HONGKONG, CHINA - MediaOutReach - 15February 2019 - Palace Banquet HoldingsLimited ("Palace Banquet", together with itssubsidiaries, the "Group"; stock code: 1703),a full-service restaurantgroup in Hong Kong offering Cantonese dining service and banquet service, announcesits successful listing on the Main Board of The Stock Exchange of Hong KongLimited ("SEHK") today. 

The closing price of Palace Banquet's shares was HK$0.61 per share, which was approximately22% higher than the final offer price of HK$0.50 per share. The highest share priceof the day was HK$0.69 per share. On its first trading day, trading volume ofthe shares ofPalace Banquet reached approximately 240 million with a total turnover ofapproximately HK$146 million.

Shenwan Hongyuan Capital (H.K.) Limitedis the Sole Sponsor. Shenwan Hongyuan Capital (H.K.) Limited and Opus Capital Limitedare the Joint Global Coordinators. Shenwan Hongyuan Capital (H.K.) Limited,Opus Capital Limited and Haitong International Securities Company Limited arethe Joint Bookrunners and Joint Lead Managers. Elstone Securities Limited andGreat Roc Capital Securities Limited are the Co-Lead Managers.

Commenting on the trading debut, Mr. Chan Shou Ming, Chairman and Executive Director of Palace Banquet HoldingsLimited,said, "The successful listing of the Company's share on the Main Boardof SEHK is aproof of investors' confidence in the development and future prospectsof our business. On this internationalfinancing platform, we are confident to further enhance our brand recognitionand to capture greater market share in cateringmarket in Hong Kong."

About the Group

Palace Banquet Holdings Limited is a full-service restaurantgroup in Hong Kong offering Cantonese dining service and banquet service, including one-stop wedding banquetservice. Currently, the Group operates 20 Chinese restaurants under two brandnames, namely "Palace(煌府)" and "Royal Courtyard (煌苑)". According to the Frost& Sullivan Report, the Group ranked the third amongst the Chinesefull-service restaurant groups in the Hong Kong banquet market with a marketshare of approximately 5.0% in terms of revenue in 2017. For the years ended 31March 2016, 2017 and 2018, its revenue was approximately HK$596.0 million,HK$635.1 million and HK$770.1 million, respectively, whilst its net profit wasapproximately HK$39.9 million, HK$40.3 million and HK$53.0 million in the sameperiod.