Bao Shen Holdings Limited announced that in order to address certain queries from the Auditors in respect of the Incident, the Company is required to provide legal opinions from a lawyer in the People's Republic of China (the "PRC") to the Auditors on (a) the relevant borrowing contracts of Xiezhong Home Appliance and the relevant personal guarantees that Mr. Fan has provided for Xiezhong Home Appliance's borrowings and the implication of the Incident on the borrowing contracts and the personal guarantees; and (b) the Incident and the assessment of the impact of the Incident on the Group, the Directors and the senior management of the Group. As at the date of this announcement, the due diligence processes for preparing the aforesaid legal opinions are still undergoing. It is expected further time is required for the PRC lawyer to complete the processes and for the Auditors to consider whether further legal opinion(s) for addressing the Auditors' queries is required.

Given the above status, the publication of the 2022 Audited Annual Results and the despatch of the 2022 Annual Report will be further delayed until further notice. The Company has been using its best endeavors to assist the Auditors in answering the Auditors' queries for completing the audit procedures. The Company will endeavor to publish the 2022 Audited Annual Results and to despatch the 2022 Annual Report as soon as possible once the audit procedures are completed.

The Company will make further announcement(s) to inform the shareholders of the Company (the "Shareholders") and potential investors relating to the publication of the 2022 Annual Results and the despatch of the 2022 Annual Report as and when appropriate. As the 2023 First Quarterly Results will include certain audited financial information for the year ended 31 December 2022 of the Group, the Company considers that it would be more appropriate to publish the 2023 First Quarterly Results after the publication of the 2022 Audited Annual Results. By the reason aforesaid, the publication of the 2023 First Quarterly Results and the despatch of the 2023 First Quarterly Report will be further delayed accordingly.

Further announcement will be published in relation to the publication of the 2023 First Quarterly Results and the 2023 First Quarterly Report, as and when appropriate, to keep the Shareholders and potential investors of the Company informed.