Red Star Macalline : ANNOUNCEMENT ON PROPOSED EXTENSION OF VALIDITY PERIOD OF THE RESOLUTION OF GENERAL MEETING FOR THE NON-PUBLIC ISSUANCE OF A SHARES AND VALIDITY PERIOD OF THE AUTHORIZATION OF GENERAL MEETING

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Red Star Macalline Group Corporation Ltd.

紅星美凱龍家居集團股份有限公司

(A sino-foreign joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 1528)

ANNOUNCEMENT

ON

PROPOSED EXTENSION OF VALIDITY PERIOD OF

THE RESOLUTION OF GENERAL MEETING FOR

THE NON-PUBLIC ISSUANCE OF A SHARES AND VALIDITY PERIOD OF

THE AUTHORIZATION OF GENERAL MEETING

References are made to (i) the announcements dated 3 May 2020, 3 June 2020 and 23 June 2020 in relation to the proposed non-public issuance of A Shares; (ii) the circular dated 3 June 2020 in relation to the non-public issuance of A Shares (the "June 2020 Circular"); (iii) the overseas regulatory announcements dated 27 September 2020 in relation to the adjustment on matters of the non-public issuance of A shares of Red Star Macalline Group Corporation Ltd. (the "Company"). Unless otherwise specified, the terms used in this announcement have the same meanings as those defined in the June 2020 Circular.

The "Resolution on the 2020 Plan for the Non-public Issuance of A Shares of the Company" and the "Resolution on the Authorization to the Board to Deal with Relevant Matters in relation to the 2020 Non-public Issuance of A Shares of the Company with Full Discretion" were considered and approved at the 2019 annual general meeting, A Shareholders' Class Meeting and H Share Shareholders' Class Meeting held by the Company on 18 June 2020, which agreed that the resolution in relation to the non-public issuance of A Shares (the "Non-publicIssuance") is valid for 12 months from the date of consideration and approval at the general meeting of the Company (being, until 17 June 2021); and that the Board of Directors and its authorized persons would have full authorizations to deal with all matters relating to the Non-public Issuance. If the above authorizations involve specific implementation matters to be handled after the approval by securities regulatory authorities for the Non-public Issuance, the authorization is valid from the date of consideration and approval at the general meeting of the Company to the date of completion of the implementation matters, while other authorizations are valid for 12 months from the date of consideration and approval at the general meeting of the Company (being, until 17 June 2021).

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Given that the work related to the Non-public Issuance is still in progress, and the validity period of the above resolutions and authorizations will soon expire, at the Board meeting held on 19 April 2021, the Board of Directors resolved to propose to the general meeting to approve the extension of the validity period of the resolution of the general meeting for the non-public issuance of A Shares and the validity period of the authorizations of 12 months from the expiry of the validity period of these resolutions (being, until 17 June 2022), in order to ensure the smooth implementation of the Non-public Issuance.

The Company will submit the above resolutions in relation to extension of the validity period of the resolution of general meeting for the non-public issuance of A Shares and the validity period of the authorizations to the general meeting and shareholders' class meeting of the Company for consideration. A circular containing (among other things) the details of the above resolutions, together with the notices of the general meeting and shareholders' class meeting, will be dispatched to the shareholders of the Company in due course.

As the Non-public Issuance is subject to certain conditions precedent, it may or may not proceed. Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company. Further announcement(s) regarding the detailed terms of the Non-public Issuance will be made by the Company as and when applicable. This announcement appears for information purposes only and does not constitute an invitation or an offer to acquire, purchase or subscribe for the securities of the Company.

By order of the Board

Red Star Macalline Group Corporation Ltd.

GUO Binghe

Vice Chairman

Shanghai, the PRC

19 April 2021

As at the date of this announcement, the executive directors of the Company are CHE Jianxing, GUO Binghe, CHE Jianfang and JIANG Xiaozhong; the non-executive directors are CHEN Shuhong, JING Jie, XU Hong, LIU Jin and CHEN Zhaohui; and the independent non-executive directors are QIAN Shizheng, LEE Kwan Hung, Eddie, WANG Xiao, ZHAO Chongyi and QIN Hong.

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