Doyen International : INSIDE INFORMATION DEFAULT IN RESPECT OF THE FINANCE LEASE AGREEMENT

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.

DOYEN INTERNATIONAL HOLDINGS LIMITED

東 銀 國 際 控 股 有 限 公 司

(incorporated in Hong Kong with limited liability)

(Stock Code: 668)

INSIDE INFORMATION

DEFAULT IN RESPECT OF

THE FINANCE LEASE AGREEMENT

This announcement is made by Doyen International Holdings Limited (the "Company") pursuant to Rule

13.09 of the Listing Rules and the Inside Information Provisions under Part XIVA of the SFO. Reference is made to the announcement of the Company dated 25 October 2018 in relation to the discloseable transaction regarding, among others, the sale and lease back arrangement pursuant to the Finance Lease Agreement (the "Announcement"). Unless otherwise stated, terms used in this announcement shall have the same meanings as those defined in the Announcement.

Pursuant to the terms of the Finance Lease Agreement, the lease rent shall be paid by Shaanxi Taibai to the JV Company in every three months in 12 installments, and the total lease rent payable by Shaanxi Taibai under the Finance Lease Agreement being RMB44,453,088 (equivalent to approximately HK$50.23 million).

Shaanxi Taibai did not pay the lease rent of RMB3,704,424 (equivalent to approximately HK$4.19 million) on 25 July 2019 which was due on the same day. On 9 August 2019, 23 September 2019 and 30 September 2019, Shaanxi Taibai paid the lease rent of RMB50,000 (equivalent to approximately HK$56,500), RMB30,000 (equivalent to approximately HK$33,900) and RMB50,000 (equivalent to approximately HK$56,500) respectively. As of the date of this announcement, Shaanxi Taibai has not yet paid the lease rent of RMB3,704,424 (equivalent to approximately HK$4.19 million) which was due in on 25 October 2019. The Company expects that there are material uncertainties regarding the performance of the payment of lease rent obligation by Shaanxi Taibai according to the Finance Lease Agreement. The Company has sought legal advice and is considering the available legal remedies, including but not limited to enforcing the guarantee agreement dated 25 October 2018 against the Guarantor.

The board of directors of the Company is currently assessing the financial impacts of this event on the Company. The Company will make further announcement(s) as and when appropriate in compliance with the Listing Rules and inform the shareholders and potential investors of any material development of this event.

By order of the Board

Doyen International Holdings Limited

Cho Chun Wai

Company Secretary and Executive Director

Hong Kong, 28 October 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, Mr. Leung Kin Hong and Mr. Wang Jin Ling as independent non-executive Directors.

For illustrative purpose of this announcement and unless otherwise specified, conversion of RMB into HK$ is based on the exchange rate of RMB1.00 = HK$1.13.

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