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.

(Incorporated in Cayman Islands with limited liability)

(Stock code: 1129)

DISCLOSABLE TRANSACTION IN RELATION TO

THE DEEMED DISPOSAL OF 3.8462% EQUITY INTEREST

IN NEW CHINA WATER (NANJING) RENEWABLE RESOURCES

INVESTMENT COMPANY LIMITED

The Board is pleased to announce that on 27 December 2019 (after trading hours), the Company, the Current Shareholder, the Target Company, and the Investor (as the case maybe) entered into the Investment Agreement and the Profit Guarantee Agreement pursuant to which the Investor will invest RMB60 million (equivalent to approximately HK$67.2 million) to the Target Company and in return the registered capital of the Target Company will increase from US$82.88 million to US$86.1952 million. A profit guarantee will also be provided by the Company and Current Shareholder for the three years ending 31 December 2019, 2020 and 2021. After Completion, the Investor will be interested in 3.8462% of the enlarged equity interest in the Target Company and the Target Company will become an indirect non-wholly-owned subsidiary of the Company.

As one or more of the applicable percentage ratios calculated under Rule 14.07 of the Listing Rules in respect of the Deemed Disposal exceeds 5% but is less than 25%, the Deemed Disposal constitutes a disclosable transaction of the Company under Chapter 14 of the Listing Rules and is therefore subject to the announcement requirement, but is exempt from the circular and Shareholders' approval requirements, under the Listing Rules.

INTRODUCTION

The Board is pleased to announce that on 27 December 2019 (after trading hours), the Company, the Current Shareholder, the Target Company, and the Investor (as the case maybe) entered into the Investment Agreement and the Profit Guarantee Agreement pursuant to which the Investor will invest RMB60 million (equivalent to approximately HK$67.2 million) to the Target Company and in return the registered capital of the Target Company will increase from US$82.88 million to US$86.1952 million. A profit guarantee will also be provided by the Company and Current Shareholder for the three years ending 31 December 2019, 2020 and 2021. After Completion, the Investor will be interested in 3.8462% of the enlarged equity interest in the Target Company and the Target Company will become an indirect non-wholly-owned subsidiary of the Company.

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THE INVESTMENT AGREEMENT

Date

27 December 2019

Parties

(i)

Investor:

SZQH Energy Saving and Environmental Protection Investment

Fund Management Co., Ltd*（深圳前海粵財節能環保投資基金

管理有限公司）

(ii)

Current shareholder:

China Water Industry (HK) Limited（中 國水業（ 香港）

有限公司）

(iii) Target company:

New China Water (Nanjing) Renewable Resources Investment

Company Limited*（新中水（南京）再生資源投資有限公司）

The Investor shall have the right to assign its rights and obligations in part or in whole under the Investment Agreement to funds managed by its associate(s).

To the best of the Directors' knowledge, information and belief having made all reasonable enquiries, as at the date of this announcement, the Investor and its ultimate beneficial owners are Independent Third Parties.

The Investment

Pursuant to the Investment Agreement, the Investor shall invest RMB60 million for 3.8462% of equity interests in the Target Company, of which US$3.3152 million equivalent of RMB would be accounted for as additional registered capital of the Target Company (pursuant to the exchange rate on the transfer date) while the balance of Investment Amount after deducting US$3.3152 million would be included in the capital reserve of the Target Company after translating into RMB at the exchange rate quoted by the People's Bank of China on the actual payment receipt date.

The Consideration was determined after arm's length negotiations between the parties based on the historical financial performance and position of the Target Company.

After completion in the capital injection by the Investor, the registered capital of the Target Company will be increased to US$86.1952 million.

The Current Shareholder shall surrender any first right in acquiring any newly enlarged registered capital of the Target Company.

Payment terms

Within 10 Working Days after the fulfilment of the all condition precedent and by no later than 20 Working Days after execution of the Investment Agreement, the Target Company shall provide a written payment notice to the Investor and the Investor shall within 45 Working Days pay up the relevant investment amount to the designation bank account of the Target Company.

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Use of proceeds

Proceeds from the Deemed Disposal would be applied towards replenishing the Target Company's working capital and other expenses in relation to the ordinary course of business of the Target Company.

Undertaking by the Target Company and the Current Shareholder

The Target Company and the Current Shareholder undertake that, the investment by the Investor shall not be subject to any reserve, pledge, mortgage and any other form of restriction of rights and shall have all rights and interests attached to enlarged registered capital. Upon Completion, the Investor shall be entitled to including but not limited to any undistributed dividends, reserve and funds in relation to the Investor's equity interest in the Target Company as well as other shareholders' interest and shall be subject to all the responsibility as shareholder of the Target Company.

