Far East Horizon : DISCLOSEABLE TRANSACTIONS DISPOSAL OF UNDERLYING ASSETS

April 30, 2021 at 06:44 am EDT

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 Hong Kong with limited liability)

(Stock Code: 3360)

DISCLOSEABLE TRANSACTIONS

DISPOSAL OF UNDERLYING ASSETS

THE IFEFL DISPOSAL

The Board is pleased to announce that, on 30 April 2021, IFEFL, a direct wholly-owned subsidiary of the Company, and the Purchaser entered into the IFEFL Assets Disposal Agreement, pursuant to which, among other things, IFEFL has conditionally agreed to sell and the Purchaser has conditionally agreed to acquire the IFEFL Underlying Assets at the IFEFL Consideration of RMB1,605,538,547.28.

THE FETJ DISPOSAL

The Board is pleased to announce that, on 30 April 2021, FETJ, an indirect wholly-owned subsidiary of the Company, and the Purchaser entered into the FETJ Assets Disposal Agreement, pursuant to which, among other things, FETJ has conditionally agreed to sell and the Purchaser has conditionally agreed to acquire the FETJ Underlying Assets at the FETJ Consideration of RMB1,135,461,452.72.

LISTING RULES IMPLICATIONS

As the highest applicable percentage ratio (as defined in Rule 14.07 of the Listing Rules) in respect of the Disposal, being the IFEFL Disposal and the FETJ Disposal, on an aggregate basis, is more than 5% but less than 25%, the Disposal constitutes a discloseable transaction of the Company under Chapter 14 of the Listing Rules and is therefore subject to the notification and announcement requirements under the Listing Rules.

The Board is pleased to announce that,

on 30 April 2021, IFEFL, a direct wholly-owned subsidiary of the Company, and the Purchaser entered into the IFEFL Assets Disposal Agreement, pursuant to which, among other things, IFEFL has conditionally agreed to sell and the Purchaser has conditionally agreed to acquire the IFEFL Underlying Assets at the IFEFL Consideration of RMB1,605,538,547.28; and
on 30 April 2021, FETJ, an indirect wholly-owned subsidiary of the Company, and the Purchaser entered into the FETJ Assets Disposal Agreement, pursuant to which, among other things, FETJ has conditionally agreed to sell and the Purchaser has conditionally agreed to acquire the FETJ Underlying Assets at the FETJ Consideration of RMB1,135,461,452.72.

IFEFL ASSETS DISPOSAL AGREEMENT

Date:

30 April 2021

Parties:

Vendor: 遠東國際融資租賃有限公司 (International Far Eastern Financial Leasing Co., Ltd*), a direct wholly-owned subsidiary of the Company

Purchaser: 上海光大證券資產管理有限公司 (Shanghai Everbright Securities Asset Management Co., Ltd.*)

As advised by the Purchaser, as at the date of this announcement, to the best of the Directors' knowledge, information and belief, having made all reasonable enquiries, the Purchaser and its ultimate beneficial owner(s) were Independent Third Parties.

IFEFL Underlying Assets to be disposed of:

The IFEFL Underlying Assets represent the rights and interest (present and future, existing and contingent) of IFEFL pursuant to the underlying IFEFL Finance Leases as at the Record Date (inclusive). The IFEFL Underlying Assets include (1) all creditor's rights under the IFEFL Finance Leases from leasing the underlying leased property to the lessees, including the outstanding balance of principals, interests, penalty, liquidated damage, buy back price of the underlying leased property, the income from the disposal of the leased property as the payments to be made by the lessees to IFEFL and other payments to be made by lessees to IFEFL under the IFEFL Finance Leases as at the Record Date (inclusive); (2) all security rights and interests attached to all creditor's rights as stated in (1), except for those created by foreign entities for the benefit of IFEL (if any); (3) the proceeds from recovery, sale or otherwise disposal of the IFEFL Underlying Assets; (4) the right to request, sue, recover or receive all the payments in relation to the IFEFL Underlying Assets (no matter whether such payments are payable by the lessees under the IFEFL Finance Leases); and (5) interests arising from commitments in relation to the IFEFL Underlying Assets and all the rights and legal remedies arising from the IFEFL Underlying Assets.

