RemeGen Co., Ltd. — Earnings Release 2022

Feb 15, 2023

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.

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Overseas Chinese Town (Asia) Holdings Limited 華僑城（亞洲）控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 03366) (Debt Stock Codes: 40303, 40356)

PROFIT WARNING

This announcement is made by Overseas Chinese Town (Asia) Holdings Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities (the “ Listing Rules ”) on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board (the “ Board ”) of directors (the “ Director(s) ”) of the Company wishes to inform the shareholders of the Company and potential investors that, based on a preliminary assessment of the unaudited consolidated management accounts of the Group and the information currently available, compared with the loss attributable to equity holders of the Company of approximately RMB883 million for the year ended 31 December 2021, the Group expects to record a loss attributable to equity holders of the Company between RMB1,500 million to RMB2,000 million for the year ended 31 December 2022.

Based on the information currently available, the increase in loss in 2022 is primarily attributable to, among other things, (i) due to macro-control measures on industry and continued decline in the market environment of the real estate industry, certain of the Group’s associates incurred substantial loss in their financial performance resulting from provisions for impairment of inventories and accounts receivable; (ii) based on the prudence principle, provisions were made for impairment loss of inventories in certain of the Group’s comprehensive development projects, and for impairment loss of investments over certain of the Group’s associate(s) and joint venture(s); and (iii) the loss recorded by the hotel and rental apartment business, which was impacted by the pandemic control measures.

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Based on preliminary assessment of the unaudited consolidated management accounts of the Group for the year ended 31 December 2022, the Board considers that making of provisions for impairment of investments in the equity investment and fund business and for impairment of inventories in the comprehensive development business based on the prudence principle will not have a material impact on the Group’s current business operation and cashflow as a whole, while the Group’s comprehensive development business segment recorded a substantial growth in revenue in 2022. The Group’s finance cost remains at a relatively low level for extended period, and the overall financial position is sound and healthy. In 2023, the Group will adhere to implementing lean management, focus on strengthening and optimising its principal businesses, enhance asset management and capital operation capabilities, follow the principle of prudent operation, strengthen the Group’s risk prevention and control, improve operation efficiency, and strive to create value for the shareholders of the Company.

The Company is still in the process of preparing the financial results for the year ended 31 December 2022. The information contained in this announcement is only based on a preliminary assessment of the unaudited management accounts of the Group and information currently available, which have not been finalized, audited or reviewed by the Company’s auditor or the audit committee of the Company, and therefore may be subject to adjustments.

Further information of the Company’s financial results for the year ended 31 December 2022 will be disclosed in the forthcoming annual results announcement of the Company, which is expected to be published by the end of March 2023.

Shareholders of the Company and potential investors should exercise caution when dealing in the securities of the Company.

By order of the Board Overseas Chinese Town (Asia) Holdings Limited Zhang Dafan Chairman

Hong Kong, 15 February 2023

As at the date of this announcement, the Board comprises seven Directors, namely: Mr. Zhang Dafan, Ms. Xie Mei and Mr. Lin Kaihua as executive Directors; Mr. Wang Wenjin as non-executive Director; Ms. Wong Wai Ling, Mr. Lam Sing Kwong Simon and Mr. Chu Wing Yiu as independent non-executive Directors.

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