China Lumena New Materials : FURTHER DELAY IN DESPATCH OF CIRCULAR

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CHINA LUMENA NEW MATERIALS CORP.

(In Provisional Liquidation)

(Incorporated in Cayman Islands with limited liability)

(Stock Code: 67)

FURTHER DELAY IN DESPATCH OF CIRCULAR

Financial Adviser to the Company

Reference is made to the announcements of China Lumena New Materials Corp. (In Provisional Liquidation) (the "Company") dated 16 February 2017, 9 March 2017, 31 July 2017, 16 October 2017, 29 December 2017, 13 April 2018, 29 June 2018, 28 September 2018, 9 November 2018, 17 January 2019, 14 March 2019, 9 May 2019, 13 June 2019, 15 August 2019 and 26 September 2019 respectively (the "Announcements"). Capitalised terms used herein shall have the same meanings as those defined in the Announcements.

DELAY IN DESPATCH OF CIRCULAR

As disclosed in the announcement of the Company dated 26 September 2019, a circular containing, among other things, details and information of (i) the Acquisition; (ii) the Share Offer; (iii) the Capital Reorganisation; (iv) the Creditors Schemes; (v) the business of the Target Group; (vi) the Whitewash Waiver; (vii) the advice from the independent financial adviser to the Independent Shareholders; and

1. a notice of EGM (the "Circular"), was expected to be despatched to the Shareholders on or before 21 November 2019.

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As at the date of this announcement, further comments on the draft Circular were received from the Regulators. The Company is working closely with the Target Group and all professional parties to update the relevant information in, and to address the comments raised by the Regulators to be reflected on, the draft Circular in relation to the Revised Proposed Restructuring. Given the complexity of the Revised Proposed Restructuring, it is expected that additional rounds of comments may be provided by the Regulators and that additional time will be required to address the Regulators' comments, prepare and finalise the contents of the draft Circular. Accordingly, the Company has applied to the Executive for its consent to extend the date of despatch of the Circular as required by Rule 8.2 of the Takeovers Code to no later than 29 November 2019, and the Executive has indicated that it is minded to grant such consent.

Further announcement(s) setting out the progress of the Revised Proposed Restructuring will be made by the Company as and when appropriate and in accordance with the relevant requirements of the Takeovers Code and the Listing Rules.

CONTINUED SUSPENSION OF TRADING IN THE SHARES

Dealing in the shares of the Company on the Main Board of the Stock Exchange has been suspended since 25 March 2014 and will remain suspended until further notice.

The publication of this announcement does not indicate any decision or conclusion from the Stock Exchange nor warrant any approval from the Stock Exchange on the resumption of trading in Shares. The Company will keep the public informed of the latest developments by making further announcements as and when appropriate.

For and on behalf of

China Lumena New Materials Corp.

(In Provisional Liquidation)

Man Chun So

Yat Kit Jong

Simon Conway

Joint Provisional Liquidators

Acting as agents without personal liability

Hong Kong, 21 November 2019

As at the date of this announcement, the Board comprises three executive directors: Mr. Zhang Zhigang, Mr. Zhang Daming and Mr. Shi Jianping.

The Provisional Liquidators jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

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