Elegance Optical International : SUPPLEMENTAL ANNOUNCEMENT ON GRANT OF SHARE OPTIONS UNDER THE SHARE OPTION SCHEME

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ELEGANCE OPTICAL INTERNATIONAL HOLDINGS LIMITED ৷ඩΈኪ਷ყණྠϞࠢʮ̡

(Incorporated in Bermuda with limited liability)

(Stock Code: 907)

SUPPLEMENTAL ANNOUNCEMENT ON GRANT OF SHARE OPTIONS UNDER THE SHARE OPTION SCHEME

Reference is made to the announcement of Elegance Optical International Holdings Limited (the "Company") dated 19 March 2021 relating to the grant of Share Options ("Announcement"). Unless otherwise defined, capitalized terms used herein shall have the same meaning as defined in Announcement.

The Board wishes to provide the following additional information in respect of the grant of the Share Options:

Out of the 60,000,000 Share Options, a total of 28,000,000 Share Options were granted to four (4) consultants of the Company (the "Consultants") as stated below. The remaining 32,000,000 Share Options were granted to 3 Directors and an employee of the Company (the "Employee") of 8,000,000 Share Option each.

According to the share option scheme (the "Share Option Scheme") adopted by the Company on 16 March 2020, the purpose of the Share Option Scheme is to, among others, (i) motivate eligible participants, including but not limited to the directors, employees and consultants of the Company and/or its subsidiaries (collectively the "Group"), and optimise their performance and efficiency for the benefit of the Group; (ii) attract and retain or otherwise maintain on-going business relationships with the eligible participants whose contributions are, will or expected to be beneficial to the Group; and (iii) align the interests of the eligible participants and shareholders of the Company.

The Board considers that the grant of the Share Options to the relevant Directors and the Employee will provide them with (i) financial incentives to contribute to the Group's future business operation and development; and (ii) an opportunity to have a personal stake in the Company and to align such grantees' interest with long-term performance of the Group.

In respect of the Consultants, pursuant to the consultancy agreements (the "Consultancy Agreements") entered into between each of the Consultants and the Company, the Consultants shall provide services on referring potential investment to the Group, and referring potential investors to participate in developing the potential investment of the Group.

To the best knowledge of the Directors, the background of the Consultants are as follows:

Consultant A

Consultant A has extensive connections and network in finance and other areas in China and European Union countries. He had successfully helped many listed companies raise capital through bond offering and bringing in the right investment partners to the various companies. The Company considers that Consultant A will be able to make use of his connections and network in China and Europe in finding potential investors and projects for the Company. Consultant A was granted with 8,000,000 Share Options.

Consultant B

Consultant B has extensive experience in accounting, business consulting and investments with business network in various fields. The Company considers that Consultant B will be able to make use of his connections and network in finding potential investors and projects for the Company. Consultant B was granted with 8,000,000 Share Options.

Consultant C

Consultant C has extensive connections and network in energy business and other areas in China. In the year 2019 and 2020, he successfully introduced investment companies to invest in a private company which was subsequently successfully listed in China. The Company considers that Consultant C will be able to make use of his connections and network in China in finding potential investors and projects for the Company. Consultant C was granted with 4,000,000 Share Options.

Consultant D

Consultant D has extensive business connections in China, Taiwan plus rich experience in deal matching and business consultancy in finance and other areas in China. From 2017 to 2020, he successfully introduced investors to various investment fund, private and listed companies. The Company considers that Consultant D will be able to make use of his connections and network in China in finding potential investors and projects for the Company. Consultant D was granted with 8,000,000 Share Options.

None of the Consultants nor the Employee is a director, chief executive or substantial shareholder of the Company, or an associate (as defined in the Listing Rules) of any of them. None of the Consultants nor the Employee holds Share Options entitling them to subscribe for Shares exceeding 1% of the total issued Shares of the Company as at the date of grant.

By order of the Board

Elegance Optical International Holdings Limited

Yu Baodong

Chairman and Executive Director

Hong Kong, 25 March 2021

As at the date of this announcement, the executive Directors are Mr. Yu Baodong, Mr. Chung Yuk Lun and Mr. Wong Chong Fai; and the independent non-executive Directors are Mr. Man Wai Lun, Mr. Cheng Chun Man and Mr. Hui Man Ho, Ivan.