Universal Star : LAPSE OF SUBSCRIPTION AGREEMENTS IN RELATION TO THE ISSUE OF SUBSCRIPTION SHARES UNDER GENERAL MANDATE

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UNIVERSAL STAR (HOLDINGS) LIMITED

星 宇 ( 控 股 ) 有 限 公 司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 2346)

LAPSE OF SUBSCRIPTION AGREEMENTS

IN RELATION TO THE ISSUE OF SUBSCRIPTION SHARES

UNDER GENERAL MANDATE

Reference is made to the announcement of Universal Star (Holdings) Limited (the "Company") dated 10 June 2020 in relation to the proposed issue and allotment of new shares of the Company under the general mandate (the "Announcement"); and (ii) the announcement of the Company dated 10 July 2020 in relation to the extension of long stop date for completion of the subscription to 10 August 2020. Unless otherwise defined, capitalised terms used herein shall have the same meanings as defined in the Announcement.

The Board hereby announces that certain conditions precedent under the Subscription Agreements have not been fulfilled as of 10 August 2020. Accordingly, the Subscription Agreements have been automatically lapsed pursuant to the terms of the Subscription Agreements. The Subscription will not be proceeded with.

The Directors consider that the lapse of the Subscription Agreements would have no material adverse impact on the business, financial and operational position of the Group.

By Order of the Board

Universal Star (Holdings) Limited

Lyu Zhufeng

Chairman, CEO and Executive Director

Hong Kong, 10 August 2020

As at the date of this announcement, the Board comprises Mr. Lyu Zhufeng as the executive Director; Mr. Lu Qingxing as the non-executive Director; and Mr. Fan Chun Wah, Andrew, J.P., Mr. Yan Aru and Mr. Lee Ming Tak as the independent non-executive Directors.