Far East Horizon : Publication of the Offering Circular and Pricing Supplement - US$500,000,000 2.625 per cent. Notes due 2024 issued by Far East Horizon Limited under the US$4,000,000,000 Medium Term Note and Perpetual Securities Programme

March 03, 2021 at 11:07 pm EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement and the listing documents attached hereto, 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 and the listing documents attached hereto.

This announcement and the listing documents attached hereto are for information purposes only and do not constitute an invitation or offer to acquire, purchase or subscribe for the securities referred to herein.

This announcement and the listing document referred to herein have been published for information purposes only as required by the Listing Rules and do not constitute an offer to sell nor a solicitation of an offer to buy any securities. Neither this announcement nor anything referred to herein (including the listing document) forms the basis for any contract or commitment whatsoever. For the avoidance of doubt, the publication of this announcement and the listing document referred to herein shall not be deemed to be an offer of securities made pursuant to a prospectus issued by or on behalf of the Company for the purposes of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong nor shall it constitute an advertisement, invitation or document containing an invitation to the public to enter into or offer to enter into an agreement to acquire, dispose of, subscribe for or underwrite securities for the purposes of the Securities and Futures Ordinance (Cap. 571) of Hong Kong.

This announcement and the listing documents attached hereto do not constitute or form a part of any offer or solicitation to purchase or subscribe for securities of the Company in or into the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) or in any other jurisdiction. The securities referred to herein have not been and will not be registered under the Securities Act, or the securities laws of any State of the United States or other jurisdiction, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act ("Regulation S")) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state or local securities laws. This announcement, and listing documents attached hereto and the information contained herein are not for distribution, directly or indirectly, in or into the United States or to U.S. Persons (as defined in Regulation S under the Securities Act) or in any other jurisdiction. The securities will be offered only outside the United States to non-U.S. Persons (as defined in Regulation S under the Securities Act) in reliance on Regulation S. No public offering of the securities will be made in or into the United States or to U.S. Persons (as defined in Regulation S under the Securities Act) or to the public in Hong Kong or in any other jurisdiction where such an offering is restricted or prohibited.

Notice to Hong Kong investors: The Company confirms that the Notes are intended for purchase by professional investors only (as defined in Chapter 37 of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange")) and have been listed on the Hong Kong Stock Exchange on that basis. Accordingly, the Company confirms that the Notes are not appropriate as an investment for retail investors in Hong Kong. Investors should carefully consider the risks involved.

FAR EAST HORIZON LIMITED

(the "Company")

(Incorporated in Hong Kong with limited liability)

(Stock Code: 3360)

Issue of US$500,000,000 2.625 per cent. Notes due 2024 (the "Notes")

(Stock Code: 40606)

under the US$4,000,000,000 Medium Term Note and Perpetual Securities Programme

(the "Programme")

This announcement is issued pursuant to Rule 37.39A of the Listing Rules on the Hong Kong Stock Exchange.

Please refer to the offering circular dated 22 September 2020 in relation to the Programme (the "Offering Circular"), the pricing supplement dated 24 February 2021 in relation to the Notes (the "Pricing Supplement"), each appended hereto (the Offering Circular and the Pricing Supplement together, the "Listing Documents", and each a "Listing Document"). As disclosed in the Listing Documents, the Notes are intended for purchase by professional investors only (as defined in Chapter 37 of the Listing Rules) and have been listed on the Hong Kong Stock Exchange on that basis.

None of the Listing Documents constitutes a prospectus, notice, circular, brochure or advertisement offering to sell any securities to the public in any jurisdiction, nor is any Listing Document an invitation to the public to make offers to subscribe for or purchase any securities, nor is any Listing Document circulated to invite offers by the public to subscribe for or purchase any securities.

None of the Listing Documents should be regarded as an inducement to subscribe for or purchase any Notes of the Company and no such inducement is intended. No investment decision should be made based on the information contained in the Listing Documents.

By order of the Board

Far East Horizon Limited

KONG Fanxing

Chief Executive Officer and Executive Director

Hong Kong, 4 March 2021

As at the date of this announcement, the executive directors of the Company are Mr. KONG Fanxing and Mr. WANG Mingzhe, the non-executive directors of the Company are Mr. NING Gaoning (Chairman), Mr. YANG Lin, Mr. LIU Haifeng David, Mr. KUO Ming-Jian and Mr. John LAW, and the independent non-executive directors of the Company are Mr. CAI Cunqiang, Mr.

HAN Xiaojing, Mr. LIU Jialin and Mr. YIP Wai Ming.

