IRICO New Energy : INSIDE INFORMATION - UPDATE ON THE PROGRESS OF PROPOSED INITIAL PUBLIC OFFERING OF A SHARES PRE-LISTING TUTORING

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.

彩 虹 集 團 新 能 源 股 份 有 限 公 司

IRICO GROUP NEW ENERGY COMPANY LIMITED*

INSIDE INFORMATION

UPDATE ON

THE PROGRESS OF PROPOSED INITIAL PUBLIC OFFERING

OF A SHARES

PRE-LISTING TUTORING

This announcement is made by IRICO Group New Energy Company Limited* (the "Company") pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

Reference is made to the announcement dated 19 October 2020 of the Company, in relation to the authorization by the board of directors (the "Board") of the Company to the management of the Company to commence the work related to the proposed initial public offering of A shares (the "Proposed A Share Offering").

The Board is pleased to announce that, in connection with the Proposed A Share Offering, the Company has submitted the registration application for pre-listing tutoring, which has been accepted by the Shaanxi Regulatory Bureau of the China Securities Regulatory Commission.

As at the date of this announcement, the Company has not formulated the offering proposal of the Proposed A Share Offering, and has not applied to any of the relevant regulatory authorities in the People's Republic of China for approval of the Proposed A Share Offering. The Company will submit the offering proposal to the Board for consideration and approval in due course, and convene a general meeting for shareholders' approval in respect of the Proposed A Share Offering pursuant to requirements under the articles of association of the Company and relevant regulatory requirements.

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Shareholders and potential investors should be aware that there is no assurance that the Proposed A Share Offering will proceed, and that the Proposed A Share Offering is subject to the approval of, among others, the Board, shareholders of the Company, China Securities Regulatory Commission and other competent regulatory authorities. Shareholders and potential investors of the Company should exercise caution when dealing in the shares of the Company.

The Company will make further announcement(s) in respect of the Proposed A Share Offering pursuant to all applicable requirements under the Listing Rules as and when appropriate.

By order of the Board

IRICO Group New Energy Company Limited*

Si Yuncong

Chairman

Shaanxi Province, the PRC

7 April 2021

As at the date of this announcement, the Board consists of Mr. Si Yuncong and Mr. Tong Xiaofei as executive directors, Mr. Fan Laiying and Mr. Ni Huadong as non- executive directors, and Mr. Feng Bing, Mr. Wang Jialu and Mr. Wang Zhicheng as independent non-executive directors.

• For identification purposes only

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