China Lumena New Materials : FURTHER UPDATE ON THE PROPOSED RESTRUCTURING

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.

CHINA LUMENA NEW MATERIALS CORP.

(In Provisional Liquidation)

(Incorporated in Cayman Islands with limited liability)

(Stock Code: 67)

FURTHER UPDATE ON THE PROPOSED RESTRUCTURING

Financial Adviser to the Company

Reference is made to the announcements of China Lumena New Materials Corp. (In Provisional Liquidation) (the "Company") dated 16 February 2017, 9 March 2017, 31 July 2017, 16 October 2017, 29 December 2017, 13 April 2018, 30 May 2018, 29 June 2018, 30 July 2018, 30 August 2018, 28 September 2018, 9 November 2018, 11 December 2018, 11 January 2019, 17 January 2019, 1 March 2019, 14 March 2019, 15 April 2019, 9 May 2019, 24 May 2019, 13 June 2019, 16 July 2019 and 15 August 2019 respectively (the "Announcements"). Capitalised terms used herein shall have the same meanings as those defined in the Announcements.

UPDATE ON PROPOSED RESTRUCTURING PROGRESS

On 20 August 2019, a revised draft Circular including the updated financial information for the five months ended 31 May 2019 of the Target Group has been submitted to the Regulators. Further comments were subsequently received from the Regulators. As at the date of this announcement, the Company is working closely with the Target Group and all professional parties to update the relevant information in, and to address the comments raised by the Regulators to be reflected on, the draft Circular in relation to the Revised Proposed Restructuring.

Further announcement(s) setting out the progress of the Revised Proposed Restructuring will be made by the Company as and when appropriate and in accordance with the relevant requirements of the Takeovers Code and the Listing Rules.

1

CONTINUED SUSPENSION OF TRADING IN THE SHARES

Dealing in the shares of the Company on the Main Board of The Stock Exchange has been suspended since 25 March 2014 and will remain suspended until further notice.

The publication of this announcement does not indicate any decision or conclusion from the Stock Exchange nor warrant any approval from the Stock Exchange on the resumption of trading in Shares. The Company will keep the public informed of the latest developments by making further announcements as and when appropriate.

For and on behalf of

China Lumena New Materials Corp.

(In Provisional Liquidation)

Man Chun So

Yat Kit Jong

Simon Conway

Joint Provisional Liquidators

Acting as agents without personal liability

Hong Kong, 16 September 2019

As at the date of this announcement, the Board comprises three executive directors: Mr. Zhang Zhigang, Mr. Zhang Daming and Mr. Shi Jianping.

The Provisional Liquidators jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

2