Radiance : SUMMARY OF THE UNAUDITED FINANCIAL RESULTS OF AN INDIRECT NON-WHOLLY OWNED SUBSIDIARY FOR THE THREE MONTHS ENDED 31 MARCH 2021

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.

Radiance Holdings (Group) Company Limited

金輝控股（集團）有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 9993)

SUMMARY OF THE UNAUDITED FINANCIAL RESULTS OF

AN INDIRECT NON-WHOLLY OWNED SUBSIDIARY FOR THE THREE MONTHS ENDED 31 MARCH 2021

This announcement is made by Radiance Holdings (Group) Company Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Reference is made to the announcement of the Company dated 27 January 2021 in relation to the summary of the unaudited financial results (the "Announcement"). Capitalised terms used

herein shall have the same meaning as ascribed to in the Announcement. On 30 April 2021, Shenzhen Qianhai Lianjie Commercial Factoring Co., Ltd.*（深圳前海聯捷商業保理有限公 司）announced the issuance of the first tranche of Radiance Supply Chain Accounts Payable Asset-Backed Notes with an aggregated nominal value of RMB328 million and its listing and

trading on the Inter-bank Bond Market ("Issuance of Notes").

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FINANCIAL RESULTS OF RADIANCE GROUP

Pursuant to the relevant guidelines and regulations of NAFMII, Qianhai Lianjie is required

to set out (i) the unaudited consolidated financial statements of Radiance Group Co., Ltd.* （金輝集團股份有限公司）("Radiance Group", an indirect non-wholly owned subsidiary of the Company) for the three months ended 31 March 2021; and (ii) the audited consolidated

financial statements of Radiance Group for the three years ended 31 December 2020 prepared in accordance with China Accounting Standards for Business Enterprises ("PRC GAAP") ((i) and (ii) collectively, the "Financial Results of Radiance Group"). The Financial Results of Radiance Group are published on the website of Beijing Financial Assets Exchange (https://www.cfae.cn).

The following sets forth a summary of the key financial figures as extracted from the Financial Results of Radiance Group on a consolidated basis:

	As at	As at	As at	As at
	31 March	31 December	31 December	31 December
	2021	2020	2019	2018
	(Unaudited)
	RMB'000	RMB'000	RMB'000	RMB'000
Total current assets	164,559,102	162,363,396	130,218,729	105,980,853
Total non-current assets	26,303,145	23,495,597	19,430,984	17,448,091
Total assets	190,862,247	185,858,993	149,649,712	123,428,944
Advances from customers	57,353	43,123	56,152,145	41,309,282
Contract liabilities	76,974,289	67,997,622	-	-
Total current liabilities	111,646,923	108,565,500	93,960,146	75,570,231
Total non-current liabilities	42,814,260	41,525,599	34,687,663	29,907,916
Total liabilities	154,461,183	150,091,099	128,647,809	105,478,147
Total shareholders' equity	36,401,064	35,767,894	21,001,903	17,950,797
Total liabilities and
shareholders' equity	190,862,247	185,858,993	149,649,712	123,428,944

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	For the
	three months	For the	For the	For the
	ended	year ended	year ended	year ended
	31 March	31 December	31 December	31 December
	2021	2020	2019	2018
	(Unaudited)
	RMB'000	RMB'000	RMB'000	RMB'000
Revenue	5,079,306	34,792,839	25,849,247	16,087,348
Net profit	328,110	3,856,929	2,060,906	2,270,155
Net operating cash flows	1,991,332	3,028,017	(5,269,061)	2,949,782
Net increase/(decrease) in cash and
cash equivalents	(1,287,497)	12,176,778	(497,579)	8,833,311
Cash and cash equivalents at the
end of the period	23,869,749	25,157,246	12,980,467	13,478,046

The following sets forth the key financial indicators of Radiance Group for the three months ended 31 March 2021 and the three years ended 31 December 2020:

	For the
	three months	For the	For the	For the
	ended	year ended	year ended	year ended
	31 March	31 December	31 December	31 December
Financial indicators	2021	2020	2019	2018
Current ratio	1.47	1.50	1.39	1.40
Quick ratio	0.40	0.42	0.36	0.42
Gearing ratio	80.93%	80.76%	85.97%	85.46%
EBITDA interest coverage (times)	0.57	1.37	0.89	1.12
Gross profit margin	21.75%	24.39%	24.20%	33.46%

Notes: Unless otherwise stated, the financial indicators as disclosed above are calculated based on a consolidated basis.

