Wasion : VOLUNTARY ANNOUNCEMENT - STATE GRID TENDER RESULTS

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(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 3393)

VOLUNTARY ANNOUNCEMENT

STATE GRID TENDER RESULTS

This announcement is made by Wasion Holdings Limited on a voluntary basis.

The board of directors (the ''Board'') of Wasion Holdings Limited (the ''Company'') is pleased to announce that on 15 November 2019, the State Grid Corporation of China (國家電網有限公司) (''State Grid'') announced the bidding results of the second tender on smart meters and power usage data collection equipments in 2019, in which Wasion Group Limited, a subsidiary of the Company, has won contracts for approximately 1,060,000 units of smart meters with a contract value of approximately RMB247.34 million (approximately HK$276.18 million). Furthermore, Willfar Information Technology Company Limited, a subsidiary of the Company, has also won contracts on data collection terminals and concentrators for approximately 47,000 units with a contract value of approximately RMB52.66 million (approximately HK$58.80 million). The Company ranked leading position in terms of volume and total contract sum won in this tender.

Up to the date of this announcement, the Company has won contracts with an accumulated value of approximately RMB641.38 million (approximately HK$721.59 million) in the State Grid's centralized bidding in 2019.

This announcement is made by the order of the Board, the members of which individually and jointly accept responsibility for the accuracy of the information disclosed in this announcement.

By order of the Board of

Wasion Holdings Limited

Choi Wai Lung Edward

Company Secretary

Hong Kong, 20 November 2019

As at the date of this announcement, the Board comprises Mr. Ji Wei, Ms. Cao Zhao Hui, Mr. Zeng Xin, Ms. Zheng Xiao Ping and Mr. Tian Zhongping as executive directors of the Company, Mr. Kat Chit as non-executive director of the Company and Mr. Hui Wing Kuen, Mr. Huang Jing, Mr. Luan Wenpeng and Mr. Cheng Shi Jie as independent non- executive directors of the Company.