United Strength Power : SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2019

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.

UNITED STRENGTH POWER HOLDINGS LIMITED

眾 誠 能 源 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2337)

SUPPLEMENTAL ANNOUNCEMENT

IN RELATION TO ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2019

Reference is made to the 2019 annual report of United Strength Power Holdings Limited (the "Company") published on 17 April 2020 (the "2019 Annual Report"). Capitalised terms used in this announcement shall have the same meanings as those defined in the 2019 Annual Report.

USE OF PROCEEDS FROM THE LISTING

After deduction of all related listing expenses and commissions, the net proceeds from the Listing amounted to approximately HK$115.6 million. Details of the proposed use of such net proceeds are disclosed in the section headed "Future Plans and Use of Proceeds" of the prospectus of the Company dated 29 September 2017 and subsequently revised in the announcements issued by the Company dated 27 November 2018 and 31 January 2019.

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In addition to the information disclosed in the section headed "Management Discussion and Analysis" in the 2019 Annual Report, the Board would like to provide further information pursuant to paragraph 11(8)(b) of Appendix 16 to the Listing Rules in relation to the use of net proceeds as follows:

					Utilisation	Remaining	Expected
					balance	timeline for full
	Original	Revised	as at	as at	utilisation of
	31 December	31 December	the remaining
Intended use of proceeds	Allocation	Allocation	2019	2019	proceeds(Note)
	HK$'000	HK$'000	HK$'000	HK$'000
Finance the expansion of the
CNG refuelling station network	104,000	19,500	19,015	485	By the end of 2020
Strengthen the marketing and promotion
strategies	5,800		5,800	1,706	4,094	By the end of 2021
General working capital	5,800	5,800	5,800	-	-
Establishment of an industry merger and
acquisition fund	-	50,000	-	50,000	By the end of 2021
Acquisition of Silver Spring and
assignment of the shareholder's loan	-	34,500	34,500	-	-
Total	115,600		115,600	61,021	54,579

Note: The expected timeline for full utilisation of the remaining proceeds is made based on the best estimation of the Group taking into account, among others, the prevailing and future market conditions and business developments and need, and therefore is subject to change.

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OTHER OPERATING EXPENSES
	31 December
	2019
	RMB'000
Utilities expenses	2,628
Repairment expenses	6,611
Inspection expenses	1,587
Entertainment expenses	311
Administrative expenses	2,819
Travelling expenses	357
Other taxation	2,862
Third party service fees(1)	7,376
RTO expenses(2)	16,069
Labour insurance and heating fee	348
Transportation and communication expenses	142
Business marketing expenses	297
Property insurance expenses	2,818
Impairment losses	39
Others	1,241
Other operating expenses	45,505

Notes:

1. Third party service fees represent the professional fees incurred in connection with the Group's annual audit services and proposed very substantial acquisition in January 2019 which led to the Group's reverse takeover in connection with the acquisition of the entire issued share capital of Eternal Global. For details, please refer to the Company's circular dated 30 June 2020.
2. RTO expenses represent the professional fees and other expenses incurred in connection with the Group's reverse takeover in connection with the acquisition of the entire issued share capital of Eternal Global. For details, please refer to the Company's circular dated 30 June 2020.

The Company confirms that, save as supplemented above, all other contents in the 2019 Annual Report are correct and remain unchanged. This announcement is supplemental to the 2019 Annual Report and should be read in conjunction with other contents in the 2019 Annual Report.

By order of the Board

United Strength Power Holdings Limited

Mr. Zhao Jinmin

Chairman

Hong Kong, 5 August 2020

As at the date of this announcement, the Board comprises four executive Directors, being Mr. Zhao Jinmin, Mr. Liu Yingwu, Mr. Xu Huilin and Mr. Yuan Limin and three independent non-executive Directors, being Ms. Su Dan, Mr. Lau Ying Kit and Mr. Zhang Zhifeng.

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