Exhibit 99.2







|Contact Information:                |                                   
|----------------------------------- | ----------------------------------
|China Ceramics Co., Ltd.            | Precept Investor Relations LLC    
|Edmund Hen, Chief Financial Officer | David Rudnick, Account Manager    
|Email: info@cceramics.com           | Email: david.rudnick@preceptir.com
|                                    | Phone: +1 917-864-8849            





China Ceramics Announces Fourth Quarter
and
Fiscal Year End 2016 Financial Results



Jinjiang, Fujian Province, China, May
15, 2017–China Ceramics Co., Ltd. (NASDAQ Capital Market: CCCL) (“China Ceramics” or the “Company”),
a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and
commercial buildings, today announced financial results for the fourth quarter and fiscal year ended December 31, 2016.



Fourth Quarter 2016 Summary



| | § | Revenue was RMB 201.9 million (US$ 28.3 million)
as compared to RMB 208.3 million (US$ 31.6 million) in the fourth quarter of 2015
| | - | ----------------------------------------------------------------------------------------------------------------------------------



| | § | Gross loss was RMB 87.1 million (US$13.2
million) as compared to gross profit of RMB 29.5 million (US$ 4.5 million) in the fourth quarter of 2015
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------



| | § | Net loss was RMB 352.5 million (US$ 52.6
million) as compared to a net loss of RMB 411.3 million (US$ 64.9 million) in the fourth quarter of 2015
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------



| | § | Loss per share on a basic and fully diluted
basis were RMB 127.63 (US$ 19.05), as compared to basic and fully diluted loss per share of RMB 161.04 (US$ 24.88) in the fourth
quarter of 2015
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | § | Operating results were affected by the following
significant items:
| | - | -------------------------------------------------------------------



| | · | Beginning on October 1, 2016, a 20% reduction
in the prices of our slow-moving products was instituted in an effort to convert some of our inventory into cash
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Plant utilization was 60% as compared to
42% in the fourth quarter of 2015
| | - | --------------------------------------------------------------------------



| | · | Asset write-down attributable to the impairment
of property, plant and equipment at the Company’s Hengda and Hengdali facilities was RMB 230.4 million (US$ 34.3 million)
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Write down of slow-moving inventory was RMB
59.4 (US$ 8.9 million)
| | - | ------------------------------------------------------------------



| | · | Provision for bad debt was RMB 24.0 million
(US$ 3.5 million)
| | - | -------------------------------------------------------------



“We continued to experience challenging
market conditions in both the fourth quarter and fiscal 2016 due to macroeconomic factors that have continued to negatively impact
the China real estate and building materials markets,” commented Chairman and Chief Executive Officer Jiadong Huang. “However,
excluding the impact of the impairment charges, inventory write downs, and increases in the provision for bad debt taken during
the period, we were able to generate $8.4 million in EBITDA for fiscal 2016. In order to generate sales and move inventory, beginning
on October 1, 2016, we instituted a 20% reduction in the prices of slow moving products which helped to turn some of our inventory
into cash. This price reduction led to a 35% increase in our sales volume in the fourth quarter compared to the same period in
2015. We are also looking for ways to operate more efficiently by running production lines concurrently with the generation of
customer orders.”





1







“For the full year 2016, we saw our
sales volume decline by 13% due to an overall contraction in customer demand. The building materials sector is experiencing an
overall retrenchment with small players exiting our space due to competitive pressures and environmental compliance regulations.
As inventories in our sector work through their distribution channels, we look to regain the relatively stable pricing that we
have achieved historically and generatesales volume at our normal pricing levels. We believe that our strong customer relationships
and premier products position us for a potential turnaround in the market.”



“During the fourth quarter, we utilized
production facilities capable of producing 37 million square meters of ceramic tiles per year out of the Company’s effective
annual production capacity of 62 million square meters. As we have in past quarters, we maintained a reduced utilization of existing
plant capacity based on the current market conditions to keep our operating costs low, and we will bring additional capacity online
when we see an increase in demand for our products.”



