China Oceanwide : PROGRESS UPDATE ANNOUNCEMENT ON CONTINUING CONNECTED TRANSACTION IN RELATION TO FURTHER RENEWAL OF LOAN AGREEMENT

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(Incorporated in Bermuda with limited liability)

(Stock Code: 715)

PROGRESS UPDATE ANNOUNCEMENT ON

CONTINUING CONNECTED TRANSACTION IN RELATION TO

FURTHER RENEWAL OF LOAN AGREEMENT

Reference is made to the circular (the "Circular") of China Oceanwide Holdings Limited (the "Company") dated 26 June 2017 regarding the Supplemental Agreement dated 12 May 2017 entered into between China Oceanwide Power and GSG in relation to the renewal of the Loan Agreement. Capitalised terms used in this announcement shall have the same meaning as those defined in the Circular unless the context requires otherwise.

The Supplemental Agreement was expired on 31 December 2019. Negotiation between the Group and GSG over the further renewal of the Loan Agreement is still ongoing. The Group is committed to reaching an agreement with GSG in relation to the further renewal of the Loan Agreement.

The Company will make further announcement as and when appropriate.

By Order of the Board

China Oceanwide Holdings Limited

HAN Xiaosheng

Chairman

Hong Kong, 2 January 2020

As at the date of this announcement, the Board comprises:

Executive Directors:	Non-executive Director:
Mr. HAN Xiaosheng (Chairman)	Mr. ZHAO Yingwei
Mr. LIU Bing
Mr. LIU Hongwei	Independent Non-executive Directors:
Mr. ZHANG Xifang	Mr. LIU Jipeng
Mr. LIU Guosheng	Mr. YAN Fashan
	Mr. LO Wa Kei, Roy