China Gem : DELAY IN PUBLICATION OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 AND SUSPENSION OF TRADING

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China Gem Holdings Limited

中 國 中 石 控 股 有 限 公 司

(Incorporated in Bermuda with limited liability)

(Stock Code: 1191)

DELAY IN PUBLICATION OF ANNUAL RESULTS FOR THE YEAR

ENDED 31 DECEMBER 2020 AND SUSPENSION OF TRADING

DELAY IN PUBLICATION OF ANNUAL RESULTS

This announcement is made by China Gem Holdings Limited (the ''Company'' and together with its subsidiaries, collectively the ''Group'') pursuant to Rules 13.09 and 13.49(3)(i) of the Rules Governing the Listing of Securities (the ''Listing Rules'') on The Stock Exchange of Hong Kong Limited (the ''Stock Exchange'') and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Pursuant to Rule 13.49(1) of the Listing Rules, the Company is required to publish the announcement in relation to its preliminary annual results for the year ended 31 December 2020 (the ''2020 Annual Results'') on a date not later than three months after the end of the financial year of the Company, i.e. on or before 31 March 2021. The Board wishes to announce that, it is expected that additional time will be required for Prism CPA Limited (''Prism'') to complete the audit process in respect of the 2020 Annual Results due to the fact that Prism was appointed as the auditors of the Company only on 30 March 2021. It will require additional time to review supporting documents and to complete the relevant audit process and review work.

In view of the above reasons, the relevant audit has not been completed as at the date of this announcement, and thus the publication of the 2020 Annual Results will be delayed. The Board acknowledges that any delay in the publication of the announcement of the 2020 Annual Results constitutes non-compliance with Rules 13.49(1) of the Listing Rules.

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Prism estimates that the relevant audit would likely be completed on 30 April 2021, subject to any unforeseeable issues which may be identified during the audit. The Company will make further announcement(s) on the expected date of publication of the 2020 Annual Results as and when appropriate.

SUSPENSION OF TRADING

Due to the aforementioned delay in publication of 2020 Annual Results, the Company will apply for a trading suspension from the Stock Exchange, effective from 9 : 00 a.m. on 1 April 2021, pending for publication of 2020 Annual Results.

Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

Further announcement(s) will be issued by the Company in relation to the above matters as and when appropriate.

By order of the Board

China Gem Holdings Limited

Zhong Ling

Executive Director

Hong Kong, 31 March 2021

As at the date of this announcement, the Board comprises Mr. Zhong Ling and Mr. Yan Ping being executive Directors; Mr. Kan Chi Ming being non-executive Director; and Mr. Warren Lee Primhak being independent non-executive Director.

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