GCL Poly Energy : DELAY IN DESPATCH OF CIRCULARS

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint 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 joint announcement.

GCL-Poly Energy Holdings Limited	GCL New Energy Holdings Limited
(Incorporated in the Cayman Islands with limited liability)	(Incorporated in Bermuda with limited liability)
(Stock code: 3800)	(Stock code: 451)

DELAY IN DESPATCH OF CIRCULARS

We refer to (i) the joint announcement of GCL-Poly Energy Holdings Limited ("GCL-Poly") and GCL New Energy Holdings Limited ("GNE") dated 21 January 2020 in relation to, among other things, (a) Suzhou GCL New Energy (as the seller), the Guarantor (as the guarantor) and the Purchasers (as the purchasers) entered into the Suzhou Share Purchase Agreements and (b) Ningxia GCL New Energy (as the seller), the Guarantor (as the guarantor) and the Purchasers (as the purchasers) entered into the Ningxia Share Purchase Agreement. Pursuant to the First Phase Share Purchase Agreements, the Sellers agreed to, among other things, (a) sell 60% of the Sale Shares to Huaneng No. 1 Fund and 40% of the Sale Shares to Huaneng No. 2 Fund; and (b) grant the Put Options to the Purchasers; and (ii) the joint announcement of GCL-Poly and GNE dated 13 February 2020 in relation to the delay in despatch of the Circulars (collectively, the "Joint Announcements"). Unless the context otherwise requires, terms in this joint announcement will have the same meanings as defined in the Joint Announcements.

As stated in the Joint Announcements, a circular for each of GCL-Poly and GNE (the "Circulars"), containing, among other things, further details of the Transactions and the transactions contemplated under the First Phase Share Purchase Agreements, was expected to be despatched to the GCL-Poly Shareholders and the GNE Shareholders on or before 28 February 2020.

As additional time is required to finalise the contents of the Circulars, it is expected that the despatch of the Circulars will be delayed to a date on or before 31 March 2020.

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As the First Phase Share Purchase Agreements are subject to the fulfilment of certain conditions precedent and may or may not proceed, shareholders and potential investors are advised to exercise caution when dealing in the securities of GCL-Poly and GNE.

By order of the GCL-Poly Board	By order of the GNE Board
GCL-Poly Energy Holdings Limited	GCL New Energy Holdings Limited
保利協鑫能源控股有限公司	協鑫新能源控股有限公司
Zhu Gongshan	Zhu Yufeng
Chairman	Chairman
Hong Kong, 28 February 2020

As at the date of this joint announcement, the GCL-Poly Board comprises Mr. Zhu Gongshan (Chairman), Mr. Zhu Zhanjun, Mr. Zhu Yufeng, Ms. Sun Wei, Mr. Yeung Man Chung, Charles, Mr. Jiang Wenwu and Mr. Zheng Xiongjiu as executive directors of GCL-Poly; Ir. Dr. Ho Chung Tai, Raymond, Mr. Yip Tai Him, Dr. Shen Wenzhong and Mr. Wong Man Chung, Francis as independent non-executive directors of GCL-Poly.

As at the date of this joint announcement, the GNE Board comprises Mr. Zhu Yufeng (Chairman), Mr. Mo Jicai and Ms. Hu Xiaoyan as executive directors of GNE; Ms. Sun Wei, Mr. Sha Hongqiu, Mr. Yeung Man Chung, Charles and Mr. He Deyong as non-executive directors of GNE; and Mr. Wang Bohua, Mr. Xu Songda, Mr. Lee Conway Kong Wai, Mr. Wang Yanguo and Dr. Chen Ying as independent non-executive directors of GNE.

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