State Energy International Assets : DELAY IN DESPATCH OF CIRCULAR IN RELATION TO (I) PROPOSED CAPITAL REORGANISATION; (II) PROPOSED CHANGE IN BOARD LOT SIZE; (III) PROPOSED RIGHTS ISSUE ON THE BASIS OF THREE (3) RIGHTS SHARES FOR EVERY ONE (1) ADJUSTED SHARE HELD ON THE RECORD DATE; (IV) CONNECTED TRANSACTION IN RELATION TO THE UNDERWRITING AGREEMENT; (V) APPLICATION FOR WHITEWASH WAIVER; AND (VI) NOTICE OF SPECIAL GENERAL MEETING

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.

STATE ENERGY GROUP INTERNATIONAL ASSETS HOLDINGS LIMITED

國 能 集 團 國 際 資 產 控 股 有 限 公 司

(Incorporated in Bermuda with limited liability)

(Stock Code: 918)

DELAY IN DESPATCH OF CIRCULAR

IN RELATION TO

1. PROPOSED CAPITAL REORGANISATION;

1. PROPOSED CHANGE IN BOARD LOT SIZE;

1. PROPOSED RIGHTS ISSUE ON THE BASIS OF

THREE (3) RIGHTS SHARES

FOR EVERY ONE (1) ADJUSTED SHARE

HELD ON THE RECORD DATE;

(IV) CONNECTED TRANSACTION IN RELATION TO

THE UNDERWRITING AGREEMENT;

1. APPLICATION FOR WHITEWASH WAIVER; AND (VI) NOTICE OF SPECIAL GENERAL MEETING

Reference is made to the announcement of State Energy Group International Assets Holdings Limited (the "Company", together with its subsidiaries, the "Group") dated 8 April 2021 (the "Announcement") in relation to, among other things, the Capital Reorganisation, the Change in Board Lot Size, the Rights Issue, the Placing Agreement, the Underwriting Agreement and the Whitewash Waiver. Capitalised terms used herein shall have the same meanings as defined in the Announcement unless the context otherwise requires.

As disclosed in the Announcement, a circular (the "Circular") containing, among other things, (i) further details of the Capital Reorganisation, the Change in Board Lot Size, the Rights Issue, the Placing Agreement, the Underwriting Agreement and the Whitewash Waiver; (ii) a letter of recommendation from the Independent Board Committee in respect of the Rights Issue, the Placing Agreement, the Underwriting Agreement and the Whitewash Waiver; (iii) a letter of advice from Gram Capital to the Independent Board Committee and the Independent Shareholders in the aforesaid

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regards; (iv) a valuation report on the Group's properties in compliance with Rule 11 of the Takeovers Code; (v) other information required under the Listing Rules and the Takeovers Code; and (vi) a notice convening the SGM, was expected to be despatched to the Shareholders within 15 Business Days from the date of the Announcement pursuant to Rule 14A.68(11) of the Listing Rules and 21 days from the date of the Announcement pursuant to Rule 8.2 of the Takeovers Code, whichever is the earlier.

As additional time is required for the preparation of information for inclusion in the Circular, an application has been made by the Company to seek the consent from the Executive for, and the Executive has granted, the consent to extend the latest time for the despatch of the Circular to 10 May 2021.

By order of the Board

State Energy Group International Assets Holdings Limited

Zhang Jinbing

Chairman

Hong Kong, 28 April 2021

As at the date of this announcement, the executive Directors are Mr. Zhang Jinbing, Mr. Tian Wenxi and Mr. Wu Tingjun; and the independent non-executive Directors are Mr. Chow Hiu Tung, Mr. Zhao Hangen and Ms. Yang Yanli.

The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.

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