As of the Record Date, the carrying value of the IFEFL Underlying Assets, being the amortised cost of lease receivables less any allowance for impairment, was approximately RMB1,585 million.

Upon the payment of the IFEFL Consideration, IFEFL shall cease to have any rights or interests in the IFEFL Underlying Assets. The Purchaser shall acquire all the rights in relation to the IFEFL Underlying Assets after the delivery date of such assets.

IFEFL Consideration:

The IFEFL Consideration payable by the Purchaser to IFEFL for the IFEFL Disposal of the IFEFL Underlying Assets shall be RMB1,605,538,547.28.

IFEFL and the Purchaser agreed that the value-added tax in relation to the IFEFL Disposal shall be borne by IFEFL and, any other taxes and expenses in relation to the IFEFL Disposal shall be borne by IFEFL (as the initial beneficiary under the IFEFL Assets Disposal Agreement) unless otherwise agreed by IFEFL and the Purchaser or required by laws. Other costs and expenses arising from the negotiation, signing and performance of the IFEFL Assets Disposal Agreement, including but not limited to relevant intermediary agent fees, no matter the transactions contemplated thereunder will be completed or not, shall also be borne by IFEFL and the Purchaser respectively. The Purchaser shall instruct the Custodian Bank to pay the IFEFL Consideration on the delivery date of the IFEFL Underlying Assets. Money transfer fees charged by the Custodian Bank shall be paid in advance by the Purchaser and then reimbursed by the ABS Programme.

The IFEFL Consideration was determined after arm's length negotiations between IFEFL and the Purchaser after having taken into account the factors of the expected return rate on the IFEFL Underlying Assets and the expected return rate on the ABS Programme by the market investors. The IFEFL Consideration for the IFEFL Disposal represents a premium of approximately RMB501 thousand to the outstanding aggregate amount of principals in relation to the IFEFL Underlying Assets of approximately RMB1,605,037,295.77, after taking into consideration the associated credit risks relating to the IFEFL Finance Leases and the IFEFL Underlying Assets.

Conditions Precedent:

Conditions precedent to performance of obligations by IFEFL

Performance of its obligations under the IFEFL Assets Disposal Agreement by IFEFL is conditional on the satisfaction of or written waiver by IFEFL (as the case may be) of the following conditions on or before the establishment of the ABS Programme:

the Purchaser having duly signed and delivered the IFEFL Assets Disposal Agreement and other relevant documents of the ABS Programme to IFEFL;
all necessary consents, approvals and authorisations to be obtained on the part of the Purchaser, which are required for the performance of its obligations under the IFEFL Assets Disposal Agreement and the ABS Programme having been obtained, including but not limited to the internal authorisation documents required for signing the IFEFL Assets Disposal Agreement by the Purchaser (if applicable); and
IFEFL having received copies of the latest securities service qualification documents, business license and the articles of association of the Purchaser.

Conditions precedent to performance of obligations by the Purchaser

Performance of its obligations under the IFEFL Assets Disposal Agreement (including but not limited to the payment of the IFEFL Consideration) by the Purchaser is conditional on the satisfaction of or written waiver by the Purchaser (as the case may be) of the following conditions on or before the establishment of the ABS Programme (or dates as otherwise set out below):