TABLE OF CONTENTS

OFFERING CIRCULAR DATED 22 SEPTEMBER 2020 PRICING SUPPLEMENT DATED 24 FEBRUARY 2021

IMPORTANT NOTICE

NOT FOR DISTRIBUTION TO ANY PERSON OR ADDRESS IN THE UNITED STATES

THIS OFFERING IS AVAILABLE ONLY TO INVESTORS WHO ARE EITHER (1) QIBs (AS DEFINED BELOW) UNDER RULE 144A UNDER THE SECURITIES ACT (AS DEFINED BELOW) ("RULE 144A") OR (2) NON-U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (AS DEFINED BELOW) ("REGULATIONS")) PURCHASING THE SECURITIES OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN RELIANCE ON REGULATION S.

IMPORTANT: You must read the following before continuing. The following applies to the offering circular following this page (the "Offering Circular"), and you are therefore advised to read this carefully before reading, accessing or making any other use of the Offering Circular. In accessing the Offering Circular, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access.

NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, AND THE SECURITIES MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS.

THIS OFFERING CIRCULAR MAY NOT BE FORWARDED OR DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER AND, IN PARTICULAR, MAY NOT BE FORWARDED TO ANY US ADDRESS. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS DIRECTIVE MAY RESULT IN A VIOLATION OF THE SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS.

Confirmation of your Representation: In order to be eligible to view the following Offering Circular or make an investment decision with respect to the securities, investors must be either (I) qualified institutional buyers ("QIBs") (within the meaning of Rule 144A under the Securities Act) or (II) non-U.S. persons eligible to purchase the securities outside the United States in an offshore transaction in reliance on Regulation S under the Securities Act. By accepting the e-mail and accessing the following Offering Circular, you shall be deemed to have represented to us that (1) you and any customers you represent are either (a) QIBs or (b) non-U.S. persons eligible to purchase the securities outside the United States in an offshore transaction in reliance on Regulation S under the Securities Act and that the electronic e-mail address that you gave us and to which this e-mail has been delivered is not located in the United States and (2) that you consent to the delivery of such Offering Circular by electronic transmission.

You are reminded that this Offering Circular has been delivered to you on the basis that you are a person into whose possession this Offering Circular may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver this Offering Circular to any other person.

The materials relating to the offering of securities to which this Offering Circular relates do not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. If a jurisdiction requires that the offering be made by a licensed broker or dealer and the underwriters or any affiliate of the underwriters is a licensed broker or dealer in that jurisdiction, the offering shall be deemed to be made by the underwriters or such affiliate on behalf of the Issuer (as defined in this Offering Circular) in such jurisdiction.

This Offering Circular has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently neither the Issuer, DBS Bank Ltd. nor Standard Chartered Bank (Hong Kong) Limited (the "Arrangers") nor Agricultural Bank of China Limited Hong Kong Branch nor Australia and New Zealand Banking Group Limited nor China International Capital Corporation Hong Kong Securities Limited nor Citigroup Global Markets Limited nor DBS Bank Ltd. nor Deutsche Bank AG, Hong Kong Branch nor The Hongkong and Shanghai Banking Corporation Limited nor Industrial and Commercial Bank of China (Asia) Limited nor Standard Chartered Bank nor Standard Chartered Bank (Hong Kong) Limited nor UBS AG, Hong Kong Branch (the "Dealers"), nor any person who controls the Arrangers or the Dealers, nor any director, officer, employee or agent of the Issuer or the Arrangers or the Dealers, or affiliate of any such person, accepts any liability or responsibility whatsoever in respect of any difference between the Offering Circular distributed to you in electronic format and the hard copy version available to you on request from the Arrangers or the Dealers.

You are responsible for protecting against viruses and other destructive items. Your use of this e-mail is at your own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of a destructive nature.

(incorporated in Hong Kong with limited liability)

(Stock Code: 3360)

U.S.$4,000,000,000

Medium Term Note and Perpetual Securities Programme

Under the Medium Term Note and Perpetual Securities Programme described in this Offering Circular (the "Programme"), Far East Horizon Limited (the "Issuer"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue medium term notes (the "Notes") and perpetual securities (the "Securities" and together with the Notes, the "Instruments"). The aggregate nominal amount of Instruments outstanding will not at any time exceed U.S.$4,000,000,000 (or the equivalent in other currencies), subject to increase as described herein. Notes may be issued in bearer or registered form. Securities shall be issued in registered form. Instruments may be issued on a continuing basis to one or more of the Dealers specified under "Summary of the Programme" and any additional Dealer the Issuer may appoint under the Programme from time to time (each a "Dealer" and together the "Dealers"), which appointment may be for a specific issue or on an ongoing basis. References in this Offering Circular to the "relevant Dealer" shall, in the case of an issue of Instruments being (or intended to be) subscribed for by more than one Dealer, be to all Dealers agreeing to subscribe for such Instruments.

Application has been made to The Stock Exchange of Hong Kong Limited (the "HKSE") for the listing of the Programme during the 12-month period from the date of this Offering Circular on the HKSE by way of debt issues to professional investors (as defined in Chapter 37 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and in the Securities and Futures Ordinance (Cap. 571) of Hong Kong (the "SFO")), (together, the "Professional Investors") only. This document is for distribution to Professional Investors only. Investors should not purchase the Instruments in the primary or secondary markets unless they are Professional Investors and understand the risks involved. The Instruments are only suitable for Professional Investors.

