Vpower International : VOLUNTARY ANNOUNCEMENT - TERMINATION OF MEMORANDUM OF UNDERSTANDING

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VPOWER GROUP INTERNATIONAL HOLDINGS LIMITED

偉 能 集 團 國 際 控 股 有 限 公 司

（Incorporated in the Cayman Islands with limited liability）

(Stock Code: 1608)

VOLUNTARY ANNOUNCEMENT

TERMINATION OF MEMORANDUM OF UNDERSTANDING

Reference is made to the voluntary announcement of VPower Group International Holdings Limited (the "Company", together with its subsidiaries, collectively the "Group") dated 28 March 2019 in relation to a non-legally binding memorandum of understanding ("MOU") entered into by the Company for potential formation of a joint venture company for co-investment in and development of power business in Indonesia.

The Company and the counterparty have agreed to terminate the MOU and have ceased negotiation of the relevant possible transactions. The management of the Company considers that it is appropriate not to further pursue such transactions under the current business strategies and plans of the Group.

By Order of the Board

VPower Group International Holdings Limited

Lam Yee Chun

Executive Chairman

Hong Kong, 18 October 2019

As at the date hereof, the board of directors of the Company comprises Mr. Lam Yee Chun, Mr. Lee Chong Man Jason, Mr. Au-Yeung Tai Hong Rorce and Mr. Lo Siu Yuen as executive directors; Ms. Chan Mei Wan and Mr. Kwok Man Leung as non-executive directors; and Mr. David Tsoi, Mr. Yeung Wai Fai Andrew and Mr. Suen Wai Yu as independent non-executive directors.