The Target Company and the Current Shareholder also undertake that no distribution of undistributed earning shall be carried out during the period between the date of the Investment Agreements and the date of completion of the handover. Upon completion of the Investment Agreement, undistributed earning shall be distributed pursuant to the respective equity interest of the Target Company held by the Current Shareholder and the Investor.

The Target Company also undertake to the Investor that, the Target Company will seek the Investor consent in respect of the following events:

  1. adoption of senior management or staff share award scheme (except for the Investor's equity interest not being diluted);
  2. change in principal business of the Target Company;
  3. the Target Company providing guarantee to third parties (saved as subsidiaries of the Target Company);
  4. subsidiaries of the Target company providing guarantee to third parties; and
  5. the Target Company and/or subsidiaries of the Target Company providing borrowings to third parties.

Investor should within 15 Working Days provide written notice to the Target Company in notifying if the Investor consent with the above events. If written notice is not provided to the Target Company within 15 Working Days, the Target Company will consider the Investor has consented to the relevant event.

Condition precedent

Completion is conditional upon fulfilment of the following condition:

  • The obtain of the approval of Board of Target Company and all necessary shareholder approval of the Target Company including but not limited to the increase in registered capital, amendment of the article of association of the Target Company and the surrender of relevant preferential rights of the Current Shareholder.

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If the above mentioned condition precedent is not fulfilled or waived by the Investor within 30 Working Days from the date of the Investment Agreement or other day as agreed by parties to the agreement, all rights and obligations of the parties under the Investment Agreement shall be ceased and terminated and no party shall have any claim against the other party to the Investment Agreement.

Within 10 Working Days from the date the Investor is aware that any of the condition precedent is not being fulfilled and the Investor does not intend to waive such condition precedent, the Investor may terminate the Investment in writing.

Handover

Handover shall take place within 45 Working Days upon presentation of the written payment notice. Payment advice shall be provided by the Investor to the Target Company. Upon completion of the payment, the Investor shall deem to have completed all the investment payment responsibility pursuant to the Investment Agreement.

Within 15 Working Days after the Investor has completed the payment obligation, the Target

Company shall appoint a PRC registered accountant to issue the relevant capital verification report （「驗資報告」）.

Unless with written consent from the Investor, business registration shall be completed by the Target Company within 60 Working Days upon the fulfillment of the Investor's payment obligation.

During the period between the date of the Investment Agreement and up to the date of handover, the Target Company and the Current Shareholder shall undertake among other things, the following:

  1. saved as previously disclosed not to enter into any intentional or legally binding agreement;
  2. continue to operate in the same manner prior to the date of the Investment Agreement (including operating under same group structure and collaborating with same customer and supplier relationship);
  3. at their best endeavor to retain the Target Company's senior management, staff and agents;
  4. ensure the relevant government approval of the Target Group's operation and product continue to be effective;
  5. not to provide borrowings or guarantee to any third parties (saved as the subsidiaries of the Target Company);
  6. not to carry out any consolidate, combine, spin-off or cease any operation of the Target Company;
  7. not waive any rights to pursue any material civil or administrative litigation or disputes;
  8. not to proceed with any capital expenditure or disposal and/or any other transaction which exceeds 20% of the audited net asset value of the Target Company as of the previous financial year; and

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  1. not to carry out any transaction (including share transfer or share pledge) which will result in change in controlling shareholder of the Target Company or single largest shareholder of the Company as at the date of this announcement.
  2. there are no material non-compliance of laws and regulations of the Target Company, saved as previously disclosed, the Target Company's asset are not subject to any guarantee and the Target Company is not subject to any indebtedness which is non-ordinary course of business in nature;
  3. the Target Company shall hold all necessary license, approval and certificate require for daily operation and there will be no material change or potential material change on the rights, legality, financial conditions, profitability or principal business of the Target Company;
  4. not to adopt or change any accounting policies of the Target Company;
  5. without obtaining approval from the investor, no to amend the article of association of the Target Company or to change the registered capital of the Target Company; and
  6. save for daily operating or financing needs, to transfer, approve, pledge, surrender, assume liability or dispose of any intellectual properties or equity interest in the Target Company's subsidiaries or investment companies.
  7. the equity interest of the Current Shareholder held by the Company and the equity interest of the Target Company held by the Current Shareholder shall not be subject to pledge or guarantee to any third party rights.

