Hong Kong Exchanges and Clearing : RESULTS OF THE RIGHTS ISSUE ON THE BASIS OF ONE RIGHTS SHARE FOR EVERY TWO EXISTING SHARES HELD ON THE RECORD DATE AT HK$0.65 PER RIGHTS SHARE ON A NON-UNDERWRITTEN BASIS AND ADJUSTMENT TO THE OUTSTANDING SHARE OPTIONS AS A RESULT OF THE RIGHTS ISSUE AND ADJUSTMENT TO THE OUTSTANDING CONVERTIBLE NOTES AS A RESULT OF THE RIGHTS ISSUE

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.

CMMB VISION HOLDINGS LIMITED

中 國 移 動 多 媒 體 廣 播 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 471)

1. RESULTS OF THE RIGHTS ISSUE ON THE BASIS OF ONE (1) RIGHTS SHARE FOR EVERY TWO (2) EXISTING SHARES HELD ON THE RECORD DATE AT HK$0.65 PER RIGHTS SHARE
   ON A NON-UNDERWRITTEN BASIS

AND

1. 1. ADJUSTMENT TO THE OUTSTANDING SHARE OPTIONS AS A RESULT OF THE RIGHTS ISSUE
      AND
2. ADJUSTMENT TO THE OUTSTANDING CONVERTIBLE NOTES AS A RESULT OF THE RIGHTS ISSUE

Bookrunner

KGI Asia Limited

References are made to the prospectus of CMMB Vision Holdings Limited (the "Company") dated 18 February 2020 (the "Prospectus") and the announcement of the Company dated 4 March 2020 (the "Announcement") in relation to, among other things, the Rights Issue. Unless otherwise specified, capitalized terms used herein shall have the same meanings as those defined in the Prospectus.

RESULTS OF THE RIGHTS ISSUE, THE PLACING ARRANGEMENT AND THE PLACING AGREEMENT

As disclosed in the Announcement, as at 4:00 p.m. on Tuesday, 3 March 2020, being the latest time for acceptance of and payment for the Rights Shares, a total of 18 valid acceptances and applications under the PALS had been received in respect of a total of 37,984,428 Rights Shares, representing approximately 40.18% of the total number of Rights Shares available for subscription under the Rights Issue.

As all the conditions set out in the Placing Agreement have been satisfied and the Placing Agreement was not terminated by the Bookrunner, the Rights Issue became unconditional at 4:00 p.m. on Wednesday, 4 March 2020.

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Based on the subscription results, 56,555,540 Untaken Shares, representing approximately 59.82% of the total number of Rights Shares available for subscription under the Rights Issue, were subject to the Placing Arrangement.

The Board announces that as at 4:00 p.m. on Friday, 6 March 2020, being the latest time of placing of the Untaken Shares by the Bookrunner, the Bookrunner did not procure any subscribers to subscribe for the Untaken Shares. Accordingly, there is no Net Gain available to be distributed to the No Action Shareholders and Excluded Shareholders under the Placing Arrangement and the Compensatory Arrangement.

As the Rights Issue is carried out on a non-underwritten basis, the remaining 56,555,540 Untaken Shares remain not placed after the completion of the Placing Arrangement are not issued by the Company and the size of the Rights Issue is reduced accordingly.

Accordingly, the gross proceeds raised from the Rights Issue are approximately HK$24.7 million. The net proceeds, after deduction of all relevant expenses incidental to the Rights Issue of approximately HK$1.2 million, are estimated to be approximately HK$23.5 million. The Company intends to apply approximately HK$23.5 million of net proceeds from the Rights Issue for general working capital and the development of the Maritime Project as disclosed in the Prospectus with the amount allocated to each of them reduced on a pro rata basis, as compared to the amount which would have been allocated to them had the Rights Issue been fully subscribed.

EFFECT OF THE RIGHTS ISSUE ON THE SHAREHOLDING STRUCTURE OF THE COMPANY

To the best of the Directors' knowledge, information and belief after having made all reasonable enquiries, the following table sets out the shareholding structure of the Company (i) immediately before the completion of the Rights Issue; and (ii) immediately after the completion of the Rights Issue:

	(i) Immediately before	(ii) Immediately after completion
	completion of the Rights Issue	of the Rights Issue
	Number of	Approx. %	Number of	Approx. %
	Shares		Shares
Chi Capital	39,003,500	20.63	58,505,250	25.77
Public Shareholders	150,076,470	79.37	168,559,148	74.23
Total	189,079,970	100.00	227,064,398	100.00

DESPATCH OF SHARE CERTIFICATES FOR RIGHTS SHARES

The share certificates for the fully-paid Rights Shares are expected to be despatched on or before Wednesday, 11 March 2020 to the registered address of those entitled thereto, by ordinary post, at their own risk.