Notice to Hong Kong investors: The Issuer confirms that the Instruments are intended for purchase by professional investors only (as defined in the Securities and Futures Ordinance (Cap 571) and Rules made thereunder) and will be listed on the HKSE on that basis. Accordingly, the Issuer confirms that the Instruments are not appropriate as an investment for retail investors in Hong Kong. Investors should carefully consider the risks involved.

The HKSE has not reviewed the contents of this document, other than to ensure that the prescribed form disclaimer and responsibility statements, and a statement limiting distribution of this document to Professional Investors only, have been reproduced in this document. Listing of the Programme and the Instruments on the HKSE is not to be taken as an indication of the commercial merits or credit quality of the Programme, the Instruments or the Issuer or quality of disclosure in this document. Hong Kong Exchanges and Clearing Limited and the HKSE take no responsibility for the contents of this document, 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 document.

The listing of the Programme is expected to become effective on or about 23 September 2020. Unlisted Instruments and Instruments to be listed, traded or quoted on or by any other competent authority, stock exchange or quotation system may be issued pursuant to the Programme. The relevant Pricing Supplement (as defined in "Summary of the Programme") in respect of the issue of any Instruments will specify whether or not such Instruments will be listed on the HKSE (or listed, traded or quoted on or by any other competent authority, other exchange or quotation system). Instruments listed on the HKSE will be traded on the HKSE in a board lot size of at least HK$500,000 (or its equivalent in other currencies). Notice of the aggregate nominal amount of any Instrument, interest (if any) payable in respect of Notes, distribution (if any) payable in respect of Securities, the issue price of Instruments and any other terms and conditions not contained herein which are applicable to each series of Instruments will be set out in the relevant Pricing Supplement which, with respect to Instruments to be listed on the HKSE, will be delivered to the HKSE, on or before the date of issue of such series of Instruments.

Each Series (as defined in "Summary of the Programme") of the Notes in bearer form ("Bearer Notes") will be represented on issue by a temporary global note in bearer form (each a "temporary Global Note") or a permanent global note in bearer form (each a "permanent Global Note") (collectively, the "Global Notes"). Interests in temporary Global Notes generally will be exchangeable for interests in permanent Global Notes or, if so stated in the relevant Pricing Supplement, definitive Notes ("Definitive Notes"), after the date falling 40 days after the later of the commencement of the offering and the relevant issue date of such Tranche upon certification as to non-US beneficial ownership. Interests in permanent Global Notes will be exchangeable for Definitive Notes in whole but not in part, as described under "Form of the Instruments". Instruments in registered form will be represented by registered certificates (each a "Certificate"), one Certificate being issued in respect of each Noteholder's or Securityholder's entire holding of the Instruments in registered form of one Series. Global Notes and Global Certificates (as defined below) may be deposited on the issue date with a common depositary on behalf of Euroclear Bank SA/NV ("Euroclear") and Clearstream Banking S.A. ("Clearstream") (the "Common Depositary") or with a sub-custodian for the Central Moneymarkets Unit Service, operated by the Hong Kong Monetary Authority (the "CMU " or " CMU Service").

Where applicable for a relevant Tranche of Instruments, the Instruments will be issued within the quota granted pursuant to the Circular on Promoting the Reform of the Administrative System on the Issuance by Enterprises of Foreign Debt and Registrations (Fa Gai Wai Zi [2015] No. 2044) (਷࢕೯࢝ҷࠧ։ᗫ׵પආΆุ೯Б̮ව௪ࣩ೮াՓ၍ଣҷࠧٙஷٝ(೯ҷ̮༟)[2015]2044໮) by the National Development and Reform Commission (the "NDRC") which came into effect on 14 September 2015 (the "NDRC Circular") and other applicable implementation rules, regulations, certificates, circulars, notices or policies thereof as issued by the NDRC from time to time. After the issuance of such relevant Tranche of Instruments, the Issuer intends to provide the requisite information on the issuance of such Instruments to the NDRC within the time period as required by the NDRC.

The Instruments have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"). The Instruments are being offered and sold by the Dealers outside the United States in accordance with Regulation S of the Securities Act ("Regulation S") and, if in the United States, only to qualified institutional buyers ("QIBs") in reliance on Rule 144A under the Securities Act ("Rule 144A"). Prospective investors are hereby notified that sellers of Instruments may be relying on the exemption from provisions of Section 5 of the Securities Act provided by Rule 144A. Any Series of Instruments may be subject to additional selling restrictions. The relevant Pricing Supplement in respect of such Series of Instruments will specify any such restrictions. See "Subscription and Sale" and the relevant Pricing Supplement. Registered Instruments are subject to certain restrictions on transfer as described in "Subscription and Sale."

