Innovative Pharmaceutical Biotech : ANNOUNCEMENT IN RELATION TO THE NOTICE OF ANNUAL GENERAL MEETING AND CIRCULAR

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.

INNOVATIVE PHARMACEUTICAL BIOTECH LIMITED

領航醫藥及生物科技有限公司

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)

(Stock Code: 399)

ANNOUNCEMENT IN RELATION TO THE NOTICE OF

ANNUAL GENERAL MEETING AND CIRCULAR

References are made to the circular (the "Circular") of Innovative Pharmaceutical Biotech Limited (the "Company") dated 31 July 2020, the notice of annual general meeting of the Company dated 31 July 2020 (the "AGM Notice") and the form of proxy (the "Proxy Form") of the Company in relation to the annual general meeting (the "AGM") of the Company to be held on 31 August 2020. Unless otherwise stated, capitalized terms used in this announcement shall have the same meanings as those defined in the AGM Notice and Circular.

As mentioned in the Circular, Ms. Huang He ("Ms. Huang") as an executive Director will retire as Director by rotation and, being eligible, offer herself for re-election as an executive Director at the AGM.

On 5 August 2020, the Company has received a written notice from Ms. Huang. Ms. Huang informed the Board that she will retire as an executive Director with effect from the conclusion of the AGM due to her intention to concentrate on her own business engagement.

- 1 -

As a result, the Director will not propose the following ordinary resolution at the AGM in relation to the re-election of Ms. Huang (references are made to the numbering in the AGM Notice and the Proxy Form):

2.(iii) to re-elect Ms. Huang He as an executive Director

The above resolution as set out in the Circular, the AGM Notice and Proxy Form are no longer applicable and will not be put forward for consideration and approval by the Shareholders at the AGM.

The Proxy Form lodged by the Shareholders will remain valid except that no poll will be taken or counted for ordinary resolution no. 2(iii).

By Order of the Board

Innovative Pharmaceutical Biotech Limited

Jiang Nian

Chairman & Non-executive Director

Hong Kong, 6 August 2020

As at the date of this announcement, the Board comprises Ms. Jiang Nian (chairman & non-executive director), Mr. Gao Yuan Xing (executive director), Mr. Tang Rong (executive director), Ms. Huang He (executive director), Ms. Xiao Yan (non-executive director), Ms. Wu Yanmin (non-executive director), Ms. Chen Weijun (independent non-executive director), Dr. Zhang Zhihong (independent non-executive director) and Mr. Wang Rongliang (independent non-executive director).

- 2 -