China Yongda Automobile Services Hldg : COMPLETION OF PLACING OF EXISTING SHARES AND TOP-UP SUBSCRIPTION OF NEW SHARES UNDER THE GENERAL MANDATE

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.

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities. This announcement is not an offer to sell or the solicitation of an offer to buy securities in the United States of America. Neither this announcement nor any copy hereof may be taken into or distributed, directly or indirectly, in or into the United States of America. The securities referred to herein will not be registered under the United States Securities Act of 1933 (the "Securities Act") and may not be offered or sold in the United States of America except pursuant to registration or an applicable exemption from the registration requirements of the Securities Act. The Company does not intend to make any public offering of securities in the United States of America.

China Yongda Automobiles Services Holdings Limited

( 中國永達汽車服務控股有限公司 )

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 03669) COMPLETION OF PLACING OF EXISTING SHARES AND TOP-UP SUBSCRIPTION OF NEW SHARES UNDER THE GENERAL MANDATE Placing Agents

(in alphabetical order)

The Board is pleased to announce that completion of the Placing took place on May 16, 2017 and completion of the Subscription took place on May 22, 2017.

Reference is made to the announcement of China Yongda Automobiles Services Holdings Ltd. (the "Company") dated May 12, 2017 (the "Announcement") in relation to the Placing and Subscription Agreement. Unless otherwise defined in this announcement, or the context otherwise requires, capitalized terms and expressions used in this announcement have the respective meanings given to them in the Announcement.

COMPLETION OF THE PLACING AND THE SUBSCRIPTION

The Board is pleased to announce that completion of the Placing took place on May 16, 2017, with all the Placing Shares placed to institutional investors.

As all conditions precedent to completion of the Subscription had been fulfilled, including (i) the Listing Committee having granted approval for the listing of, and permission to deal in, the Subscription Shares; (ii) the completion of the Placing; and (iii) the Executive having granted the Waiver, completion of the Subscription took place on May 22, 2017.

Pursuant to Rule 14A.92(4) of the Listing Rules, completion of the Subscription took place within 14 days after the date of the Placing and Subscription Agreement.

Pursuant to the terms and conditions of the Placing and Subscription Agreement, (i) a total of 135,000,000 Placing Shares were successfully placed by the Placing Agents to not less than six Placees who and whose ultimate beneficial owners are third parties independent of and not acting in concert (as defined under the Takeovers Code) with the Subscriber, the Company and their respective associates and connected persons, at the Placing Price of HK$6.58 per Placing Share; and

(ii) a total of 135,000,000 new Subscription Shares, representing approximately 8.32% of the issued share capital of the Company as at the date of this announcement, were allotted and issued to the Subscriber at the Subscription Price of HK$6.58 per Subscription Share on May 22, 2017.

SHAREHOLDING STRUCTURE

The table below sets out the changes to the shareholding structure of the Company as a result of the completion of the Placing and the Subscription:

Shareholder As at the date of the Announcement Immediately after the Placing but before the Subscription Immediately after the Subscription

Number of

Shares

Approximate

%

Number of

Shares

Approximate

%

Number of

Shares

Approximate

%

Subscriber(1) 267,080,000 17.94 132,080,000 8.87 267,080,000 16.45

Palace Wonder(2) 384,000,000 25.80 384,000,000 25.80 384,000,000 23.65

Cheung Tak On(3) 1,803,000 0.12 1,803,000 0.12 1,803,000 0.11

Sub-total 652,883,000 43.87 517,883,000 34.80 652,883,000 40.22 Other connected persons 362,963,500 24.39 362,963,500 24.39 362,963,500 22.36 Public shareholders

Placees	0	0	135,000,000	9.07	135,000,000	8.32
Other public
shareholders	472,530,778	31.75	472,530,778	31.75	472,530,778	29.11

Total 1,488,377,278 100.00 1,488,377,278 100.00 1,623,377,278 100.00

1. The Subscriber, Asset Link, is wholly-owned by Mr. Cheung and he is deemed to be interested in the 267,080,000 Shares held by Asset Link.

2. Mr. Cheung is the settlor and protector of a discretionary trust of which HSBC International Trustee Limited acts as its trustee and the beneficiaries of which are Mr. Cheung and certain of his family members (the "Family Trust"). Palace Wonder Company Limited ( 栢麗萬得有限公司 ) ("Palace Wonder") is wholly-owned by Regency Valley Company

   Limited ( 麗晶萬利有限公司 ) ("Regency Valley"), which is in turn wholly-owned by HSBC International Trustee Limited, as the trustee of the Family Trust. Mr. Cheung (as founder of the Family Trust), HSBC International Trustee Limited and Regency Valley are deemed to be interested in the 384,000,000 Shares held by Palace Wonder.

3. Mr. Cheung also holds 1,803,000 shares of the Company as beneficial owner.

As a result of the Placing and the Subscription, the aggregate percentage shareholding in the Company of the Subscriber and its parties acting in concert has been reduced from approximately 43.87% of the total issued share capital of the Company immediately before the completion of the Placing to approximately 40.22% of the total issued share capital of the Company as at the date of this announcement.

ADJUSTMENT TO CONVERSION PRICE OF EXISTING CONVERTIBLE BONDS

The disclosure in the following paragraphs is made in compliance with the disclosure requirements under Rule 13.27 of the Listing Rules.

Reference is made to the convertible bonds issued by the Company on July 18, 2014 (the "Convertible Bonds"), details of which are set out in the announcements of the Company dated June 25, 2014 and July 18, 2014.

Pursuant to the terms of the Convertible Bonds, as a result of the Placing and the Subscription, the current conversion price of HK$7.958 per conversion Share in respect of an aggregate outstanding principal amount of RMB997,000,000 of the Convertible Bonds has been adjusted to HK$7.8995.

As such, based on the above adjusted conversion price, an aggregate of 158,953,314 Shares will be issued to the holders of the Convertible Bonds upon full conversion of the Convertible Bonds.

The adjustment to the conversion price will be effective from May 22, 2017, being the date of completion of the Placing and the Subscription. Save and except the above adjustment to the conversion price, all other terms of the Convertible Bonds remain unchanged.

By Order of the Board

China Yongda Automobiles Services Holdings Limited Cheung Tak On

Chairman

PRC, May 22, 2017

The Directors jointly and severally accept full responsibility for the accuracy of information contained in this announcement and confirm, having made all reasonable inquiries, 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.

As at the date of this announcement, the Board comprises (i) five executive Directors, namely Mr. Cheung Tak On, Mr. Cai Yingjie, Mr. Wang Zhigao, Mr. Xu Yue and Ms. Chen Yi; (ii) one non-executive Director, namely Mr. Wang Liqun; and

(iii) three independent non-executive Directors, namely Mr. Lyu Wei, Mr. Chen Xianglin and Ms. Zhu Anna Dezhen.