Crown International Corporation Limited announced that references are made to the announcements of the Company dated 19 June 2023 in relation to notification of the meeting of the Board, dated 30 June 2023 in relation to postponement of the Board Meeting, delay in the publication of annual results for the year ended 31 March 2023, and suspension of trading; and dated 20 July 2023 in relation to further delay in the publication of the 2023 Annual Results; provide further information of the delay in the publication of the 2023 Annual Results and audit opinion, delay in despatch of the annual report for the year ended 31 March 2023 and continued suspension of trading. Pursuant to Rules 13.49(1) and 13.46(2) of the Listing Rules, the Company is required to: publish the 2023 Annual Results on a date not later than three months after the end of the financial year, that is not later than 30 June 2023; and despatch the Annual Report to its shareholders not later than four months after the end of the financial year, that is not later than 31 July 2023. Reference is made to the announcement of the Company dated 20 July 2023, the 2023 Annual Results were rescheduled to be published by the end of August 2023.

However, more time is required for the Company's auditor to complete the auditing process, the Company informed its shareholders that the publication of the 2023 Annual Results will be further delayed. It is also expected that the despatch of the 2023 Annual Report to be delayed to other dates beyond 31 August 2023. The Board acknowledges that the further delay in the publication of the 2023 Annual Results and the despatch of the 2023 Annual Report constitutes non-compliance with Rules 13.49(1) and 13.46(2) of the Listing Rules, respectively.

The Board hereby provided an update to the Shareholders and potential investors of the Company that the further delay in the publication of the 2023 Annual Results was mainly due to certain outstanding items that required additional time for the audit process. Based on the latest available information, the major outstanding items included the valuation of China Properties; the China Properties' legal opinion and its legal position; impairment assessment related to receivables and prepayments; and matters related to the going concern assessment.