Austar Lifesciences : DELAY IN DESPATCH OF CIRCULAR IN RESPECT OF MAJOR TRANSACTION - DISPOSAL OF 60% INTEREST IN PALL-AUSTAR JV

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Austar Lifesciences Limited 奧星生命科技有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 6118)

DELAY IN DESPATCH OF CIRCULAR IN RESPECT OF

MAJOR TRANSACTION - DISPOSAL OF 60% INTEREST IN PALL-AUSTAR JV

Reference is made to the announcement of Austar Lifesciences Limited ("Company") dated 15 February 2021 ("Announcement") in relation to the Disposal (as defined therein). Capitalised terms used in this announcement shall have the same meanings as those defined in the Announcement unless the context otherwise requires.

As disclosed in the Announcement, the Company has obtained a written shareholder's approval in lieu of an approval from the Shareholders at the general meeting of the Company pursuant to Rule 14.44 of the Listing Rules. Pursuant to Rule 14.41(a) of the Listing Rules, the Company is required to despatch the circular ("Circular") in respect of the Disposal within 15 business days after the publication of the Announcement, which shall fall on 8 March 2021. As more time is required for finalising certain information for inclusion in the Circular, the Company expects that the despatch of the Circular will be postponed to a date on or before 26 March 2021.

The Company had applied to the Stock Exchange for and the Stock Exchange has granted a waiver from strict compliance with Rule 14.41(a) of the Listing Rules such that the despatch of the Circular is to be postponed to a date on or before 26 March 2021.

On behalf of the Board Austar Lifesciences Limited

Ho Kwok Keung, Mars

Chairman and Chief Executive Officer

Hong Kong, 8 March 2021

As at the date of this announcement, the Board comprises four executive Directors, namely Mr. Ho Kwok Keung, Mars, Mr. Ho Kin Hung, Mr. Chen Yuewu and Madam Zhou Ning; one non-executive Director, namely Madam Ji Lingling; and three independent non-executive

Directors, namely Mr. Cheung Lap Kei, Madam Chiu Hoi Shan and Mr. Leung Oi Kin.