Greentech Technology International : ANNOUNCEMENT - UPDATE ON LITIGATION AND REQUISITION CONSENSUS WITH KOO YUEN KIM; AND WITHDRAWAL OF REQUISITION AND UPDATE ON THE PROCEEDINGS AT THE EXTRAORDINARY GENERAL MEETING TO BE HELD ON 12 FEBRUARY 2020

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GREENTECH TECHNOLOGY INTERNATIONAL LIMITED

綠 科 科 技 國 際 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 00195)

ANNOUNCEMENT

UPDATE ON LITIGATION AND REQUISITION

CONSENSUS WITH KOO YUEN KIM; AND

WITHDRAWAL OF REQUISITION AND UPDATE ON

THE PROCEEDINGS AT THE EXTRAORDINARY GENERAL MEETING

TO BE HELD ON 12 FEBRUARY 2020

Reference is made to the announcements of Greentech Technology International Limited (the ''Company'') dated 31 December 2019, 3 January 2020 and 22 January 2020 in relation to the Writ and the Summons (collectively, the ''Litigation Announcements'') and the announcement of the Company dated 16 December 2019 relating to the Requisition Notice (the ''Requisition Announcement''). Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those defined in the Litigation Announcements and/or the Requisition Announcement (as the case maybe).

UPDATE ON LITIGATION AND REQUISITION CONSENSUS WITH KOO YUEN KIM

As advised by the Company's professional adviser, it is costly for a company to be engaged in the handling of activist shareholders' attempt to change the Board and the course of the company. The Company has incurred substantial professional expenses in response to the Writ and the Requisition Notice. In order to contain the professional expenses, the Company and the Plaintiff (being also the Requisitionist) have come to a consensus that brings mutually satisfactory outcome. Through the negotiation, the Company realizes that miscommunication or the lack of communication between the Plaintiff and the Company was the main cause of the contention.

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The consensus reached includes, inter alia, the following:

1. Each of the Plaintiff and the Company bears its own cost on the Litigation;
2. The Plaintiff and the Company will not take any further action against each other;
3. The Requisitionist (being also the Plaintiff) will withdraw the Requisition Notice and will vote for an adjournment sine die of the extraordinary general meeting of the Company to be held on 12 February 2020 at 11:00 a.m. (the ''EGM''); and
4. The Requisitionist to have four representatives on the Board, including himself as the Chairman, and to appoint a co-chief executive officer to the Company, on or before 15 April 2020.

It is expected that, with the consensus, the Board will be able to redirect resources and management time to the business of the Company.

WITHDRAWAL OF REQUISITION AND UPDATE ON THE PROCEEDINGS AT THE EGM

Reference is made to the notice of the EGM of the Company dated 2 January 2020 (the ''EGM Notice'') and the circular of the Company dated 2 January 2020 and the form of proxy of the Company

(the ''Form of Proxy'').

On 31 January 2020, the Company received a letter from the Requisitionist withdrawing the Requisition Notice and all Requisition Resolutions.

In view of the withdrawal of the Requisition Notice and all Requisition Resolutions, the Board hereby announces that the EGM convened by the Company pursuant to the EGM Notice will be held on 12 February 2020 at the same time and in the same place as originally scheduled but at the EGM, it is expected that the chairman of the EGM will, with the consent of the meeting, propose a resolution to adjourn sine die the EGM and all the ordinary resolutions as set out in the EGM Notice (the ''Adjournment Resolution'').

In view of Rule 13.39(4) of the Listing Rules and the articles of association of the Company, it is expected that the votes of the shareholders of the Company on the Adjournment Resolution will be taken by poll and the Company will announce the results of the poll in accordance with the Listing Rules.

All other proceedings and procedures relating to the EGM, including the effectiveness of the voting Form of Proxy already lodged by the shareholders of the Company, will remain unaffected.

By the order of the Board

Greentech Technology International Limited

XIE Yue

Executive Director

Hong Kong, 31 January 2020

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As at the date of this announcement, the board of directors of the Company comprises five executive directors, namely, Mr. LI Dong, Mr. NIE Dong, Mr. WANG Chuanhu, Ms. XIE Yue and Ms. Sumiya Altantuya; two non-executive directors,namely Tan Sri Dato' KOO Yuen Kim P.S.M., D.P.T.J. J.P (Mr. HSU Jing-Sheng as his alternate) and Mr. JIN Ye and three independent non-executive directors, namely, Mr. CHI Chi Hung, Kenneth, Mr. ZENG Jin and Mr. DUAN Zhida.

Website: http://www.green-technology.com.hk

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