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.

CHINA AGRI-PRODUCTS EXCHANGE LIMITED

中國農產品交易有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 0149)

FURTHER UPDATE ON THE LEGAL PROCEEDINGS

IN WUHAN, THE PRC

The board of directors (the "Board") of China Agri-Products Exchange Limited 中國農產品交易 有限公司 (the "Company" together with its subsidiaries, collectively the "Group") voluntarily made this announcement to keep the public informed of the latest development of the legal proceedings in Wuhan, the People's Republic of China (the "PRC").

References are made to the announcements of the Company dated 11 January 2011, 22 May 2012, 19 June 2014, 4 July 2014, 13 January 2015, 14 January 2015, 28 May 2015, 8 January 2016, 11 January 2016, 24 May 2016, 31 August 2016, 19 April 2017, 11 May 2017 and 27

December 2018 (the "Previous Announcements") in relation to the civil proceedings in the PRC commenced by Ms. Wang Xiu Qun ("Ms. Wang") and 武漢天九工貿發展有限公司 (Wuhan

Tian Jiu Industrial and Commercial Development Co., Ltd.#) ("Tian Jiu") as plaintiffs against the Company as defendant and joined 武漢白沙洲農副產品大市場有限公司 (Wuhan Baisazhou

Agricultural By-product Grand Market Company Limited#) ("Baisazhou Agricultural ") as third party and the judgment handed down by the Supreme People's Court in January 2015. Unless otherwise defined herein, capitalized terms defined in the Previous Announcements have the same meanings when used herein.

Subsequent to our previous update on 27 December 2018 regarding the judgment of the Beijing High People's Court dated 20 December 2018 (the "20 December Judgment") in respect of the administrative proceedings taken out by Ms. Wang and Tian Jiu against the PRC Ministry of Commerce ("MOFCOM") to revoke the Decision made by MOFCOM dated 19 May 2016, the Company noted the judgment of the Supreme People's Court dated 31 December 2019 (the "31 December Judgment") on 4 March 2020. By the 31 December Judgment, the Supreme People's Court dismissed the application of Ms. Wang and Tian Jiu for retrial and for dismissal of the judgment of the Beijing Second Intermediate People's Court dated 31 March 2017 and the 20 December Judgment. In other words, the approval issued by MOFCOM in November 2007 in relation to the Contended Agreements shall not be revoked and remain to be in force, and the Group continues to be a legal and beneficial owner of Baisazhou Agricultural under the PRC Laws.

  • For identification purpose only

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This is consistent with the judgment dated 23 December 2019 issued by the Higher People's Court of Hubei Province which dismissed the counterclaims made by Ms. Wang and Tian Jiu against the Company therein for orders that (i) the share transfer agreements in relation to the acquisition of an aggregate 90% interest in Baisazhou Agricultural from Ms. Wang as to 70% thereof and Tian Jiu as to 20% thereof (the "Contended Interests") were void and invalid from the beginning, (ii) costs of the legal proceedings be to Ms. Wang and Tian Jiu, and (iii) the Contended Interests be returned to Ms. Wang and Tian Jiu.

The Company will continue to closely monitor any further developments of the matter and will make further announcements in compliance with the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) as well as the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited as and when appropriate.

Shareholders and potential investors are advised to exercise caution in dealing with the shares of the Company.

By Order of the Board

CHINA AGRI-PRODUCTS EXCHANGE LIMITED

中國農產品交易有限公司

Chan Chun Hong, Thomas

Chairman and Chief Executive Officer

Hong Kong, 11 March 2020

As at the date of this announcement, the executive directors of the Company are Mr. Chan Chun Hong, Thomas, Mr. Leung Sui Wah, Raymond and Mr. Yau Yuk Shing, and the independent non- executive directors of the Company are Mr. Ng Yat Cheung, Mr. Lau King Lung and Mr. Wong Ping Yuen.

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China Agri-Products Exchange Limited published this content on 11 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2020 12:28:06 UTC