International : Final Dividend for the year ended 31 March 2017 with Scrip Alternative

If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your Shares in Sa Sa International Holdings Limited ("Company"), you should at once hand this circular to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

No Shareholder receiving a copy of this circular or the Election Form in any territory outside Hong Kong may treat the same as an invitation to elect for new Shares unless in that relevant territory such invitation could lawfully be made to that Shareholder without the Company having to comply with any registration or other legal requirements, governmental or regulatory procedures or any other similar formalities. It is the responsibility of any Shareholder outside Hong Kong who wishes to receive New Shares under the Scrip Dividend Scheme to comply with the laws of the relevant jurisdiction including any applicable procedures or any other similar formalities.

In particular, this circular does not constitute an offer to sell or the solicitation of an offer to buy any of the Shares in the United States. The Shares may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. No public offer of the Shares is to be made in the United States.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, 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 circular.

SA SA INTERNATIONAL HOLDINGS LIMITED

莎 莎 國 際 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 178) FINAL DIVIDEND FOR THE YEAR ENDED 31 MARCH 2017 WITH SCRIP ALTERNATIVE

12 September 2017

THIS NOTICE AND THE DOCUMENTS COMPRISED IN IT (THE "OFFER NOTICE") ARE NOT FOR DISTRIBUTION INTO THE UNITED STATES EXCEPT TO PERSONS WHO ARE "QUALIFIED INSTITUTIONAL BUYERS" AS DEFINED UNDER RULE 144A OF THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE " SECURITIES ACT "), INSTITUTIONAL "ACCREDITED INVESTORS" AS DEFINED IN RULE 501(a)(1), (2), (3) or (7) UNDER THE SECURITIES ACT, OR PURSUANT TO ANOTHER EXEMPTION FROM, OR IN TRANSACTIONS NOT SUBJECT TO, REGISTRATION UNDER THE SECURITIES ACT.

THE OFFERED SECURITIES OFFERED PURSUANT TO THIS OFFER NOTICE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

THE OFFERED SECURITIES OFFERED PURSUANT TO THIS OFFER NOTICE HAVE NOT BEEN APPROVED OR RECOMMENDED BY ANY U.S. FEDERAL, STATE OR FOREIGN JURISDICTION OR REGULATO RY AUTHORITY. FURTHERMORE, THOSE AUTHORITIES HAVE NOT BEEN REQUESTED TO CONFIRM THE ACCURACY OR ADEQUACY OF THIS OFFER NOTICE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE. NONE OF THE OFFERED SECURITIES WILL BE REGISTERED UNDER THE SECURITIES ACT, OR ANY STATE OR FOREIGN SECURITIES LAWS. ACCORDINGLY, THE OFFERED SECURITIES WILL BE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. YOU SHOULD BE AWARE THAT YOU MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

ALSO, THIS DOCUMENT HAS BEEN PREPARED FOR THE PURPOSE OF COMPLIANCE WITH HONG KONG REGULATORY REQUIREMENTS. IT IS NOT A DISCLOSURE DOCUMENT FOR THE PURPOSES OF AUSTRALIAN LAW, AND MAY NOT CONTAIN ALL THE INFORMATION REQUIRED TO BE CONTAINED IN DISCLOSURE DOCUMENTS UNDER THE L AWS OF AUSTRALIA. THE COMPANY IS A FOREIGN COMPANY FOR THE PURPOSES OF AUSTRALIAN L AW, AND IS NOT SUBJECT TO THE CONTINUOUS DISCLOSURE REQUIREMENTS UNDER AUSTRALIAN LAW. THE COMPANY HAS NOT CONSIDERED WHETHER OR NOT THE OFFER OF THE NEW SHARES COMPLIES WITH AUSTRALIAN LAW. YOU ARE ADVISED TO EXERCISE CAUTION IN RELATION TO THE OFFER, AND IF YOU ARE IN DOUBT ABOUT ANY OF THE CONTENTS OF THIS DOCUMENT, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.