MiFID II product governance/target market - The Pricing Supplement in respect of any Instruments may include a legend entitled "MiFID II Product Governance" which will outline the target market assessment in respect of the Instruments and which channels for distribution of the Instruments are appropriate. Any person subsequently offering, selling or recommending the Instruments (a "distributor") should take into consideration the target market assessment; however, a distributor subject to Directive 2014/65/EU (as amended, "MiFID II") is responsible for undertaking its own target market assessment in respect of the Instruments (by either adopting or refining the target market assessment) and determining appropriate distribution channels.

A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any Dealer subscribing for any Instruments is a manufacturer in respect of such Instruments, but otherwise neither the Arrangers nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MiFID Product Governance Rules.

PRIIPs/IMPORTANT - EEA AND UK RETAIL INVESTORS - If the Pricing Supplement in respect of any Instruments includes a legend entitled "Prohibition of Sales to EEA and UK Retail Investors", the Instruments are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA") or in the United Kingdom (the "UK"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II); or (ii) a customer within the meaning of Directive (EU) 2016/97 (the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the Instruments or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling the Instruments or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.

PRODUCT CLASSIFICATION PURSUANT TO SECTION 309B OF THE SECURITIES AND FUTURES ACT (CHAPTER 289 OF SINGAPORE)

The Issuer will make a determination in relation to each issue about the classification of the Instruments being offered for purposes of section 309B(1)(a). Any such legend included on the relevant Pricing Supplement will constitute notice to "relevant persons" for purposes of section 309B(1)(c) of the SFA.

BENCHMARKS REGULATION: Interest and/or other amounts payable under the Instruments may be calculated by reference to certain reference rates. Any such reference rate may constitute a benchmark for the purposes of Regulation (EU) 2016/1011 (the "Benchmark Regulation"). If any such reference rate does constitute such a benchmark, the applicable Pricing Supplement will indicate whether or not the benchmark is provided by an administrator included in the register of administrators and benchmarks established and maintained by the European Securities and Markets Authority ("ESMA") pursuant to Article 36 of the Benchmark Regulation. Not every reference rate will fall within the scope of the Benchmark Regulation. Transitional provisions in the Benchmark Regulation may have the result that the administrator of a particular benchmark is not required to appear in the register of administrators and benchmarks at the date of the relevant Pricing Supplement (or, if located outside the European Union, recognition, endorsement or equivalence). The registration status of any administrator under the Benchmark Regulation is a matter of public record and, save where required by applicable law, the Issuer does not intend to update the relevant Pricing Supplement to reflect any change in the registration status of the administrator.

The Programme is rated "BBB-" by Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors ("S&P"). The ratings assigned to the Programme are only applicable to the Notes; ratings in respect of the Securities issued may be separately obtained. These ratings are only correct as at the date of this Offering Circular. Instruments issued under the Programme may be rated or unrated. Where a Tranche of Instruments is to be rated, such rating will not necessarily be the same as the ratings assigned to the Programme. Where an issue of Instruments is rated, its rating will not necessarily be the same as the rating applicable to the Programme. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the assigning rating agency. Instruments in registered form ("Registered Instruments") and which are being offered and sold in accordance with Regulation S ("Unrestricted Instruments") will initially be represented by a permanent registered global certificate of the Notes or, as the case may be, of the Securities (each an "Unrestricted Global Certificate") without interest coupons. Registered Instruments that are being offered and sold in reliance on Rule 144A ("Restricted Instruments") will bear the Securities Act Legend (as defined in each of the notes trust deed dated 31 May 2017 (the "Notes Trust Deed") and the securities trust deed dated 31 May 2017 (the "Securities Trust Deed")) and will initially be represented by a registered global certificate of the Notes or, as the case may be, of the Securities (each, a "Restricted Global Certificate", and together with the Unrestricted Global Certificates, the "Global Certificates"), without interest coupons. The Global Certificates of the Notes and of the Securities will each be deposited on the relevant issue date with (i) a custodian (the "Custodian") for, and registered in the name of a nominee for, The Depository Trust Company ("DTC") or (ii) a common depositary on behalf of Euroclear and Clearstream or, as the case may be, a sub-custodian for the CMU. Beneficial interests in Global Certificates will be shown on, and transfers thereof will be effected only through records maintained by Euroclear and Clearstream, the CMU and DTC and their account holders.

Prospective investors should have regard to the factors described under the section headed "Risk Factors" in this Offering Circular in connection with an investment in Instruments.

