China Singyes Solar Technologs Hldgs : UPDATE ANNOUNCEMENT RELATING TO THE WINDING UP PETITION

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China Singyes Solar Technologies Holdings Limited

中國 興 業太 陽 能 技術 控 股 有 限公 司

(incorporated in Bermuda with limited liability)

(Stock Code: 750)

UPDATE ANNOUNCEMENT

RELATING TO THE WINDING UP PETITION

Reference is made to the announcement of the Company dated 9 August 2019 in relation to, amongst others, a petition for the winding up of the Company presented by Deutsche Bank AG, Hong Kong Branch and the announcement of the Company dated 20 August 2019 (the "Update Announcement"), in relation to additional information on the effect of the winding up petition (collectively, the "Announcements"). Capitalised terms and expressions used herein shall have the same meanings as those defined in the Announcements, unless the context requires otherwise.

As disclosed in the Update Announcement, the alleged debt stated in the Petition is disputed and the Company will vigorously oppose the Petition. The Company has sought legal advice from its legal adviser and has made an application for a validation order from the High Court in respect of, amongst others, the payment of the Company's expenses (the "Validation Order").

The Company announces that the Validation Order has been granted by the High Court on 12 September 2019. Accordingly, notwithstanding the presentation of the Petition, the payment of certain operating expenses and professional service fees through certain of the Company's bank accounts shall not be void by virtue of section 182 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong) in the event of a winding-up order be made against the Company. The Company expects to proceed with making payments in settlement of its operating expenses and restructuring costs in order to facilitate its on-going debt restructuring exercise. The Company will continue to seek legal advice and make application(s) for sanction(s) or order(s) to the Court as and when appropriate with a view of resolving the Petition.

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Further announcement(s) will be made by the Company to keep its shareholders and potential investors informed of any material development in relation to the Petition as and when appropriate.

Transfer of shares of the Company may be restricted as the deposits of the Company's shares into CCASS may be suspended due to the Petition. Shareholders and potential investors should exercise caution when dealing in the securities of the Company, and if they are in any doubt about their position, they should consult their professional adviser(s).

By order of the Board

China Singyes Solar Technologies Holdings Limited

Liu Hongwei

Chairman

Hong Kong, 16 September 2019

As at the date of this announcement, the executive Directors are Mr. Liu Hongwei (Chairman), Mr. Xie Wen and Mr. Xiong Shi, the non-executive Directors are Dr. Li Hong and Mr. Zhuo Jianming, and the independent nonexecutive Directors are Dr. Wang Ching, Mr. Yick Wing Fat, Simon and Dr. Tan Hongwei.

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