Beijing Gas Blue Sky : QUARTERLY 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.

(Incorporated in Bermuda with limited liability)

(Stock Code: 6828)

Financial Adviser to the Company

QUARTERLY UPDATE ON RESUMPTION PROGRESS

This announcement is made by Beijing Gas Blue Sky Holdings Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.24A of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

References are made to the announcements of the Company dated 17 January 2021, 19 January 2021, 26 January 2021, 1 February 2021 and 26 February 2021 respectively in relation to the Incident, the suspension in trading of the shares of the Company and the Resumption Guidance. Terms used herein shall have the same meanings as defined in the abovementioned announcements unless otherwise stated.

LATEST DEVELOPMENT OF THE GROUP

Business operations of the Group

The Group is principally engaged in sales and distribution of natural gas and other energy related products through its subsidiaries and associate companies. The Group's major business includes (i) development and operation of city gas projects; (ii) direct supply of liquefied natural gas ("LNG") to industrial end users; (iii) trading and distribution of compressed natural gas ("CNG") and LNG; and (iv) operating CNG and LNG refueling stations for vehicles.

To the best knowledge of the Directors, as at the date of this announcement, the business operations of the Group are continuing as usual in all material respects. Based on preliminary assessment, the Board is of the view that the Incident has no significant adverse impact on the business operations of the Group, but the financial impacts of the Incident have yet to be ascertained pending further investigation and evaluation.

1

Publication of financial results

With reference to the announcement of the Company dated 23 March 2021, the Company considers the unaudited accounts for the Group for the year ended 31 December 2020 may require further adjustments according to the findings of the investigation of the Incident. Additional time is required for the auditors of the Company to carry out related audit works. It is expected that the publication of the annual results of the Group for the year ended 31 December 2020 will be postponed to the end of June 2021.

UPDATE ON RESUMPTION PROGRESS

As disclosed in the announcement dated 26 February 2021 of the Company, the Stock Exchange has set out the following Resumption Guidance for the Company:

1. to conduct a forensic investigation into the Incident, announce the investigation findings, assess and announce the impact on the Company's financial and operation position, and take appropriate remedial actions;
2. to demonstrate that there is no reasonable regulatory concern about management integrity and/ or the integrity of any persons with substantial influence over the Company's management and operations, which may pose a risk to investors and damage market confidence;
3. to demonstrate that the Company has in place adequate internal control systems to meet the obligations under the Listing Rules;
4. to demonstrate compliance with Rule 13.24 of the Listing Rules; and
5. to inform the market of all material information for the Company's shareholders and other investors to appraise its positions.

On 1 February 2021, the Special Committee, comprising two independent non-executive Directors and an industry expert, has been established for the purpose of, among other things, investigating into the Incident; and reporting and making recommendations to the Board on appropriate actions to be taken. Thereafter, PricewaterCoopers Management Consulting (Shanghai) Limited has been appointed as the independent forensic accountant to assist the Special Committee in conducting a forensic investigation into the Incident. As at the date of this announcement, the investigation is on-going.

The Company is in the course of engaging an internal control consultant to carry out a thorough review of the Group's internal control systems.

The Company is working closely with its professional advisers and considering various possible options, including but not limited to devising plans to inject assets into the Group.

The Company is taking appropriate steps to fulfill the Resumption Guidance and will update the shareholders and potential investors of the Company on, among others, the progress as and when appropriate.

2

CONTINUED TRADING SUSPENSION OF THE SHARES OF THE COMPANY

At the request of the Company, trading in the shares of the Company on the Stock Exchange was suspended with effect from 9:00 a.m. on 18 January 2021 and will remain suspended until the Company fulfills the Resumption Guidance.

By order of the Board

Beijing Gas Blue Sky Holdings Limited

Zhi Xiaoye

Chairman

Hong Kong, 16 April 2021

As at the date of this announcement, the executive Directors of the Company are Mr. Li Weiqi, Mr. Jin Qiang, Ms. Yang Fuyan and Mr. Ye Hongjun; the non-executive Directors of the Company are Mr. Zhi Xiaoye and Mr. Cheng Ming Kit (duties suspended); and the independent non-executive Directors of the Company are Mr. Lim Siang Kai, Mr. Wee Piew, Mr. Ma Arthur On-hing, Mr. Cui Yulei and Ms. Hsu Wai Man Helen.

3