I Control : SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO USE OF PROCEEDS DISCLOSED IN THE ANNUAL REPORT

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.

i-CONTROL HOLDINGS LIMITED

超智能控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 1402)

SUPPLEMENTAL ANNOUNCEMENT

IN RELATION TO

USE OF PROCEEDS DISCLOSED IN THE ANNUAL REPORT

Reference is made to (i) the annual report of i-Control Holdings Limited (the "Company", together with its subsidiaries, the "Group") for the year ended 31 March 2019; (ii) the Company's interim report for the six months ended 30 September 2019; and (iii) the Company's annual report for the year ended 31 March 2020 (the "2020 Annual Report"). Unless the context requires otherwise, capitalised terms used in this supplemental announcement shall have the meanings as they are used in the 2020 Annual Report.

The board (the "Board") of directors (the "Directors") of the Company would like to provide the following additional information in relation to the use of the net proceeds raised from the Placing (the "Net Proceeds") as set out below.

BREAKDOWN AND PURPOSE OF USE

Set out below is a breakdown of the planned use of the Net Proceeds and the unused amount thereof up to 31 March 2020:

	Planned use of	Change
	Net Proceeds	in use of
	as stated in	Net Proceeds
	the prospectus	resolved on	Unused Net Proceeds as at
	dated 14 May	30 March	31 March	30 September	31 March
	2015	2017	2019	2019	2020
	HK$ million	HK$ million		HK$ million
To recruit experienced sales staff to
expand the VCMA solution business
in Hong Kong	11.5	4.4	-	-	-
To acquire a new warehouse
in Hong Kong	32.7	5.0	-	-	-
To set up new regional offices with
showrooms in Beijing, Shanghai
and Singapore	13.7	(11.4)	-	-	-

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	Planned use of		Change
	Net Proceeds		in use of
	as stated in		Net Proceeds
	the prospectus		resolved on	Unused Net Proceeds as at
	dated 14 May		30 March	31 March	30 September	31 March
	2015	2017	2019	2019			2020
	HK$ million		HK$ million			HK$ million
To carry out marketing and promotion
activities on both traditional and
new media platforms to improve
public awareness of the Group and
further strengthen its position in
Hong Kong, the PRC and Singapore	2.4		-	-	-	-
To upgrade the computer system and
other office facilities	-	2.0	1.7	1.7		1.2
For working capital and other
general corporate purposes	6.0		-	-	-	-
	66.3		-	1.7	1.7		1.2

REMAINING NET PROCEEDS

As disclosed in the 2020 Annual Report and set out above, the whole of the Net Proceeds has been utilized before 30 March 2019 save for the amount which the Company resolved on 30 March 2017 to allocate to upgrading of the computer system and other office facilities.

Out of the amount so allocated a sum of HK$1.7 million remained unutilized as at 30 September 2019. As disclosed in the listing document of the Company dated 13 December 2019 in relation to the transfer of listing from GEM of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") to the Main Board of the Stock Exchange, the Company expected to utilize such amount by 31 March 2020. However, given the outbreak of COVID-19, the Company delayed the incurring of expenses for the upgrade to preserve the cash position of the Group and HK$1.2 million remained unutilized as at 31 March 2020. It is expected that this remaining amount will be utilized by the year ending 31 March 2021 depending on the development of COVID-19 and its impact on the economic conditions in Hong Kong and the PRC.

The information contained in this supplemental announcement does not affect other information contained in the 2020 Annual Report and save as disclosed above, all other information in the 2020 Annual Report remains unchanged.

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Save as disclosed above, there is no material delay or change in the use of proceeds from the Placing. Further announcement(s) will be made by the Company in relation to the use of the remaining Net Proceeds as and when appropriate.

By order of the Board

i-Control Holdings Limited

Tong Sai Wong

Director

Hong Kong, 14 August 2020

As at the date of this announcement, the executive Directors are Mr. Zhong Naixiong, Mr. Yau Wing Keung, Mr. Tong Sai Wong, Mr. Chan Wing Yiu and Mr. Chan Wing Lun; the non-executive Director is Dr. Wong King Keung and the independent non-executive Directors are Mr. Fong Chi, Mr. Fung Chan Man Alex, Mr. Lum Pak Sum and Mr. Mong Cheuk Wai.

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