Mingfa International : PROGRESS UPDATE ON RESTRUCTURING OF BOARD OF DIRECTORS OF PRC SUBSIDIARIES OF THE GROUP

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Mingfa Group (International) Company Limited ׼ ೯ ණ ྠ€ ਷ ყ Ϟ ࠢ ʮ ̡

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 00846)

PROGRESS UPDATE ON RESTRUCTURING OF BOARD OF

DIRECTORS OF PRC SUBSIDIARIES OF THE GROUP

Reference is made to the announcement of Mingfa Group (International) Company Limited (the ''Company'', which together with its subsidiaries, the ''Group'') dated 15 January 2021 (the ''Resumption Announcement'') in relation to, among other matters, the resumption of trading of the shares of the Company on the Main Board of The Stock Exchange of Hong Kong Limited with effect from 18 January 2021. Capitalised terms used in this announcement shall have the same meanings as defined in the Resumption Announcement unless otherwise defined herein.

As disclosed under the section headed ''6. Restructuring of board of directors at subsidiaries level - PRC Subsidiaries within the Group'' of the Resumption Announcement, there remained 30 PRC Subsidiaries which were progressing their preparation and applications for change of their respective boards of directors as at the date of the Resumption Announcement, and it was the estimate of the Company that the proposed restructuring of the board of directors of these PRC Subsidiaries would be completed by the end of February 2021.

PROGRESS UPDATE ON RESTRUCTURING OF BOARD OF DIRECTORS OF PRC SUBSIDIARIES OF THE GROUP

By way of this announcement, the board of directors of the Company (the ''Board'') would like to report to the Shareholders of the Company and inform the investing public that since the date of the Resumption Announcement and as at the date of this announcement, among the abovementioned 30 PRC Subsidiaries of the Group:

.

nine (9) PRC Subsidiaries have completed their respective changes of directorship;

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• . two (2) PRC Subsidiaries have submitted their applications for change of director(s) to the competent registration bureau pending issuance of the related approvals; and

• . the remaining 19 PRC Subsidiaries (the ''Remaining PRC Subsidiaries'') are progressing their preparation and applications for change to the competent registration bureau.

The principal reasons of the Remaining PRC Subsidiaries not having completed their respective restructuring of their boards of directors as originally estimated were the extra time required for compiling the documentation in relation to the proposed change of directors in fulfilment of the registration requirements of the competent registration bureau, coupled with the intervening Chinese New Year public holidays in the PRC in February 2021.

Based on the latest progress of documentation preparation and liaison with the local registration bureaus where the Remaining PRC Subsidiaries situate, it is the updated estimate of the Company that the proposed restructuring of the board of directors of the Remaining PRC Subsidiaries will be completed by the end of April 2021.

FURTHER ANNOUNCEMENT(S) ON MATERIAL PROGRESS OF PROPOSED RESTRUCTURING OF BOARD OF DIRECTORS OF PRC SUBSIDIARIES OF THE GROUP

As disclosed in the Resumption Announcement, the Company will make further announcement(s) on the material progress in relation to the proposed restructuring of the board of directors of the Remaining PRC Subsidiaries on a monthly basis.

On behalf of the Board

Mingfa Group (International) Company Limited

POON WING CHUEN

Company Secretary

Hong Kong, 26 February 2021

As at the date of this announcement, the Board comprises:

Executive Directors:	Mr. Liu Yuwei, Mr. Ng Man Fung Walter and Mr.
Zhong Xiaoming
Non-executive Director:	Dr. Lam, Lee G. (Chairman of the Board)
Independent non-executive	Mr. Lau Kin Hon, Mr. Chu Kin Wang Peleus, and
Directors:	Mr. Chan Sing Lai
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