IFEFL having duly signed and delivered the IFEFL Assets Disposal Agreement and other relevant documents of the ABS Programme to the Purchaser, and IFEFL having delivered to the Purchaser's designated assets service agency all the documents relating to the IFEFL Underlying Assets on or before the establishment of the ABS Programme and having provided a complete list of the IFEFL Underlying Assets;
the Purchaser having received copies of the business license and the articles of association of
IFEFL;
all necessary approvals, consents and authorisations to be obtained on the part of IFEFL, which are required for the performance of its obligations under the IFEFL Assets Disposal Agreement, having been obtained, including but not limited to the internal authorisation documents such as a copy of the relevant Board resolutions required for the signing and performance of the IFEFL Assets Disposal Agreement by IFEFL;
the ABS Programme having been duly established;
as at the date of the Purchaser paying the IFEFL Consideration to IFEFL, there being no breach of any of the representations and warranties made by IFEFL in the IFEFL Assets Disposal Agreement and other documents relating to the ABS Programme;
the due diligence conducted on the IFEFL Underlying Assets and the underlying leased property by the Purchaser having been completed; and
the status of the IFEFL Underlying Assets and the underlying leased property conforming to the relevant requirements under the IFEFL Assets Disposal Agreement as at the date of delivery of the IFEFL Underlying Assets.

Redemption Arrangement:

Pursuant to the IFEFL Assets Disposal Agreement, the Purchaser or the assets service agency of the ABS Programme shall send written notice to IFEFL during the period of the ABS Programme of any discovery of IFEFL Unqualified Assets or IFEFL Default Assets (as defined below). IFEFL shall redeem such IFEFL Unqualified Assets or IFEFL Default Assets as defined below from the Purchaser in accordance with the terms of the IFEFL Assets Disposal Agreement.

On the Record Date, the date of delivery of the IFEFL Underlying Assets or such other date specified under the representations and warranties made in respect of the IFEFL Underlying Assets, the IFEFL Underlying Assets, being not in conformity with such representations and warranties made in respect thereof, are "IFEFL Unqualified Assets".

The IFEFL Underlying Assets (i) not being repaid within 90 days from the rent payment date as specified in the IFEFL Finance Leases, or (ii) to be re-organized,re-determined in terms of repayment plan or extended (for avoidance of doubt, excluding those with re-determination of repayment plan but without extension of leasing period or reduction of the outstanding balance of principals or those subject to changes of IFEFL Finance Leases by assets service agency within the authorisation as specified in the assets service agreements), are "IFEFL Default Assets". In cases that the IFEFL Default Assets are repaid or settled by the lessee or the guarantor thereafter, such part of IFEFL Underlying Assets will no longer be identified as IFEFL Default Assets.

The price for redemption is the aggregation of the followings as at the 24:00 on the Redemption Counting Date:

the remaining outstanding principal amount of the IFEFL Unqualified Assets and the IFEFL Default Assets;
all write-off (for the purpose of the IFEFL Assets Disposal Agreement, referring to the write- off of uncollectible accounts) of the principal amount in connection with the relevant IFEFL Underlying Assets as of the relevant Redemption Counting Date; and
all outstanding interests payable accrued during the period from the Record Date to the relevant Redemption Counting Date in respect of the amounts described in (a) and (b) above.

FETJ ASSETS DISPOSAL AGREEMENT

Date:

30 April 2021

Parties:

Vendor: 遠東宏信（天津）融資租賃有限公司 (Far Eastern Horizon (Tianjin) Financial Leasing Co., Ltd.*), an indirect wholly-owned subsidiary of the Company

Purchaser: 上海光大證券資產管理有限公司 (Shanghai Everbright Securities Asset Management Co., Ltd.*)

FETJ Underlying Assets to be disposed of:

The FETJ Underlying Assets represent the rights and interest (present and future, existing and contingent) of FETJ pursuant to the underlying FETJ Finance Leases as at the Record Date (inclusive). The FETJ Underlying Assets include (1) all creditor's rights under the FETJ Finance Leases from leasing the underlying leased property to the lessees, including the outstanding balance of principals, interests, penalty, liquidated damage, buy back price of the underlying leased property, the income from the disposal of the leased property as the payments to be made by the lessees to FETJ and other payments to be made by lessees to FETJ under the FETJ Finance Leases as at the Record Date (inclusive); (2) all security rights and interests attached to all creditor's rights as stated in (1), except for those created by foreign entities for the benefit of FETJ (if any);

the proceeds from recovery, sale or otherwise disposal of the FETJ Underlying Assets; (4) the right to request, sue, recover or receive all the payments in relation to the FETJ Underlying Assets (no matter whether such payments are payable by the lessees under the FETJ Finance Leases); and

interests arising from commitments in relation to the FETJ Underlying Assets and all the rights and legal remedies arising from the FETJ Underlying Assets.

