Da Sen : INSIDE INFORMATION - (1) DELAY IN PUBLICATION OF THE 2020 ANNUAL RESULTS; (2) POSTPONEMENT OF BOARD MEETING; AND (3) SUSPENSION OF TRADING

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Da Sen Holdings Group Limited ɽಌછٰණྠϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1580)

INSIDE INFORMATION

(1) DELAY IN PUBLICATION OF THE 2020 ANNUAL RESULTS;

(2) POSTPONEMENT OF BOARD MEETING; AND

(3) SUSPENSION OF TRADING

This announcement is made by Da Sen Holdings Group Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rules 13.09(2)(a) and 13.49(3)(i) of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") 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).

DELAY IN PUBLICATION OF THE ANNOUNCEMENT IN RELATION TO THE 2020 ANNUAL RESULTS

Pursuant to Rule 13.49(1) of the Listing Rules, the Company is required to publish an announcement in relation to its preliminary results in respect of the financial year ended 31 December 2020 (the "2020 Annual Results") not later than three months after the end of the financial year of the Company, i.e. on or before 31 March 2021. Under Rule 13.49(2) of the Listing Rules, the preliminary announcement in relation to the 2020 Annual Results shall be based on the Company's financial statements for the year ended 31 December 2020 which shall have been agreed with the auditors of the Company (the "Auditors").

The board of directors (the "Board") of the Company wishes to announce that the publication of the 2020 Annual Results will be delayed as additional time is required by the Company to obtain further information requested by the Auditors in connection with, among others, certain details of the procedural requirements of the proposed debt restructuring of the Company and certain audit matters. The Board acknowledges that any delay in publishing the 2020 Annual Results will constitute non-compliance with Rule 13.49(1) of the Listing Rules. Discussions with the Auditors are ongoing; the Board and the management of the Company have been assisting and cooperating with the Auditors to expedite the publication of the 2020 Annual Results as soon as practicable.

Rule 13.49(3) of the Listing Rules provides that where an issuer is unable to issue its preliminary results in accordance with Rules 13.49(1) and (2) of the Listing Rules, it must announce its results based on the financial results that have yet to be agreed with the Auditors. After due and careful consideration, the Board is of the view that it may not be appropriate for the Company to publish the unaudited management accounts of the Company for the 2020 Annual Results at this stage as it may not accurately reflect the financial performance and position of the Group.

Further announcement(s) will be made by the Company to inform its shareholders on the expected date of publication of the 2020 Annual Results and any updates on the above matters as and when appropriate in accordance with the Listing Rules.

POSTPONEMENT OF THE BOARD MEETING

Reference is made to the announcement of the Company dated 15 March 2021 in relation to the convening of the Board meeting on 31 March 2021. In light of the delay in the publication of the 2020 Annual Results, the Board meeting in respect of reviewing and approving, among other matters, the 2020 Annual Results will be postponed. The Company will continue to work with the Auditors to complete the audit work as soon as practicable and will publish further announcement(s) to inform the shareholders of the Company of the date of the Board meeting as and when appropriate.

SUSPENSION OF TRADING

Pursuant to Rule 13.50 of the Listing Rules, the Stock Exchange will normally require suspension of trading in an issuer's securities if an issuer fails to publish periodic financial information in accordance with the Listing Rules, and the suspension will remain in force until the issuer publishes an announcement containing the requisite financial information. Accordingly, trading in the shares of the Company on the Stock Exchange is currently expected to be suspended with effect from 9:00 a.m. on 1 April 2021 until the publication of the announcement in relation to the 2020 Annual Results by the Company.

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

By order of the Board

Da Sen Holdings Group Limited

CHAI Kaw Sing Executive Director

Hong Kong, 29 March 2021

As at the date of this announcement, the executive Directors are Mr. CHAI Kaw Sing, Mr. SUN Yongtao, Mr. WONG Ben, Mr. WONG Wai Keung Frederick and Mr. ZHANG Ayang; and the independent non-executive Directors are Mr. KWOK Wai Ching Harrison, Ms. LO Yuk Yee and Mr. TSO Siu Lun Alan.