The financial indicators as disclosed above are calculated based on the followings:

1. Current ratio = current assets/current liabilities;
2. Quick ratio = (current assets-inventories)/current liabilities;
3. Gearing ratio = total liabilities/total assets;
4. EBITDA interest coverage = (total profit + interest expenses included in finance cost + depreciation + amortization)/(interest expenses included in finance cost + capitalized interest expenses);
5. Gross profit margin = (operating income - operating cost)/operating income.

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SUMMARY OF MANAGEMENT DISCUSSION AND ANALYSIS

1. Asset Structure Analysis

	As at 31 March 2021
Items	(Unaudited)	As at 31 December 2020	As at 31 December 2019	As at 31 December 2018
	Amount	Percentage	Amount	Percentage	Amount	Percentage	Amount	Percentage
	RMB'000	%	RMB'000	%	RMB'000	%	RMB'000	%
Total current assets	164,559,103	86.22	162,363,396	87.36	130,218,729	87.02	105,980,853	85.86
Total non-current assets	26,303,145	13.78	23,495,597	12.64	19,430,984	12.98	17,448,091	14.14
Total assets	190,862,247	100	185,858,993	100	149,649,712	100	123,428,944	100

For the three years ended 31 December 2020 and the three months ended 31 March 2021, the scale of assets continued to grow steadily with the development of Radiance Group and its subsidiaries' various businesses. As at 31 December 2018, 31 December 2019, 31 December 2020 and 31 March 2021, the total assets of Radiance Group and its subsidiaries amounted to RMB123,429 million, RMB149,650 million, RMB185,859 million and RMB190,862 million, respectively. As at 31 December 2018, 31 December 2019, 31 December 2020 and 31 March 2021, Radiance Group and its subsidiaries' current assets accounted for 85.86%, 87.02%, 87.36% and 86.22% of its total assets, respectively.

2. Debt Structure Analysis

	As at 31 March 2021
Items	(Unaudited)	As at 31 December 2020	As at 31 December 2019	As at 31 December 2018
	Amount	Percentage	Amount	Percentage	Amount	Percentage	Amount	Percentage
	RMB'000	%	RMB'000	%	RMB'000	%	RMB'000	%
Short-term borrowings	-	0.00	-	0.00	4,227,500	3.29	2,860,420	2.71
Non-current liabilities due within
one year	11,825,780	7.66	15,578,201	10.38	13,020,478	10.12	15,531,340	14.72
Long-term borrowings	29,009,322	18.78	25,868,004	17.23	19,676,254	15.29	16,054,847	15.22
Bond payables	9,755,782	6.32	11,720,237	7.81	11,243,056	8.74	10,342,553	9.81
Total liabilities	154,461,183	100	150,091,099	100	128,647,809	100	105,478,147	100

As at the end of the three years ended 31 December 2020 and the three months ended 31 March 2021, Radiance Group and its subsidiaries' total liabilities showed an increasing trend. As at 31 December 2018, 31 December 2019, 31 December 2020 and 31 March 2021, Radiance Group and its subsidiaries' total liabilities amounted to RMB105,478 million, RMB128,648 million, RMB150,091 million and RMB154,461 million, respectively. The increase of total liabilities was mainly due to the increasing advances from pre-sale of properties. As at 31 March 2021, the amount of the interest-bearing liabilities of Radiance Group and its subsidiaries has decreased compared to that of 31 December 2020.

