement is made by Doyen International Holdings Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board of directors of the Company (the "Board") wishes to inform the shareholders of the Company (the "Shareholders") and potential investors that, according to the unaudited consolidated financial statements of the Company, it is expected that the profit for the year of the Group will exceed HK$100 million for the year ended 31 December 2020 as compared to the audited loss of approximately HK$83 million for the year ended 31 December 2019.

As at 21 October 2020, the Group received approximately RMB 665.6 million (equivalent to approximately HK$790.7 million) from Chongqing Doyen Shuorun Petrochemical Group Limited* (ࠠ ᅅ؇ვ၂ᆗͩʷණྠϞࠢʮ̡) to settle the relevant outstanding loans granted to a related company, resulting in (i) a reversal of impairment loss of approximately HK$50.1 million in respect of the amount due from a related company for the year ended 31 December 2020; and (ii) an aggregate interest income from the loans granted to the relevant related party of approximately HK$164.4 million being recognised during the year ended 31 December 2020, which resulted in an increase in profit for the year during the year ended 31 December 2020 as stated above. It should be noted that, excluding the above-mentioned one-off gains derived from the settlement of the relevant loans, the Group is expected to record a similar level of loss from operation and loss for the year during the year ended 31 December 2020 as compared with that for the year ended 31 December 2019.

The Company is still in the process of preparing and completing the annual results of the Group for the year ended 31 December 2020 (the "Annual Results"). The information in this announcement represents a preliminary assessment based on the information currently available to the Board, which has not yet been finalized and has still been under review of the Company's auditors. The Annual Results are expected to be announced on 10 March 2021.

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

By order of the Board

Doyen International Holdings Limited

Cho Chun Wai

Company Secretary and Executive Director

Hong Kong, 24 February 2021

As at the date of this announcement, the Board comprises Mr. Lo Siu Yu (Chairman), Mr. Tai Xing (Chief Executive Officer) and Mr. Cho Chun Wai as executive Directors; Ms. Luo Shaoying (Vice Chairman) and Mr. Pan Chuan as non-executive Directors; and Mr. Chan Ying Kay, Mr. Leung Kin Hong and Mr. Wang Jin Ling as independent non-executive Directors.