DeTai New Energy : DISCLOSEABLE TRANSACTION EXTENSION OF THE TERM OF INVESTMENT IN THE FUND

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.

(Incorporated in Bermuda with limited liability)

(Stock Code: 559)

DISCLOSEABLE TRANSACTION

EXTENSION OF THE TERM OF INVESTMENT IN THE FUND

EXTENSION OF THE TERM OF THE INVESTMENT

The Board announces that on 27 December 2019 (after trading hours), Alliance Global gave the Consent to TAR SPC for the extension of the term of the Investment for a further term of one year which may be further extended by the directors of TAR SPC for up to two consecutive one-year periods thereafter.

LISTING RULES IMPLICATIONS

As one or more applicable percentage ratios stipulated under Rule 14.07 of the Listing Rules in respect of the extension of the term of the Investment exceed 5% but are less than 25%, the extension of the term of the Investment constitutes a discloseable transaction for the Company under Chapter 14 of the Listing Rules and is subject to the reporting and announcement requirements.

EXTENSION OF THE TERM OF THE INVESTMENT

The Board announces that on 27 December 2019 (after trading hours), Alliance Global gave the Consent to TAR SPC for the extension of the term of the Investment for a further term of one year which may be further extended by the directors of TAR SPC for up to two consecutive one-year periods thereafter.

Date of the Consent

27 December 2019

Parties to the Consent

1. Alliance Global, an indirect wholly-owned subsidiary of the Company; and
2. TAR SPC

- 1 -

Information on the Investment

The details of the Investment are as follows:

Name of the Fund:	TAR High Value Fund SP
Date of Subscription	29 December 2016
Agreement:
Date of Subscription:	30 December 2016
Subscriber:	Alliance Global
Subscription amount:	HK$50,000,000, which was satisfied by the internal
	financial resources of the Group.
Commitment period:	The Manager will generally only invest, or commit to
	invest, contributions from Alliance Global for a period of
	one year from the date of Subscription.
Term:	One year which may be extended by the directors of TAR
	SPC for up to two further periods of one year each. The
	term was extended by the directors of TAR SPC to 30
	December 2019. The term was further extended to 30
	December 2020 under the Consent which may be further
	extended by the directors of TAR SPC for up to two
	consecutive one-year periods thereafter.
Investment strategy of the	The purpose of the Fund is to carry on the business of
Fund:	investing, holding, monitoring and realising investments
	made with the principal objective of achieving a high rate of
	return through capital appreciation through investments
	identified by the directors of TAR SPC that operate in or
	derive significant business opportunities from the financial
	services, natural resources and/or property investments
	sectors. The investment can be in form of equity
	investments and/or debt instruments including but not
	limited to convertible or exchangeable bonds, notes and
	debentures.

- 2 -

Management fee:The Manager is entitled to a management fee out of the assets of the Fund of 2% per annum of (a) during the commitment period, the aggregate commitments of all shareholders of the Participating Shares; and (b) from the expiry of the commitment period to the expiry of the term, the aggregate amount of capital contribution made by all shareholders of the Participating Shares in respect of the Portfolio Investments less the aggregate capital contribution made by shareholders of the Participating Shares in respect of the Portfolio Investments that have been realised, disposed of or written off as at the relevant date.

Distributions:Disposition Proceeds (to the extent not retained for reinvestment or to meet portfolio expenses or other liabilities) will be allocated to shareholders of the Participating Shares in proportion to each of their respective contributions with respect to such portfolio investment. Each shareholder's share of Disposition Proceeds shall then be further divided between such shareholders on the one hand and the Manager on the other hand in the following amounts and order of priority:

1. Return of contributions. First, 100% to the shareholder of the Participating Shares until the cumulative amount allocated to such shareholder equal to the aggregate contributions made by the shareholder on or prior to the date of the relevant distribution; and
2. 80/20 split: Thereafter, 80% to the shareholder of the Participating Shares and 20% to the Manager.

Expenses of the Fund: The Fund will bear all the costs of its operation and management including the organizational expenses, the fees and expenses payable to service providers and all expenses related to its investment programme.

Restrictions on sale and Participating Shares will only be issued to, and may only be

transfer:transferred to, persons who are Eligible Investors. Participating Shares may not be transferred without the prior written consent of the directors of TAR SPC.

Redemptions:Holders of Participating Shares will not be permitted to redeem their Participating Shares voluntarily. The directors of TAR SPC may compulsorily redeem the Participating Shares in certain circumstances.

- 3 -

INFORMATION ON TAR SPC, THE FUND AND THE MANAGER

TAR SPC is a segregated portfolio company incorporated under the laws of the Cayman Islands with limited liability. TAR SPC is registered as a ''segregated portfolio company'' with the Registrar of Companies of the Cayman Islands. TAR SPC is principally engaged in the investment and fund related services. TAR SPC has appointed the Manager as its investment manager.

The Fund is a segregated portfolio created by TAR SPC.

The Manager is an exempted company incorporated in the Cayman Islands with limited liability. The Manager will not undertake any investment activities in Hong Kong and will not participate any marketing activities in respect of the Fund in Hong Kong.

To the best of the Directors' knowledge, information and belief, and having made all reasonable enquiries, TAR SPC, the Manager and their ultimate beneficial owners are Independent Third Parties.