Post-completion arrangements

The Target Company and the Current Shareholder undertake, including but not limited to, the following post-completion arrangements:

  1. after Completion, the Investor may appoint one director to the board of the Target Company;
  2. the Current Shareholder shall undertake to settle all related parties outstanding borrowings and current account balances within one year after Completion;
  3. the controlling shareholder and senior management of the Target Company and their respective related parties shall not engage in business operation that will compete with the Target Company and any existing competing business shall be dealt with (e.g. dispose of or cease operation) within one year after Completion;
  4. expect with transactions disclosed in the Investment Agreement, no connected transaction will be carried out between the Current Shareholder, the senior management and Target Company. For any connected transaction to be carried out, consent from the Investor should be obtained and the transaction shall be carried out at an open market, in an open, fair and just manner with pricing according to the open market price;
  5. without prior consent from the Investor, no borrowings or advance shall be made to the Current Shareholder or any related parties of the Target Company. Should the Target Company record any related parties borrowing without the Investor's consent, compensation shall be made to the Investor at a daily interest rate 0.05% on the borrowing amount;

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  1. without prior consent from the Investor, prior to the Investor cease to become shareholder of the Target Company, the Current Shareholder shall not decrease its interest held in the Target Company under 51% of the equity interest of the Target Company. After the fulfillment of the profit guarantee and prior to the Investor cease to become shareholder of the Target Company, the Current Shareholder shall continue to be the controlling shareholder of the Target Company, the Company shall continue to be the controlling shareholder of the Current Shareholder and Mr. Deng Jun Jie shall continue to be the single largest shareholder of the Company;
  2. to enter into non-competition and non-disclosure agreement with senior management of the Target Company;
  3. after Completion but prior to the fulfillment of the profit guarantee, shareholders of the Target Company shall not pledge more than 50% of the equity interest in the Target Company to any third party(ies) and the Current Shareholder shall ensure no less than 51% of the equity interest of the Target Company is free from pledge; and
  4. apart from execution of share award scheme, prior to the fulfillment of the profit guarantee, the Investor shall have the first right to acquire equity interest of the Target Company to be disposed by the Current Shareholder and/or its related parties to third parties.

Anti-dilutive

For any further equity fund raising carried out by the Target Company, written consent shall be obtained from the Investor for any new investment with pricing lower than the Investor's investment. For any further increase in the registered capital, the Investor shall have the first right to subscribe up to the proportion of equity interest held by the Investor in the Target Company.

For any disposal of equity interest by the Current Shareholder and its connected persons or senior management of the Target Company to third parties, written notice with terms of the disposal shall be given to the Investor. Within 15 Working Days after obtaining the written notice, the Investor shall reply whether the Investor will acquire any of the disposing interest pursuant to the terms stipulated in the written notice. If the Investor does not provide any response within 15 working days, it will be deemed as surrendering its first right of acquisition of the disposing interest.

Default

  1. If any party is in breach of the Investment Agreement, including but not limited to breach of the Investment Agreement or Profit Guarantee Agreement, or in breach of the statements, warranties and undertakings made by such party in any transaction documents, or having provide material incorrect fact or material omission therein, thereby causing the other party to incur losses, damages, fees or expenses, the breaching party shall compensate the non- breaching party for such losses, fees and liabilities and hold the non-breaching party free from any damages.

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  1. In the event of breach by the Target Company or the Current Shareholder as stipulated in the Investment Agreement, the Investor shall have the right to terminate the Investment Agreement by way of written notice to the Target Company and the Current Shareholder and require the Current Shareholder to repurchase the equity interest in the Target Company held by the Investor at a price equal to the Investment Amount plus 10% simple interest per annum. The specific formula for calculating the repurchase price of equity interest is as follows:
    Repurchase price = Investment Amount x (1+10% x N÷360) - dividends distributed to the Investor - compensation received by the Investor (if any) - all breach penalties and late fees received by the Investor (if any).
    N = number of days between the date of payment of Consideration and the date of the Investor receiving the repurchase consideration.
  2. In the event the Investor fails to pay the Investment Amount as agreed under the Investment Agreement for over 30 Working Days. the Target Company is entitled:
    1. to serve the Investor a notice of payment of breach penalty requesting the Investor to pay a one-off breach penalty of RMB10 million within 10 Working Days from the date of the said notice received by the Investor. Should the Investor fails to pay the aforesaid breach penalty, the Investor shall pay the Target Company a late fee of 0.01% on a daily basis of the unpaid amount of the breach penalty; and
    2. to serve the Investor a termination notice to terminate the Investment Agreement and relevant ancillary agreements to the Investment Agreement (i.e. the Profit Guarantee Agreement).