Arrangers

DBS Bank Ltd.	Standard Chartered Bank
Dealers
Agricultural Bank of China Limited	ANZ	China International
Hong Kong Branch	Capital Corporation

Citigroup DBS Bank Ltd. Deutsche Bank HSBC ICBC (Asia) Standard Chartered Bank UBS

The date of this Offering Circular is 22 September 2020

The Issuer having made all reasonable enquiries, confirms that, to the best of its knowledge and belief, (i) this Offering Circular contains all information with respect to the Issuer, the Issuer and its subsidiaries taken as a whole (the "Group") and the Instruments that is material in the context of the issue and offering of the Instruments, (ii) the statements contained in it relating to the Issuer and the Group are in every material particular true and accurate and not misleading in any material respect, (iii) the opinions and intentions expressed in this Offering Circular with regard to the Issuer and the Group are honestly held, have been reached after considering all relevant circumstances and are based on reasonable assumptions, (iv) there are no other facts in relation to the Issuer, the Group, and the Instruments, the omission of which would, in the context of the issue and offering of the Instruments, make any statement in this Offering Circular misleading in any material respect and (v) all reasonable enquiries have been made by the Issuer to ascertain such facts and to verify the accuracy of all such information and statements.

Each Tranche (as defined in "Summary of the Programme") of the Notes will be issued on the terms set out herein under "Terms and Conditions of the Notes" (the "Notes Conditions") and each Tranche (as defined in "Summary of the Programme") of the Securities will be issued on the terms set out herein under "Terms and Conditions of the Securities" (the "Securities Conditions" and together with the Notes Conditions, the "Conditions"). The Conditions of any Tranche of Instruments may be amended and/or supplemented by a document specific to such Tranche called a pricing supplement (the "Pricing Supplement"). This Offering Circular and Pricing Supplement must be read and construed together with any amendments or supplements hereto and with any information incorporated by reference herein and, in relation to any Tranche of Instruments, must be read and construed together with the relevant Pricing Supplement.

MiFID II product governance/target market - The Pricing Supplement may include a legend entitled "MiFID II Product Governance" which will outline the target market assessment in respect of the Instruments and which channels for distribution of the Instruments are appropriate. A distributor should take into consideration the target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Instruments (by either adopting or refining the target market assessment) and determining appropriate distribution channels.

A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product Governance Rules, any Dealer subscribing for any Instruments is a manufacturer in respect of such Instruments, but otherwise neither the Arrangers nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the MiFID Product Governance Rules.

PRIIPs/IMPORTANT - EEA AND UK RETAIL INVESTORS - If the Pricing Supplement in respect of any Instruments includes a legend entitled "Prohibition of Sales to EEA and UK Retail Investors", the Instruments are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA or in the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II); or (ii) a customer within the meaning of Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently no key information document required by the PRIIPs Regulation for offering or selling the Instruments or otherwise making them available to retail investors in the EEA or in the UK has been prepared and therefore offering or selling the Instruments or otherwise making them available to any retail investor in the EEA or in the UK may be unlawful under the PRIIPs Regulation.

This Offering Circular and Pricing Supplement is to be read in conjunction with all documents which are deemed to be incorporated herein by reference (see "Documents Incorporated by Reference"). This Offering Circular shall be read and construed on the basis that such documents are incorporated in, and form part of, this Offering Circular.

PRODUCT CLASSIFICATION PURSUANT TO SECTION 309B OF THE SFA

The Pricing Supplement in respect of any Instruments may include a legend entitled "Singapore Securities and Futures Act Product Classification" which will state the product classification of the Instruments pursuant to section 309B(1) of the SFA. The Issuer will make a determination in relation to each issue about the classification of the Instruments being offered for purposes of section 309B(1)(a). Any such legend included on the relevant Pricing Supplement will constitute notice to "relevant persons" for purposes of section 309B(1)(c) of the SFA.

No person has been authorised to give any information or to make any representation other than those contained in this Offering Circular in connection with the issue or sale of any Instruments and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of any of the Issuer, the Arrangers, any of the Dealers, the Trustee and the Agents (each as defined in "Summary of the Programme"). Neither the delivery of this Offering Circular or any Pricing Supplement nor any sale made in connection herewith shall, under any circumstances, create any implication that there has been no change in the affairs of the Issuer or the Group since the date hereof or the date upon which this Offering Circular has been most recently amended or supplemented or that there has been no adverse change in the financial position of the Issuer or the Group since the date hereof or the date upon which this Offering Circular has been most recently amended or supplemented or that any other information supplied in connection with the Programme is correct as of any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same.

None of the Issuer, the Arrangers, the Dealers, the Trustee or the Agents represents that this Offering Circular may be lawfully distributed, or that any Instruments may be lawfully offered, in compliance with any applicable registration or other requirements in any jurisdiction, or pursuant to any available exemption, or assumes any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by the Issuer, the Arrangers, the Dealers, the Trustee or the Agents which would permit a public offering of any Instruments or distribution of this Offering Circular in any jurisdiction where action for that purpose is required. Accordingly, no Instruments may be offered or sold, directly or indirectly, and neither this Offering Circular, any Pricing Supplement nor any advertisement or other offering material may be distributed or published in any jurisdiction, except under circumstances that will result in compliance with any applicable laws and regulations.