COMMENCEMENT OF DEALINGS IN THE RIGHTS SHARES

Dealings in the fully-paid Rights Shares on the Stock Exchange are expected to commence at 9:00 a.m. on Thursday, 12 March 2020.

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ADJUSTMENT TO THE OUTSTANDING SHARE OPTIONS AS A RESULT OF THE RIGHTS ISSUE

Pursuant to the terms of the Share Option Scheme, adjustments may be required to be made to the exercise prices of and/or the number of the Shares falling to be issued upon exercise of the outstanding Share Options granted by the Company under the Share Option Scheme respectively as a result of the Rights Issue.

The Company has 2,747,844 Share Options granted on 17 May 2019 pursuant to the Share Option Scheme, pursuant to which, each Share Option shall entitle the holder of the Share Options to subscribe for one Share. The Company has calculated the necessary adjustments to the exercise prices of and the number of Shares falling to be issued upon exercise of the outstanding Share Options in accordance with the terms of the Share Option Scheme and the supplementary guidance issued by the Stock Exchange on 5 September 2005 regarding adjustment of share options under Rule 17.03(13) of the Listing Rules. The adjustments to the exercise prices of and the number of Shares falling to be issued upon exercise of the outstanding Share Options respectively are as follows and will become effective from 11 March 2020 upon the allotment and issue of the Rights Shares pursuant to the Rights Issue:

		Immediately prior to the	Immediately after the
		adjustments as a result of the	adjustments as a result of
Date of	Exercise	completion of the Rights Issue	completion of the Rights Issue
Number of	Exercise price	Adjusted	Adjusted
Grant	Period
outstanding	of Share	number of	exercise price of
		Share Options	Options (HK$)	outstanding	Share Options
				Share Options	(HK$)
17 May 2019	17 May 2019	2,747,844	1.50	2,718,843	1.516
	to
	16 May 2022

Save for the above adjustment, all other terms of the outstanding Share Options remain unchanged.

The auditor of the Company, has confirmed the calculations with respect to the adjustments that will be made to the exercise price and the number of Shares that can be subscribed for under the outstanding Share Options as a result of the allotment and issue of the Rights Shares.

ADJUSTMENT TO THE OUTSTANDING CONVERTIBLE NOTES AS A RESULT OF THE RIGHTS ISSUE

Pursuant to the terms and conditions of the Convertible Notes, the conversion price of and the number of conversion Shares to be issued upon exercise of the conversion rights attached to the outstanding Convertible Notes with a conversion price of HK$8 per Share ("2025 CN") will be adjusted in the following manner with retrospective effect from 18 February 2020, being the next day following the record date of the Rights Issue:

	Immediately prior to the adjustments as a	Immediately after the adjustments as a
	result of the completion of the Rights Issue	result of completion of the Rights Issue
	Number of Shares to	Conversion price per	Adjusted number of	Adjusted conversion
	be issued upon	Share in respect of	Shares to be issued	price per Share in
	exercise of the	the outstanding	upon exercise of the	respect of the
	conversion rights	Convertible Notes	conversion rights	outstanding
	attaching to the	(HK$)	attaching to the	Convertible Notes
	outstanding 2025 CN		outstanding 2025 CN	(HK$)
2025 CN	84,390,000	8.00	83,471,810	8.088

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Save for the above adjustments, all other terms and conditions of the outstanding 2025 CN remain unchanged.

The auditor of the Company has confirmed the calculations with respect to the adjustments that will be made to the conversion price and the number of conversion Shares to be issued upon exercise of the conversion rights attached to the outstanding Convertible Notes as a result of the Rights Issue.

By order of the Board

CMMB Vision Holdings Limited

Wong Chau Chi

Chairman

Hong Kong, 10 March 2020

As at the date of this announcement, the executive directors are Mr. WONG Chau Chi and Dr. LIU Hui; the non- executive directors are Mr. CHOU Tsan-Hsiung and Mr. YANG Yi; and the independent non-executive directors are Dr. WANG Wei-Lin, Dr. LI Shan and Dr. LI Jun.

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