China Singyes Solar Technologs Hldgs : Announcements and Notices - Update Announcement in Relation to the Issue of New Shares by the Company under Specific Mandate

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This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of the Company nor is it a solicitation of any vote or approval in any jurisdiction.

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)

UPDATE ANNOUNCEMENT

IN RELATION TO THE

ISSUE OF NEW SHARES BY THE COMPANY UNDER SPECIFIC MANDATE

Reference is made to the (1) joint announcement issued by China Singyes Solar Technologies Holdings Limited (the "Company") and its subsidiary, China Singyes New Materials Holdings Limited 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 (the "Joint Announcement"); (2) announcements dated 27 June 2019 and 7 August 2019 in relation to the delay in despatch of circular; (3) announcement dated 9 July in relation to the appointment of independent financial adviser; (4) monthly update announcement dated 29 July 2019 (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 SUBSCRIPTION

The Company wishes to update its Shareholders and potential investors on the progress of the Subscription.

As disclosed in the sub-section headed "Conditions of the Subscription" in the Joint Announcement, Completion is conditional upon satisfaction of certain Conditions, including but not limited to the Subscriber having obtained all necessary consents and authorisations for the execution and completion of the transactions under the Subscription Agreement from all the relevant government or regulatory authorities (including the governmental authorities for the supervision and management of state-owned assets, foreign exchange controls and anti-trust, the relevant department of commerce and the relevant commission for development and reform), and such consents and authorisations remain fully effective under any relevant law and regulation of any jurisdiction.

The Board wishes to announce that it was informed by the Subscriber that Shuifa Group has received (i) the approval from the State-owned Assets Supervision and Administration Commission of the State Council of the Shandong Province of the PRC* (山東省國有資產監督 管理委員會) (the "SASAC") whereby the SASAC has in principle approved the acquisition of controlling shareholding in the Company by a subsidiary of Shuifa Group by way of an investment in the increased capital of the Company; and

1. the approval from the State Administration for Market Regulation of the PRC* (國家市場監 督管理總局) (the "SAMR") whereby the SAMR has decided not to undergo further vetting on the proposed subscription of shares of the Company by the Shuifa Group.

Further announcement(s) will be made by the Company to inform the Shareholders of any material developments relating to the Subscription and further announcement(s) will be made by the Company on a monthly basis to keep the Shareholders and potential investors updated on the Subscription.

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WARNING

The Subscription is subject to the fulfilment or waiver (as the case may be) of a number of other Conditions, including approval by the Singyes Solar Independent Shareholders at the Singyes Solar SGM of the Subscription and the Singyes Solar Whitewash Waiver, and the granting of the Singyes Solar Whitewash Waiver by the Executive. As such, the Subscription may or may not proceed. Shareholders and potential investors of the Company should exercise caution when dealing in the Singyes Solar Shares or other securities of the Company.

By order of the Board

China Singyes Solar Technologies Holdings Limited

Liu Hongwei

Chairman

Hong Kong, 19 August 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.

The directors of the Company jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement the omission of which would make any statement in this announcement misleading.

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