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.

Yongsheng Advanced Materials Company Limited 永盛新材料有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 3608)

UPDATE ON THE PROPOSED SPIN-OFF AND SEPARATE LISTING OF THE RMAA BUSINESS ON THE MAIN BOARD OF THE STOCK EXCHANGE OF

HONG KONG LIMITED

Reference is made to the announcement of Yongsheng Advanced Materials Company Limited (the "Company") dated 8 July 2020 in relation to the proposed spin-off ("Announcement").

Unless otherwise defined, capitalised terms used in this announcement has the same meaning as those defined in the Announcement.

The Board wishes to notify its shareholders and potential investors that on 17 March 2021, the Company has resolved to withdraw its application for the Proposed Spin-off (the "Withdrawal"). Accordingly, the Proposed Spin-off will not proceed at this time. The Withdrawal will not have any material adverse effect on the financial position or operation of the Company.

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company. Persons who are in doubt about their position or any action to be taken are recommended to consult their own professional advisers.

By order of the Board

Yongsheng Advanced Materials Company Limited

Li Cheng

Chairman and Executive Director

Hong Kong, 17 March 2021

As at the date of this announcement, the executive Directors are Mr. Li Cheng, Mr. Li Conghua, Mr. Ma Qinghai and Mr. Xu Wensheng; and the independent non-executive

Directors are Ms. Wong Wai Ling, Mr. Shiping James Wang and Dr. Wang Huaping.

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Yongsheng Advanced Materials Co. Ltd. published this content on 17 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 11:07:06 UTC.