The distribution of this Offering Circular and any Pricing Supplement and the offering or sale of the Instruments in certain jurisdictions may be restricted by law. Persons into whose possession this Offering Circular or any Pricing Supplement comes are required by the Issuer, the Arrangers and the Dealers to inform themselves about and to observe any such restriction. The Instruments have not been and will not be registered under the Securities Act or with any securities regulatory authority of any state or other jurisdiction of the United States and the Notes may include Notes in bearer form that are subject to U.S. tax law requirements. The Instruments may not be offered or sold within the United States except in certain transactions exempt from, or not subject to, the registration requirements of the Securities Act.

The Instruments are being offered and sold, in the case of Bearer Notes and Unrestricted Instruments outside the United States, in reliance on Regulation S and, in the case of Restricted Instruments, within the United States to QIBs in reliance on Rule 144A. Prospective purchasers are hereby notified that sellers of the Instruments may be relying on the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Any Series of Instruments may be subject to additional selling restrictions. The relevant Pricing Supplement in respect of such Series of Instruments will specify any such restrictions. See "Subscription and Sale" and the relevant Pricing Supplement. Registered Instruments are subject to certain restrictions on transfer as described in "Subscription and Sale." The Issuer is not, and the Arrangers andDealers are not, making an offer to sell the Instruments in any jurisdiction where such offer or sale would be unlawful. The Instruments are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and applicable state securities laws pursuant to registration thereunder or exemption therefrom. Prospective purchasers should be aware that they might be required to bear the financial risks of an investment in the Instruments for an indefinite period of time.

For a more complete description of these and certain further restrictions on offers, sales and transfers of Instruments and distribution of this Offering Circular, see "Subscription and Sale" and "Transfer Restrictions" in this Offering Circular.

NEITHER THE PROGRAMME NOR THE INSTRUMENTS HAVE BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC"), ANY STATE SECURITIES COMMISSION IN THE UNITED STATES OR ANY OTHER U.S. REGULATORY AUTHORITY, NOR HAS ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF ANY OFFERING OF INSTRUMENTS OR THE ACCURACY OR ADEQUACY OF THIS BASE PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

Neither this Offering Circular nor any Pricing Supplement constitutes an offer of, or an invitation by or on behalf of the Issuer, the Arrangers, the Dealers, the Trustee or the Agents to subscribe for or purchase, any Instruments.

This Offering Circular includes particulars given in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKSE Rules") for the purpose of giving information with regard to the Issuer. The Issuer accepts full responsibility for the accuracy of the information contained in this Offering Circular and confirms, having made all reasonable enquiries, that to the best of its knowledge and belief there are no other facts the omission of which would make any statement herein misleading. This Offering Circular is to be read in conjunction with all documents which are deemed to be incorporated herein by reference (see "Documents Incorporated by Reference"). This Offering Circular shall be read and construed on the basis that such documents are incorporated and form part of this Offering Circular.

None of the Arrangers, the Dealers, the Trustee or the Agents has separately verified the information contained in this Offering Circular. To the fullest extent permitted by law, none of the Arrangers, the Dealers, the Trustee or the Agents makes any representation, warranty or undertaking, express or implied, or accepts any responsibility, with respect to the accuracy or completeness of any of the information in this Offering Circular. To the fullest extent permitted by law, none of the Arrangers, the Dealers, the Trustee or the Agents accepts any responsibility for the contents of this Offering Circular, or for any other statement made or purported to be made by an Arranger, a Dealer, the Trustee or an Agent, or on its behalf, in connection with the Issuer, the Group or the issue and offering of the Instruments in this Offering Circular. The Arrangers, each Dealer, the Trustee and each Agent accordingly disclaim all and any liability whether arising in tort or contract or otherwise (save as referred to above) which it might otherwise have in respect of this Offering Circular or any such statement. Neither this Offering Circular nor any other information provided or incorporated by reference in connection with the Programme is intended to provide the basis of any credit or other evaluation and should not be considered as a recommendation by any of the Issuer, the Arrangers, the Dealers, the Trustee or the Agents that any recipient of this Offering Circular or of any such information should purchase the Instruments. Each potential purchaser of the Instruments should make its own independent investigation of the financial condition and affairs, and its own appraisal of the creditworthiness, of the Issuer and the Group. Each potential purchaser of the Instruments should determine for itself the relevance of the information contained in this Offering Circular and its purchase of the Instruments should be based upon such investigation as it deems necessary.

None of the Arrangers, the Dealers, the Trustee or the Agents undertakes to review the financial condition or affairs of the Issuer or the Group during the life of the arrangements contemplated by this Offering Circular or to advise any investor or potential investor in the Instruments of any information coming to the attention of any of the Arrangers, the Dealers, the Trustee or the Agents.