“Looking ahead to 2017, we believe
that the operating environment will slowly begin to improve. Should this occur, we believe that we can leverage our market positioning
to maintain our existing customers and win new customers. We expect the consolidation trend among larger property developers to
continue which will benefit the Company since our manufacturing scale and infrastructure enable us to effectively service these
large enterprises. In the long-term, we believe that real estate is a key sector of China’s economy and that the real estate
market’s supply and demand dynamics will stabilize to present us with sustainable growth opportunities,” concluded
Chairman and Chief Executive Officer Jiadong Huang.



Fourth Quarter 2016 Results



Revenue for the fourth quarter ended
December 31, 2016 was RMB 201.9 million (US$ 28.3 million), a 3.1% decrease from RMB 208.3 million (US$ 31.6 million) for the fourth
quarter ended December 31, 2015. The year-over-year decrease in revenue was due to (i) the 28.2% decrease in our average selling
price in the fourth quarter of 2016 to RMB 22.4 (US$ 3.2) as compared to RMB 31.2 (US$ 4.1) for the fourth quarter of 2015, partially
offset by (ii) the 34.8% increase in sales volume to 9.0 million square meters of ceramic tiles in the fourth quarter of 2016 from
6.7 million square meters in the fourth quarter in 2015.



Gross loss for the fourth quarter
ended December 31, 2016 was RMB 87.1 million (US$ 13.2 million) as compared to profit of RMB 29.5 million (US$ 4.5 million) for
the fourth quarter of 2015. The gross profit margin was a negative 43.1% for the fourth quarter ended December 31, 2016 compared
to 14.2% for the fourth quarter of 2015. The year-over-year reduction in gross profit margin was primarily due to (i) a 28.2% decrease
in the average selling price of the Company’s ceramic tiles attributable to our having instituted a 20% reduction in the
selling prices of slow moving inventory beginning on October 1, 2016 due to challenging market conditions, and (ii) an RMB 59.4
million (US$ 8.9 million) write down of inventory in the fourth quarter of 2016.



Other incomefor the fourth quarter
ended December 31, 2016 was RMB 3.5 million (US$ 0.5 million), as compared to RMB 0.1 million (US$ 0.01 million) for the fourth
quarter of 2015. The year-over-year increase in other income was mainly caused by rental income of RMB 3.5 million (US$ 0.5 million)
the Company received by leasing out one of its production lines from its Hengdali facility pursuant to an eight-year lease contract.





2







Selling and distribution expenses
for the fourth quarter ended December 31, 2016 were RMB 3.0 million (US$ 0.4 million) as compared to RMB 6.0 million (US$ 0.9 million)
in the fourth quarter of 2015. The year-over-year decrease in selling and distribution expenses was primarily due to an RMB 2.7
million (US$ 0.4 million) decrease in advertising expenses and an RMB 0.3 million (US$ 0.04 million) decrease in travelling and
entertainment expenses.



Administrative expenses for the
fourth quarter ended December 31, 2016 were RMB 29.4 million (US$ 4.3 million) as compared to RMB 6.2 million (US$ 1.0 million)
in the fourth quarter of 2015. The year-over-year increase in administrative expenses was primarily due to an RMB 24.0 million
(US$ 3.5 million) provision for bad debt.



Other expensesfor the fourth quarter
ended December 31, 2016 were RMB 6.0 million (US$ 0.9 million) as compared to RMB 1.6 million (US$ 0.6 million) for the fourth
quarter of 2015. The year-over-year increase in other expenses was primarily due to an RMB 6.2 million (US$ 0.9 million) disposal
loss on plant, property and equipment.



Loss from operations before taxationfor the fourth quarter ended December 31, 2016 was RMB 351.6 million (US$ 52.5 million) as compared to a RMB 406.5 million
(US$ 64.2 million) of loss from operations before taxation in the fourth quarter of 2015. The year-over-year decrease in profit
from operations before taxation was attributable to (i) the impairment of non-current assets of RMB 230.4 million (US$ 34.3 million)
in the fourth quarter of 2016, (ii) an inventory write-down of RMB 59.4 million (US$ 8.9 million) in the fourth quarter of 2016,
and (iii) the provision for bad debt of RMB 24.0 million (US$ 3.5 million) in the fourth quarter of 2016. In the fourth quarter
of 2015, there was an impairment of non-current assets of RMB 421.6 million (US$ 66.5 million).



Net Loss for the fourth quarter
ended December 31, 2016 was RMB 352.5 million (US$ 52.6 million) as compared to a net loss of RMB 411.3 million (US$ 64.9 million)
for the fourth quarter ended December 31, 2015.



