Sun Art Retail : RESTORATION OF PUBLIC FLOAT

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.

SUN ART RETAIL GROUP LIMITED ৷㒥ཧਯϞࠢʮ̡

(Incorporated in Hong Kong with limited liability)

(Stock code: 06808)

RESTORATION OF PUBLIC FLOAT

References are made to (i) the joint announcement issued by the Offeror and the Company dated 18 October 2020; (ii) the composite document jointly issued by the Offeror and the Company dated 27 November 2020 in relation to the Offer (the "Composite Document"); (iii) the joint announcement issued by the Offeror and the Company dated 18 December 2020 in relation to the close of the Offer and the results of the Offer; and (iv) the announcement by the Company dated 7 January 2021 in relation to the grant of waiver from strict compliance with the minimum public float requirement. Capitalized terms used but not otherwise defined herein shall have the same meanings ascribed to them in the Composite Document.

The Company has been informed by A-RT Retail Holdings Limited ("A-RT"), the Company's controlling shareholder, that the transfers of 8,892,474 and 8,246,246 shares in A-RT by Concord Greater China Limited ("CGC") and Kofu International Limited ("Kofu"), respectively, to A-RT in consideration of 231,204,324 and 214,402,396 Shares, respectively (the "Relevant Transactions"), have been completed. Following completion of the Relevant Transactions, A-RT holds 4,419,731,966 Shares, representing approximately 46.33% of the total issued share capital of the Company. As a result of the Relevant Transactions, the shareholding of the Offeror and its concert parties in the Company has been reduced from 7,953,273,301 Shares (representing approximately 83.37% of the total issued share capital of the Company) to 7,507,666,581 Shares (representing approximately 78.70% of the total issued share capital of the Company).

To the best knowledge, information and belief of the Board, having made all reasonable enquiries, immediately following the Relevant Transactions and as at the date of this announcement, 1,960,053,917 Shares are held by the public (as defined under the Listing Rules), representing approximately 20.55% of the total issued share capital of the Company. Accordingly, the public float of the Company has been restored to a level which is above the prescribed minimum public float percentage applicable to the Company, being 19.38% of the total issued share capital of the Company, and the Company is, with effect from the completion of the Relevant Transactions, in compliance with Rule 8.08(1)(a) of the Listing Rules.

The following table sets out the shareholding structure of the Company (i) immediately prior to the completion of the Relevant Transactions; and (ii) immediately after the completion of the Relevant Transactions and as at the date of this announcement:

Immediately after
Immediately prior to	the completion of the Relevant
the completion of the Relevant	Transactions and as at the
Transactions	date of this announcement
No. of Approximate	No. of Approximate
Shares %	Shares %

Offeror and its concert parties

- Offeror	2,607,565,384	27.33%	2,607,565,384	27.33%
- New Retail Fund	480,369,231	5.04%	480,369,231	5.04%
- A-RT	4,865,338,686	51.00%	4,419,731,966	46.33%
Subtotal	7,953,273,301	83.37%	7,507,666,581	78.70%
Directors
- Mr. HUANG Ming-Tuan1	71,984,202	0.75%	71,984,202	0.75%
Public shareholders
CGC	-	-	231,204,324	2.42%
Kofu	-	-	214,402,396	2.25%
Other public Shareholders	1,514,447,197	15.88%	1,514,447,197	15.88%
Subtotal	1,514,447,197	15.88%	1,960,053,917	20.55%
Total	9,539,704,700	100%	9,539,704,700	100%

Note 1:Mr. HUANG Ming-Tuan is interested in the Shares through his spouse, Ms. LEE Chih-Lan who holds 70,432,964 Shares through Unique Grand Trading Limited and 1,551,238 Shares under her name.

By Order of the Board Sun Art Retail Group Limited

HUANG Ming-Tuan

Executive Director and Chief Executive OfficerHong Kong, 10 March 2021

As at the date of this announcement, the Directors are:

Executive Directors:

HUANG Ming-Tuan (Chairman and Chief Executive Officer) LIN Xiaohai

Non-executive Directors: LI Yonghe

XU Hong

Independent Non-executive Directors: Karen Yifen CHANG

Dieter YIH

Charles Sheung Wai CHAN