Binhai Investment : VOLUNTARY ANNOUNCEMENT SUCCESSFUL BID FOR CONCESSION FOR PIPED GAS PROJECT IN GAOAN CITY, JIANGXI PROVINCE, PRC

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 Bermuda with limited liability)

(Stock Code: 2886)

VOLUNTARY ANNOUNCEMENT

SUCCESSFUL BID FOR CONCESSION FOR PIPED GAS PROJECT

IN GAOAN CITY, JIANGXI PROVINCE, PRC

This announcement is made on a voluntary basis by Binhai Investment Company Limited (the "Company", and together with its subsidiaries, the "Group").

The board of directors (the "Board") of the Company is pleased to announce that, according to the announcement published on 17 September 2020 by the Public Resources Trading Website of Jiangxi Province, PRC, Gaoan TEDA Gas Company Limited*（高安泰達燃氣有限公司）, a subsidiary of the Company ("Gaoan Gas"), successfully won a bidding for the "Concession for Operation of Piped Gas in Yangxu District" (the "Project") in the "Concession for Operation of Piped Gas in Three Districts in Gaoan City". Gaoan Gas was issued the notification of winning the bid on 21 September 2020. The concession granting authority is the Bureau of Housing and Urban Rural Development of Gaoan City.

With the abovementioned successful bid, the Company has obtained a 30-year concession right for the operation of piped gas in six towns in Yangxu District, including Yangxu Town, Longtan Town, Cunqian Town, Hualinshan Town, Wuqiao Town and Lanfang Town in Gaoan City, Jiangxi Province, the PRC, with an additional operating area of 726.59 square kilometers. Industries in the district mainly include ceramics, building materials as well as manufacturing and processing. Coal is the primary source of energy for the existing production by various types of users within the area of the Project. In accordance with the proposed coal-to-gas scheme in the government's planning, it is

• For identification purposes only

- 1 -

estimated that upon reaching full capacity of the Project, the future natural gas consumption of the area will be approximately 120 million cubic meters per year based on the heat content of its current coal consumption. The Group's market share in the domestic natural gas business will be further strengthened and enlarged by the acquisition of the concession right.

By order of the Board

Binhai Investment Company Limited

Gao Liang

Executive Director

Hong Kong, 22 September 2020

As at the date of this announcement, the Board comprises two executive Directors, namely, Mr. ZHANG Bing Jun and Mr. GAO Liang, four non-executive Directors, namely, Mr. WANG Gang, Ms. CAO Hong Mei, Ms. PENG Bo and Mr. YU Ke Xiang and three independent non-executive Directors, namely, Mr. IP Shing Hing, J.P., Mr. LAU Siu Ki, Kevin and Professor Japhet Sebastian LAW.

- 2 -