Luxxu : SUPPLEMENTAL ANNOUNCEMENT - IN RELATION TO THE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2019

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Luxxu Group Limited

勵 時 集 團 有 限 公 司

(incorporated in the Cayman Islands with limited liability)

(Stock code: 1327)

SUPPLEMENTAL ANNOUNCEMENT -

IN RELATION TO THE ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2019

Reference is made to the annual report (the "Annual Report") of Luxxu Group Limited (the "Company", together with its subsidiaries, the "Group") for the year ended 31 December 2019 published on 28 April 2020. Capitalised terms used herein shall have the same meanings as those defined in the Annual Report unless the context requires otherwise.

Further to the information disclosed in the Annual Report, the board of directors of the Company (the "Board") would like to provide to the shareholders of the Company and the potential investors with the following supplementary information:

SHARE OPTION SCHEME

As at 31 December 2019, the outstanding share options granted, i.e. 381,670,000 share options, has been granted to employees of the Company. No share options has been granted to directors or non-employees.

As at 31 December 2019, 4,100,000 shares options granted on 16 June 2015 has vesting period from 16 June 2015 to 16 December 2015. Other outstanding share options were granted and vested immediately. Accordingly, the table of movement under the section headed "SHARE OPTION

SCHEME" in the Annual Report should read as follows:

Before share consolidation which completed on 31 March 2020

Outstanding

as at

31 December

2019

Exercise price

Exercise price

after share

before share

after share

consolidation

consolidation

consolidation

Lapsed/

which

which completed

which completed

Outstanding

Granted

Exercised

Forfeited

Outstanding at

completed

on 31 March

on 31 March

at 1 January

during the

during the

during the

31 December

on 31 March

Date of grant

2020

2020

Exercise period

Vesting period

2019

year

year

year

2019

2020

'000

'000

'000

'000

'000

'000

Employees

16 June 2015

HK$0.726

HK$7.26

16 December 2015

16 June 2015 to

4,100

-

-

-

4,100

410

to 15 June 2025

16 December 2015

16 June 2015

HK$0.726

HK$7.26

16 June 2015 to

No

31,970

-

-

-

31,970

3,197

15 June 2025

11 April 2019

HK$0.041

HK$0.41

11 April 2019 to

No

-

345,600

-

-

345,600

34,560

10 April 2029

Total

36,070

345,600

-

-

381,670

38,167

1

The closing price of the shares immediately before the date of share options granted on 11 April 2019 is HK$0.041.

The Board would also like to clarify in the first paragraph under the section headed "SHARE- BASED PAYMENT SCHEMES" on page 93 of the English and Chinese version of the Annual Report. The adoption date of the Share Option Scheme should be "19 December 2014" instead of "30 January 2015".

Save as disclosed in this announcement, the remaining contents of the Annual Report remain unchanged.

By order of the Board

Luxxu Group Limited

Yang Xi

Executive Director

Hong Kong, 3 August 2020

As at the date of this announcement, the Board comprises three executive directors, being Mr. See Ching Chuen, Mr. Yang Xi and Mr. Zou Weikang; and three independent non-executive directors, being Mr. Yu Chon Man, Ms. Duan Baili and Mr. Zhong Weili.

2