As of the Record Date, the carrying value of the FETJ Underlying Assets, being the amortised cost of lease receivables less any allowance for impairment, was approximately RMB1,120 million.

Upon the payment of the FETJ Consideration, FETJ shall cease to have any rights or interests in the FETJ Underlying Assets. The Purchaser shall acquire all the rights in relation to the FETJ Underlying Assets after the delivery date of such assets.

FETJ Consideration:

The FETJ Consideration payable by the Purchaser to FETJ for the FETJ Disposal of the FETJ Underlying Assets shall be RMB1,135,461,452.72.

FETJ and the Purchaser agreed that the value-added tax in relation to the FETJ Disposal shall be borne by FETJ, and any other taxes and expenses in relation to the FETJ Disposal shall be borne by FETJ (as the initial beneficiary under the FETJ Assets Disposal Agreement) unless otherwise agreed by FETJ and the Purchaser or required by laws. Other costs and expenses arising from the negotiation, signing and performance of the FETJ Assets Disposal Agreement, including but not limited to relevant intermediary agent fees, no matter the transactions contemplated thereunder will be completed or not, shall also be borne by FETJ and the Purchaser respectively. The Purchaser shall instruct the Custodian Bank to pay the FETJ Consideration on the delivery date of the FETJ Underlying Assets. Money transfer fees charged by the Custodian Bank shall be paid in advance by the Purchaser and then reimbursed by the ABS Programme.

The FETJ Consideration was determined after arm's length negotiations between FETJ and the Purchaser after having taken into account the factors of the expected return rate on the FETJ Underlying Assets and the expected return rate on the ABS Programme by the market investors. The FETJ Consideration for the FETJ Disposal strictly equals to the outstanding aggregate amount of principals in relation to the FETJ Underlying Assets, after taking into consideration the associated credit risks relating to the FETJ Finance Leases and the FETJ Underlying Assets.

Conditions Precedent:

Conditions precedent to performance of obligations by FETJ

Performance of its obligations under the FETJ Assets Disposal Agreement by FETJ is conditional on the satisfaction of or written waiver by FETJ (as the case may be) of the following conditions on or before the establishment of the ABS Programme:

the Purchaser having duly signed and delivered the FETJ Assets Disposal Agreement and other relevant documents of the ABS Programme to FETJ;
all necessary consents, approvals and authorisations to be obtained on the part of the Purchaser, which are required for the performance of its obligations under the FETJ Assets Disposal Agreement and the ABS Programme having been obtained, including but not limited to the internal authorisation documents required for signing the FETJ Assets Disposal Agreement by the Purchaser (if applicable); and
FETJ having received copies of the latest securities service qualification documents, business license and the articles of association of the Purchaser.

Conditions precedent to performance of obligations by the Purchaser

Performance of its obligations under the FETJ Assets Disposal Agreement (including but not limited to the payment of the FETJ Consideration) by the Purchaser is conditional on the satisfaction of or written waiver by the Purchaser (as the case may be) of the following conditions on or before the establishment of the ABS Programme (or dates as otherwise set out below):

