CWT International : Announcements and Notices - Clarification Announcement and Continued Suspension of Trading

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CWT INTERNATIONAL LIMITED

(Receivers appointed)

(Incorporated in Hong Kong with limited liability)

(Stock Code: 521)

CLARIFICATION ANNOUNCEMENT

AND

CONTINUED SUSPENSION OF TRADING

This announcement is made by CWT International Limited (the "Company" and together with its subsidiaries, the "Group") pursuant to Rules 13.09(2)(a) and 13.19 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

CLARIFICATION OF INFORMATION IN ANNOUNCEMENT AND 2018 ANNUAL REPORT

Reference is made to the announcement of the Company dated 6 June 2019 (the "Announcement") and the 2018 annual report of the Company published on 6 June 2019 (the "Annual Report"). The following statements were included on page 3 of the Announcement and page 80 of the Annual Report respectively:

"Notwithstanding the enforcement actions over the Charged Assets, the Receivers have indicated to the Company that it is not their current intention to proceed to dispose of, liquidate or wind up the Company's subsidiaries that form part of the Charged Assets under receivership."

"Whilst, up to the date of this announcement, the Receivers have not yet taken actions to dispose of, liquidate or wind up the Company's subsidiaries that form part of the Charged Assets under receivership…"

The Company wishes to clarify that the words "dispose of" have been inadvertently included in the above statements and to add that the Receivers currently have the intention to, and are taking steps to (carrying out due diligence and assessing the marketability of such Charged Assets), dispose of the Company's subsidiaries that form part of the Charged Assets under the receivership.

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The Company will actively communicate with the Receivers regarding the repayment plan, hoping to prioritize the debt repayment. At the same time, the Company is also taking every effort to proceed the new financing work and reach an agreement with new financiers.

Save for the aforesaid, the Company confirms that the remaining contents of the Announcement and the Annual Report remain unchanged. The Company apologises for any confusion and inconvenience that may have caused.

The Company confirms that, save as disclosed in this announcement, it is currently not aware of any inside information that needs to be disclosed under Part XIVA of the Securities and Futures Ordinance. The Company will issue further announcement(s) to provide updates on the above matters as and when required pursuant to the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

CONTINUED SUSPENSION OF TRADING

At the request of the Company, trading in the shares of the Company on the Stock Exchange was halted from 2:32 p.m. on 10 April 2019 and will remain suspended pending the further release of an inside information announcement regarding updates on the above matters with respect to the default under the Facility Agreement (as defined in the announcements of the Company dated 16, 22 and 30 April 2019).

By order of the Board

CWT INTERNATIONAL LIMITED

(Receivers appointed)

Mung Kin Keung

Executive Director

Hong Kong, 12 June 2019

As at the date of this announcement, the Board comprises Mr. Xu Haohao (Executive Director and Co-Chairman), Mr. Mung Kin Keung (Executive Director and Co-Chairman), Mr. Li Tongshuang (Executive Director and Chief Executive Officer), Mr. Zhao Quan (Executive Director), Mr. Ding Lei (Executive Director and Executive Vice President), Mr. Mung Bun Man, Alan (Non-executive Director), Mr. Leung Shun Sang, Tony (Independent Non-executive Director), Mr. Liem Chi Kit, Kevin (Independent Non-executive Director) and Mr. Lam Kin Fung, Jeffrey (Independent Non-executive Director).

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