National Investments Fund : INSIDE INFORMATION (1) APPOINTMENT OF LIQUIDATORS; AND (2) CONTINUED SUSPENSION OF TRADING

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.

(In Liquidation)

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1227)

INSIDE INFORMATION

(1) APPOINTMENT OF LIQUIDATORS;

AND

(2) CONTINUED SUSPENSION OF TRADING

The announcement is made by National Investments Fund Limited (In Liquidation) (the "Company") pursuant to Rule 13.09 and Rule 13.25 of the Rules (the "Listing Rules") Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") 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 announcements of the Company dated 19 March 2020, 20 March 2020, 17 June 2020, 22 July 2020, 19 August 2020, 20 August 2020, 15 September 2020, 14 October 2020, 28 October 2020, 2 November 2020, 18 November 2020, 19 January 2021 and 10 February 2021 in relation to winding up petition against the Company. Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the announcements.

APPOINTMENT OF LIQUIDATORS

On 18 February 2021, the High Court ordered that Messrs. Man Chun So and Yat Kit Jong of PricewaterhouseCoopers Limited be appointed as Joint and Several Liquidators (the "Liquidators") of the Company.

CONTINUED SUSPENSION OF TRADING

Trading in the shares of the Company on the Stock Exchange, which has been suspended with effect from 11:20 a.m. on 8 February 2021, remains suspended and will continue to be so until further notice.

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

The Company will make further announcements as and when appropriate.

If the shareholders of the Company have any query about the implications of the appointment of Liquidators and the continued suspension of the trading, they should obtain appropriate professional advice.

For and on behalf of

National Investments Fund Limited

(In Liquidation)

Man Chun So

Yat Kit Jong

Joint and Several Liquidators acting as agents without personal liabilities

Hong Kong, 10 March 2021

On the basis of the information available from the previous announcements made by the Company, immediately before the winding up order was granted against the Company, the Board of the Company comprises an executive Director, namely Mr. Chan Cheong Yee; three non-executive Directors, namely Mr. Wang Ning (Chairman), Ms. Xie Xiangrong and Mr. Huang Hu; and three independent non-executive Directors, namely Mr. Li Li, Mr. Liao Kai and Ms. Wu Xiaoxia.