Summit Ascent : REVISED EXPECTED TIMETABLE IN RESPECT OF THE PROPOSED RIGHTS ISSUE AND CHANGE IN BOARD LOT SIZE

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.

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the securities of the Company.

凱 升 控 股 有 限 公 司 H o l d i n g s L i m i t e d

SUMMIT ASCENT HOLDINGS LIMITED

(incorporated in Bermuda with limited liability)

(Stock Code: 102)

REVISED EXPECTED TIMETABLE IN RESPECT OF THE PROPOSED

RIGHTS ISSUE AND CHANGE IN BOARD LOT SIZE

Financial adviser to the Company

References are made to (i) the announcement of Summit Ascent Holdings Limited (the "Company") dated 1 June 2020 in relation to, among others, the Subscription, the Rights Issue, the Underwriting Agreement, the Whitewash Waiver, the Change in Board Lot Size and the Increase in Authorised Share Capital (the "Rights Issue Announcement"); (ii) the announcement of the Company dated 11 June 2020, in relation to the appointment of the independent financial adviser; and (iii) the delay in despatch of the Circular announcement dated 22 June 2020 and 22 July 2020 ("Delayed Despatch Announcements", and together with the Rights Issue Announcement, collectively the "Announcements"). Unless otherwise defined herein, capitalised terms used herein shall have the same meanings as those defined in the Announcements.

- 1 -

REVISED EXPECTED TIMETABLE

As set out in the Delayed Despatch Announcements, it is expected that the Circular containing, among others, (i) further details of the Subscription, the Rights Issue, the Underwriting Agreement, the Whitewash Waiver and the Increase in Authorised Share Capital; (ii) a letter of recommendations from the Independent Board Committee; (iii) a letter of advice from the Independent Financial Adviser to the Independent Board Committee in respect of the Subscription, the Rights Issue, the Underwriting Agreement, the Subscription Agreement and the Whitewash Waiver; (iv) other information required under the Listing Rules and the Takeovers Code; and (v) a notice convening the SGM will be despatched on or before 14 August 2020 and the expected timetable for the Rights Issue and the Change in Board Lot Size has been revised as follows:

Event

2020

Latest time for lodging transfer of Shares in order to be

qualified for attendance and voting at the SGM . . . . . . . . . . . . . . . . . . . . . . . . . 4:30 p.m. on Tuesday, 1 September

Register of members of the Company closes

(both days inclusive) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Wednesday, 2 September - Monday, 7 September

Latest time for lodging proxy forms for the SGM

(not less than 48 hours prior to the time of the SGM) . . . . . . . . . . . . . . . . . . . . 3:00 p.m. on Saturday, 5 September

Record date for determining attendance and voting at SGM . . . . . . . . . .Monday, 7 September

Expected date and time of the SGM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3:00 p.m. on

Monday, 7 September

Announcement of results of the SGM . . . . . . . . . . . . . . . . . . . . . . . . . . Monday, 7 September

Last day of dealings in the Shares on a cum-rights basis . . . . . . . . . . . . Tuesday, 8 September

First day of dealings in the Shares on an ex-rights basis . . . . . . . . . . Wednesday, 9 September

Latest time for lodging transfer of Shares in order to be

qualified for the Rights Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4:30 p.m. on Thursday, 10 September

- 2 -

Event

2020

Register of members of the Company closes

(both days inclusive) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Friday, 11 September - Thursday, 17 September

Record Date for the Rights Issue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thursday, 17 September

Despatch of the Prospectus Documents . . . . . . . . . . . . . . . . . . . . . . . . . . Friday, 18 September

First day of dealings in nil-paid Rights Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 9:00 a.m. on Tuesday, 22 September

Latest time for splitting of nil-paid Rights Shares . . . . . . . . . . . . . . . . . . . . . . . . . 4:30 p.m. on Thursday, 24 September

Last day of dealings in nil-paid Rights Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4:00 p.m. on Tuesday, 29 September

Latest time for holders of nil-paid Rights Shares in order

to qualify for the Compensatory Arrangements. . . . . . . . . . . . . . . . . . . . . . 4:00 p.m. on Tuesday, 6 October

Latest Time for Acceptance of and payment for the Rights Shares . . . . . . . . 4:00 p.m. on Tuesday, 6 October

Latest time for termination of the Underwriting Agreement and

for the Rights Issue to become unconditional. . . . . . . . . . . . . . . . . . . . . . . . . . . 4:00 p.m. on Wednesday, 7 October

Announcement of the number of Unsubscribed Rights Shares subject to the Compensatory Arrangements and

the NQS Unsold Rights Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Friday, 9 October

Commencement of placing of Unsubscribed Rights Shares and

the NQS Unsold Rights Shares by the Placing Agent. . . . . . . . . . . . . . . . . Friday, 9 October

Latest time of placing of the Unsubscribed Rights Shares and

the NQS Unsold Rights Shares by the Placing Agent. . . . . . . . . . . . . . .Tuesday, 13 October

- 3 -

Event

2020

Announcement of results of the Rights Issue

(including results of the placing of Unsubscribed Rights Shares and the NQS Unsold Rights Shares and the amount of the Net Gain per Unsubscribed Rights Shares under the Compensatory

Arrangements and the NQS Unsold Rights Shares) . . . . . . . . . . . . . Wednesday, 14 October

Refund cheques, if any, to be despatched

(if the Rights Issue is terminated) on or before . . . . . . . . . . . . . . . . . . Thursday, 15 October

Despatch of certificates for fully-paid Rights Shares, refund cheques

(if any) and completion of Placing to take place on or before . . . . . . . Thursday, 15 October

Last day for trading of the Shares in board lots of 2,000 Shares

each in original counter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Thursday, 15 October

Dealings in fully-paid Rights Shares commence . . . . . . . . . . . . . . . . . . . . . . . . . . 9:00 a.m. on Friday, 16 October

Effective date of change in board lot size from

2,000 Shares to 4,000 Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9:00 a.m. on Friday, 16 October

Designated broker starts to stand in the market to

provide matching services for odd lots of Shares . . . . . . . . . . . . . . . . . . . . . . . . 9:00 a.m. on Friday, 16 October

Payment of Net Gain to relevant No Action Shareholders (if any) . . . . Wednesday, 28 October

Designated broker ceases to stand in the market to

provide matching services for odd lots of Shares . . . . . . . . . . . . . . . . . . Friday, 6 November

- 4 -

EXTENSION LETTERS TO THE UNDERWRITING AGREEMENT AND THE PLACING AGREEMENT

As a result of the revisions to the expected timetable of the Rights Issue as set out above, on 12 August 2020, (i) the Company and the Underwriter signed an extension letter confirming and reflecting the changes of the relevant dates for the Rights Issue as referred to in the Underwriting Agreement; and (ii) the Company and the Placing Agent signed an extension letter confirming and reflecting the changes of the relevant dates for the Rights Issue as referred to in the Placing Agreement. Save for such updates, all other terms and conditions of the Underwriting Agreement and the Placing Agreement shall remain unchanged.

By order of the Board

Summit Ascent Holdings Limited

Chau Cheok Wa

Chairman

Hong Kong, 12 August 2020

As at the date of this announcement, the executive Directors are Mr. Lo Kai Bong (Deputy Chairman) and Mr. Chiu King Yan, the non-executive Directors are Mr. Chau Cheok Wa (Chairman), Mr. Wong Pak Ling Philip and Dr. U Chio Ieong, and the independent non-executive Directors are Mr. Lam Kwan Sing, Mr. Lau Yau Cheung and Mr. Li Chak Hung.

The Directors 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.

- 5 -