China Vanguard You Champion : DELAY IN DESPATCH OF CIRCULAR

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 contents of this announcement.

DELAY IN DESPATCH OF CIRCULAR

Reference is made to the announcements of the Company dated 18 January 2018 in relation to the entering into of the Second Amendment Agreement which constitutes a connected transaction of the Company under Chapter 20 of the GEM Listing Rules (the"Announcements"). Capitalized terms used herein shall have the same meanings as those defined in the Announcements, unless otherwise specified.

As stated in the Announcements, a circular (the "Circular") containing, among other matters, (i) further details of the Second Amendment Agreement; (ii) a letter from the Independent Board Committee to the Independent Shareholders; (iii) a letter from the independent financial adviser to the Independent Board Committee and the Independent Shareholders; and (iv) the notice of the EGM, was expected to be despatched to the Shareholders on or before 10 February 2018. As additional time is required to finalize certain information to be included in the Circular, it is expected that the dispatch date of the Circular will be postponed to a date falling on or before 28 February 2018.

By Order of the Board

CHINA VANGUARD YOU CHAMPION

HOLDINGS LIMITED 眾彩羽翔股份有限公司*

HO Kam Kin Company Secretary

Hong Kong, 9 February 2018

As at the date of this announcement, the Board of the Company comprises Madam CHEUNG Kwai Lan, Mr. CHAN Ting as Executive Directors, Mr. CHAN Tung Mei as Non-executive Director and Mr. YANG Qing Cai, Mr. TO Yan Ming Edmond and Dr. LIU Ta-pei as Independent Non-executive Directors.

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive and there are no other matters the omission of which would make any statement herein or this announcement misleading.

This announcement will remain on the "Latest Company Announcements" page of the GEM website atwww.hkgem.comfor a minimum period of 7 days from the date of its publication and on the website of the Company atwww.cvg.com.hk.

*

For identification purposes only