INFORMATION OF THE COMPANY

The Company was incorporated in Bermuda as an exempted company with limited liability. The Group is principally engaged in (i) hotel hospitality business, (ii) provision of money lending services, (iii) new energy business, (iv) trading and distribution of liquor and wine and (v) investments in funds.

REASONS FOR AND BENEFITS OF THE EXTENSION OF THE TERM OF THE INVESTMENT

The purpose of the Investment is to develop a more diversified investment portfolio and broaden the revenue stream for the Group. The Investment will also enhance the capital efficiency as well as the return from working capital. The average rate of return on the Investment per annum in the term of the Investment is approximately 5%. The Investment has offered a better return to the Group when compared to the deposit interest rate normally offered by commercial banks in Hong Kong. In view of the satisfactory return on the Investment, the Group decided to give the Consent to extend the term of the Investment for a further term of one year which may be further extended by the directors of TAR SPC for up to two consecutive one-year periods thereafter.

The amount of the Investment was determined by the Company taking into account of various factors including the financial resources of the Group, the risk level and the investment terms.

The Directors consider that the terms of the Investment and the extension of the term of the Investment are on normal commercial terms, fair and reasonable and in the interests of the Company and the Shareholders as a whole.

- 4 -

LISTING RULES IMPLICATIONS

As one or more applicable percentage ratios stipulated under Rule 14.07 of the Listing Rules in respect of the extension of the term of the Investment exceed 5% but are less than 25%, the extension of the term of the Investment constitutes a discloseable transaction for the Company under Chapter 14 of the Listing Rules and is subject to the reporting and announcement requirements.

DEFINITIONS

In this announcement, unless the context requires otherwise, the following expressions shall have the following meanings:

''Alliance Global''	Alliance Global Limited, a company incorporated in Hong
	Kong with limited liability and an indirect wholly-owned
	subsidiary of the Company
''Board''	board of the Directors
''Company''	DeTai New Energy Group Limited, a company incorporated
	in Bermuda with limited liability, the shares of which are
	listed on the Main Board of the Stock Exchange
''connected person(s)''	has the meaning ascribed to it under the Listing Rules
''Consent''	the consent dated 27 December 2019 given by Alliance
	Global to TAR SPC for the extension of the term of the
	Investment for a further term of one year which may be
	further extended by the directors of TAR SPC for up to two
	consecutive one-year periods thereafter
''Director(s)''	the director(s) of the Company
''Disposition Proceeds''	in respect of any Portfolio Investment, means the net
	proceeds of sale from the disposal of all or part of such
	Portfolio Investment
''Eligible Investors''	a person to whom TAR SPC can lawfully make an invitation
	to subscribe for Participating Shares without compliance
	with any registration or other legal requirements, who is
	able to acquire and hold Participating Shares without
	breaching the law or requirements of any country,
	regulatory body or government authority and who satisfies
	such additional eligibility requirements as may be
	determined by the directors of TAR SPC from time to time
''Fund''	TAR High Value Fund SP, a segregated portfolio created by
	TAR SPC
''Group''	the Company and its subsidiaries

- 5 -

''Hong Kong''	Hong Kong Special Administrative Region of the People's
	Republic of China

''Independent Third Parties'' parties who are independent of and not connected with the

	Company and its connected persons
''Investment''	the investment of HK$50,000,000 in the Fund by Alliance
	Global by way of the Subscription
''Listing Rules''	the Rules Governing the Listing of Securities of the Stock
	Exchange
''Manager''	TAR Fund Management (Cayman) Limited, a company
	incorporated under the laws of the Cayman Islands
''Participating Shares''	participating, non-redeemable,non-voting shares of par
	value of US$0.01 each in the share capital of TAR SPC
	attributable to the Fund
''Portfolio Investment''	an interest (whether direct or indirect) in an asset or rights
	in the nature of an investment acquired or to be acquired by
	TAR SPC or on TAR SPC's behalf
''Share(s)''	the ordinary share(s) of the Company
''Shareholder(s)''	the holder(s) of the issued Shares of the Company
''Stock Exchange''	The Stock Exchange of Hong Kong Limited
''Subscription''	subscription of the Participating Shares by Alliance Global
	pursuant to the Subscription Agreement
''Subscription Agreement''	the agreement entered into between Alliance Global and
	TAR SPC dated 29 December 2016, pursuant to which
	Alliance Global has agreed to subscribe for Participating
	Shares in the Fund at a total consideration of
	HK$50,000,000
''TAR SPC''	TAR Opportunities Fund SPC, a segregated portfolio
	company incorporated under the laws of the Cayman
	Islands with limited liability
''HK$''	Hong Kong dollars, the lawful currency of Hong Kong

- 6 -

''US$''	United States dollars, the lawful currency of the United
	States of America
''%''	per cent
	By order of the Board
	DeTai New Energy Group Limited
	Wong Hin Shek
	Chairman and Executive Director

Hong Kong, 27 December 2019

As at the date of this announcement, the executive Directors are Mr. Wong Hin Shek, Mr. Chi Chi Hung, Kenneth and Mr. Chan Wai Ki; the non-executive Directors are Mr. Chui Kwong Kau and Ms. Zhang Yudan; and the independent non-executive Directors are Mr. Chiu Wai On, Mr. Man Kwok Leung and Dr. Wong Yun Kuen.

- 7 -