In connection with the issue of the Instruments, the Dealer or Dealers (if any) named as the stabilisation manager(s) (the "Stabilisation Manager(s)") (or persons acting on behalf of any Stabilisation Manager) in the relevant Pricing Supplement may over-allot Instruments or effect transactions with a view to supporting the price of the Instruments at a level higher than that which might otherwise prevail for a limited period after the Issue Date. However, there is no obligation on such Stabilisation Manager(s) (or persons acting on behalf of the Stabilisation Manager(s)) to do this. Such stabilising, if commenced, may be discontinued at any time, and must be brought to an end after a limited period. Such stabilising shall be in compliance with all applicable laws, regulations and rules.

In this Offering Circular, unless otherwise specified or the context otherwise requires, references to "Hong Kong " or " Hong Kong SAR" are to the Hong Kong Special Administrative Region of the People's Republic of China, to the "PRC" are to the People's Republic of China excluding Hong Kong, the Macau Special Administrative Region of the PRC and Taiwan, to "HK$" are to Hong Kong dollars, to "CNY" or" RMB" are to Renminbi, the currency of the People's Republic of China, to "JPY" or to Japanese Yen, to" U.S.$ " or " USD" are to U.S. dollars, to "sterling " or " £" are to the currency of the United Kingdom and to "euro " or " C" are to the lawful currency of member states of the European Union ("Member States") that adopt the single currency introduced in accordance with the Treaty establishing the European Community, as amended from time to time.

Certain figures included in this Offering Circular have been subject to rounding adjustments; accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures which precede them.

NOTICE TO NEW HAMPSHIRE RESIDENTS

NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENCE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES ANNOTATED, 1955 ("RSA 421-B"), WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF NEW HAMPSHIRE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF

THIS PARAGRAPH.

ENFORCEABILITY OF JUDGMENTS

The Issuer is a corporation organised under the laws of Hong Kong. All or a substantial portion of the assets of the Issuer are located outside the United States. In addition, substantially all of its officers and directors reside outside the United States and a substantial part of the assets of these persons are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon the Issuer or to enforce against the Issuer based on judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any State or territory within the United States.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Offering Circular includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the United States Securities and Exchange Act of 1934 (the "Exchange Act"). The words "anticipate", "believe", "expect", "plan", "intend", "targets", "aims", "estimate", "project", "will", "would", "may", "could", "continue" and similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact included in this Offering Circular, including, without limitation, those regarding the Group's financial position, business strategy, management plans and objectives for future operations, are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Group's actual results, performance or achievements, or industry results, to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the Group's present and future business strategies and the environment in which the Group expects to operate in the future. Important factors that could cause the Group's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among other factors referenced in this Offering Circular:

• the competitive industries in which the Group operates;
• industry risks in the financial leasing business;
• general economic, political and social conditions and developments in the PRC and other jurisdictions in which the Group operates;
• the Group's ability to meet financial and other covenants provided under its financing agreements;
• legal proceedings and regulatory investigations; and
• other risks identified in the "Risk Factors" section of this Offering Circular.

Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to, those discussed under "Risk Factors". Forward-looking statements speak only as of the date of this Offering Circular and the Issuer expressly disclaims any obligation or undertaking to update publicly or revise any forward-looking statements in this Offering Circular to reflect any change in the Group's expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Given the uncertainties of forward-looking statements, there can be no assurance that projected results or events will be achieved and undue reliance should not be placed on these statements.

AVAILABLE INFORMATION

The Issuer has agreed that, for so long as any Instruments are "restricted securities" as defined in Rule 144(a)(3) under the Securities Act, the Issuer will during any period in which it is neither subject to section 13 or 15(d) of the Exchange Act, nor exempted from reporting thereunder pursuant to Rule 12g3-2(b) under the Exchange Act, furnish, upon request, to any holder or beneficial owner of such restricted securities or any prospective purchaser of such restricted securities designated by any such holder or beneficial owner or to the Trustee for delivery to such holder, beneficial owner or prospective purchaser, in each case upon the request of such holder, beneficial owner or, prospective purchaser or, as the case may be, the Trustee, the information specified in, and meeting the requirements of, Rule 144A(d)(4) of the

Securities Act.

viii

PRESENTATION OF FINANCIAL INFORMATION

The audited consolidated financial information of the Group as of and for the years ended 31 December 2017, 2018 and 2019 has been prepared and presented in accordance with Hong Kong Financial Reporting Standards ("HKFRS") and interpretation promulgated by the Hong Kong Institute of Certified Public Accountants and is included in this Offering Circular (which have been audited by Ernst & Young, Certified Public Accounts).

The audited consolidated financial information of the Group as of and for the year ended 31 December 2017 included in this Offering Circular is derived from the Issuer's consolidated financial statements for the year ended 31 December 2018 as comparative, whereby the presentation of the consolidated statement of comprehensive income is different from that included in the Issuer's consolidated financial statements for the year ended 31 December 2017. These changes in presentation have had no impact on the reported profit for the year ended 31 December 2017 or any other financial statements as at and for the year ended 2017.

