PanAsialum : Announcements and Notices - Update on Resumption Progress

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.

PanAsialum Holdings Company Limited 榮陽實業集團有限公司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 2078)

UPDATE ON RESUMPTION PROGRESS

This announcement is made by PanAsialum Holdings Company Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rules 13.09 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 under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).

References are made to the Company's announcements dated 10 January 2018 and 28 March 2018 in respect of the Listing Department's Decision and the Review Hearing of the Company (the "Announcements"). Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings ascribed to them in the Announcements.

DECISION OF THE LISTING COMMITTEE

On 9 April 2018, the Review Hearing of the Company was held for the purpose of reviewing the Listing Department's Decision. On 20 April 2018, the Stock Exchange issued a letter (the "Letter") informing the Company that the Listing Committee decided to uphold the Listing Department's Decision and proceed with the procedures under Rule 6.10 of the Listing Rules to cancel the Company's listing on the ground that the Company is no longer suitable for listing (the "Listing Committee's Decision"). Pursuant to the Letter, the Company will have a period of six months from the date of the Letter to remedy the matters which the Listing Committee considered to have rendered the Company unsuitable for listing, failing which the Stock Exchange will commence the procedures for the cancellation of the Company's listing.

APPLICATION FOR A REVIEW BY THE LISTING (REVIEW) COMMITTEE

The Board strongly disagrees with the Listing Committee's Decision and the Company intends to submit a request for review of the Listing Committee's Decision by the Listing (Review) Committee pursuant to Listing Rule 2B.06(2) in due course.

The Company will keep all potential investors and shareholders informed on any updates of the resumption progress by way of publishing further announcement(s) as and when appropriate.

SUSPENSION OF TRADING

Trading in the shares of Company on the Stock Exchange has been suspended from 9:00 a.m. on 17 December 2014. The trading in the shares of the Company will remain suspended until further notice.

By order of the Board of PanAsialum Holdings Company Limited

Cosimo Borrelli Non-Executive Chairman

Hong Kong, 20 April 2018

As at the date of this announcement, the executive directors of the Company are Ms. Shao Liyu, Mr. Chan Kai Lun Allan and Mr. Wong Kwok Wai Eddy; the non-executive directors of the Company are Mr. Cosimo Borrelli and Ms. Chi Lai Man Jocelyn; and the independent non-executive directors of the Company are Mr. Mar Selwyn, Mr. Leung Ka Tin and Dr. Cheung Wah Keung.