HKC : PROFIT WARNING

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.

(Incorporated in Bermuda with limited liability)

(Stock Code: 190)

(website: www.hkcholdings.com)

PROFIT WARNING

This announcement is made by the Company pursuant to Rule 13.09(2) of the Listing Rules and Inside Information Provisions under Part XIVA of the SFO.

The Board wishes to inform the Shareholders and potential investors that based on the unaudited consolidated accounts of the Group for the year ended 31 December 2019, the Group is expected to record an over 60% decrease in the unaudited consolidated net profit for the year ended 31 December 2019 as compared to the audited consolidated net profit of approximately HK$957.2 million for the previous corresponding period ended 31 December 2018. During the 2018 annual period, the Group recorded non-recurring revaluation gains of approximately HK$700 million, primarily related to the completion of an investment property, Shanghai Landmark Centre. These gains were not repeated during the 2019 annual period. In addition, residential sales have decreased compared with the previous corresponding period ended 31 December 2018 given a slower economy has adversely affected the property markets and given the Group has a much smaller inventory of residential units available for sale.

The information contained in this announcement is based on a preliminary assessment on the unaudited consolidated accounts of the Group for the year ended 31 December 2019 and the information currently available to the Board. The Company is still in the process of finalizing its unaudited financial statements for the year ended 31 December 2019 and the same will be subject to review by the Company's auditors. Shareholders and potential investors are advised to read carefully the annual results announcement of the Company for the year ended 31 December 2019 which is expected to be published by the end of March 2020.

Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company. If in doubt, they should consult their own professional advisers.

This announcement is made by HKC (Holdings) Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) (the "SFO").

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The board of directors of the Company (the "Board") wishes to inform the shareholders of the Company (the "Shareholders") and potential investors that based on the unaudited consolidated accounts of the Group for the year ended 31 December 2019, the Group is expected to record an over 60% decrease in the unaudited consolidated net profit for the year ended 31 December 2019 as compared to the audited consolidated net profit of approximately HK$957.2 million for the previous corresponding period ended 31 December 2018. During the 2018 annual period, the Group recorded non-recurring revaluation gains of approximately HK$700 million, primarily related to the completion of an investment property, Shanghai Landmark Centre. These gains were not repeated during the 2019 annual period. In addition, residential sales have decreased compared with the previous corresponding period ended 31 December 2018 given a slower economy has adversely affected the property markets and given the Group has a much smaller inventory of residential units available for sale.

The information contained in this announcement is based on a preliminary assessment on the unaudited consolidated accounts of the Group for the year ended 31 December 2019 and the information currently available to the Board. The Company is still in the process of finalizing its unaudited financial statements for the year ended 31 December 2019 and the same will be subject to review by the Company's auditors. Shareholders and potential investors are advised to read carefully the annual results announcement of the Company for the year ended 31 December 2019 which is expected to be published by the end of March 2020.

Shareholders and potential investors are advised to exercise caution when dealing in the shares of the Company. If in doubt, they should consult their own professional advisers.

By order of the Board

HKC (HOLDINGS) LIMITED

OEI Kang, Eric

Chairman and Chief Executive Officer

Hong Kong, 12 March 2020

As at the date of this announcement, the Board comprises seven directors, of which Mr. OEI Kang, Eric, Mr. LEE Shiu Yee, Daniel, Mr. WONG Jake Leong, Sammy and Mr. LEUNG Wing Sum, Samuel are executive directors; and Mr. CHENG Yuk Wo, Mr. Albert Thomas DA ROSA, Junior and Mr. VOON Hian-fook, David are independent non-executive directors.

* For identification purposes only

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