Times China : OFFER TO PURCHASE FOR CASH BY TIMES CHINA HOLDINGS LIMITED OF ITS OUTSTANDING 6.25% SENIOR NOTES DUE 2021 UP TO THE MAXIMUM ACCEPTANCE AMOUNT EXPIRY OF THE OFFER

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.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No securities may be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the company making the offer, management, as well as financial statements. No public offer of securities is to be made by the Company in the United States.

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OR TO U.S. PERSONS OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES OR IN OR INTO ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS DOCUMENT.

TIMES CHINA HOLDINGS LIMITED

時 代 中 國 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1233)

OFFER TO PURCHASE FOR CASH

BY TIMES CHINA HOLDINGS LIMITED

OF ITS OUTSTANDING 6.25% SENIOR NOTES DUE 2021

UP TO THE MAXIMUM ACCEPTANCE AMOUNT

(ISIN: XS1749435324; Common Code: 174943532; Stock Code: 5086)

EXPIRY OF THE OFFER

Reference is made to the announcement of the Company dated 15 September 2020 (the "Announcement") in relation to the Offer. Capitalized terms used in this announcement shall have the same meanings ascribed to them in the Announcement.

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The Offer expired at 4:00 p.m. (London Time) on 22 September 2020. As of the Expiration Deadline, a total of US$207,833,000 in principal amount of the 2021 Notes, representing approximately 41.57% of the total Outstanding Principal Amount of the 2021 Notes have been validly tendered and not withdrawn pursuant to the Offer.

Pursuant to the terms and conditions of the Offer to Purchase, the Maximum Acceptance Amount is US$350,000,000, being the lower of the Outstanding Principal Amount and the New Issue Amount. The Company has determined to accept for purchase a total of US$207,833,000 in principal amount of the 2021 Notes. The Purchase Price for the 2021 Notes is US$1,008 per US$1,000 principal amount of the 2021 Notes accepted for purchase by the Company. Accordingly, the Company will pay (i) an aggregate Purchase Price of US$209,495,664 for all such 2021 Notes accepted for purchase, and (ii) Accrued Interest thereon, in the amount of US$11.805556 per US$1,000 principal amount of the 2021 Notes accepted for purchase by the Company, pursuant to the terms of the Offer.

The tendered 2021 Notes will be subsequently cancelled at settlement, following which US$292,167,000 in aggregate principal amount of the 2021 Notes will remain outstanding subject to the terms of the indenture governing the 2021 Notes.

This announcement, and all documents related to the Offer, can be found on the Offer Website: https://sites.dfkingltd.com/times.

By Order of the Board

Times China Holdings Limited

Shum Chiu Hung

Chairman

Hong Kong, 23 September 2020

As at the date of this announcement, the executive directors of the Company are Mr. Shum Chiu Hung, Mr. Guan Jianhui, Mr. Bai Xihong, Mr. Li Qiang, Mr. Shum Siu Hung and Mr. Niu Jimin; and the independent non-executive directors of the Company are Mr. Jin Qingjun, Ms. Sun Hui and Mr. Wong Wai Man.

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