Asian Citrus : + 15/01/2019 Announcements and Notices INSIDE INFORMATION UPDATE ON LEGAL PROCEDURES

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ASIAN CITRUS HOLDINGS LIMITED ԭݲ؈ุછٰϞࠢʮ̡*

(Incorporated in Bermuda with limited liability)

(Stock Code: 73)

INSIDE INFORMATION

UPDATE ON LEGAL PROCEDURES

This announcement is made by the board of directors of Asian Citrus Holdings Limited (the "Company") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") (the "Listing Rules") and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Reference is made to the Company's announcements dated 30 June 2017, 31 January 2018 and 26 March 2018 (the "Announcements") in relation to, among other things, the BPG Shareholders Dispute which involves a subsidiary of the Company, Man Guifu* (တ࣭బ) ("Man Guifu") and Beihai Perfuming Garden. Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcements.

The Company was notified of a judgment (the "First Instance Judgment") issued by Beihai City Intermediate People's Court (̏ऎ̹ʕॴɛ͏ج৫) pursuant to which the court ruled, among others, that Man Guifu is entitled to 46.14% equity interests in Beihai Perfuming Garden held by Chance Lead Holdings Limited ("Chance Lead", an indirect wholly-owned subsidiary of the Company), and that Chance Lead shall cooperate with Man Guifu to effect the equity transfer registration. As advised by the PRC legal adviser of the Company, the plaintiff or the defendant to the First Instance Judgment may submit a request for appeal within the prescribed time period ("Appeal Period"). If no appeal is filed within the Appeal Period, the First Instance Judgment shall have become effective following the lapse of the Appeal Period. As disclosed in the Announcements, the Company was not aware of the contractual arrangements giving rise to the BPG Shareholders Dispute. Therefore, the Company currently intends to lodge an appeal within the Appeal Period and continue to defend its position vigorously. The Company will make further announcement(s) to update its shareholders and investors of any material development as and when appropriate.

Trading in the shares of the Company on the Stock Exchange remains suspended pending the fulfilment of the resumption conditions as specified by the Stock Exchange. For details of the resumption conditions, please refer to the Company's announcement dated 1 November 2018. Shareholders and potential investors of the Company should exercise caution when dealing in the shares of the Company.

By order of the Board Asian Citrus Holdings Limited

Ng Ong Nee Chairman

Hong Kong, 15 January 2019

As at the date of this announcement, the Board comprises two executive Directors, namely Mr. Ng Ong Nee (Chairman and Chief Executive Officer) and Mr. Ng Hoi Yue (Deputy Chief Executive Officer); a non-executive Director, namely Mr. He Xiaohong; and three independent non-executive Directors, namely Mr. Chung Koon Yan, Dr. Lui Ming Wah, PhD, SBS, JP and Mr. Yang Zhen Han.

* For identification purposes only