Loss per fully diluted sharefor
the fourth quarter ended December 31, 2016 on a basic and fully diluted basis were RMB 127.63 (US$ 19.05), as compared to basic
and fully diluted earnings per share of RMB 161.04 (US$ 24.88) in the fourth quarter of 2015 (as adjusted for the one for eight
reverse split in June 2016). Basic and fully diluted per share calculations for the fourth quarter of 2016 was computed using 2.8
million ordinary shares outstanding, and the basic and fully diluted per share calculation for the fourth quarter of 2015 was computed
using 2.6 million ordinary shares outstanding (as adjusted for the one for eight reverse stock split in June 2016).



Full Year 2016 Financial Results

Revenue for the year ended December 31,
2016 was RMB 793.7 million (US$ 118.3 million), as compared to RMB 1,017.1 million (US$ 160.4 million) for the year ended December
31, 2015. Gross loss was RMB 30.1 million (US$ 4.5 million), as compared to gross profit of RMB 125.4 million (US$ 19.8 million)
for the year ended December 31, 2015. The gross profit margin was a negative 3.8% as compared to 12.3% for the full year 2015.
Other income was RMB 15.2 million (US$ 2.3 million), as compared to RMB 0.7 million (US$ 0.1 million) for the full year 2015. Selling
expenses were RMB 12.8 million (US$ 1.9 million), as compared to RMB 14.2 million (US$ 2.2 million) in the same period of 2015.
Administrative expenses were RMB 46.7 million (US$ 7.0 million), as compared to RMB 21.9 million (US$ 3.5 million) for the same
period of 2015. Other expenses were RMB 11.4 million (US$ 1.7 million), as compared to RMB 3.6 million (US$ 0.6 million) in the
same period of 2015. Net loss for the full year ended December 31, 2016 was RMB 321.8 million (US$ 48.0 million), as compared to
a net loss of RMB 362.4 million (US$ 57.2 million) for the same period of 2015. Loss per basic share and fully diluted share were
RMB 116.51 (US$ 17.36) for the year ended December 31, 2016, as compared to loss per basic and fully diluted share of RMB 141.91
(US$ 21.92) for the same period of 2015 (as adjusted for the one for eight reverse stock split in June 2016). Basic and fully diluted
per share calculations for the fourth quarter of 2016 was computed using 2.8 million ordinary shares, and the basic and fully diluted
per share calculation for the fourth quarter of 2015 was computed using 2.6 million ordinary shares outstanding (as adjusted for
the one for eight reverse stock split in June 2016).





3







Fiscal Year End 2016 Statements of Selected
Financial Position Items



| | § | Cash and bank balances were RMB 0.1 million
(US$ 0.01 million) as of December 31, 2016, compared with RMB 0.5 million (US$ 0.1 million) as of December 31, 2015.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| | § | Short-term bank borrowings were nil as
of December 31, 2016, as compared to RMB 40.1 million (US$ 6.2 million) as of December 31, 2015. The decrease was primarily due
to the repayment of short-term bank borrowings during fiscal 2016. Given the current state of the real estate development market
in the PRC and the limited availability of bank credit in the PRC, the Company does not believe that bank borrowing will represent
a significant source of cash in 2017.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | § | Inventory turnover was 115 days as of
December 31, 2016, as compared with 131 days as of December 31, 2015. The decrease in inventory turnover days was primarily due
to the 12.9% decrease in sales volume in the year of 2016 to 28.8 million square meters of ceramic tiles, as compared to 33.1 million
square meters of ceramic tiles in the full year of 2015. The Company believes that the currently challenging economic environment
has caused a lower inventory turnover than normal and the Company will make a continuous effort to deplete the slow-moving stocks.
As a result of the slowed inventory turnover the Company implemented a write down for slow moving inventory in the fourth quarter
of 2016 in the amount of RMB 59.4 (US$ 8.9 million).
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | § | Trade receivables turnover, net of value
added tax, was 245 days as of December 31, 2016, as compared with 163 days as of December 31, 2015. The increase in trade receivables
turnover days was primarily due to the difficult economic environment which has prompted us to offer extended credit terms to certain
customers resulting in a higher trade receivables turnover figure than normal. In the fourth quarter of 2016, the Company accrued
RMB 23.9 million (US$ 3.5 million) as a provision for bad debt related to the amount of outstanding trade receivables that did
not conform with the Company’s credit policy.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | § | Trade payables turnover,
net of value added tax, was 43 days as of December 31, 2016 compared with 70 days as of December
31, 2015. The average turnover days was within the normal credit period of one to four months granted by our suppliers.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Liquidity and Capital Resources



