Grand Ocean Advanced Resources : RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR, RESIGNATION OF COMMITTEE MEMBER AND NON-COMPLIANCE WITH THE LISTING RULES

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Grand Ocean Advanced Resources Company Limited

弘海高新資源有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 65)

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR

RESIGNATION OF COMMITTEE MEMBER

AND

NON-COMPLIANCE WITH THE LISTING RULES

RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND

COMMITTEE MEMBER

The board (the "Board") of directors (the "Directors") of Grand Ocean Advanced Resources Company Limited (the "Company", together with its subsidiaries, the "Group") hereby announces that Mr. Kwok Chi Shing ("Mr. Kwok") has resigned as an independent non-executive Director ("INED") and the chairman of the audit committee (the "Audit Committee") of the Company with effect from 18 September 2020 as he wishes to devote more time to his personal and business commitments. Mr. Kwok has served as an INED for more than 14 years. He believes that a new Director would bring different skills, experience and diversity of perspective appropriate to the requirements of the Company's business, and also stronger independent element to the Board.

Mr. Kwok confirmed that he has no disagreement with the Board and there are no other matters in relation to his resignation that need to be brought to the attention of the shareholders of the Company.

The Board would like to take this opportunity to express its sincere gratitude to Mr. Kwok for his valuable contribution to the Company during his tenure of office.

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NON-COMPLIANCE WITH THE LISTING RULES

Following the resignation of Mr. Kwok, the Board comprises two INEDs, hence fails to meet the requirements of having:

1. at least three INEDs on the Board under Rule 3.10(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"); and
2. the Audit Committee comprising only non-executive directors with a minimum of three members under Rule 3.21 of the Listing Rules.

As such, the Board will make its best endeavours to identify an appropriate person to fill the casual vacancy on the Board for the position of INED and in the Audit Committee as soon as possible in any event within three months from the date of Mr. Kwok's resignation pursuant to Rule 3.11 and 3.23 of the Listing Rules. The Company will make further announcement(s) as and when appropriate.

By Order of the Board

Grand Ocean Advanced Resources Company Limited

Ng Ying Kit

Executive Director

Hong Kong, 18 September 2020

As at the date of this announcement, the Board comprises two executive Directors, namely Mr. Ng Ying Kit and Mr. Ren Hang; and two independent non-executive Directors, namely Mr. Chang Xuejun and Mr. Ho Man.

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