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Radiance Group and its subsidiaries' advances from pre-sale of properties continued to grow. As at 31 December 2018, 31 December 2019, 31 December 2020 and 31 March 2021, the balance of Radiance Group and its subsidiaries' advances from customers and contract liabilities totaled RMB41,309 million, RMB56,152 million, RMB68,041 million and RMB77,032 million, respectively, accounted for 39.16%, 43.65%, 45.33% and 49.87% of its total liabilities, respectively.

As at 31 December 2018, 31 December 2019, 31 December 2020 and 31 March 2021, the balance of Radiance Group and its subsidiaries' short-term borrowings as at end of the period amounted to RMB2,860 million, RMB4,228 million, RMB0 million and RMB0 million, respectively, accounted for 2.71%, 3.29%, 0.00% and 0.00% of its total liabilities, respectively.

Radiance Group and its subsidiaries' non-current liabilities due within one year mainly represent long-term borrowings and bond payables due within one year. As at 31 December 2018, 31 December 2019, 31 December 2020 and 31 March 2021, the balance of Radiance Group and its subsidiaries' non-current liabilities due within one year as at end of the period amounted to RMB15,531 million, RMB13,020 million, RMB15,578 million and RMB11,826 million, respectively, accounted for 14.72%, 10.12%, 10.38% and 7.66% of its total liabilities, respectively.

As at 31 December 2018, 31 December 2019, 31 December 2020 and 31 March 2021, the balance of Radiance Group and its subsidiaries' long-term borrowings as at end of the period amounted to RMB16,055 million, RMB19,676 million, RMB25,868 million and RMB29,009 million, respectively, accounted for 15.22%, 15.29%, 17.23% and 18.78% of its total liabilities, respectively.

As at 31 December 2018, 31 December 2019, 31 December 2020 and 31 March 2021, the carrying amount of Radiance Group and its subsidiaries' bond payables amounted to RMB10,343 million, RMB11,243 million, RMB11,720 million and RMB9,756 million, respectively, accounted for 9.81%, 8.74%, 7.81% and 6.32% of its total liabilities, respectively.

As at 31 December 2018, 31 December 2019, 31 December 2020 and 31 March 2021, the balance of Radiance Group and its subsidiaries' interest-bearing liabilities totaled RMB44,789 million, RMB48,167 million, RMB53,166 million and RMB50,591 million, respectively, accounted for 42.46%, 37.44%, 35.42% and 32.76% of its total liabilities, respectively, with a decreased proportion year by year.

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3.	Cash Flow Analysis
		For the
		three months	For the	For the	For the
		ended	year ended	year ended	year ended
		31 March	31 December	31 December	31 December
	Items	2021	2020	2019	2018
		(Unaudited)
		RMB'000	RMB'000	RMB'000	RMB'000
	Net cash flows generated
	from operating activities	1,991,332	3,028,017	(5,269,061)	2,949,782
	Net cash flows generated
	from investing activities	4,606	(3,435,431)	195,252	(2,922,241)
	Net cash flows generated
	from financing activities	(3,296,813)	12,679,536	4,576,231	8,805,770
	Balance of cash and cash
	equivalents at end of
	the period	23,869,749	25,157,246	12,980,467	13,478,046

For the three years ended 31 December 2020 and the three months ended 31 March 2021, net cash flows generated from operating activities of Radiance Group and its subsidiaries fluctuated, which were RMB2,950 million, -RMB5,269 million, RMB3,028 million and RMB1,991 million, respectively. According to the characteristics of the real estate industry, cash outflows are mainly generated from the development stage of real estate projects, cash inflows are mainly generated from the sales stage, and real estate projects have long development cycles from land acquisition to sales. The fluctuation of cash flows generated from operating activities was because the properties under construction of Radiance Group and its subsidiaries were in different stages.