Cash flow generated from operating activities
was RMB 26.6 million (US$ 4.0 million) for the quarter ended December 31, 2016, as compared to cash used in operating activities
of RMB 26.7 million (US$ 4.1 million) in the same period in 2015. The generation of cash from operations will continue to be a
key component of the Company’s ability to operate as a going concern and to return to profitability.





4







Cash flow generated from investing activities
was RMB 1.0 million (US$ 0.2 million) for the quarter ended December 31, 2016, mainly due to RMB 1.0 million (US$ 0.1 million)
in proceeds resulting from the disposal the plant, property and equipment compared to cash flow generated from investing activities
of RMB 154.9 million (US$ 23.9 million) in the same period of 2015.



Cash flow generated from financing activities
was nil for the quarter ended December 31, 2016, compared to cash flow used in financing activities of RMB 46.0 million (US$ 7.1
million) for the same period of 2015.



Plant Capacity and Capital Expenditures
Update



For the fourth quarter of 2016, we utilized
plant capacity capable of producing 37 million square meters of ceramic tiles annually out of a total annual production capacity
of 62 million square meters of ceramic tiles. Our annual production capacity has been effectively reduced from 72 million square
meters of ceramic tiles to 62 million square meters of ceramic tiles due to an eight-year contract to lease out one of our production
lines from our Hengdali facility that we entered into in March 2016. The current quarter’s utilization represents an increase
in plant capacity utilization from the fourth quarter of 2015, when we utilized plant capacity capable of producing 26 million
square meters of ceramic tiles annually.



Our Hengda facility has an annual production
capacity of 42 million square meters of ceramic tiles and we utilized annual capacity capable of producing 19 million square meters
of ceramic tiles in the fourth quarter of 2016. This compares to our utilization of annual capacity capable of producing 21 million
square meters of ceramic tiles at our Hengda facility in the fourth quarter of 2015. Our Hengdali facility has an annual production
capacity of 30 million square meters (of which we are leasing 10 million square meters of production capacity to a third party)
and we utilized annual capacity capable of producing 18 million square meters of ceramic tiles at our Hengdali facility in the
fourth quarter of 2016. This compares to our utilization of annual capacity capable of producing 72 million square meters of ceramic
tiles in the fourth quarter of 2015. We will bring our unused production capacity online as customer demand dictates and when there
are signs of improvement in China’s real estate and construction sector.



In March 2016, the Company entered into
an eight-year contract to lease out one of the production lines from its Hengdali facility. The production line has the capacity
to produce approximately 10 million square meters of ceramic tiles annually. The term of the contract is from March 1, 2016 to
February 29, 2024, and the contract stipulates for the receipt of rental income of RMB 15.0 million (US$ 0.5 million) per year,
including 6% value added tax. The Company believes that it is prudent to generate income from its unused production capacity from
a third party rather than let it remain idle.



We review the level of capital expenditures
throughout the year and make adjustments subject to market conditions. Although business conditions are subject to change, given
the currently challenging market conditions we anticipate a low level of capital expenditures for the remainder of 2017 other than
those associated with minimal upgrades, small repairs and the maintenance of equipment.



Business Outlook



To help mitigate the effects of the continued
slowdown in China’s construction sector and its effect on the Company’s building materials sector, on October 1, 2016,
we instituted a 20% reduction in the prices of slow moving inventory. This resulted in a 34.8% increase in our sales volume to
9.0 million square meters of ceramic tiles compared to sales volume of 6.7 million square meters of ceramic tiles in the fourth
quarter of 2015. The current quarter’s growth in sales volume was the first positive comparison to the previous comparable
period after four straight quarters of period over year-ago period declines in this key metric. However, reflective of the industry-wide
retrenchment, for the full year 2016 sales volume was 28.8 million square meters of ceramic tiles, a decrease of 12.9% as compared
to sales volume of 33.1 million square meters for the same period of 2015.





