Shimao : Announcement of audited financial results of Shanghai Shimao Co., Ltd. for the year ended 31 December 2020

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.

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 813)

OVERSEAS REGULATORY ANNOUNCEMENT

SHANGHAI SHIMAO CO., LTD.

A SUBSIDIARY OF SHIMAO GROUP HOLDINGS LIMITED

ANNOUNCEMENT OF AUDITED FINANCIAL RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Shanghai Shimao Co., Ltd. ("Shanghai Shimao"), a subsidiary of Shimao Group Holdings Limited (the "Company"), is a company incorporated in the People's Republic of China whose shares are listed on the Shanghai Stock Exchange. The Company has an approximately 63.92% attributable interest in Shanghai Shimao. The board of directors of Shanghai Shimao has approved the audited consolidated financial results for the year ended 31 December 2020. Shanghai Shimao's audited consolidated financial results will be posted on the Shanghai Stock Exchange's website. The consolidated income statement for the year ended 31 December 2020 and the consolidated balance sheet as at 31 December 2020 of Shanghai Shimao are provided below:

CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

2020	2019
RMB	RMB
1.	Operating income	21,705,342,235.59	21,449,125,613.44
Less: Operating costs	14,031,849,751.91	13,940,651,152.26
Operating taxes and surcharges	1,219,260,431.85	1,458,272,576.19
Selling expenses	1,100,050,134.33	752,844,200.47
General and administrative expenses	815,886,331.32	776,144,373.98
Financial expenses	165,630,580.62	231,590,521.93
Allowance for credit loss	(30,284,381.43)	63,533,531.23
Impairment loss of assets	16,605,036.80	0.00
Add: Gain on change in fair value	0.00	1,018,000,000.00
Investment income	16,369,689.95	111,375,368.24
Gain on disposal of assets	58,193.08	16,288.16
Other income	3,771,304.37	2,976,146.22
2.	Operating profit	4,406,543,537.59	5,358,457,060.00
Add: Non-operating income	123,567,386.98	58,006,942.45
Less: Non-operating expenses	25,561,575.37	66,967,064.53
3.	Total profit	4,504,549,349.20	5,349,496,937.92
Less: Income tax expenses	1,255,691,102.17	1,508,083,553.90
4.	Net profit	3,248,858,247.03	3,841,413,384.02
Net profit attributable to equity holders of
Shanghai Shimao	1,550,166,837.44	2,429,545,264.83
Net profit attributable to minority
shareholders	1,698,691,409.59	1,411,868,119.19
5.	Earnings per share
Earnings per share - basic	0.41	0.65
Earnings per share - diluted	0.41	0.65
6.	Other comprehensive income	306,667,385.69	542,047,602.58
7.	Total comprehensive income	3,555,525,632.72	4,383,460,986.60
Total comprehensive income attributable
to equity holders of Shanghai Shimao	1,680,438,178.95	2,680,379,990.95
Total comprehensive income attributable
to minority shareholders	1,875,087,453.77	1,703,080,995.65

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2020

31 December 2020

31 December 2019

RMB

RMB

ASSETS
Current assets	88,995,539,374.03	73,479,236,162.37
Non-current assets	60,309,214,602.55	54,084,670,064.81
Total assets	149,304,753,976.58	127,563,906,227.18
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities	75,567,585,919.84	62,608,131,193.08
Non-current liabilities	23,825,124,169.62	16,751,700,090.22
Total liabilities	99,392,710,089.46	79,359,831,283.30
Shareholders' equity
Share capital	3,751,168,261.00	3,751,168,261.00
Capital reserve	778,163,752.75	778,163,752.75
Other comprehensive income	3,915,219,408.82	3,785,333,502.24
Surplus reserve	883,806,177.18	759,113,166.27
Retained profits	16,760,078,106.35	16,309,522,592.75
Equity attributable to equity holders of
Shanghai Shimao	26,088,435,706.10	25,383,301,275.01
Minority interests in equity	23,823,608,181.02	22,820,773,668.87
Total owners' equity	49,912,043,887.12	48,204,074,943.88
Total liabilities and owners' equity	149,304,753,976.58	127,563,906,227.18

GENERAL

Shareholders should note that the above audited financial information pertains only to Shanghai Shimao and not to the Company itself.

Details of the audited consolidated financial results of Shanghai Shimao for the year ended 31

December 2020 are accessible at the Shanghai Stock Exchange's website (www.sse.com.cn).

On behalf of the Board Shimao Group Holdings Limited

Hui Wing Mau

Chairman

Hong Kong, 24 March 2021

As at the date of this announcement, the board of directors of the Company comprises four Executive Directors, namely, Mr. Hui Wing Mau (Chairman), Mr. Hui Sai Tan, Jason (Vice Chairman and President), Ms. Tang Fei and Mr. Lu Yi; one Non-executive Director, namely, Mr. Ye Mingjie; and three Independent Non-executive Directors, namely, Ms. Kan Lai Kuen, Alice, Mr. Lyu Hong Bing and Mr. Lam Ching Kam.