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4.	Solvency Analysis
		As at	As at	As at	As at
		31 March	31 December	31 December	31 December
	Solvency Indicators	2021	2020	2019	2018
	Current ratio	1.47	1.50	1.39	1.40
	Quick ratio	0.40	0.42	0.36	0.42
	Gearing ratio	80.93%	80.76%	85.97%	85.46%
	Gearing ratio, net of advances
	from customers	40.57%	44.15%	48.44%	51.99%
		For the
		three months	For the	For the	For the
		ended	year ended	year ended	year ended
		31 March	31 December	31 December	31 December
	Solvency Indicators	2021	2020	2019	2018
	EBIT (RMB'000)	491,258	5,370,811	3,066,343	3,380,967
	EBITDA (RMB'000)	502,722	5,420,338	3,120,578	3,436,441
	EBIT interest coverage
	(times)	0.56	1.36	0.87	1.10
	EBITDA interest coverage
	(times)	0.57	1.37	0.89	1.12

From the perspective of short-term solvency indicator, as at 31 December 2018, 31 December 2019, 31 December 2020 and 31 March 2021, the current ratio of Radiance Group and its subsidiaries was 1.40, 1.39, 1.50 and 1.47, respectively and its quick ratio was 0.42, 0.36, 0.42 and 0.40, respectively, both of which have remained basically stable.

From the perspective of long-term solvency indicator, as at 31 December 2018, 31 December 2019, 31 December 2020 and 31 March 2021, the gearing ratio of Radiance Group and its subsidiaries was 85.46%, 85.97%, 80.76% and 80.93%, respectively and its gearing ratio, net of advances from customers was 51.99%, 48.44%, 44.15% and 40.57%, respectively. In general, Radiance Group and its subsidiaries had maintained high gearing ratios, which was mainly because on one hand, the property development and sales business of Radiance Group and its subsidiaries had generated a large scale of advances from pre-sale of properties, leading to an increasing balances of advances from customers as the scale of projects sold and payment collected increased; on the other hand, Radiance Group and its subsidiaries mainly raised funds by ways of debts financing such as bank borrowings and trust financings, leading to the occurrence of interest-bearing liabilities. As of 31 March 2021, the scale of interest-bearing liabilities has decreased.

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In 2018, 2019, 2020 and from January to March 2021, the EBIT interest coverage of Radiance Group and its subsidiaries was 1.10 times, 0.87 times, 1.36 times and 0.56 times, respectively, and its EBITDA interest coverage was 1.12 times, 0.89 times, 1.37 times and 0.57 times, respectively. As Radiance Group and its subsidiaries continued to expand around the country and established presence in more cities, its business scale continued to expand. Therefore, its interest coverage showed fluctuation during the reporting period.

5. Operating Capacity Analysis

	For the
	three months	For the	For the	For the
	ended	year ended	year ended	year ended
Operating Capacity	31 March	31 December	31 December	31 December
Indicators	2021	2020	2019	2018
Accounts receivables
turnover (times/year)	73.58	621.43	230.47	104.69
Inventory turnover
(times/year)	0.03	0.25	0.23	0.17
Total assets turnover
(times/year)	0.03	0.21	0.19	0.15

Radiance Group and its subsidiaries' sales to customers are usually by ways of pre- sales, and its accounts receivables are mainly installment payments from sales of properties, which have a relatively small scale. At the same time, Radiance Group and its subsidiaries have implemented strict management and control over accounts receivables. As a result, the accounts receivables turnover has been maintained at a high level. For the three years ended 31 December 2020 and the three months ended 31 March 2021, the accounts receivables turnover of Radiance Group and its subsidiaries was 104.69, 230.47, 621.43 and 73.58, respectively. During the reporting period, almost all of the properties sold by Radiance Group and its subsidiaries were ordinary residential properties (including commercial space at the ground floor), the types of which were relatively simple.

For the three years ended 31 December 2020 and the three months ended 31 March 2021, the inventory turnover of Radiance Group and its subsidiaries was 0.17, 0.23, 0.25 and 0.03, respectively.