FETJ having duly signed and delivered the FETJ Assets Disposal Agreement and other relevant documents of the ABS Programme to the Purchaser, and FETJ having delivered to the Purchaser's designated assets service agency all the documents relating to the FETJ Underlying Assets on or before the establishment of the ABS Programme and having provided a complete list of the FETJ Underlying Assets;
the Purchaser having received copies of the business license and the articles of association of FETJ;
all necessary approvals, consents and authorisations to be obtained on the part of FETJ, which are required for the performance of its obligations under the FETJ Assets Disposal Agreement, having been obtained, including but not limited to the internal authorisation documents such as a copy of the relevant Board resolutions required for the signing and performance of the FETJ Assets Disposal Agreement by FETJ;
the ABS Programme having been duly established;
as at the date of the Purchaser paying the FETJ Consideration to FETJ, there being no breach of any of the representations and warranties made by FETJ in the FETJ Assets Disposal Agreement and other documents relating to the ABS Programme;

the due diligence conducted on the FETJ Underlying Assets and the underlying leased property by the Purchaser having been completed; and
the status of the FETJ Underlying Assets and the underlying leased property conforming to the relevant requirements under the FETJ Assets Disposal Agreement as at the date of delivery of the FETJ Underlying Assets.

Redemption Arrangement:

Pursuant to the FETJ Assets Disposal Agreement, the Purchaser or the assets service agency of the ABS Programme shall send written notice to FETJ during the period of the ABS Programme of any discovery of FETJ Unqualified Assets or FETJ Default Assets (as defined below). FETJ shall redeem such FETJ Unqualified Assets or FETJ Default Assets as defined below from the Purchaser in accordance with the terms of the FETJ Assets Disposal Agreement.

On the Record Date, the date of delivery of the FETJ Underlying Assets or such other date specified under the representations and warranties made in respect of the FETJ Underlying Assets, the FETJ Underlying Assets, being not in conformity with such representations and warranties made in respect thereof, are "FETJ Unqualified Assets".

The FETJ Underlying Assets (i) not being repaid within 90 days from the rent payment date as specified in the FETJ Finance Leases, or (ii) to be re-organized,re-determined in terms of repayment plan or extended (for avoidance of doubt, excluding those with re-determination of repayment plan but without extension of leasing period or reduction of the outstanding balance of principals or those subject to changes of FETJ Finance Leases by assets service agency within the authorisation as specified in the assets service agreements), are "FETJ Default Assets". In cases that the FETJ Default Assets are repaid or settled by the lessee or the guarantor thereafter, such part of FETJ Underlying Assets will no longer be identified as FETJ Default Assets.

The price for redemption is the aggregation of the followings as at the 24:00 on the Redemption Counting Date:

the remaining outstanding principal amount of the FETJ Unqualified Assets and the FETJ Default Assets;
all write-off (for the purpose of the FETJ Assets Disposal Agreement, referring to the write- off of uncollectible accounts) of the principal amount in connection with the relevant FETJ Underlying Assets as of the relevant Redemption Counting Date; and
all outstanding interests payable accrued during the period from the Record Date to the relevant Redemption Counting Date in respect of the amounts described in (a) and (b) above.

FINANCIAL INFORMATION ON THE UNDERLYING ASSETS

The net profits (both before and after taxation) attributable to the Underlying Assets for the two years ended 31 December 2019 and 2020, which were prepared in accordance with Hong Kong Financial Reporting Standards, were as follows:

	Year ended	Year ended
	31 December	31 December
	2019	2020
	(RMB: million)	(RMB: million)
IFEFL Underlying Assets
Net profits before taxation	3	13
Net profits after taxation	2	10
FETJ Underlying Assets
Net profits before taxation	17	9
Net profits after taxation	13	7

FINANCIAL IMPACT AND USE OF PROCEEDS FROM THE DISPOSAL

Immediately upon the payment of the Consideration, both IFEFL and FETJ will cease to have rights or interests in the Underlying Assets. It is anticipated that upon completion of the Disposal, the Group would realise a net gain of approximately RMB0.04 million, which represents the difference between the net proceeds from this Disposal and the unaudited carrying value of the Underlying Assets as at the date of the Agreements. The net proceeds received from the Disposal will be applied on future finance lease transactions.

