China Ruifeng Renewable Energy : (1) DELAY IN PUBLISHING THE 2020 ANNUAL RESULTS; (2) POSTPONEMENT OF BOARD MEETING; AND (3) SUSPENSION OF TRADING

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CHINA RUIFENG RENEWABLE ENERGY HOLDINGS LIMITED

中國 瑞風 新能 源 控 股 有限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 00527)

1. DELAY IN PUBLISHING THE 2020 ANNUAL RESULTS;
2. 1. POSTPONEMENT OF BOARD MEETING; AND
   2. 1. SUSPENSION OF TRADING

This announcement is made by China Ruifeng Renewable Energy Holdings Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.49(3)(i) of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO").

Reference is made to the announcement of the Company dated 19 March 2021 in relation to the meeting of the board of directors of the Company (the "Board") originally scheduled to be held on 31 March 2021 for the purpose of, considering and approving, among others, the annual results of the Group for the year ended 31 December 2020 (the "2020 Annual Results").

1. DELAY IN PUBLISHING THE 2020 ANNUAL RESULTS
   Pursuant to Rule 13.49(1) of the Listing Rules, the Company is required to publish an announcement for the 2020 Annual Results on a date not later than three months after the end of the financial year of the Company, i.e. on or before 31 March 2021. Under Rule 13.49(2) of the Listing Rules, the preliminary announcement in relation to the 2020 Annual Results shall be based on the Company's financial statements for the financial year ended 31 December 2020 which shall have been agreed with the auditor of the Company (the "Auditor").

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The Board hereby announces that the publication of the 2020 Annual Results will be delayed due to the latest situation of the novel coronavirus disease (COVID-19) pandemic and as additional time is required by the Auditor to perform and complete the audit work in respect of the 2020 Annual Results, including obtaining all the necessary confirmations from stakeholders and certain other audit procedures on matters such as other receivables and interest in an associate.

The Board acknowledges that the delay in publication of the 2020 Annual Results will constitute non-compliance with Rule 13.49(1) of the Listing Rules. The Company has therefore been using and will continue to use its best endeavours to assist and cooperate with the Auditor to ensure that the 2020 Annual Results will be published as soon as practicable. Based on the information currently available to the Company, the Board estimates that the 2020 Annual Results will be published in around 30 April 2021. The estimate is subject to completion of the outstanding audit work and the Company will make further announcement(s) to provide updates to its shareholders and potential investors on the above matters if and when necessary.

Rule 13.49(3) of the Listing Rules provides that where an issuer is unable to issue its preliminary results in accordance with Rules 13.49(1) and (2) of the Listing Rules, it must announce its results based on the financial results that have yet to be agreed with the auditor (so far as the information is available). After due and careful consideration, the Board is of the view that it would not be appropriate for the Company to publish the unaudited management accounts of the Group for the 2020 Annual Results at this stage as it may not accurately reflect the financial performance and position of the Group. Further announcement(s) will be made in accordance with the Listing Rules and the SFO to provide updates on the above matters as and when appropriate.

1. POSTPONEMENT OF BOARD MEETING
   In light of the delay in the publication of the 2020 Annual Results, the Board meeting originally scheduled to take place on 31 March 2021 for the purpose of, reviewing and approving, among others, the 2020 Annual Results will be postponed. The Company will continue to work with the Auditor to complete the audit work as soon as practicable and will publish further announcement(s) to inform the shareholders of the Company of the date of the Board meeting as and when appropriate.

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(3) SUSPENSION OF TRADING

Pursuant to Rule 13.50 of the Listing Rules, The Stock Exchange of Hong Kong Limited (the "Stock Exchange") will normally require suspension of trading in an issuer's securities if an issuer fails to publish periodic financial information in accordance with the Listing Rules, and the suspension will normally remain in force until the issuer publishes an announcement containing the requisite financial information. Accordingly, trading in the shares of the Company on the Stock Exchange is currently expected to be suspended with effect from 9:00 a.m. on 1 April 2021 until the publication of the announcement in relation to the 2020 Annual Results by the Company.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

By order of the Board

China Ruifeng Renewable Energy Holdings Limited

Zhang Zhixiang

Executive Director and Chief Executive Officer

Hong Kong, 31 March 2021

As at the date of this announcement, the executive Directors are Mr. Zhang Zhixiang (Chief Executive Officer), Mr. Ning Zhongzhi, Mr. Li Tian Hai and Mr. Peng Ziwei; and the independent non-executive Directors are Mr. Jiang Senlin, Mr. Qu Weidong and Ms. Hu Xiaolin.

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