Elegance Optical International : COMPLETION OF PLACING OF NEW SHARES UNDER GENERAL MANDATE

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 appears for information purpose only and does not constitute an invitation or offer to acquire, purchase, or subscribe for any securities of the Company.

ELEGANCE OPTICAL INTERNATIONAL HOLDINGS LIMITED

高 雅 光 學 國 際 集 團 有 限 公 司

(Incorporated in Bermuda with limited liability)

(Stock Code: 907)

COMPLETION OF PLACING OF NEW SHARES

UNDER GENERAL MANDATE

Placing Agent

Reference is made to the announcement of Elegance Optical International Holdings Limited (the "Company") dated 15 July 2020 in relation to the Placing (the "Announcement"). Capitalised terms used herein shall have the same meanings as defined in the Announcement unless otherwise stated herein.

COMPLETION OF THE PLACING

The Board is pleased to announce that all the conditions set out in the Placing Agreement had been fulfilled and the completion of the Placing took place on 29 July 2020. An aggregate of 121,310,000 Placing Shares have been successfully placed by the Placing Agent to not less than six Placees at the Placing Price of HK$0.1 per Placing Share pursuant to the terms and conditions of the Placing Agreement.

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To the best of the Directors' knowledge, information and belief after having made all reasonable enquiries, (i) each of the Placees and where appropriate, their respective ultimate beneficial owners, is an Independent Third Party; and (ii) none of the Placees has become a substantial Shareholder (as defined under the Listing Rules) upon completion.

The net proceeds from the Placing, after deducting the related Placing commission, professional fees and other related expenses, amounted to approximately HK$11.63 million (at HK$0.096 per Placing Share), which is intended by the Company to utilize for (i) general working capital of the Group and/or (ii) any possible investments in the future when opportunities arise.

CHANGES IN THE SHAREHOLDING STRUCTURE OF THE COMPANY

The table below sets out the changes to the shareholding structure of the Company immediately prior to and after completion of the Placing:

	Immediately prior to	Immediately after
	completion of the Placing	completion of the Placing
	Number of	Approximate %	Number of	Approximate %
	Shares			Shares
Substantial
Shareholder:
Osman Bin Kitchell	142,297,709	23.46	142,297,709	19.55
Public Shareholders:
Placees	-	-	121,310,000	16.67
Others	464,255,975		76.54	464,255,975		63.78
Total	606,553,684	100.00	727,863,684	100.00

By order of the Board

Elegance Optical International Holdings Limited

Chung Yuk Lun

Executive Director and Company Secretary

Hong Kong, 29 July 2020

As at the date of this announcement, the executive Directors are Mr. Chung Yuk Lun and Mr. Chan Chung Yin, Victor and the independent non-executive Directors are Mr. Man Wai Lun, Mr. Cheng Chun Man and Mr. Hui Man Ho, Ivan.

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