INFORMATION OF THE COMPANY

The Company together with its subsidiaries is one of China's leading innovative financial companies focusing on the Chinese fundamental industries and leveraging the business model of integrating finance and industry to serve enterprises of greatest vitality with the support of the fast-growing and enormous economy in China. It provides integrated finance, investment, trade, advisory and engineering services in healthcare, cultural & tourism, engineering construction, machinery, chemical & medicine, electronic information, public consuming, transportation & logistics, urban public utility as well as other fundamental sectors.

INFORMATION OF IFEFL AND FETJ

IFEFL, a direct wholly-owned subsidiary of the Company, is a limited liability company incorporated in the PRC on 13 September 1991. IFEFL is mainly engaged in the provision of integrated financial solutions built around finance leases and relevant commercial factoring business.

FETJ, an indirect wholly-owned subsidiary of the Company, is a limited liability company incorporated in the PRC on 10 December 2013. FETJ is mainly engaged in the provision of integrated financial solutions built around finance leases and relevant commercial factoring business in north east, north west and north area of the PRC.

INFORMATION OF THE PURCHASER

The Purchaser is 上海光大證券資產管理有限公司 (Shanghai Everbright Securities Asset Management Co., Ltd.*), a company incorporated in the PRC on 21 February 2012. The Purchaser is a wholly-owned subsidiary of Everbright Securities Company Limited, which is a company listed on the Shanghai Stock Exchange (stock code: 601788) and the Stock Exchange (stock code: 6178). The Purchaser mainly provides securities asset management service.

REASONS FOR AND BENEFITS OF THE DISPOSAL

The Company is principally engaged in finance leasing and accelerating asset turnover is beneficial to the increase of the overall profit margin. Based on the audited consolidated financial statements of the Company, as at 31 December 2020, the consolidated total assets of the Company exceeded RMB299 billion.

After the Disposal, the Purchaser will subsequently securitize the Underlying Assets and launch the ABS Programme for investors in the market. The Directors believe that the securitization of the Underlying Assets by way of ABS Programme after the completion of the Disposal will accelerate the overall turnover of the Company's assets and increase the overall revenue generated. Moreover, the Disposal will realize the forthcoming revenue of the Company in advance and the proceeds received from the Disposal will provide financial supports to the Company's business development of new projects.

In view of the above, the Directors consider that the terms of the Agreements are on normal commercial terms and are fair and reasonable and the Disposal is in the interests of the Company and the shareholders of the Company as a whole.

LISTING RULES IMPLICATIONS

DEFINITIONS

In this announcement, unless the context otherwise requires, the following terms shall have the following meanings:

"ABS Programme"

"Agreements"

"Board"

"Company"

"connected person(s)"

"Consideration"

"Custodian Bank"

"Director(s)"

"Disposal"

"FETJ"

"FETJ Assets Disposal Agreement"

"FETJ Consideration"

"FETJ Disposal"

"FETJ Finance Leases"

the asset-backed securities purchase program to be launched by the Purchaser in relation to the Underlying Assets after the Disposal

collectively, the IFEFL Assets Disposal Agreement and the FETJ Assets Disposal Agreement

the board of Directors of the Company

Far East Horizon Limited (遠東宏信有限公司), a company incorporated in Hong Kong with limited liability and listed on the Main Board of the Stock Exchange

has the meaning ascribed to it under the Listing Rules

collectively, the IFEFL Consideration and the FETJ Consideration

平安銀行股份有限公司 (Ping An Bank Co., Ltd.*)

the directors of the Company

collectively, the IFEFL Disposal and the FETJ Disposal

遠東宏信（天津）融資租賃有限公司 (Far Eastern Horizon (Tianjin) Financial Leasing Co., Ltd.*), a limited liability company incorporated in the PRC and an indirect wholly-owned subsidiary of the Company

the assets disposal agreement dated 30 April 2021, entered into by FETJ and the Purchaser in relation to the FETJ Disposal

the sum of RMB1,135,461,452.72, being the consideration for the FETJ Disposal under the FETJ Assets Disposal Agreement

the disposal of the FETJ Underlying Assets pursuant to the FETJ Assets Disposal Agreement

the 31 finance leases entered into by FETJ (as lessor) and other lessees, the rights and interests from which so derived constitute the FETJ Underlying Assets

