CNC Holdings Limited announced Under Rules 18.48A and 18.49 of the GEM Listing Rules, the Company was required to publish the announcement in relation to the preliminary audited annual results of the Group for the year ended 31 March 2023 (the 2022/23 Audited Annual Results) on a date no later than three months after the end of the financial year of the Company, that is on or before 30 June 2023 and despatch its annual report (the 2022/23 Annual Report) to the shareholders of the Company on or before 30 June 2023. The delay in publication of the 2022/23 Audited Annual Results and the despatch of the 2022/23 Annual Report for the reasons that the delay in the publication of the 2021/22 Audited Annual Results, the 2021/22 Annual Report, the 2022/23 First Quarterly Results Announcement, the 2022/23 First Quarterly Report, the 2022/23 Interim Results Announcement and the 2022/23 Interim Report, the 2022/23 Third Quarterly Results Announcement and the 2022/23 Third Quarterly Report; the 2022/23 Audited Annual Results will incorporate certain audited financial information as contained in the 2021/22 Audited Annual Results; the audit of the 2022/23 Audited Annual Results only shall be finalised after the completion of the audit for the 2021/22 Audited Annual Results; and the Company's allocation and deployment of resources and manpower striving to fulfill of the Resumption Guidance as soon as possible. The expected date of release of the 2022/23 Audited Annual Results and the 2022/23 Annual Report shall be further determined.

Further announcement(s) will be made to inform the Shareholders and potential investors of the Company accordingly as and when appropriate. The Board acknowledges that the delay in the publication of the 2022/23 Audited Annual Results and despatch of the 2022/23 Annual Report to the Shareholders will constitute the Company's non-compliance with Rules 18.49 and 18.48A of the GEM Listing Rules. Notwithstanding the aforesaid, the Board wishes to emphasize that the Group's business operations have continued as usual and have been carried out in their ordinary course.

The Board, after due and careful consideration, is of the view that it would be inappropriate and premature to publish the results for the year ended 31 March 2023 based on the unaudited management accounts of the Company at the current juncture as they may not fairly reflect the financial performance and positions of the Group; and it would be more prudent and in the interest of the Company and its Shareholders to publish the 2022/23 Audited Annual Results (along with the delayed 2021/22 Audited Annual Results, the 2022/23 First Quarterly Results Announcement, the 2022/23 Interim Results Announcement and the 2022/23 Third Quarterly Results Announcement) based on the financial statements agreed with the auditor.