Superb Summit International : UPDATE ANNOUNCEMENT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

SUPERB SUMMIT INTERNATIONAL GROUP LIMITED

奇峰國際集團有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 01228)

UPDATE ANNOUNCEMENT

This announcement is made by Superb Summit International Group Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.24A of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited ("Stock Exchange").

LATEST DEVELOPMENT

Further to the announcements of the Company dated 7 August 2018, 6 November 2018, 31 January 2019, 20 February 2019, 8 May 2019 and 6 August 2019, significant progress has been made in the Group's development on its hydrogenation and upgrading project of heavy energy. The Company has appointed an auditor to audit the financial statements of a petrochemical company for the past three years and appointed a PRC lawyer to conduct due diligence on its legal issues. Furthermore, as at the date of this announcement, the Company has entered into a letter of intent for the subscription of the new shares of the aforementioned petrochemical company. For the details, please refer to another announcement of the Company published today.

As disclosed in the Company's announcement dated 30 July 2019, the Company has already submitted a resumption proposal to the Stock Exchange for consideration and approval. Further announcement will be made by the Company as and when appropriate.

Save for the aforesaid, the Company has no further update in its business operations.

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CONTINUED SUSPENSION OF TRADING

At the request of the Company, trading in the shares of the Company on the Stock Exchange has been suspended with effect from 11:19 a.m. on 20 November 2014 and will remain suspended until further notice pending fulfilment of the Resumption Conditions.

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

By order of the Board

Superb Summit International Group Limited

Yang Jilin

Executive Director

Hong Kong, 6 November 2019

As at the date of this announcement, the executive Directors are Mr. Yang Jilin, Mr. Wang Wanyao and Mr. Wang Xinsheng and the independent non-executive Directors are Mr. Li Qunsheng, Mr. Yuan Jun and Mr. Wang Ming.

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