PacRay International : (I) COMPLETION OF PLACING OF SHARES BY THE CONTROLLING SHAREHOLDER; (II) RESTORATION OF PUBLIC FLOAT; AND (III) RESUMPTION OF TRADING

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.

๚ⲯ఻䯋ᣗ㗑᰹䮀ڜन PacRay International Holdings Limited

(Incorporated in Bermuda with limited liability)

(Stock Code: 1010)

(I) COMPLETION OF PLACING OF SHARES BY THE CONTROLLING

SHAREHOLDER;

(II) RESTORATION OF PUBLIC FLOAT; AND

(III) RESUMPTION OF TRADING

Placing Agent of the controlling shareholder

References are made to (i) the joint announcement of PacRay International Holdings Limited (the "Company") and Zhongying Int'l Holding Group Limited (the "Offeror") dated 2 February 2021 (the "Close of Offer Announcement") in relation to the close of mandatory unconditional cash offer; (ii) the announcement of the Company dated 25 February 2021 in relation to the placing of Shares by the controlling shareholder of the Company ("Placing Announcement"); and (iii) the announcement of the Company dated 3 March 2021 in relation to obtaining a waiver of the minimum public float requirement (the "Waiver Announcement").

Capitalised terms used herein have the same meanings as defined in the Close of Offer Announcement, the Placing Announcement and the Waiver Announcement unless the context otherwise requires.

COMPLETION OF PLACING OF SHARES BY THE CONTROLLING SHAREHOLDER

The Company was informed that 51,124,000 Placing Shares, representing approximately 13.81% of the issued share capital of the Company as at the date of this announcement, had been placed through the Placing Agent to not less than six placees who are third parties independent of the Company and its connected persons and parties not acting in concert with the Offeror, at the placing price of HK$1.345 per Placing Share. Completion of the Placing took place on 4 March 2021. To the best of knowledge of Directors having made all reasonable enquiries, none of the placees under the Placing is a substantial shareholder of the Company immediately upon completion of the Placing.

RESTORATION OF PUBLIC FLOAT

Immediately upon completion of the Placing, a total of 92,562,130 Shares, representing approximately 25.00% of the issued share capital of the Company, are held by the public. As such, the public float of the Company has been restored to not less than 25% of the issued share capital of the Company in compliance with Rule 8.08(1)(a) of the Listing Rules with effect from completion of the Placing. The following is a summary of the shareholding structure of the Company immediately before and immediately upon completion of the Placing:

Immediately before	Immediately upon
Shareholders	completion of the Placing	completion of the Placing
Number of Approximately	Number of Approximately
Shares %	Shares %
The Offeror and parties acting

in concert with it	328,807,012	88.81	277,683,012	75.00
Other public Shareholders
(including the Placees)	41,438,130	11.19	92,562,130	25.00
Total	370,245,142	100.00	370,245,142	100.00

RESUMPTION OF TRADING IN THE SHARES

Trading in the Shares on the Stock Exchange has been suspended with effect from 9:00 a.m. on 3 February 2021 pending the restoration of the minimum public float of the Shares. An application was made by the Company to the Stock Exchange for the resumption of trading in the Shares on the Stock Exchange with effect from 9:00 a.m. on Friday, 5 March 2021.

By order of the Board

PacRay International Holdings Limited

Lau Mei Ying

Executive Director

Hong Kong, 4 March 2021

As at the date of this announcement, the Board of the Company comprises nine Directors. The executive Directors are Mr. Yang Lin, Ms. Lau Mei Ying, Mr. Leung Pok Man, Ms. Li Wei Na and Mr. Xu Yinsheng; the non-executive Director is Mr. Zhou Danqing; and the independent non-executive Directors are Ms. Ching Ching, Ms. Weng Yuzhen and Dr. Zhang Shengdong.

If there is any inconsistency in this announcement between the Chinese and English versions, the English version shall prevail.