China Saite : Announcements and Notices - Further Announcement on Partial Repayment of Debt

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CHINA SAITE GROUP COMPANY LIMITED

中 國 賽 特 集 團 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 153)

FURTHER ANNOUNCEMENT

ON PARTIAL REPAYMENT OF DEBT

Reference is made to the announcements of the Company (the ''Announcements'') (i) in relation to the issue of the Bond to the Investors dated 31 January 2018 and (ii) in relation to the statutory demand served on the Company by the Investors as creditors in respect of an alleged claim for the total amount of US$14,509,268.23 (equivalent to approximately HK$113,742,506.44) (the ''Debt'') dated 15 April 2019. Unless otherwise defined, terms defined in the Announcements shall have the same meanings when used in this announcement.

The board of directors of the Company would like to provide an update on the recent development relating to the repayment status of the Debt. On 6 May 2019, the Company repaid RMB50,000,000 to the Investors. The Company and the Investors expect to reach consensus on the terms in respect of the repayment of the remaining outstanding amount of the Debt on or before 13 May 2019.

The Company will make further announcement(s) as and when appropriate.

By Order of the Board

China Saite Group Company Limited

Jiang Jianqiang

Chairman

Hong Kong, 6 May 2019

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Unless otherwise specified in this announcement, translations of US$ into HK$ are made in this announcement, for illustration only, at the rate of US$1.00 to HK$7.8393. No representation is made that any amounts in US$ or HK$ could have been or could be converted at that rate or at any other rate or at all.

As at the date of this announcement, the executive directors of the Company are Mr. JIANG Jianqiang, Mr. SHAO Xiaoqiang and Mr. XU Fanghua; and the independent non-executive directors are Mr. XU Jiaming, Mr. LUK Chi Shing and Mr. WU Zhongxian.

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