Haitian Energy International : RESIGNATION OF INDEPENDENT NON-EXECUTIVE DIRECTOR AND CHANGE IN COMPOSITION OF BOARD COMMITTEES

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HAITIAN ENERGY INTERNATIONAL LIMITED

海 天 能 源 國 際 有 限 公 司

(in provisional liquidation)

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1659)

RESIGNATION OF

INDEPENDENT NON-EXECUTIVE DIRECTOR

AND

CHANGE IN COMPOSITION OF BOARD COMMITTEES

The board (the "Board") of directors (the "Directors") of Haitian Energy International Limited (the "Company") announces that the Company has been notified by Mr. Xie Zuomin ("Mr. Xie") that he would like to resign as the independent non-executive Director with effect from 20 September 2020 as he is no longer capable of handling the Company's affairs due to his advanced age.

Mr. Xie confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited (the "Stock Exchange").

Upon his resignation, Mr. Xie ceased to be the chairman of the remuneration committee and the member of each of the audit committee, nomination committee and compliance committee of the Company.

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With effect from 20 September 2020, Mr. Zhang Gong, an independent non-executive director and members of audit committee, remuneration committee, nomination committee and compliance committee has been appointed as the chairman of remuneration committee.

The Board would like to take this opportunity to express its gratitude and appreciation to Mr. Xie for his valuable contribution to the Company during his tenure of office.

Pursuant to Rule 3.10(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), every board of directors of a listed issuer must include at least three independent non-executive directors. Following the Resignation, the Board comprises five members with three executive directors, and two independent non-executive directors. As a result, the number of independent non-executive directors of the Company has fallen short of three as required by Rule 3.10(1) of the Listing Rules. Further, following the Resignation, the audit committee of the Company does not comprise a minimum of three members. Accordingly, the Company is not in compliance with Rule 3.21 of the Listing Rules. In order to comply with Rules 3.10(1) and 3.21 of the Listing Rules, the Company will endeavor to identify and appoint a suitable candidate to fill the vacancy, so that the requirements of Rules 3.10(1) and 3.21 will be met as soon as possible and in any event within three months from 20 September 2020 pursuant to Rule 3.11 of the Listing Rules. Further announcement will be made by the Company as and when appropriate.

By Order of the Board

HAITIAN ENERGY INTERNATIONAL LIMITED

(in provisional liquidation)

Lin Yang

Chairman

Fujian Province, the PRC, 22 September 2020

As at the date of this announcement, the Chairman and executive Director is Mr. Lin Yang, the other executive Directors are Mr. Chen Congwen and Mr. Wang Xiaoyun; and the independent non-executive Directors are Mr. Hu Ji Rong and Mr. Zhang Gong.

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