The audited consolidated financial information of the Group as of and for the year ended 31 December 2018 included in this Offering Circular is derived from the Issuer's consolidated financial statements for the year ended 31 December 2019 as comparative, whereby the presentation of the consolidated statement of profit or loss and consolidated statement of financial position are different from that included in the Issuer's consolidated financial statements for the year ended 31 December 2018. These changes in presentation have had no impact on the reported profit for the year ended 31 December 2018 or any other financial statements as of and for the year ended 2018.

The unaudited but reviewed consolidated interim financial information as at and for the six months ended 30 June 2019 and 2020 of the Group included in this Offering Circular is derived from the Group's unaudited but reviewed consolidated interim report as at and for the six months ended 30 June 2020 as announced on 26 August 2020 (the "Interim Report"). The unaudited but reviewed consolidated interim financial information as at and for the six months ended 30 June 2019 and 2020 set forth in the Interim Report was prepared on the basis of the Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants and has not been audited by the Group's auditors. Consequently, such consolidated interim financial information and the Interim Report should not be relied upon by investors to provide the same quality of information associated with information that has been subject to an audit. Investors must exercise caution when using such data to evaluate the Group's financial condition and results of operations. Such unaudited but reviewed consolidated interim financial information as at and for the six months ended 30 June 2019 and 2020 should not be taken as an indication of the expected financial condition and results of operations of the Group for the full financial year ending 31 December 2020.

DOCUMENTS INCORPORATED BY REFERENCE

This Offering Circular should be read and construed in conjunction with the following:

(a) each relevant Pricing Supplement;
(b) all amendments and supplements from time to time to this Offering Circular; and
(c) the most recently published audited consolidated annual financial statements and any interim consolidated financial statements (whether audited or unaudited) published subsequent to the date of this Offering Circular from time to time,

each of which shall be deemed to be incorporated in, and to form part of, this Offering Circular and which shall be deemed to modify or supersede the contents of this Offering Circular to the extent that a statement contained in any such document is inconsistent with such contents. Copies of all such documents which are so deemed to be incorporated in, and to form part of, this Offering Circular will be available free of charge during usual business hours on any weekday (Saturdays and public holidays excepted) from the specified offices of the Paying Agents (except for document specified in (c) above, which will be available from the specified office of the Issuer) set out at the end of this Offering Circular. See "General Information" for a description of the financial statements currently published by the Group.

TABLE OF CONTENTS

SUMMARY OF THE PROGRAMME .........................................

SUMMARY FINANCIAL INFORMATION .....................................

RISK FACTORS .........................................................

TERMS AND CONDITIONS OF THE NOTES ..................................

TERMS AND CONDITIONS OF THE SECURITIES .............................

FORM OF THE INSTRUMENTS ............................................

USE OF PROCEEDS .....................................................

CAPITALISATION AND INDEBTEDNESS .....................................

DESCRIPTION OF THE GROUP ............................................

SUBSTANTIAL SHAREHOLDERS ...........................................

DIRECTORS ............................................................

TAXATION .............................................................

PRC CURRENCY CONTROLS .............................................

BOOK-ENTRY CLEARANCE PROCEDURE ...................................

TRANSFER RESTRICTIONS ...............................................

SUBSCRIPTION AND SALE ...............................................

FORM OF PRICING SUPPLEMENT OF THE NOTES ...........................

FORM OF PRICING SUPPLEMENT OF THE SECURITIES .......................

GENERAL INFORMATION ................................................

Page

1 14 19 51 87 118 125 126 127 171 173 178 182 185 191 194 201 214 220

INDEX TO FINANCIAL STATEMENTS .......................................

F-1

SUMMARY OF THE PROGRAMME

The following summary of the Programme does not purport to be complete and is qualified in its entirety by the remainder of this Offering Circular. This summary must be read as an introduction to this Offering Circular and any decision to invest in the Instruments should be based on a consideration of the Offering Circular as a whole, including any information incorporated by reference. Words and expressions defined in "Form of the Instruments", "Terms and Conditions of the Notes" and "Terms and Conditions of the

Securities" shall have the same meanings in this summary.

Issuer:

Far East Horizon Limited

Programme Size:

Up to U.S.$4 billion (or its equivalent in other currencies calculated as described in the Programme Agreement) outstanding at any time. The Issuer may increase the amount of the Programme in accordance with the terms of the Programme Agreement.

Arrangers:

DBS Bank Ltd.

Standard Chartered Bank (Hong Kong) Limited

Dealers:

Agricultural Bank of China Limited Hong Kong Branch Australia and New Zealand Banking Group Limited

China International Capital Corporation Hong Kong Securities Limited

Citigroup Global Markets Limited DBS Bank Ltd.

Deutsche Bank AG, Hong Kong Branch

The Hongkong and Shanghai Banking Corporation Limited Industrial and Commercial Bank of China (Asia) Limited Standard Chartered Bank

Standard Chartered Bank (Hong Kong) Limited UBS AG, Hong Kong Branch

Trustee: