Crown International : SUPPLEMENTAL ANNOUNCEMENT

Hong Kong Exchange 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.

Crown International Corporation Limited

(Incorporated in Hong Kong with limited liability)

(Stock code: 727)

SUPPLEMENTAL ANNOUNCEMENT

Reference is made to the announcement of Crown International Corporation Limited (the "Company", together with its subsidiaries, the "Group") dated 20 September 2017, 31 October 2017 and 23 November 2017 (the "Announcements") in relation to the Subscription of Shares under General Mandate. Unless the context otherwise requires, capitalised terms used herein shall have the same meanings ascribed to them in the Announcements.

As disclosed in the Announcements, the Company had entered into the Subscription Agreement with the Subscriber, pursuant to which the Subscriber has conditionally agreed to subscribe for, and the Company has conditionally agreed to allot and issue, an aggregate of 310,000,000 Subscription Shares at the Subscription Price of HK$1.08 per Subscription Share. As disclosed in the Announcements, it was then expected that the aggregate net proceeds of the Subscription, after the deduction of the related expenses to be approximately HK$334.5 million. Up to the date of this announcement, the Company had utilised of the net proceeds of the Subscription in (i) a total of approximately HK$30.0 million for use in the existing property development projects of the Group; (ii) a total of approximately 65.0 million for use in the settlement of other payables of the Group; (iii) a total of approximately HK$200.0 million for use in the settlement of consideration balance of purchasing the PRC company holding the Zhongshan property project; and (iv) the remaining balance of approximately HK$39.5 million as general working capital of the Group.

By Order of the Board

Crown International Corporation Limited

Hung Man

Chairman

Hong Kong, 7 November 2019

As at the date of this announcement, the executive Directors are Dr. Hung Man, Mr. Li Yong Jun, Mr. Liu Hong Shen and Mr. Meng Jin Long; and the independent non-executive Directors are Mr. Long Tao, Mr. Ren Guo Hua, and Mr. Chen Fang.