China Singyes Solar Technologies : UPDATES ON PROPOSED OFFSHORE DEBT RESTRUCTURING AND CONTINUED SUSPENSION OF TRADING

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China Singyes Solar Technologies Holdings Limited

中國 興 業太 陽 能 技術 控 股 有 限公 司

(incorporated in Bermuda with limited liability)

(Stock Code: 750)

UPDATES ON PROPOSED OFFSHORE DEBT RESTRUCTURING

AND

CONTINUED SUSPENSION OF TRADING

Reference is made to the (1) announcements of China Singyes Solar Technologies Holdings Limited (the "Company") dated 18 October 2018 and 10 January 2019 relating to status of debt securities of the Company; (2) joint announcement issued by the Company and its subsidiary, China Singyes New Materials Holdings Limited ("Singyes NM") on 5 June 2019 in relation to, among other things, the Subscription of new Shares under specific mandate and application for the Singyes Solar Whitewash Waiver; (3) announcement of the Company 19 July 2019 relating to the proposed offshore debt restructuring and the restructuring support agreement the (the "RSA");

1. announcement of the Company dated 14 August 2019 and the joint announcement issued by the Company and Singyes NM relating to, inter alia, updates on the proposed offshore debt restructuring; and (5) announcements of the Company dated 9 August 2019, 16 September 2019 and 2 October 2019 relating to the winding petition presented by Deutsche Bank AG, Hong Kong Branch (together, the "Announcements").

Terms used herein shall have the same meanings as those defined in the Announcements, unless the context requires otherwise.

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UPDATES ON THE PROPOSED OFFSHORE DEBT RESTRUCTURING

The Board would like to announce that the Company has recently issued a practice statement letter relating to the Schemes (as defined below), the purpose of which was to inform creditors of, inter alia:

1. the Company's intention to propose the Schemes to certain creditors of the Company, comprising creditors of the Offshore Notes and contingent creditor Deutsche Bank AG, Hong Kong Branch (the "Scheme Creditors") (the legal proceedings between Company and Deutsche Bank AG, Hong Kong Branch are ongoing, as disclosed in the Company's Update Announcement dated 2 October 2019);
2. the Company's intention to apply to the High Court of Hong Kong (the "Hong Kong Court") and the Supreme Court of Bermuda (the "Bermuda Court") (each a "Court" and, together, the "Courts") to seek orders permitting it to convene a single meeting of the Scheme Creditors (the "Scheme Meeting") for the purposes of considering and, if thought fit, approving with or without modification, proposed schemes of arrangement in relation to the Company sections 673 and 674 of the Companies Ordinance (Cap. 622) of Hong Kong (the "Hong Kong Scheme") and proposed schemes of arrangement in relation to the Company pursuant to section 99 of the Companies Act 1981 of Bermuda (the "Bermuda Scheme") (collectively, the "Schemes"), respectively;
3. the objectives which the Schemes are designed to achieve; and
4. the composition of the classes of Scheme Creditors who will be eligible to vote at the Scheme Meeting.

The objective of the Scheme Meeting is to enable the Scheme Creditors to consider and, if thought fit, approve the Schemes with or without modification. The Company anticipates that the Scheme Meeting will be held on 25 November 2019.

The convening hearing in respect of the Bermuda Scheme (the "Bermuda Hearing"), at which orders will be sought to: (i) approve the Explanatory Statement and other documentation for the Bermuda Scheme; and (ii) convene the scheme meeting for the Bermuda Scheme is expected to be listed in the Bermuda Court on 30 October 2019 (Bermuda time). The equivalent convening hearing in the Hong Kong Court in respect of the Hong Kong Scheme (the "Hong Kong Hearing") is expected to be listed in the Hong Kong Court on 29 October 2019 (Hong Kong time). A further notice will be sent to Scheme Creditors once the dates and times of the Bermuda Hearing and the Hong Kong Hearing have been confirmed by the respective Courts.

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After the Hong Kong Hearing and the Bermuda Hearing, Scheme Creditors will be provided with certain documents in connection with the Schemes (the "Scheme Documentation"). The Scheme Documentation will comprise, inter alia, (a) a copy of the Schemes and (b) the explanatory statement required to be provided pursuant to section 671 of the Hong Kong Companies Ordinance (Cap. 622) and section 100(1) of the Bermuda Companies Act 1981 (which will include a notice setting out the relevant details for the Scheme Meeting) (the "Explanatory Statement").

Further announcement(s) will be made by the Company to inform the Shareholders of any material developments relating to the proposed offshore debt restructuring of the Company.

CONTINUED SUSPENSION OF TRADING

At the request of the Company, trading in the securities of the Company on the Stock Exchange was suspended with effect from 9:00 a.m. on 2 September 2019 pending the release of the unaudited financial results of the Company for the six months ended 30 June 2019. Trading in the securities of the Company will remain suspended until further notice. Further announcement(s) will be made by the Company to inform the Shareholders and potential investors of any material development as and when appropriate.

Shareholders and investors are reminded to exercise caution when dealing in the securities of the Company.

By order of the Board

China Singyes Solar Technologies Holdings Limited

Liu Hongwei

Chairman

Hong Kong, 4 October 2019

As at the date of this announcement, the executive directors of the Company are Mr. Liu Hongwei (Chairman), Mr. Xie Wen and Mr. Xiong Shi, the non-executive directors of the Company are Dr. Li Hong and Mr. Zhuo Jianming, and the independent nonexecutive directors of the Company are Dr. Wang Ching, Mr. Yick Wing Fat, Simon and Dr. Tan Hongwei.

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