Greenway Mining : INSIDE INFORMATION UPDATE ON A LITIGATION WITH A SUBSIDIARY

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Greenway Mining Group Limited

信盛礦業集團有限公司*

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2133)

INSIDE INFORMATION

UPDATE ON A LITIGATION WITH A SUBSIDIARY

This announcement is made by Greenway Mining Group Limited (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09(2)(a) of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Reference is made to the announcement of Company dated 19 March 2021 regarding, inter alia, the update on a litigation with the subsidiary of the Company (the "Announcement"). Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the Announcement.

As disclosed in the 2020 interim report and the Announcement, in February 2020, a company ("Lender") alleged that the investment properties of 盈江縣昆潤實業有限公司 (Yinjiang County Kunrun Industry Company Limited) ("Kunrun") had been pledged to secure the loans granted by the Lender to Mr. Ran Xiaochuan ("Mr. Ran") (a former director of the Company) and his spouse, Ms. Luo Chaohua (collectively the "Borrowers"). The Lender filed a lawsuit to apply for the sale of the investment properties for the repayment of the total loan principal of RMB12,500,000 in February 2021. As at 31 December 2020, the book value of the Kunrun's investment properties was approximately RMB6,000,000.

The Company wishes to update its shareholders and potential investors the information of the litigation as follows:

(1) 成都市新津區人民法院 (The People's Court of Xinjin District, Chengdu) informed Kunrun

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on 7 April 2021 that its investment properties be ordered to auction for sale (the "Award");

1. The local Public Security Bureau is still investigating the complaint lodged by Kunrun against Mr. Ran of his embezzlement of the Group's investment properties and will keep informed Kunrun the progress of the investigation in due course; and
2. Kunrun is seeking legal advice from external lawyers regarding the strategy for initiating the civil action against the Borrowers and other debtors of the lawsuit to recover the losses suffered.

It is expected that the criminal case review and civil litigation will continue for a period of time, and if other debtors can indemnify Kunrun's losses through the civil litigation, the losses of Kunrun will be compensated. It is therefore difficult for the Group to assess the relevant losses (if any) at this stage. The Company will continue to take all possible measures to protect the legitimate interests of Kunrun.

Taking into account all available information, including but not limited to the book value of the investment properties, the recovery proceedings by Kunrun and etc., the Board is of the view that the Award will not cause any material adverse effects on the operations of the Group.

The Company will issue further announcements (if necessary) on litigation case in accordance with the Listing Rules in due course.

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

By Order of the Board

Greenway Mining Group Limited

Lei Dejun

Executive Director

Hong Kong, 12 April 2021

As at the date of this announcement, the Board comprises Mr. Lei Dejun as executive director; Mr. Pan Junhong, Mr. Yin Bo, Mr. Chan Suk Ching and Mr. Zhang Yonghua as non-executive directors; and Mr. Ma Shirong, Mr. Chi Hongji and Mr. Dong Tao as independent non- executive directors.

*For identification purpose only

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