THE PROFIT GUARANTEE AGREEMENT

Date

27 December 2019

Parties

The Company;

China Water Industry (HK) Limited（中國水業（香港）有限公司）; and

SZQH Energy Saving and Environmental Protection Investment Fund Management Co., Ltd*（深圳 前海粵財節能環保投資基金管理有限公司）

Should the Investment Agreement has been assigned to funds managed by the Investor's associate(s),the Investor shall also have the right to assign its rights and obligations in part or in whole under the Profit Guarantee Agreement to the such funds managed by its' associate(s).

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Profit guarantee

As stipulated in the Profit Guarantee Agreement, the following profit guarantees would be provided by the Current Shareholder and the Company for the three financial years ending 31 December 2019, 2020 and 2021:

Guaranteed

net profit

excluding

extraordinary

Year ending 31 December

items

RMB' million

2019

130

2020

145

2021

163

Guaranteed net profit excluding extraordinary items shall be the consolidated guaranteed net profit excluding extraordinary items confirmed by audit firms with China securities and futures qualifications accredited by China Securities Regulatory Commission.

According to the Profit Guarantee Agreement, as mutually agreed by all parties, extraordinary items shall be bear the same definition pursuant to the accounting standards.

Should the net profit excluding extraordinary items of each of the respective years falls below 90% of the guarantee net profit excluding extraordinary items, the Current Shareholder and/or the Company shall compensate the Investor pursuant to the following formula:

Compensation = Investment Amount x (1-net profit excluding extraordinary items of the respective years÷guarantee net profit excluding extraordinary items)

Upon presentation of the compensation notice by the Investor, payment shall be made within 60 Working Days to the designated bank account of the Investor. Any delay in payment will result in additional penalty amount of 0.03% per day of the outstanding payment amount.

The Target Group shall be audited annually by audit firms with China securities and futures qualifications accredited by China Securities Regulatory Commission and shall provide the Investor with audited financial statement of the Target Group within four months after each financial year end.

The Current Shareholder and the Company shall be jointly and severally liable to the terms and condition of the Profit Guarantee Agreement and the maximum compensation shall be amounted to the entire Investment Amount paid by the Investor.

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Repurchase conditions

Should the compensation amount, penalties and late fees in aggregate amounted to 20% of the Consideration, the Company and/or the Current Shareholder shall have the right to repurchase the equity interest held by the Investor.

The Investor shall have the right to request the Current Shareholder and/or the Company to repurchase the equity interest of the Target Group (in whole or by part) held by the Investor, should the following conditions occur:

  1. The actual profit excluding extraordinary items for the three years ending 31 December 2019, 2020 and 2021 is less than 70% of the guarantee net profit excluding extraordinary items (i.e. RMB91 million, RMB101.5 million and RMB114.1 million for the years ending 31 December 2019, 2020 and 2021 respectively); or
  2. Any shareholders of the Target Company requesting for repurchase.

The repurchase price shall be calculated as follows:

Repurchase price = Investment Amount x (1+10% x N÷360) - dividend distributed to the Investor

  • compensation received by the Investor (if any) - all breach penalties and late fees received by the Investor (if any).

N = number of days between the date of payment of Consideration and the date of the Investor receiving the repurchase consideration.

Upon presentation of the repurchase notice by the Investor, payment shall be made within 90 Working Days to the designated bank account of the Investor. Any delay in payment will result in additional penalty amount of 0.03% per day of the outstanding payment amount.

After payment of the repurchase amount have been settled, the Investor shall within 30 Working Days upon obtaining written notice from the Target Company, provide relevant information for completing relevant government registration. Should the Investor fail to provided necessary cooperation in completing the relevant government registration, a penalty amounting to 0.03% per day of the repurchase amount shall be paid by the Investor.

INFORMATION OF THE TARGET COMPANY

The Target Company, an indirect wholly-owned foreign enterprise incorporated in the PRC with registered capital of US$82.88 million before the Investment. The Target Company has obtained a business license from relevant PRC authority for an operation for renewable resource businesses. Principal business of the Target Company included investment, development and power generation of renewable resource.

