ICO : SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO THE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2020 - USE OF PROCEEDS

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.

ICO GROUP LIMITED

揚 科 集 團 有 限 公 司*

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 1460)

SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO

THE ANNUAL REPORT FOR THE YEAR ENDED

31 MARCH 2020 - USE OF PROCEEDS

References are made to the annual report (the "Annual Report") of ICO Group Limited (the "Company") together with its subsidiaries, the "Group") for the year ended 31 March 2020 ("FY 2020"). Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the Annual Report.

The board of directors of the Company (the "Board") would like to provide additional information pursuant to paragraph 11(8) of Appendix 16 to the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") in relation to the use of the Net Proceeds of approximately HK$75.5 million as follows:

		Actual use of	Actual use of	Actual use of
		proceeds from	proceeds during	proceeds during	Unutilised
	Planned use	listing date to	the six months ended	the year ended	amount as at
Use of net proceeds	of proceeds	31 March 2019	30 September 2019	31 March 2020	31 March 2020
	HK$'000	HK$'000	HK$'000	HK$'000	HK$'000
Purchase of new office premises as well as equipping and
renovating the Group's existing office premises	19,400	19,400	-	-	-
Expanding the Group's professional team and enhancing
service quality	15,800	15,800	-	-	-
Strategic growth through merger, acquisition or
business collaboration	15,600	11,500	2,800	1,300	-
Expansion of IT application and solution development business	9,400	9,400	-	-	-
Starting a research and development team	5,400	5,400	-	-	-
Strengthening the Group's marketing efforts	2,400	2,400	-	-	-
Working capital and other general corporate purposes	7,500	7,500	-	-	-

*  For identification purposes only

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Accordingly, all the Net Proceeds were used as at 31 March 2020 according to the intended use of the Net Proceeds as previously disclosed.

The Board confirmed that the supplementary information provided in this announcement does not affect any other information contained in the Annual Report and, save as disclosed above, the content of the Annual Report remains unchanged.

By order of the Board

ICO Group Limited

Leong Yeng Kit

Chairman and Executive Director

Hong Kong, 19 August 2020

As at the date of this announcement, the executive Directors of the Company are Mr. Leong Yeng Kit and Ms. Lee Pei Ling; the non-executive Directors of the Company are Mr. Leong Yeng Kong, Ms. Leong Poh Chih, Mr. Leong Yeng Weng, Ms. Walaiporn Orakij and Ms. Durgadewi Yoganathan; and the independent non-executive Directors of the Company are Mr. Tan Eng Wah, Mr. Gan Cheng Khuan, Ms. Yvonne Low Win Kum and Mr. Chiu King Yan.

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