Delay in Despatch of Circular Relating to Major Transaction : Disposals of 6.40% Senior Perpetual Capital Securities Callable 2022 of Shui On Development (Holding) Limited Guaranteed by Shui On Land Limited

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.

GLORIOUS SUN ENTERPRISES LIMITED

旭日企業有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 393)

DELAY IN DESPATCH OF CIRCULAR RELATING TO

MAJOR TRANSACTION

DISPOSALS OF 6.40% SENIOR PERPETUAL CAPITAL SECURITIES CALLABLE 2022 OF SHUI ON DEVELOPMENT (HOLDING) LIMITED GUARANTEED BY SHUI ON LAND LIMITED

Reference is made to the announcement of Glorious Sun Enterprises Limited (the "Company") dated 8 January 2020 (the "Announcement") in respect of the Disposals. Unless the context requires otherwise, capitalised terms used herein shall have the same meanings as those defined in the Announcement.

Pursuant to Rule 14.41(a) of the Listing Rules, a circular containing, amongst other things, further details relating to the Disposals (the "Circular") is required to be despatched to all the Shareholders within 15 business days after the publication of the Announcement, i.e. on or before 31 January 2020.

As the Company requires additional time (i) to finalise and complete the information to be contained in the Circular due to the Chinese New Year holiday and (ii) for bulk printing the Circular, the Company has applied for and obtained a waiver from the Stock Exchange from strict compliance with Rule 14.41(a) of the Listing Rules, on the basis that the Company will despatch the Circular on or before 14 February 2020.

By Order of the Board

Hui Chung Shing, Herman, SBS, MH, JP

Director

Hong Kong, 31 January 2020

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As at the date of this announcement, the directors of the Company are as follows:

Executive Directors:

Dr. Charles Yeung, GBS, JP, Mr. Yeung Chun Fan, Mr. Pau Sze Kee, Jackson, Mr. Hui Chung Shing, Herman, SBS, MH, JP, Ms. Cheung Wai Yee, Mr. Chan Wing Kan, Archie and Ms. Yeung Yin Chi, Jennifer

Independent Non-executive Directors:

Mr. Lau Hon Chuen, Ambrose, GBS, JP, Dr. Chung Shui Ming, Timpson, GBS, JP, Dr. Chan Chung Bun, Bunny, GBS, JP and Mr. Ng Wing Ka, Jimmy, BBS, JP

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