Doyen International : Announcements and Notices - Voluntary Announcement in Relation to the Status of the Loans

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DOYEN INTERNATIONAL HOLDINGS LIMITED

東 銀 國 際 控 股 有 限 公 司

(incorporated in Hong Kong with limited liability)

(Stock Code: 668)

VOLUNTARY ANNOUNCEMENT IN RELATION TO

THE STATUS OF THE LOANS

Reference is made to (i) the announcements of Doyen International Holdings Limited (the "Company", together with its subsidiaries, the "Group") dated 18 January 2018, 11 April 2018, 3 July 2018, 31 October 2018 and 25 January 2019 (collectively, the "Loan Status Announcements") in relation to

the status of certain loans granted by the Group to Chongqing Doyen Holdings Group Co., Ltd.* ( 重 慶東銀控股集團有限公司) (the "Borrower"); and (ii) the announcements of the Company dated 28

December 2018, 15 February 2019, 28 February 2019 and 28 June 2019 (the "VSA Announcements") in relation to the Transfer of the Equity Interest in Doyen Shell. Unless otherwise stated, terms used in this announcement shall have the same meanings as those defined in the Loan Status Announcements and the VSA Announcements.

On 2 July 2019, the Company received a notice (the "Notice") from the Borrower which stated that Huarong has applied to the relevant PRC court such that the 51% equity interest in Doyen Shell owned by Shuorun Petrochemical ("Doyen Shell Equity Interest") be judicially preserved before litigation (" 訴前財產保全") (the "Property Preservation"). Based on public information, certain equity interest owned by Shuorun Petrochemical has been preserved since 27 June 2019.

The Notice further stated that subsequent to the Property Preservation, one of the following scenarios will occur: (1) within 30 days from the commencement of the Property Preservation, the Borrower and Huarong reach a consensus such that Huarong applies to the PRC court to withdraw the Property Preservation; (2) Huarong files a claim to the PRC court or applies for arbitration within 30 days from the commencement of the Property Preservation, subsequent to which the Borrower and Huarong can still reach a consensus under which Huarong would apply to the PRC court to withdraw the Property Preservation; or (3) where the Property Preservation is not withdrawn, and no claim or arbitration is filed or applied for by Huarong within 30 days from the commencement, the Property Preservation shall lapse after 30 days from its commencement. As such, the Borrower is actively negotiating with Huarong in order to reach an agreement under which Huarong would apply for the withdrawal of the Property Preservation.

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The Company is currently seeking PRC legal advice so as to verify the information as set out in the Notice as well as to ascertain, among other matters, the legal status of, and the implication of the Property Preservation on, the charges over the Doyen Shell Equity Interest in favour of the Group, the implication on the Agreements in relation to the Transfer of the Equity Interest in Doyen Shell by Shuorun Petrochemical and actions that need to be taken by the Company in order to protect its interest and the interest of its shareholders. The Company will make further announcement(s) to update its shareholders and investors if there are any material updates in relation to the Debt Restructuring and the preservation of the Doyen Shell Equity Interest as and when appropriate.

Shareholders and potential investors should exercise caution when dealing in the shares of the

Company.

By Order of the Board

Doyen International Holdings Limited

Cho Chun Wai

Company Secretary and Executive Director

Hong Kong, 2 July 2019

As at the date of this announcement, the Board comprises Mr. Lo Siu Yu (Chairman), Mr. Tai Xing (Chief Executive Officer) and Mr. Cho Chun Wai as executive Directors; Ms. Luo Shaoying (Vice Chairman), Mr. Pan Chuan and Mr. Qin Hong as non-executive Directors; and Mr. Chan Ying Kay, Dr. Zhu Wenhui and Mr. Wang Jin Ling as independent non-executive Directors.

*  For identification purposes only

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