Dynasty Fine Wines : Non-compliance with Rule 3.10A of the Listing Rules

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(Incorporated in the Cayman Islands with limited liability)

(Stock code: 828)

NON-COMPLIANCE WITH RULE 3.10A OF THE LISTING RULES

Reference is made to the interim results announcement of Dynasty Fine Wines Group Limited (the "Company", which together with its subsidiaries, the "Group") dated 27 August 2020 in relation to disclosure of the non-compliance of Rule 3.10A of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Non-compliance").

The number of independent non-executive directors of the Company fell below one-third of the board which led to the Non-compliance since 1 January 2013. The Company had been actively looking for suitable candidate who was familiar with the fast moving consumer goods industry, and who had extensive experience in wine business. Extensive experience in the industry where the Group is operating is imperative, given there are four directors on the board whose backgrounds are related to Remy Martin, the reputational French wine conglomerate. Therefore, it was not unreasonable for the Company to take more time to identify suitable personnel.

Trading in the shares of the Company was suspended three months thereafter from 22 March 2013 until 29 July 2019. During the six years of trading suspension, it was difficult for the Company to invite or recruit any new independent non-executive director to join the board due to the uncertainties faced by the Company. Although the Company had made best reasonable endeavours to identify suitable candidate, including but not limited to screening and selecting from the database of Talent Pool of The Hong Kong Independent Non-executive Director Association and making informal enquiry or approaching potential candidates through various channels, no appropriate candidate could be identified during those six years.

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The resumption of trading in the Company's shares on 29 July 2019 amid the time of social unrest in Hong Kong in the second half of 2019, and subsequent outbreak of COVID-19 pandemic in early 2020 further affected and delayed the Company's recruitment efforts.

Following the recent slow-down of the COVID-19 pandemic and with the aid of some relevant professional associations, the Company continues to make best reasonable endeavours to identify suitable candidate as independent non-executive director, including but not limited to, screening and selecting potential candidates from the database or register maintained by The Hong Kong Independent Non-executive Director Association and The Hong Kong Institute of Directors and making informal enquiry or approaching potential candidates through various channels, with a view to re-comply with the requirement under Rule 3.10A of the Listing Rules as soon as practicable by 30 November 2020. The Company will make further announcement(s) as and when appropriate.

By order of the Board

DYNASTY FINE WINES GROUP LIMITED

Sun Jun

Chairman

Hong Kong, 11 September 2020

As at the date of this announcement, the board of directors of the Company comprises three executive directors, namely, Mr. Sun Jun, Mr. Li Guanghe and Mr. Sun Yongjian, five non-executive directors, namely, Mr. Heriard-Dubreuil Francois, Ms. Shi Jing, Mr. Jean-Marie Laborde, Mr. Wong Ching Chung and Mr. Robert Luc, and three independent non-executive directors, namely, Dr. Zhang Guowang, Mr. Yeung Ting Lap Derek Emory and Mr. Sun David Lee.

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