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6. Profitability Analysis

				Unit: RMB'000
	For the
	three months	For the	For the	For the
	ended	year ended	year ended	year ended
	31 March	31 December	31 December	31 December
Items	2021	2020	2019	2018
	(Unaudited)
Operating income	5,079,305.54	34,792,839.35	25,849,247.23	16,087,347.80
Less: Operating costs	3,974,639.02	26.306,453.85	19,594,199.43	10,703,769.55
Tax and surcharges	184,967.08	1,913,539,38	1,368,399.64	945,358.77
Cost of sales	248,582.60	1,121,178.60	950,679.38	690,977.85
Administrative cost	197,162.90	932.015.83	800,503.39	724,795.79
Finance charges	74,958.70	361,958.88	483,233.71	538,244.35
Impairment losses of assets	3,680.34	(462,815.64)	(613,034.85)	39,198.62
Investment return	(30,781,14)	854,016.74	621,351.90	(85,986.14)
Operating profit	436,780.17	4,977,312.17	2,690,596.95	2,934,261.75
Total profit	436,564.92	4,921,103.61	2,669,658.91	2,884,098.76
Net profit	328,110.44	3,856,928.90	2,060,906.08	2,270,155.46
Net profit attributable to
owners of the parent	248,556.49	3,268,505.95	1,979,245.54	2,096,649.42

For the three years ended 31 December 2020 and the three months ended 31 March 2021, Radiance Group and its subsidiaries realized operating income of RMB16,087 million, RMB25,849 million, RMB34,793 million and RMB5,079 million, respectively, of which revenue generated from Radiance Group and its subsidiaries' principal businesses accounted for more than 97% while revenue generated from other businesses accounted for a small proportion. Radiance Group and its subsidiaries' principal businesses comprise property sales and property leasing, especially in terms of revenue generated from property sales. For the three years ended 31 December 2020 and the three months ended 31 March 2021, Radiance Group and its subsidiaries' revenue generated from property sales amounted to RMB15,105 million, RMB24,841 million, RMB34,269 million and RMB4,908 million, respectively, accounted for 93.89%, 96.10%, 98.49% and 96.63% of its operating income, respectively.

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For the three years ended 31 December 2020 and the three months ended 31 March 2021, Radiance Group and its subsidiaries realized operating profit of RMB2,934 million, RMB2,691 million, RMB4,977 million and RMB437 million, respectively; total profit of RMB2,884 million, RMB2,670 million , RMB4,921 million and RMB437 million, respectively; net profit of RMB2,270 million, RMB2,061 million, RMB3,857 million and RMB328 million, respectively. For the three years ended 31 December 2020 and the three months ended 31 March 2021, Radiance Group and its subsidiaries' profitability maintained relatively stable.

OTHER INFORMATION

The Financial Results of Radiance Group have been prepared in accordance with the PRC GAAP, which is different from the Hong Kong Financial Reporting Standards, the accounting policies the Company has adopted to prepare and present its financial information. Accordingly, the financial information contained herein may differ from those disclosed in the prospectus of the Company dated 16 October 2020 and those contained in the annual results announcement of the Company dated 19 March 2021. Further, the financial results of Radiance Group for the three months ended 31 March 2021 are not directly comparable to the financial results of the Group, and the Financial Results of Radiance Group do not reflect or provide a full picture of the operation and financial conditions of the Group.

Shareholders and potential investors of the Company are advised not to rely solely on the information contained herein and should exercise caution when dealing in the shares of the Company. When in doubt, shareholders and potential investors of the Company are advised to seek professional advice from their own professional or financial advisers.

By order of the Board

Radiance Holdings (Group) Company Limited

Lam Ting Keung

Chairman

Hong Kong, 30 April 2021

As at the date of this announcement, the Board comprises four executive Directors, namely, Mr. Lam Ting Keung, Mr. Lam Yu, Mr. Chen Chaorong and Mr. Huang Junquan and three independent non-executive Directors, namely, Mr. Zhang Huaqiao, Mr. Tse Yat Hong and Mr. Chung Chong Sun.

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