5







The 20% reduction in the prices of slow
moving inventory that we instituted was primarily the cause of a 28.2% decrease in the average selling price for all our products
in the current quarter to RMB 22.4 (US$ 3.2) per square meter of ceramic tile as compared to RMB 31.2 (US$ 4.1) per square meter
of ceramic tile in the year-ago quarter. This follows a 10.7% decline in average selling price in the third quarter of 2016 which
was preceded by eleven straight quarters of moderate period over year-ago period increases in this metric. The decrease in average
selling price in the fourth quarter of 2016 was the biggest decline in three years, which was also due to an industry-wide retrenchment
at that time. We chose to discount our slow-moving inventory as means of addressing the difficult macroeconomic and real estate
conditions in China.



Looking ahead to 2017, we expect challenging
conditions in the short-term, but improving market conditions as the year progresses. We believe that the real estate sector continues
to be vital to sustaining China’s economic growth as it is estimated to comprise between 15% and 20% of China’s gross
domestic product. The demand for home properties continues to be strong in many Tier 1 and 2 cities, both for residential use and
investment purposes. Although there remains a substantial level of unsold properties of inventories in smaller cities, housing
sales have increased in Tier 3 and 4 cities with the occasional support of subsidies. However, this sales increase has been significantly
smaller than in larger cities. Further, additional land is being made available for development to rebalance supply and demand
and to dampen increases in property prices in China’s major cities.



We typically receive orders from customers
two months in advance of production on a rolling basis. We enter into dealership agreements with customers, and a sales or purchase
contract each time a customer places an order. As of December 31, 2016, our backlog was approximately RMB 61.4 million (US$ 8.9
million), which represents approximately the next two months of revenue as of the end of the fourth quarter. This compares to a
backlog of approximately RMB 66.8 million (US$ 10.3 million) as of December 31, 2015, a year-over-year decrease of 8.0%. Under
normal circumstances, our backlog is an indicator of revenues that might be expected in the next quarter, though it is subject
to change due to unforeseen business conditions and events including credit payment terms.



In order to weather the current market
downturn, we are operating as leanly as possible, keeping our inventory levels manageable with our production of ceramic tiles
occurring at the level where we expect to sell them. Our specific niche of the building materials sector is currently characterized
as having excessive production capacity where consolidation is occurring and where we believe larger market participants such as
the Company will ultimately succeed. Competitive pressures over the last two years has led to a contraction in our sector as some
smaller, less well capitalized firms who lack our advanced manufacturing capabilities and deep product platform have exited the
space. Additional exits appear likely as government mandates to convert to cleaner and more expensive fuel sources to lower carbon
emissions that will also pressure smaller competitors.



In the long-term, we view the growth of
the real estate sector and our building materials sector as sustainable since it is underpinned by urbanization which is expected
to lead to a more consumption-driven economy, a key objective of government policy. We believe that our branding and market presence
will enable us to generate improved financial results once the building materials sector recovers. We have refocused our efforts
towards cities in China where we see active real estate development and where property developers use our products as part of their
finished home products. We believe we have a competitive advantage in our sector due to our comprehensive product platform, customization
capabilities, marketing expertise and ability to implement operating efficiencies. Our goal for the year ahead is to continue to
strategically market in regions with sound fundamentals and generate sustainable sales volume until the current period of market
volatility subsides.





6









Conference Call Information



We will host a conference call at 8:00
am ET on Monday, May 15, 2017. Listeners may access the call by dialing +1 (866) 395-5819 five to ten minutes prior to the scheduled
conference call time. International callers should dial +1 (706) 643-6986. The conference participant pass code is 21483396.
A replay of the conference call will be available for 14 days starting from 11:00 am ET on May 15, 2017. To access the replay,
dial +1 (855) 859-2056. International callers should dial +1 (404) 537-3406. The pass code is 21483396
for the replay.



About China Ceramics Co., Ltd.



China Ceramics Co., Ltd. is a leading
manufacturer of ceramic tiles in China. The Company’s ceramic tiles are used for exterior siding, interior flooring, and
design in residential and commercial buildings. China Ceramics’ products, sold under the “Hengda” or “HD”,
“Hengdali” or “HDL”, the “TOERTO” and “WULIQIAO” brands, and the “Pottery
Capital of Tang Dynasty” brands, are available in over 2,000 style, color and size combinations and are distributed through
a network of exclusive distributors as well as directly to large property developers. For more information, please visit http://www.cceramics.com.



