DeTai New Energy : EXTENSION OF LONG STOP DATE AND FURTHER DELAY IN DESPATCH OF THE CIRCULAR IN RELATION TO DISCLOSEABLE AND EXEMPTED CONNECTED TRANSACTION

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)

EXTENSION OF LONG STOP DATE AND

FURTHER DELAY IN DESPATCH OF THE CIRCULAR

IN RELATION TO

DISCLOSEABLE AND EXEMPTED CONNECTED TRANSACTION

Reference is made to the announcements of DeTai New Energy Group Limited (the ''Company'') dated 15 July 2019, 5 August 2019, 19 August 2019, 2 September 2019, 16 September 2019 and 30 September 2019 respectively in respect of the Deed of Settlement and variation of terms of a major and exempted connected transaction in relation to the disposal of 49% equity interest in Perfect Essential Holdings Limited (the ''Announcements''). Unless otherwise specified, capitalised terms used herein shall have the same meanings as those defined in the Announcements.

Pursuant to the Deed of Settlement, if the Condition Precedent has not been fulfilled on or before 5:00 p.m. on 30 September 2019 (or such later date as agreed by the parties thereto in writing) (the ''Long Stop Date''), the Deed of Settlement shall cease and determine.

As additional time is required to satisfy the Condition Precedent, the Company, the Purchaser and the Guarantor have agreed to extend the Long Stop Date to 30 November 2019 (or such later date as agreed by the parties thereto in writing). Save and except for the aforesaid extension of the Long Stop Date, all other terms of the Deed of Settlement remain unchanged and are in full force and effect.

As disclosed in the Announcements, a circular containing, among other things, (i) further details in relation to the Deed of Settlement and the transactions contemplated thereunder;

1. other information as required by the Listing Rules; and (iii) the notice convening the SGM together with the proxy form in respect of the SGM, is expected to be despatched to the Shareholders on or before 14 October 2019.

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As additional time is required for the Company to prepare and finalise, among other matters, the information to be contained in the circular, the despatch date of the circular is expected to be delayed to a date falling on or before 28 October 2019.

By order of the Board

DeTai New Energy Group Limited

Wong Hin Shek

Chairman and Executive Director

Hong Kong, 14 October 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 Director is Mr. Chui Kwong Kau; and the independent non-executive Directors are Mr. Chiu Wai On, Mr. Man Kwok Leung and Dr. Wong Yun Kuen.

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