Great Wall Belt & Road : FURTHER DEVELOPMENT IN RELATION TO DISCLOSEABLE AND CONNECTED TRANSACTION IN RELATION TO THE DISPOSAL OF LISTED SECURITIES

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Great Wall Belt & Road Holdings Limited

長城一帶一路控股有限公司

(Formerly known as e-Kong Group Limited) (Incorporated in Bermuda with limited liability)

(Stock Code: 524)

FURTHER DEVELOPMENT

IN RELATION TO

DISCLOSEABLE AND CONNECTED TRANSACTION

IN RELATION TO

THE DISPOSAL OF LISTED SECURITIES

References are made to:

1.the circular of Great Wall Belt & Road Holdings Limited (the "Company") dated 11 December 2017 (the "Circular");

2.the announcement of the Company dated 29 December 2017 in relation to the poll results of the special general meeting of the Company in relation to the Disposal;

3.the announcement of the Company dated 10 January 2018 in relation to the settlement agreement entered into between e-Kong Pillars and Mr. Yeung regarding the settlement of the disposal of the 5,700,000 SingAsia Shares (the "Settlement Agreement");

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4.the announcements of the Company dated 5 February 2018 and 3 April 2018 in relation to the supplemental agreements entered into between e-Kong Pillars and Mr. Yeung regarding the extension of the completion date of the settlement arrangement under the Settlement Agreement;

5.the announcement of the Company dated 16 April 2018 in relation to the demand letter issued by e-Kong Pillars to Mr. Yeung for the transfer of the remaining SingAsia Shares; and

6.the announcements of the Company dated 23 April 2018, 2 May 2018, 27 June 2018, 25 July 2018, 10 August 2018, 31 August 2018, 11 September 2018, 14 September 2018, 18 September 2018, 2 November 2018, 7 December 2018, 18 December 2018, 9 January 2019, 10 January 2019, 14 January 2019, 31 January 2019, 15 February 2019 and 12 March 2019 in relation to the update on the status of the transfer of the remaining SingAsia Shares.

Capitalised terms used in this announcement shall have the meanings as ascribed to it in the Circular unless the context otherwise requires.

The Board would like to inform the Shareholders and potential investors of the Company about the latest development in the settlement of the remaining SingAsia Shares.

INTRODUCTION

As disclosed in the announcement of the Company dated 12 March 2019, in view of the prolonged period of delay in the settlement of the remaining SingAsia Shares by Mr. Yeung, the Company had, through its solicitors, issued the Writ of Summons to commence legal proceedings against Mr. Yeung on 12 March 2019 to request for specific performance by Mr. Yeung of its obligations under the Settlement Agreement for the transfer of the remaining SingAsia Shares and damages for breach of contract.

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FURTHER DEVELOPMENT AFTER THE ISSUE OF THE WRIT OF SUMMONS

The Company wishes to inform the shareholders and potential investors of the Company that on 12 April 2019, e-Kong Pillars had, through its solicitors, received a copy of Mr. Yeung's Acknowledgment of Service (the "Acknowledgment of Service"), which was filed with the High Court on 9 April 2019.

Pursuant to the Acknowledgment of Service, Mr. Yeung indicates that he would contest the legal proceedings. Therefore, e-Kong Pillars is required to file and serve its Statement of Claim within 14 days after Mr. Yeung's filing of the Acknowledgment of Service (i.e. on or before 23 April 2019).

As at the date of this announcement, e-Kong Pillars is seeking advice from its legal advisers on the preparation and filing of the Statement of Claim.

The Company will keep its shareholders and potential investors informed of material development in relation to the status of transfer of the remaining SingAsia Shares by way of further announcement(s) as and when appropriate in accordance with the Listing Rules.

By Order of the Board

Great Wall Belt & Road Holdings Limited

Cheung Ka Heng Frankie

Vice-Chairman and Executive Director

Hong Kong, 15 April 2019

As at the date of this announcement, the Board comprises four executive Directors, namely Mr. Zhao Ruiyong, Ms. Li Bing, Mr. Cheung Ka Heng Frankie and Mr. Chan Chi Yuen, and three independent non-executive Directors, namely Mr. Fung Wai Shing, Mr. Zhao Guangming and Mr. Huang Tao.

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