Lee Pharmaceutical : Update on The Proposed Spin-off and Separate Listing of Zhaoke Ophthalmology Limited on The Main Board of The Stock Exchange - Post Hearing Information Pack

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This announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from the United States of America or any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

Lee's Pharmaceutical Holdings Limited

李 氏 大 藥 廠 控 股 有 限 公 司 *

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 950)

UPDATE ON THE PROPOSED SPIN-OFF AND SEPARATE LISTING OF

ZHAOKE OPHTHALMOLOGY LIMITED

ON THE MAIN BOARD OF THE STOCK EXCHANGE

POST HEARING INFORMATION PACK

The Board is pleased to announce that it was informed by Zhaoke Ophthalmology that in connection with the Proposed Spin-off and the Proposed Listing, Zhaoke Ophthalmology has submitted the PHIP to the Stock Exchange for publication on the Stock Exchange's website on 6 April 2021. It is expected that the PHIP will be available for viewing and downloading from the Stock Exchange's website at http://www.hkexnews.hk/app/sehkappmainindex.htm.

• For identification purpose only

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The Proposed Listing and the final structure of the Proposed Spin-off are subject to, among other things, the approval of the Stock Exchange, the final decisions of the board of directors of Zhaoke Ophthalmology, market conditions and other considerations. Accordingly, Shareholders and potential investors of the Company should be aware that there is no assurance that the Proposed Spin-off and the Proposed Listing will take place or, if so, when they may take place. If the Proposed Spin-off and the Proposed Listing do not proceed for any reason, the Preferential Offering will not proceed. If the Proposed Spin-off and the Proposed Listing proceeds, the timetable for the Global Offering, including the Preferential Offering, will be set out in the Prospectus. Shareholders and potential investors should exercise caution when dealing in or investing in the securities of the Company. Any person who is in doubt about his/her/its position or any action to be taken is recommended to consult his/her/its own professional advisers.

INTRODUCTION

Reference is made to the announcements of the Company dated 9 July 2020, 3 September 2020, 20 November 2020, 18 December 2020, 29 January 2021, 11 February 2021, 15 March 2021 and 23 March 2021 and the circular of the Company dated 24 February 2021 (the "Circular") in relation to the Proposed Spin-off. The Proposed Spin-off was approved by the Shareholders at the EGM held on 15 March 2021. Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular.

POST HEARING INFORMATION PACK

The Board is pleased to announce that it was informed by Zhaoke Ophthalmology that in connection with the Proposed Spin-off and the Proposed Listing, Zhaoke Ophthalmology has submitted the post hearing information pack (the "PHIP") to the Stock Exchange for publication on the Stock Exchange's website on 6 April 2021. It is expected that the PHIP will be available for viewing and downloading from the Stock Exchange's website at http://www.hkexnews.hk/app/sehkappmainindex.htm.

The PHIP contains, among other things, certain business and financial information relating to Zhaoke Ophthalmology and its subsidiaries. Shareholders and potential investors of the Company should note that the PHIP is in draft form and the information contained in the PHIP is incomplete and is subject to changes. Shareholders and potential investors of the Company are advised to refer to the Stock Exchange's website at http://www.hkexnews.hk/app/sehkappmainindex.htm from time to time for the updated PHIP which is expected to be published by Zhaoke Ophthalmology as and when appropriate. The Company does not have any obligation or liability whatsoever in relation to the PHIP and any updated PHIP.

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GENERAL

Details in respect of the Proposed Spin-off and the Proposed Listing, including the structure and the expected timetable, have not been finalized. Further announcement(s) will be made by the Company in respect of the Proposed Spin-off and the Proposed Listing as and when appropriate.

The Proposed Listing and the final structure of the Proposed Spin-off are subject to, among other things, the approval of the Stock Exchange, the final decisions of the board of directors of Zhaoke Ophthalmology, market conditions and other considerations. Accordingly, Shareholders and potential investors of the Company should be aware that there is no assurance that the Proposed Spin-off and the Proposed Listing will take place or, if so, when they may take place. If the Proposed Spin-off and the Proposed Listing do not proceed for any reason, the Preferential Offering will not proceed. If the Proposed Spin-off and the Proposed Listing proceeds, the timetable for the Global Offering, including the Preferential Offering, will be set out in the Prospectus. Shareholders and potential investors should exercise caution when dealing in or investing in the securities of the Company. Any person who is in doubt about his/her/its position or any action to be taken is recommended to consult his/her/its own professional advisers.

By order of the Board

Lee's Pharmaceutical Holdings Limited

Lee Siu Fong

Chairman

Hong Kong, 7 April 2021

As at the date of this announcement, Ms. Lee Siu Fong (Chairman), Ms. Leelalertsuphakun Wanee and Dr. Li Xiaoyi are executive Directors, Mr. Simon Miles Ball is a non-executive Director, Dr. Chan Yau Ching, Bob, Mr. Lam Yat Cheong and Dr. Tsim Wah Keung, Karl are independent non-executive Directors.

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