Doyen International : LAPSE OF AGREEMENT REGARDING (1) VERY SUBSTANTIAL ACQUISITION AND CONNECTED TRANSACTION IN RELATION TO THE ACQUISITION OF EQUITY INTEREST IN DOYEN SHELL; AND (2) VERY SUBSTANTIAL DISPOSAL AND CONNECTED TRANSACTION IN RELATION TO THE DISPOSAL OF EQUITY INTEREST IN DOYEN SHELL

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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)

LAPSE OF AGREEMENT REGARDING

1. VERY SUBSTANTIAL ACQUISITION AND CONNECTED TRANSACTION IN RELATION TO THE ACQUISITION OF EQUITY INTEREST IN DOYEN SHELL;

AND

1. VERY SUBSTANTIAL DISPOSAL AND CONNECTED TRANSACTION IN RELATION TO THE DISPOSAL OF EQUITY INTEREST IN DOYEN SHELL

Reference is made to (i) the announcement of Doyen International Holdings Limited (the "Company", together with its subsidiaries, the "Group") dated 20 September 2019 (the "Loan Status Announcement") in relation to the status of certain loans granted by the Group to 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 Announcement and the VSA Announcements.

Pursuant to the Agreement (as supplemented), Completion is conditional upon the fulfillment of all of the Conditions by 30 September 2019. As the Conditions have not been fulfilled by 30 September 2019 and parties to the Agreement have not agreed on any further extension of the deadline for fulfillment of the Conditions, the Agreement has lapsed on 30 September 2019.

As disclosed in the Loan Status Announcement, the Company has engaged its PRC legal advisers to advise the Company regarding the Claim and the Property Preservation. The Company will make further announcement(s) to update its shareholders and investors if there are any material updates in relation to any action taken by the Company as and when appropriate.

By Order of the Board

Doyen International Holdings Limited

Cho Chun Wai

Company Secretary and Executive Director

Hong Kong, 2 October 2019

1

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.

2