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

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.

Mingfa Group (International) Company Limited

明 發 集 團（ 國 際 ）有 限 公 司

(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, and the announcement of the Company dated 26 February 2021 in relation to the progress of the proposed restructuring of the respective boards of directors of the PRC Subsidiaries of the Company (the ''Progress Update Announcement''). Capitalised terms used in this announcement shall have the same meanings as defined in the Resumption Announcement and the Progress Update Announcement, as the case may be, unless otherwise defined herein.

As disclosed under the section headed ''Progress Update on Restructuring of Board of Directors of PRC Subsidiaries of the Group'' of the Progress Update Announcement, there remained 19 PRC Subsidiaries which were progressing their preparation and applications for change of their respective boards of directors as at the date of the Progress Update Announcement, and it was the updated estimate of the Company that the proposed restructuring of the board of directors of these PRC Subsidiaries would be completed by the end of April 2021.

- 1 -

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

By way of this announcement, the Board would like to report to the Shareholders of the Company and inform the investing public that since the date of the Progress Update Announcement and as at the date of this announcement, among the abovementioned 19 PRC Subsidiaries of the Group:

. eight (8) PRC Subsidiaries have completed their respective changes of directorship;

. four (4) 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 seven (7) PRC Subsidiaries (the ''Remaining PRC Subsidiaries'') are progressing their preparation and applications for change to the competent registration bureau.

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

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 by the end of April 2021.

On behalf of the Board

Mingfa Group (International) Company Limited

POON WING CHUEN

Company Secretary

Hong Kong, 31 March 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,
Directors:	and Mr. Chan Sing Lai

- 2 -