Wang On : JOINT ANNOUNCEMENT FURTHER UPDATE ON THE LEGAL PROCEEDINGS IN WUHAN, THE PRC

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

WANG ON GROUP LIMITED	WAI YUEN TONG MEDICINE
（宏安集團有限公司）*	HOLDINGS LIMITED
(Incorporated in Bermuda with limited liability)	＊	）
（ 位 元 堂 藥 業 控 股 有 限 公 司
(Stock Code: 1222)	(Incorporated in Bermuda with limited liability)
	(Stock Code: 897)

CHINA AGRI-PRODUCTS EXCHANGE LIMITED

中 國 農 產 品 交 易 有 限 公 司

(Incorporated in Bermuda with limited liability)

(Stock Code: 0149)

JOINT ANNOUNCEMENT

FURTHER UPDATE ON THE LEGAL PROCEEDINGS

IN WUHAN, THE PRC

The respective board of directors of Wang On Group Limited (宏安集團有限公司)* ("WOG"), Wai Yuen Tong Medicine Holdings Limited (位元堂藥業控股有限公司*) ("WYT") and China Agri-Products Exchange Limited 中國農產品交易有限公司 ("CAP") voluntarily made this announcement to keep the public informed the latest development of the legal proceedings in Wuhan, the People's Republic of China (the "PRC").

Reference is made to the announcement of CAP dated 11 March 2020 (the "Previous Announcement") in relation to the judgment dated 23 December 2019 (the "23 December Judgment") issued by the Higher People's Court of Hubei Province (the "Hubei Court") which dismissed the counterclaims made by Ms. Wang Xiu Qun ("Ms. Wang") and Wuhan Tian Jiu Industrial and Commercial Development Co., Ltd. ("Tian Jiu") against CAP therein for orders that (i) share transfer agreements in relation to the acquisition of an aggregate 90% interest in Baisazhou Agricultural from Ms. Wang as to 70% thereof and Tian Jiu as to 20% thereof (the "Contended Interests") were void and invalid from the beginning, (ii) costs of the legal proceedings be to Ms. Wang and Tian Jiu, and (iii) the Contended Interests be returned to Ms. Wang and Tian Jiu. Unless otherwise defined herein, capitalized terms defined in the Previous Announcement have the same meanings when used herein.

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Subsequent to our previous update on 11 March 2020, CAP received the judgment of the Supreme People's Court dated 29 December 2020 (the "29 December Judgment") on 29 March 2021. By the 29 December Judgment, the Supreme People's Court dismissed the appeal of Ms. Wang and Tian Jiu against the 23 December Judgment for an order that (i) the 23 December Judgment be set aside, (ii) the HK$1,156 million sale and purchase agreement no longer have any force, and (iii) the Contended Interests be returned to Ms. Wang and Tian Jiu.

WOG, WYT and CAP will continue to closely monitor any further developments of the matter and will make further announcements in compliance with the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) as well as the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as and when appropriate.

Shareholders and potential investors are advised to exercise caution in dealing with the shares of WOG, WYT and CAP.

By order of the board of directors of	By order of the board of directors of
WANG ON GROUP LIMITED	WAI YUEN TONG MEDICINE
( 宏安集團有限公司) *	HOLDINGS LIMITED
Tang Ching Ho	( 位元堂藥業控股有限公司* )
Chairman and Executive Director	Tang Wai Man
	Executive Director

By order of the board of directors of

CHINA AGRI-PRODUCTS EXCHANGE LIMITED

中國農產品交易有限公司

Leung Sui Wah, Raymond

Executive Director and Chief Executive Officer

Hong Kong, 30 March 2021

As at the date of this joint announcement, the executive directors of WOG are Mr. Tang Ching Ho, Ms. Yau Yuk Yin and Ms. Stephanie; and the independent non-executive directors of WOG are Mr. Wong Chun, Justein, Mr. Siu Kam Chau and Mr. Chan Yung.

As at the date of this joint announcement, the executive directors of WYT are Mr. Tang Ching Ho, Ms. Tang Mui Fun, Ms. Tang Wai Man and Ms. Law Man Yee, Anita, and the independent non- executive directors of WYT are Mr. Siu Man Ho, Simon, Mr. Leung Wai Ho, Mr. Cho Wing Mou and Mr. Li Ka Fai, David.

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As at the date of this joint announcement, the executive directors of CAP are Mr. Leung Sui Wah, Raymond and Mr. Yau Yuk Shing, the non-executive director of CAP is Mr. Tang Ching Ho, and the independent non-executive directors of CAP are Mr. Ng Yat Cheung, Mr. Lau King Lung and Mr. Wong Ping Yuen.

* For identification purpose only

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