FURTHER, THE RECEIPT OF THE CASH DIVIDEND OR ELECTION TO RECEIVE THE SCRIP DIVIDEND MAY HAVE TAX IMPLICATIONS FOR SHAREHOLDERS WHO ARE RESIDENT IN THE UNITED KINGDOM AND YOU ARE THEREFORE ADVISED TO OBTAIN APPROPRIATE ADVICE FROM YOUR PROFESSIONAL ADVISORS IN THIS REGARD BEFORE TAKING ANY ACTION.

In this circular, the following expressions have the following meanings unless the context otherwise requires:

"Board" the board of directors of the Company;

"Branch Share Registrar and Transfer Office"

Tricor Abacus Limited, at Level 22, Hopewell Centre, 183 Queen's Road East, Hong Kong;

"Closing Time" the closing time for the return of the completed Election Form to the Branch Share Registrar and Transfer Office, being 4:30 p.m. on Wednesday, 27 September 2017;

"Company" Sa Sa International Holdings Limited, a company incorporated in the Cayman Islands with limited liability, whose shares are listed on the Main Board of the Stock Exchange;

"Election Form" the election form for use by Shareholders who wish to receive the Final Dividend wholly or partly in New Shares instead of cash;

"Final Dividend" the final dividend of 8.0 HK cents per Share for the year ended 31 March 2017 payable to Shareholders whose names appear on the Company's register of members on the Record Date;

"HK$" and "HK cents" Hong Kong dollar(s) and cent(s) respectively, the

lawful currency of Hong Kong;

"Hong Kong" Hong Kong Special Administrative Region of the People's Republic of China;

"New Share(s)" new fully paid Share(s) to be issued under the Scrip Dividend Scheme;

"Record Date" Tuesday, 5 September 2017, being the date for determining Shareholders' respective entitlements to the Final Dividend;

"Scrip Dividend Scheme" the scheme under which eligible Shareholders may

elect to receive the Final Dividend wholly or partly by the allotment of New Shares instead of cash;

"SFO" Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong);

"Share(s)" share(s) of HK$0.10 each in the share capital of the Company, or if there has been a subdivision, consolidation, reduction, reclassification of or reconstruction of or any other alteration to the share capital of the Company, shares forming part of the share capital of the Company;

"Shareholder(s)" holder(s) of Shares;

"Stock Exchange" The Stock Exchange of Hong Kong Limited; and

"United States" United States of America or any of its territories or possessions.

A timetable summarising the events in relation to the Final Dividend is set out below:

Event Date

Last date cum-dividend . . . . . . . . . . . . . . . . . . . . . . . . . . . . Wednesday, 30 August 2017

Ex-dividend date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thursday, 31 August 2017 Latest time by which transfers were accepted

for registration for entitlement to the Final Dividend . . . . . . . . . 4:30 p.m. on Friday,

1 September 2017

Closure of the Company's register of members for the purpose of determining Shareholders'

respective entitlements to the Final Dividend . . . . . . . Monday, 4 September 2017 to

Tuesday, 5 September 2017 (both dates inclusive)

Record Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tuesday, 5 September 2017

Closing Time (Note1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4:30 p.m. on Wednesday,

27 September 2017

Despatch of dividend warrants and/or

definitive certificates for New Shares . . . . . . . . . . . . . . . . . Monday, 16 October 2017

Expected first day of dealings in New Shares . . . . . . . . . . . . Tuesday, 17 October 2017

(subject to the receipt of definitive certificates for New Shares by

the relevant Shareholders)

Notes:

1. If a typhoon signal no. 8 or above, or a ''black'' rainstorm warning is in force at or at any time prior to 4:30 p.m. on Wednesday, 27 September 2017, the closing time for returning the Election Form will be extended. Further information is set out in this circular.

2. References to time and dates in this circular are to Hong Kong time and dates.