9

Set out below is a summary of the audited consolidated financial information of the Target Group prepared in accordance with accounting principles generally accepted in the PRC:

For the

For the

year ended

year ended

31 December

31 December

2017

2018

RMB'000

RMB'000

Profit before taxation

47,553

121,997

Profit after taxation

43,097

114,951

Total assets

987,579

1,216,202

Net assets value

606,289

731,936

The Board estimates that the net proceeds from the Deemed Disposal, after deduction of the relevant cost and expenses, will amount to approximately RMB57.50 million (equivalent to approximately HK$64.40 million).

EXPECTED FINANCIAL EFFECTS OF THE DEEMED DISPOSAL

As the Deemed Disposal will not result in loss of the control over Target Company by the Group, it will be recognized as an equity transaction. Accordingly, the gain on Deemed Disposal would be recorded in the consolidated statement of changes in equity, rather than on the Company's consolidated statement of profit or loss and other comprehensive income. Based on the unaudited net assets value of the Target Company of RMB825.49 million (equivalent to approximately HK$924.55 million) as at 30 September 2019, the estimated gain of the Group before the relevant cost and expenses arising from the Deemed Disposal would be approximately RMB28.25 million (equivalent to approximately HK$31.64 million) which is calculated based on the difference between the Consideration in relation to the Investment and the net assets value in proportion to the Deemed Disposed equity interest of the Target Company as at the date of the Completion. Shareholders should note that the actual amount of the gain of the Deemed Disposal to be recognised in the consolidated financial statements of the Company depends on the net asset value of the Target Company as at the Completion Date and therefore will be different from the amount mentioned above.

After completion, the Target Company will become a non-wholly owned subsidiary of the Group.

INFORMATION ON THE INVESTOR

The Investor is a private equity fund incorporated in March 2013 in the PRC. The Investor is principally engaged in investment management and investment consulting in the PRC.

The Investor is a wholly-owned subsidiary of BOC&Utrust Private Equity Fund Management (Guangdong) Co., Ltd.("BOC&Utrust")（中銀粵財股權投資基金管理（廣東）有限公司）which

is a specialized Sino-foreign joint venture equity investment management company founded in Guangzhou in September 2010 with the approval of the People's Government of Guangdong

Province, with a registered capital of RMB100 million. BOC&Utrust is held by Guangdong Utrust Investment Holdings Co.,Ltd. (「Guangdong Utrust 」)（廣東粵財投資控股有限公司）and Bank of China Group Investment Limited (「BOCG 」)（中銀集團投資有限公司）as to 60% and 40%,

respectively.

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The business scope of BOC&Utrust includes accepting entrustment of equity investment funds and engaging in investment management and related consulting services. Currently, the funds under its management is approximately RMB40 billion. According to the information published by the Asset Management Association, BOC & Utrust has the qualification of a private equity fund manager, ranking eighteenth among the national institutions which manage the private equity funds more than

RMB10 billion, and received the honour of "Top Ten Venture Capital Institutions in Guangdong" （廣東十大創投機構）. Guangdong Utrust is a financial holding group directly funded and wholly-

owned by the Guangdong Provincial Government with more than 30 years of experience in financial services and investment project management. The assets under its management exceed RMB500 billion. BOCG is the sole investment management platform of Bank of China Limited, and a professional investment management company registered in Hong Kong. The investment scale of its internal funds exceeds RMB80 billion.

To the best of the Directors' knowledge, information and belief, having made all reasonable enquiries, the Investor and its ultimate beneficial owner(s) are third parties independent of and not connected with the Company and its connected person(s).

REASONS FOR THE DEEMED DISPOSAL

The Group principally engages in (i) provision of water supply and sewage treatment services; (ii) construction of water supply and sewage treatment infrastructure; and (iii) investment and operation of new energy and renewable energy projects.

The Group commenced its' investment and operation of new energy and renewable energy business in 2013. As at the date of this announcement, the Group is operating 38 existing garbage resources power generating projects under full operation.

With the increasing number of new energy and renewable energy projects ongoing, the Group requires to replenish its' working capital so as to free up liquidity for future investments and to fund the development of the Group's new energy and renewable energy businesses.

Taking into account of the above, the Directors consider that the entering into of the Investment Agreement, the Profit Guarantee Agreement and the transactions contemplated thereunder are on normal commercial terms, fair and reasonable and the Deemed Disposal is in the interests of the Company and its shareholders as a whole.

