Shoucheng : SUPPLEMENTAL ANNOUNCEMENT - VERY SUBSTANTIAL DISPOSAL AND CONNECTED TRANSACTION - EXTENSION OF LONG STOP DATE FOR COMPLETION OF THE REVISED PROPOSED RESTRUCTURING

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.

SUPPLEMENTAL ANNOUNCEMENT

VERY SUBSTANTIAL DISPOSAL AND CONNECTED TRANSACTION

EXTENSION OF LONG STOP DATE FOR COMPLETION OF

THE REVISED PROPOSED RESTRUCTURING

References are made to the announcements of Shoucheng Holdings Limited (the "Company") dated 15 January 2021 and 18 February 2021 (the "Announcements") in relation to, among other things, the entering into of the Amended and Restated Sale and Purchase Agreement between the Vendor and King Rich in respect of the Revised Proposed Restructuring. Capitalized terms used herein shall have the same meanings as defined in the Announcements unless the context requires otherwise.

As stated in the Announcements, completion of the Revised Proposed Restructuring is conditional upon the fulfilment of the Conditions on or before the Long Stop Date, i.e. 31 July 2021 or any other date as agreed in writing between King Rich and the Vendor.

As at the date of this announcement, Condition (i) (i.e. approval from Independent Shareholders on the Revised Proposed Restructuring) and Condition (iii) (i.e. completion of the Internal Transfer) have been fulfilled. Save as aforesaid, none of the Conditions has been fulfilled (or waived, if applicable).

In respect of Condition (ii) (i.e. the filing, registration or approval, as applicable, with or by the State-Owned Assets Supervision and Administration Commission of the State Council of PRC, or its local authorities, and such other applicable PRC governmental approvals in respect of, inter alia, the Revised Proposed Restructuring), the Company informs the Shareholders that relevant application materials have been submitted to the State-owned Assets Supervision and Administration Commission of the Beijing Municipal People's Government and are pending for approval.

As the Company anticipates that more time is required for the fulfilment of the unfulfilled Conditions, in particular, approximately 6 months in respect of Condition (ii), on 29 July 2021, the Vendor and King Rich entered into a second supplemental agreement to amend the Long Stop Date to 31 January 2022 (or such other date as the parties may agree in writing). Save for the

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aforesaid, all other terms and conditions of the Amended and Restated Sale and Purchase Agreement shall remain unchanged and continue in full force and effect.

As completion of the Revised Proposed Restructuring is subject to the satisfaction of the Conditions, the Revised Proposed Restructuring may or may not materialize. Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

This announcement is supplemental to and should be read in conjunction with the Announcements. Save as specified herein, the above supplemental information does not affect other information and contents set out in the Announcements.

By order of the Board

Shoucheng Holdings Limited

Zhao Tianyang

Chairman

Hong Kong, 29 July 2021

As at the date of this announcement, the Board comprises Mr. Zhao Tianyang (Chairman), Mr. Xu Liang, Mr. Li Wei (President) and Ms. Zhang Meng as Executive Directors; Mr. Liu Jingwei, Mr. Ho Gilbert Chi Hang, Mr. Li Hao and Dr. Zhao Xianming as Non-executive Directors; Dr. Wang Xin, Mr. Choi Fan Keung Vic, Mr. Deng Yougao, Ms. Zhang Quanling and Ms. Zhuge Wenjing as Independent Non-executive Directors.

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