Central Development Holdings Limited — Capital/Financing Update 2025

May 30, 2025

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.

China Resources and Transportation Group Ltd
中國資源交通集團有限公司

CHINA RESOURCES AND TRANSPORTATION GROUP LIMITED

中國資源交通集團有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 269)

QUARTERLY UPDATE

ON

THE ACTIONS IN RESOLVING THE DISCLAIMER OF OPINION

This announcement is made by the board (the "Board") of directors (the "Directors") of China Resources and Transportation Group Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09 of the Rules (the "Listing Rules") Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the Inside Information Provision (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

References are made to the Company's (i) annual report for the year ended 31 March 2024, published on 11 December 2024 (the "Annual Report"); and (ii) the announcement dated 25 February 2025, in relation to, among others, the fulfilment of all resumption guidance (altogether the "Announcements"). Unless otherwise stated, capitalised terms used herein shall have the same meanings as those defined in the Annual Report.

The Company's auditors expressed a disclaimer of opinion on the Company's consolidated financial statements relating to going concern (the "Disclaimer of Opinion") in the Annual Report, and the Company has disclosed its plans and measures to resolve the going concern issue.

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UPDATE ON THE ACTIONS IN RESOLVING THE DISCLAIMER OF OPINION

I. Zhunxing’s Debt Restructuring

As of 30 April 2025, the total debts of Zhunxing confirmed by the Administrator are approximately RMB 13.58 billion, the Restructuring Proposal was implemented according to the preference indication received from creditors:

a) The unsecured debts to be settled in cash within two years after the Court approves the Restructuring Proposal, approximately RMB 39.06 million remains unpaid and is expected to be fully repaid on or before 26 September 2025;
b) Approximately RMB 4.32 billion of the construction and secured debts will be settled in cash. Repayment is scheduled between 2026 and 203; and
c) Approximately RMB 6.88 billion of the secured and unsecured debts will be converted into 49% equity of Zhunxing through Debt Capitalisation.

II. Other Debts and Non-convertible Bonds

As of 30 April 2025, the Company has continued discussions with other lenders and the non-convertible bondholders, keeping them updated on Zhunxing’s ongoing Debt Restructuring. Communication with these parties regarding the extension of the standstill letters or the rescheduling of debt repayments is still in progress.

III. New Source of Financing

Communication with external parties in order to obtain new sources of financing to finance the Group’s working capital and improve its liquidity position is still in progress.

BUSINESS UPDATE

The Group was principally engaged in expressway operations, CNG gas stations operations, growing and sales of forage and agricultural products and timber operations. The Company is carrying on its business operations as usual.

Further announcement(s) will be made by the Company in accordance with the Listing Rules and the requirement under the SFO as and when it is appropriate.

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By order of the Board
China Resources and Transportation Group Limited
Gao Zhiping
Co-Chairman

Hong Kong, 30 May 2025

As at the date of this announcement, the board of directors comprises five executive directors, namely Messrs Gao Zhiping, Lu Zhiming, Jiang Tao, Duan Jingquan and Wang Gang; and four independent non-executive directors, namely Messrs Jing Baoli, Bao Liang Ming, Xue Baozhong and Ms. Huang Chunlian.

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