"FETJ Underlying Assets"	the rights and interest (present and future, existing and contingent)
	of FETJ pursuant to the underlying FETJ Finance Leases as at
	the Record Date (inclusive). The FETJ Underlying Assets include
	(1) all creditor's rights under the FETJ Finance Leases from
	leasing the underlying leased property to the lessees, including
	the outstanding balance of principals, interests, penalty, liquidated
	damage, buy back price of the underlying leased property, the
	income from the disposal of the leased property as the payments
	to be made by the lessees to FETJ and other payments to be
	made by lessees to FETJ under the FETJ Finance Leases as at
	the Record Date (inclusive); (2) all security rights and interests
	attached to all creditor's rights as stated in (1), except for those
	created by foreign entities for the benefit of FETJ (if any); (3) the
	proceeds from recovery, sale or otherwise disposal of the FETJ
	Underlying Assets; (4) the right to request, sue, recover or receive
	all the payments in relation to the FETJ Underlying Assets
	(no matter whether such payments are payable by the lessees
	under the FETJ Finance Leases); and (5) interests arising from
	commitments in relation to the FETJ Underlying Assets and all
	the rights and legal remedies arising from the FETJ Underlying
	Assets
"Group"	the Company and its subsidiaries
"IFEFL"	遠東國際融資租賃有限公司 (International Far Eastern Financial
	Leasing Co., Ltd*), a limited liability company incorporated in
	the PRC and a direct wholly-owned subsidiary of the Company
"IFEFL Assets Disposal	the assets disposal agreement dated 30 April 2021, entered into by
Agreement"	IFEFL and the Purchaser in relation to the IFEFL Disposal
"IFEFL Consideration"	the sum of RMB1,605,538,547.28, being the consideration for the
	IFEFL Disposal under the IFEFL Assets Disposal Agreement
"IFEFL Disposal"	the disposal of the IFEFL Underlying Assets pursuant to the
	IFEFL Assets Disposal Agreement
"IFEFL Finance Leases"	the 57 finance leases entered into by IFEFL (as lessor) and other
	lessees, the rights and interests from which so derived constitute
	the IFEFL Underlying Assets

"IFEFL Underlying Assets"	the rights and interest (present and future, existing and
	contingent) of IFEFL pursuant to the underlying IFEFL Finance
	Leases as at the Record Date (inclusive). The IFEFL Underlying
	Assets include (1) all creditor's rights under the IFEFL Finance
	Leases from leasing the underlying leased property to the lessees,
	including the outstanding balance of principals, interests, penalty,
	liquidated damage, buy back price of the underlying leased
	property, the income from the disposal of the leased property
	as the payments to be made by the lessees to IFEFL and other
	payments to be made by lessees to IFEFL under the IFEFL
	Finance Leases as at the Record Date (inclusive); (2) all security
	rights and interests attached to all creditor's rights as stated in
	(1), except for those created by foreign entities for the benefit of
	IFEL (if any); (3) the proceeds from recovery, sale or otherwise
	disposal of the IFEFL Underlying Assets; (4) the right to request,
	sue, recover or receive all the payments in relation to the IFEFL
	Underlying Assets (no matter whether such payments are payable
	by the lessees under the IFEFL Finance Leases); and (5) interests
	arising from commitments in relation to the IFEFL Underlying
	Assets and all the rights and legal remedies arising from the
	IFEFL Underlying Assets
"Independent	the independent third party(ies) who is/are, to the best knowledge
Third Party(ies)"	of the Directors' knowledge, information and belief having made
	all reasonable enquiries, independent of and not connected with
	the Company and the connected person(s) of the Company

"Listing Rules"

"PRC"

"Purchaser"

"Record Date"

