Silk Road Logistics : Announcements and Notices - VOLUNTARY ANNOUNCEMENT - BUSINESS UPDATE

Kong 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.

Silk Road Logistics Holdings Limited ക༩يݴછٰϞࠢʮ̡

(Incorporated in Bermuda with limited liability)

(Stock Code: 988)

VOLUNTARY ANNOUNCEMENT

BUSINESS UPDATE

This announcement is made by Silk Road Logistics Holdings Limited (the "Company" together with its subsidiaries the "Group") on voluntary basis to provide the shareholders of the Company and potential investors an update on the latest business development of the Group.

References are made to the announcements of the Company dated 27 January 2019 and 15 May 2019 respectively in relation to the formation of a joint venture company (the "JV Company") of which the Company owns 40% equity interest.

The board (the "Board") of directors (the "Directors") of the Company announces that on 22 April 2022, the board of directors of the JV Company and all shareholders of the JV Company passed resolutions respectively to approve the deregistration of the JV Company. The JV Company was incorporated on 13 February 2019 in Hong Kong with the intention to conduct businesses, among others, of manufacturing petroleum coke, the gasification of petroleum coke, the processing of its by products, the management of sale and logistics of petroleumcoke; the processing, warehousing, transporting and selling of liquefied natural gas in the People's Republic of China. Since the inception of the JV Company, the shareholders of the JV Company, including the Company, had negotiated in good faith for the business development of the JV Company. Nevertheless, the shareholders of the JV Company could not reach the consensus on the business plan of JV Company and the JV Company has yet commenced business. The parties therefore decided to proceed the deregistration of the JV Company to safeguard the interest of all shareholders of the JV Company.

The Directors considered that the deregistration of the JV Company will not have any impact on the financial position nor the operation of the Company.

By order of the Board

Silk Road Logistics Holdings Limited

Cheung Ngai Lam Executive Director

Hong Kong, 22 April 2022

As at the date of this announcement, the Board comprises two executive Directors, namely Mr. Cheung Ngai Lam and Mr. Chung Wai Man; a non-executive Director, namely Mr. Ouyang Nong; and four independent non-executive Directors, namely Ms. Choy So Yuk, Mr. Wu Zhao, Chen Wai Chung Edmund and Ang Mei Lee Mary.