China Gem : FURTHER DELAY IN DESPATCH OF CIRCULAR

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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)

FURTHER DELAY IN DESPATCH OF CIRCULAR

Reference is made to the announcement of China Gem Holdings Limited (the "Company") dated 3 February 2021 and 26 February 2021 in relation to a major transaction (the "Announcement"). Capitalised terms used in this announcement shall have the same meanings as defined in the Announcement unless the context requires otherwise.

As stated in the Announcement, a circular containing, among other things, (i) further details of the Share Transfer; (ii) the financial information of the Target Company; (iii) a notice convening the SGM; and (iv) other information as required under the Listing Rules, is expected to be despatched to the Shareholders on or before 31 March 2021.

As additional time is required for the Company to finalise certain information in the circular, it is expected that the despatch date of the circular will be delayed to a date falling on or before 30 April 2021.

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.