Currency Convenience Translation



The Company’s financial information
is stated in Renminbi (“RMB”). Translations of amounts from RMB into United States dollars (“US$”) in
this earnings release are solely for the convenience of the readers and were calculated at the rate of US$1.00 = RMB 6.9430 The
exchange rate refers to the historical rate as set forth in the H.10 statistical release published by www.federalreserve.govon December 31, 2016. Such translations should not be construed as representations that RMB amounts could have been,
or could be, converted realized or settled into US$ at that rate on December 31, 2016 or any other rate.



Safe Harbor Statement

Certain of
the statements made in this press release are “forward-looking statements” within the meaning and protections of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking
statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions,
estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may
be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to
be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
Forward-looking statements in this press release include, without limitation, the continued stable macroeconomic environment in
the PRC, the PRC real estate and construction sectors continuing to exhibit sound long-term fundamentals, our ability to bring
additional capacity online going forward as our business improves, our customers continuing to adjust to our product price increases,
our ability to sustain our average selling price increases and to continue to build volume in the quarters ahead, and whether our
enhanced marketing efforts will help to produce wider customer acceptance of the new price points. All statements other than statements
of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through
our use of words such as “may,” “will,” “anticipate,” “assume,” “should,”
“indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,”
“continue,” “plan,” “point to,” “project,” “could,” “intend,”
“target” and other similar words and expressions of the future.





7







All written
or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including,
without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2016
and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities
and Exchange Commission, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do
not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective
dates on which any such statements otherwise are made.



NON-GAAP FINANCIAL
MEASURES



This press release
contains financial measures and guidance which are considered "non-GAAP" financial measures under applicable SEC rules
and regulations. As described below, the Company’s management believes that in order to properly understand its short-term
and long-term financial trends, including period over period comparisons of the Company's operations, investors may find it useful
to exclude the effect of certain charges or gains that contribute to or reduce earnings but that result from transactions or events
that management believes may or may not recur with similar materiality or impact to operations in future periods. The Company generally
uses such measures to facilitate management's review of the operational performance of the Company. For more detail on these measures
and reconciliation of such measure to the most comparable IFRS financial measures, please refer to page 13 of this release.





FINANCIAL TABLES FOLLOW









|CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES                    
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|UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
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|ASSETS AND LIABILITIES                                           
|Non-current assets                                               
|Property, plant and equipment                                    
|Investment property                                              
|Land use rights                                                  
|Deferred tax asset                                               
|Long-term prepaid expenses                                       
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|Current assets                                                   
|Inventories                                                      
|Trade receivables                                                
|Other receivables and prepayments                                
|Income tax refundable                                            
|Restricted cash                                                  
|Cash and bank balances                                           
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|Current liabilities                                              
|Trade payables                                                   
|Accrued liabilities and other payables                           
|Interest-bearing bank borrowings                                 
|Amount owed to a related party                                   
|Income tax payable                                               
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|Net current assets                                               
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|Non-current liabilities                                          
|Deferred tax liabilities                                         
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|Net assets                                                       
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|EQUITY                                                           
|Total shareholders’ equity                                       
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|CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES                                              
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|UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS                              
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|Revenue                                                                                    
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|Cost of sales                                                                              
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|Gross profit                                                                               
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|Other income                                                                               
|Selling and distribution expenses                                                          
|Administrative expenses                                                                    
|Finance costs                                                                              
|Loss from asset devaluation                                                                
|Other expenses                                                                             
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|Profit before taxation                                                                     
|Income tax expense                                                                         
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|Profit attributable to shareholders                                                        
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|Earnings per share                                                                         
|Basic (USD/RMB)                                                                            
|Diluted (USD/RMB)                                                                          
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|Weighted average number of ordinary shares outstanding used in computing earnings per share
|Basic                                                                                      
|Diluted                                                                                    
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|CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES     
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|SALES VOLUME AND AVERAGE SELLING PRICE (UNAUDITED)
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|Sales volume (square meters)                      
|Average Selling Price (in RMB/square meter)       







