National Agricultural : QUARTERLY UPDATE ON RECENT DEVELOPMENT AND CANCELLATION OF LISTING

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.

NATIONAL AGRICULTURAL HOLDINGS LIMITED

國農控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1236)

QUARTERLY UPDATE ON RECENT DEVELOPMENT

AND

CANCELLATION OF LISTING

This announcement is made by National Agricultural Holdings Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.24A of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

References are made to the announcements of the Company dated 28 March 2017, 16 May 2017, 19 June 2017, 23 June 2017, 4 July 2017, 25 July 2017, 18 August 2017, 3 November 2017, 12 March 2018, 28 March 2018, 2 July 2018, 1 August 2018, 9 August 2018, 31 October 2018, 11 February 2019, 29 March 2019, 30 April 2019, 7 August 2019, 21 August 2019 and 23 August 2019 (the "Announcements"). Capitalised terms used herein shall have the same meanings as those defined in the Announcements.

UPDATE ON DEVELOPMENTS OF THE GROUP

Release of Annual Results

Due to the unavailability of certain relevant records and the departure of various personnel involved who could not be located, additional time is required for preparing the annual results for the financial year ended 31 December 2017 and 2018 (the "Annual Results") and therefore, the release of the Annual Results is delayed.

Business operations

The Company's business has been operating as usual during the period from August 2019 to October 2019. The Company is of the view that its operations have not been adversely affected by the delay in publication of the Annual Results.

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CANCELLATION OF LISTING

As mentioned in the announcement dated 21 August 2019, the Company received the Letter that as trading in the Company's securities has been suspended since 28 March 2017 and the Company failed to resume trading in its securities by 31 July 2019, the Listing Committee decided to cancel the Company's listing under Rule 6.01A of the Listing Rules. The Company has submitted and the Stock Exchange has accepted a written request for a review of the Delisting Decision.

The review hearing of the Delisting Decision was held on 13 November 2019. The Company has received a letter from the Stock Exchange on 15 November 2019 which provided that having carefully considered all the facts and evidence, and all the submissions presented by the Company and the listing department of the Stock Exchange, the Listing Review Committee decided to uphold the Listing Committee's decision that the Company's listing should be cancelled under Rule 6.01A of the Listing Rules.

On 18 November 2019, the Stock Exchange issued a letter to the Company advising the Company that the last day of listing of the Shares will be on 21 November 2019 (the "Last Listing Date") and the listing of the Shares will be cancelled with effect from 9:00 a.m. on 22 November 2019.

CONSEQUENCES TO THE SHAREHOLDERS

All shareholders of the Company and investors should note that after the Last Listing Date, whilst the share certificates of the Shares will remain valid, the Shares will not be listed on, and will not be tradable on, the Stock Exchange. Thereafter, the Company will no longer be subject to the Listing Rules. Shareholders of the Company who have any queries about the implications of the cancellation of listing of the Shares are advised to obtain appropriate professional advice.

For and on behalf of

National Agricultural Holdings Limited

Ma Zhaohui

Chairman

Hong Kong, 20 November 2019

As at the date of this announcement, the Board comprises three executive Directors, being Mr. Ma Zhaohui, Mr. Yang Ruisheng and Mr. Lei Zhen.

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