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

References are 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 announcements of the Company dated 26 February 2021 and 31 March 2021 in relation to the progress of the proposed restructuring of the respective boards of directors of the PRC Subsidiaries of the Company (the announcement dated 31 March 2021 is referred to as 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 seven (7) 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.

- 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:

. among the four (4) PRC Subsidiaries which have submitted their applications for change of director(s) to the competent registration bureau pending issuance of the related approvals, three (3) of them have completed the change of directorship whilst the remaining one is awaiting the related approval as at the date of this announcement; and

. there are seven (7) PRC Subsidiaries (the ''Remaining PRC Subsidiaries'') which are in the process of progressing their preparation and applications for change to the competent registration bureau.

Upon obtaining progress update from the Remaining PRC Subsidiaries, the principal reason of the Remaining PRC Subsidiaries in their deferral of completing their respective restructuring of their boards of directors as originally estimated was the extra time required for liaising with the minority shareholders of these subsidiaries. All the Remaining PRC Subsidiaries are joint ventures established in the PRC and written consent is required from the respective joint venture partners of each of the Remaining PRC Subsidiaries before the competent registration bureau will accept the applications for change of directorship.

Based on the latest liaison progress between the joint venture partners of the Remaining PRC Subsidiaries, 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 June 2021.

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 on a monthly basis.

On behalf of the Board

Mingfa Group (International) Company Limited

POON WING CHUEN

Company Secretary

Hong Kong, 30 April 2021

- 2 -

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

- 3 -