Mabpharm : DELAY IN DESPATCH OF CIRCULAR

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Mabpharm Limited ᒕ௹╙ุϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2181)

DELAY IN DESPATCH OF CIRCULAR

Reference is made to the announcement (the "Announcement") of Mabpharm Limited (the "Company") dated March 1, 2021 in relation to the License Agreement, the Clinical Trials Agreement, the CDMO Agreement and the transactions contemplated thereunder. Unless the context requires otherwise, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcement.

As stated in the Announcement, a circular (the "Circular") containing, among other things: (i) the details of the License Agreement, the Clinical Trials Agreement, the CDMO Agreement and the transactions contemplated thereunder; (ii) a letter of recommendation from an independent board committee to the Independent Shareholders on the License Agreement, the Clinical Trials Agreement, the CDMO Agreement and the transactions contemplated thereunder; and (iii) a letter of advice by Somerley Capital Limited, the independent financial adviser to provide advice and recommendation to the independent board committee of the Company and the Independent Shareholders, will be despatched on or before March 25, 2021 in accordance with the relevant laws and rules that apply to the Company.

As additional time is required to prepare and finalise the information contained in the Circular, it is currently expected that the date of despatch of the Circular and notice for the general meeting will be postponed to a date on or before April 9, 2021.

By Order of the Board

Mabpharm Limited

Jiao Shuge Chairman

Hong Kong, March 25, 2021

As at the date of this announcement, the Board of Directors of the Company comprises Dr. Wang Hao, Mr. Tao Jing, Mr. Li Yunfeng and Dr. Li Jing as executive Directors; Mr. Guo Jianjun and Mr. Jiao Shuge as non-executive Directors; and Mr. Guo Liangzhong, Dr. Zhang Yanyun and Dr. Liu Linqing as independent non-executive Directors.