LISTING RULES IMPLICATIONS

As one of the applicable percentage ratios calculated under Rule 14.07 of the Listing Rules in respect of the Deemed Disposal exceeds 5% but is less than 25%, the Deemed Disposal constitutes a disclosable transaction of the Company under Chapter 14 of the Listing Rules and is therefore subject to the announcement requirement, but is exempt from the circular and Shareholders' approval requirements, under the Listing Rules.

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DEFINITIONS

In this announcement, unless the context otherwise requires, the following terms shall have the following meanings:

"Board"

"Company"

the board of Directors

China Water Industry Group Limited (stock code: 1129), a company incorporated in Cayman Islands with limited liability and the issued shares of which are listed on the Main Board of the Stock Exchange

"Completion"

the completion of the Disposal, the settlement of the Investment

Amount by the Investor

"Completion Date"

the date of the completion pursuant to the terms and conditions of

the Investment Agreements

"Consideration" or

the aggregate consideration for the 3.8462% enlarged equity

"Investment Amount"

interest in the Target Company amounting to RMB60 million

(equivalent to approximately HK$67.2 million)

"Current Shareholder"

China Water Industry (HK) Limited（中國水業（香港）有限公

司）, a company incorporated in Hong Kong, an indirect wholly-

owned subsidiary of the Company which owns 100% of the Target

Company as of the date of this announcement

"Deemed Disposal" or the "Investment"

"Director(s)"

"Group"

"HK$"

"Hong Kong"

"Independent Third Party"

"Investment Agreement"

the investment by the Investor pursuant to the Investment Agreement and the Profit Guarantee Agreement for 3.8462% of the enlarged equity interest in the Target Company

director(s) of the Company

the Company and its subsidiaries

Hong Kong dollar, the lawful currency of Hong Kong

the Hong Kong Special Administrative Region of the PRC

a third party independent of the Company and the connected persons (has the meaning ascribed thereto in the Listing Rules) of the Company and is not a connected person (has the meaning ascribed thereto in the Listing Rules) of the Company

the investment agreement dated 27 December 2019 entered into among the Investor, the Current Shareholder and the Target Company in relation to the Investment

12

"Investor"

"Listing Rules"

"Profit Guarantee

Agreement"

"PRC"

"RMB"

"Shareholders" "Shares" "Stock Exchange"

"Target Company"

"Target Group"

"Working Day"

"US$"

"%" or "per cent."

SZQH Energy-saving Environmental Protection investment fund management Co., Ltd. *（深圳前海粵財節能環保投資基金管理

有限公司）, a company incorporated in the PRC

the Rules Governing the Listing of Securities on the Stock Exchange

the profit guarantee agreement dated 27 December 2019 entered into among the Company, the Current Shareholder and the Investor in relation to the profit guarantee provided by the Company and the Current Shareholder to the Investor for the years ending 31 December 2019, 2020 and 2021 in relation to the Investment

the People's Republic of China, which for the purpose of this announcement, excludes Hong Kong, the Macau Special Administrative Region of the PRC and Taiwan

Renminbi, the lawful currency of the PRC

Shareholders of the Company

shares of the company

The Stock Exchange of Hong Kong Limited

New China Water (Nanjing) Renewable Resources Investment

Company Limited*（新中水（南京）再生資源投資有限公司）,

  1. wholly-ownedforeign enterprise incorporated in the PRC which equity interest is held as to 100% by the Current Shareholder as at the date of this announcement

the Target Company and its subsidiaries

a day other than Saturday, Sunday, statutory holiday of the PRC

United States dollar, the lawful currency of United States

percentage or per centum

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Unless otherwise defined, for the purpose of this announcement and for the purpose of illustration only, RMB amounts have been translated using the following rates: RMB1.00:HK$1.12. Such translations should not be construed as a representation that the amounts in question have been, could have been or could be converted at any particular rate or at all.

By Order of the Board

China Water Industry Group Limited

Mr. Lin Yue Hui

Chairman and CEO

Hong Kong, 27 December 2019

As at the date of this announcement, the Board comprises Mr. Lin Yue Hui (Chairman and CEO), Mr. Zhong Wei Guang (COO), Mr. Liu Feng, Ms. Chu Yin Yin, Georgiana, Ms. Deng Xiao Ting, Mr. Ho Chi Ho and Mr. Zhu Yongjun, all being executive Directors, and Mr. Wong Siu Keung, Joe, Mr. Guo Chao Tian, Ms. Qiu Na and Mr. Lam Cheung Shing, Richard, all being independent non-executive Directors.

  • for identification purpose only

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China Water Industry Group Limited published this content on 27 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 December 2019 11:55:08 UTC