Courage Investment : DELAY IN DESPATCH OF CIRCULAR

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.

The Singapore Exchange Securities Trading Limited and the Monetary Authority of Singapore 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 any securities of the Company.

COURAGE INVESTMENT GROUP LIMITED

勇利投資集團有限公司

(Incorporated in Bermuda with limited liability)

(Hong Kong Stock Code: 1145)

(Singapore Stock Code: CIN)

DELAY IN DESPATCH OF CIRCULAR

Reference is made to the announcement (the "Announcement") issued by Courage Investment Group Limited dated 24 July 2020 in relation to, among other things, the proposed Capital Reorganisation and Open Offer. Unless otherwise stated, capitalised terms used herein shall have the same meanings as those defined in the Announcement.

As disclosed in the Announcement, a circular (the "Circular") containing, among other things, (i) further details of the Capital Reorganisation and the Open Offer; (ii) a letter of recommendation from the Independent Board Committee to the Independent Shareholders in respect of the Open Offer; (iii) a letter of advice from the Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders in respect of the Open Offer; and (iv) a notice convening the SGM, was expected to be despatched to the Shareholders on or before 27 August 2020.

As additional time is required for the preparation and finalisation of certain information to be included in the Circular, it is expected that the despatch date of the Circular will be postponed to a date on or before 18 September 2020.

In view of the delay in the despatch of the Circular, the expected timetable of the Capital Reorganisation and the Open Offer and the closure of register of members of the Company will be revised. Further announcement for the revised expected timetable will be made by the Company as soon as practicable.

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The Open Offer is fully underwritten by the Underwriter and is subject to the fulfilment of the conditions set out under the paragraph headed "Conditions of the Open Offer" in the Announcement. In particular, the Open Offer is subject to the Capital Reorganisation becoming effective and the Underwriter not terminating the Underwriting Agreement in accordance with the terms set out therein. Accordingly, the Open Offer may or may not proceed. Any Shareholders or other persons contemplating selling or purchasing Shares from the date of this announcement up to the date when the conditions of the Open Offer are fulfilled and/or the Latest Time for Termination will bear the risk that the Open Offer does not become unconditional and may not proceed. Shareholders and potential investors are advised to exercise caution when dealing in the Shares. If in any doubt, Shareholders and potential investors should consider obtaining professional advice.

By Order of the Board

Courage Investment Group Limited

Sue Ka Lok

Chairman

Hong Kong, 27 August 2020

As at the date of this announcement, the Board comprises one Non-executive Director, namely Mr. Sue Ka Lok (Chairman); one Executive Director, namely Ms. Wang Yu; and three Independent Non-executive Directors, namely Mr. Zhou Qijin, Mr. Pau Shiu Ming and Mr. Tsao Hoi Ho.

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