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|CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES                                              
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|UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS                              
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|Revenue                                                                                    
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|Cost of sales                                                                              
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|Gross profit                                                                               
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|Other income                                                                               
|Selling and distribution expenses                                                          
|Administrative expenses                                                                    
|Finance costs                                                                              
|Loss from asset devaluation                                                                
|Other expenses                                                                             
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|Profit/(loss) before taxation                                                              
|Income tax expense                                                                         
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|Profit attributable to shareholders                                                        
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|Earnings per share                                                                         
|Basic (USD/RMB)                                                                            
|Diluted (USD/RMB)                                                                          
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|Weighted average number of ordinary shares outstanding used in computing earnings per share
|Basic                                                                                      
|Diluted                                                                                    
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|CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES     
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|SALES VOLUME AND AVERAGE SELLING PRICE (UNAUDITED)
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|Sales volume (square meters)                      
|Average Selling Price (in RMB/square meter)       
|                                                  





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|CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES                                                 
|----------------------------------------------------------------------------------------------
|UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                     
|                                                                                              
|                                                                                              
|                                                                                              
|                                                                                              
|Cash flows from operating activities                                                          
|Profit/(loss) before taxation                                                                 
|Adjustments for                                                                               
|Amortization of land use rights                                                               
|Depreciation of property, plant and equipment                                                 
|Loss on disposal of PPE                                                                       
|Bad debt provision of trade receivables                                                       
|Write down of inventories                                                                     
|Finance costs                                                                                 
|Impairment of non-current assets                                                              
|Interest income                                                                               
|Foreign exchange gain                                                                         
|Operating cash flows before working capital changes                                           
|(Increase)/Decrease in inventories                                                            
|Decrease in trade receivables                                                                 
|Increase in other receivables and prepayments                                                 
|Decrease in trade payables                                                                    
|Increase/(decrease) in accrued liabilities, other payables and amounts owed to related parties
|Cash generated from/(used in) operations                                                      
|Interest paid                                                                                 
|Income tax paid                                                                               
|Net cash used in operating activities                                                         
|                                                                                              
|Cash flows from investing activities                                                          
|Acquisition of property, plant and equipment                                                  
|Proceed from disposal of property, plant and equipment                                        
|Increase in restricted cash                                                                   
|Interest received                                                                             
|Net cash generated from/(used in) investing activities                                        
|                                                                                              
|Cash flows from financing activities                                                          
|Proceed from short-term loans                                                                 
|Repayment of short-term loans                                                                 
|Net cash used in financing activities                                                         
|                                                                                              
|Net decrease in cash and cash equivalents                                                     
|Cash and cash equivalents, beginning of period                                                
|Effect of foreign exchange rate differences                                                   
|Cash and cash equivalents, end of period                                                      





11









|CHINA CERAMICS CO., LTD. AND ITS SUBSIDIARIES                                                 
|----------------------------------------------------------------------------------------------
|UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                     
|                                                                                              
|                                                                                              
|                                                                                              
|                                                                                              
|Cash flows from operating activities                                                          
|Loss before taxation                                                                          
|Adjustments for                                                                               
|Amortization of land use rights                                                               
|Depreciation of property, plant and equipment                                                 
|Loss on disposal of property, plant and equipment                                             
|Bad debt provision of trade receivables                                                       
|Write down of inventories                                                                     
|Finance costs                                                                                 
|Impairment of non-current assets                                                              
|Interest income                                                                               
|Foreign exchange gain                                                                         
|Operating cash flows before working capital changes                                           
|Decrease/(Increase) in inventories                                                            
|Decrease/(Increase) in trade receivables                                                      
|(Increase)/decrease in other receivables and prepayments                                      
|(Increase)/decrease in trade payables                                                         
|(Increase)/decrease in accrued liabilities, other payables and amounts owed to related parties
|Cash generated from operations                                                                
|Interest paid                                                                                 
|Income tax paid                                                                               
|Net cash generated from operating activities                                                  
|                                                                                              
|Cash flows from investing activities                                                          
|Proceed from derivative financial instruments                                                 
|Proceed from disposal of property, plant and equipment                                        
|Acquisition of property, plant and equipment                                                  
|Increase in restricted cash                                                                   
|Interest received                                                                             
|Net cash generated from/(used in) investing activities                                        
|                                                                                              
|Cash flows from financing activities                                                          
|Issue of share capital                                                                        
|Proceeds from short-term loans                                                                
|Repayment of short-term loans                                                                 
|Dividend paid                                                                                 
|Net cash used in financing activities                                                         
|                                                                                              
|Net increase/(decrease) in cash and cash equivalents                                          
|Cash and cash equivalents, beginning of period                                                
|Effect of foreign exchange rate differences                                                   
|Cash and cash equivalents, end of period                                                      