"Redemption Counting Date"

the Rules Governing the Listing of Securities on the Stock Exchange

the People's Republic of China

上海光大證券資產管理有限公司 (Shanghai Everbright Securities Asset Management Co., Ltd.*), a company incorporated in the

PRC

20 January 2021

the last day of the relevant rental collection period during which the redemption is requested in accordance with the terms of the IFEFL Assets Disposal Agreement or the FETJ Assets Disposal Agreement, as the case may be

"RMB"

"Stock Exchange"

"Underlying Assets"

"%"

Hong Kong, 30 April 2021

Renminbi, the lawful currency of the PRC

The Stock Exchange of Hong Kong Limited

collectively, the IFEFL Underlying Assets and the FETJ Underlying Assets

per cent

By Order of the Board

Far East Horizon Limited

KONG Fanxing

Chief Executive Officer and Executive Director

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.

for identification purpose only

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Far East Horizon Ltd. published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 10:43:08 UTC.

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Far East Horizon Limited Reports Earnings Results for the Full Year Ended December 31, 2023	Mar. 13	CI
Far East Announces Partial Buyback, Cancellation of Bonds	Feb. 05	MT
Far East Announces Price Revision For Convertible Bonds	Jan. 23	MT
Far East Horizon Dispatches Share Certificates for Special Dividend Distribution	Jan. 16	MT
Far East Horizon Limited completed the Spin-Off of 4.99868% stake in Horizon Construction Development Limited.	Jan. 15	CI
Far East Horizon Limited completed the Spin-Off of 4.99868% stake in Horizon Construction Development Limited.	Jan. 15	CI
Far East Horizon Eyes Distribution of Horizon Construction Shares as Special Dividend	Dec. 06	MT
Far East Horizon Buys Back 272.4 Million Yuan in 2024 Debts	Nov. 16	MT
Far East Horizon Limited commences an Equity Buyback Plan for 431,748,386 shares, representing 10% of its issued share capital, under the authorization approved on June 7, 2023.	23-10-25	CI
Far East Horizon Records 'Slight' Increase in Q3	23-10-19	MT
Far East Horizon Buys $50 Million in 2.625% Debts Due 2024	23-09-18	MT
Cinda International Buys Far East Horizon Bonds for $980,000; Cinda Shares Drop 7%	23-08-17	MT
Far East Horizon's H1 Attributable Profit Grows 8%	23-08-09	MT
Far East Horizon Limited Reports Earnings Results for the Half Year Ended June 30, 2023	23-08-09	CI
Far East Horizon Lists $4 Billion Borrowing Program in Hong Kong	23-07-25	MT
BEA Plans to Acquire HK$850 Million Loans from Sumitomo Mitsui Banking	23-07-20	MT
Far East Horizon Limited Approves Final Dividend for the Year Ended December 31, 2022	23-06-07	CI
Far East Horizon Limited Appoints Wong Ka Fai Jimmy as Independent Non-Executive Director	23-06-07	CI
Shares of Horizon Construction plummet on Hong Kong debut	23-05-24	RE
Horizon Construction Development Sets Final Listing Offer	23-05-24	MT
China's Horizon Construction set to price shares at bottom of IPO range -sources	23-05-18	RE

	1st Jan change	Capi.
FAR EAST HORIZON LIMITED	-6.68%	3.12B
POWER FINANCE CORPORATION LIMITED	+6.16%	16.12B
MITSUBISHI HC CAPITAL INC.	+6.83%	9.28B
CHAILEASE HOLDING COMPANY LIMITED	-12.95%	8.47B
ELEMENT FLEET MANAGEMENT CORP.	-1.16%	6.02B
INDIAN RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED	+66.00%	5.4B
L&T FINANCE LIMITED	-0.76%	5.01B
FEDERAL HOME LOAN MORTGAGE CORPORATION	+58.24%	4.38B
REINET INVESTMENTS S.C.A.	-4.46%	4.17B
BAC HOLDING INTERNATIONAL CORP.	+16.90%	2.72B

Far East Horizon Limited

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3360

HK0000077468

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