12







About Non-GAAP Financial Measures





In addition to China Ceramics’ condensed
consolidation financial results under International Financial Reporting Standards ("IFRS"), the Company also provides
certain non-IFRS financial measures (referred to as the “non-GAAP financial measures”) for the fourth quarter of 2016
and full fiscal years of 2015 and 2016, respectively, from their comparable IFRS measures. Such non-GAAP financial measures are
offered to supplement the Company’s audited financial statements, this earnings release and the accompanying tables and include
EBITDA and Adjusted EBITDA.



EBITDA is calculated as earnings before
interest, tax, depreciation and amortization (EBITDA). Adjusted EBITDA is calculated as EBITDA less loss from asset devaluation,
inventory write-down and bad debt expense. Both are measures of the Company’s operating performance.



The Company uses these non-GAAP financial
measures internally in analyzing its financial results and believes they are useful to investors in evaluating the Company’s
ongoing operational performance. In addition, the Company believes that these non-GAAP financial measures provide investors with
other methods for assessing China Ceramics’ operating results in a manner that is focused on the performance of its ongoing
operations. Readers are cautioned not to view non-GAAP financial measures on a stand-alone basis or as a substitute for results
under IFRS, or as being comparable to results reported or forecasted by other companies, and should refer to the unaudited reconciliation
presented below. The Company has provided a reconciliation of these non-GAAP financial measures to the most directly comparable
IFRS financial measure below as adjusted for the periods indicated:





|CHINA CERAMICS CO., LTD.                                              
|----------------------------------------------------------------------
|Unaudited Reconciliation of GAAP to Non-GAAP: Net Income to EBITDA (1)
|Three months ended December 31, 2016 and December 31, 2015            
|(all figures in 000’s)                                                
|                                                                      
|                                                                      
|                                                                      
|                                                                      
|Net profit (loss)                                                     
|Interest expense                                                      
|Interest income                                                       
|Income tax expense                                                    
|Depreciation and amortization expense                                 
|EBITDA                                                                
|Loss from asset devaluation (2)                                       
|Inventory write-down (3)                                              
|Bad debt expense (4)                                                  
|Adjusted EBITDA                                                       
|                                                                      



| | (1) | EBITDA is defined as earnings before interest, taxes,
depreciation and amortization
| | --- | -----------------------------------------------------------------------------------



| | (2) | Non-cash write-down of plant, property and equipment
| | --- | ----------------------------------------------------



| | (3) | Non-cash inventory write-down
| | --- | -----------------------------



| | (4) | Non-cash write-off of bad debt expense
| | --- | --------------------------------------





13









|CHINA CERAMICS CO., LTD.                                              
|----------------------------------------------------------------------
|Unaudited Reconciliation of GAAP to Non-GAAP: Net Income to EBITDA (1)
|Twelve months ended December 31, 2016 and December 31, 2015           
|(all figures in 000’s)                                                
|                                                                      
|                                                                      
|                                                                      
|                                                                      
|Net profit (loss)                                                     
|Interest expense                                                      
|Interest income                                                       
|Income tax expense                                                    
|Depreciation and amortization expense                                 
|EBITDA                                                                
|Loss from asset devaluation (2)                                       
|Inventory write-down (3)                                              
|Bad debt expense (4)                                                  
|Adjusted EBITDA                                                       
|                                                                      



| | (1) | EBITDA is defined as earnings before interest, taxes,
depreciation and amortization
| | --- | -----------------------------------------------------------------------------------



| | (2) | Non-cash write-down of plant, property and equipment
| | --- | ----------------------------------------------------



| | (3) | Non-cash inventory write-down
| | --- | -----------------------------



| | (4) | Non-cash write-off of bad debt expense
| | --- | --------------------------------------





Source: China Ceramics Co., Ltd.



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