China Feihe Limited — Capital/Financing Update 2021

Jul 15, 2021

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.

China Feihe Limited 中國飛鶴有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 6186)

GRANT OF SHARE OPTIONS

This announcement is made pursuant to Rule 17.06A of the Rules Governing the Listing of Securities (the “ Listing Rules ”) on The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”).

The board of directors (the “ Board ”) of China Feihe Limited (the “ Company ”) hereby announces that on 15 July 2021, the Company has granted a total of 8,193,800 share options (the “ Share Option(s) ”) to subscribe for a total of 8,193,800 ordinary shares of the Company (the “ Share(s) ”) to 202 eligible participants (the “ Grantees ”) under the share option scheme adopted by the Company on 22 June 2020 (the “ 2020 Share Option Scheme ”), subject to the acceptance of such Grantees. Unless otherwise specified in this announcement, terms used herein shall have the same meanings as those defined in the circular of the Company dated 5 June 2020.

Details of such grant are set out below:

Date of grant : 15 July 2021 (“ Date of Grant ”) Exercise price of Share : HK$16.84 per Share, which represents the highest of (i) the Options granted closing price of HK$16.84 per Share as stated in the Stock Exchange’s daily quotations sheet on the Date of Grant; (ii) the average closing price of HK$15.98 per Share as stated in the Stock Exchange’s daily quotations sheets for the five business days immediately preceding the Date of Grant; and (iii) the nominal value of US$0.000000025 per Share

Number of Share Options : 8,193,800 (each Share Option shall entitle the holder of the granted Share Option to subscribe for one Share) Closing price of the Shares : HK$16.84 per Share on the Date of Grant

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Validity period of the : The Share Options are valid from the Date of Grant to 14 Share Options July 2031 (both days inclusive) First vesting date : 15 July 2022 (“ First Vesting Date ”)

After the terms and conditions as contained in the Offer Letter are fulfilled, the Grantees may exercise the Share Options during the validity period of the Share Options from the First Vesting Date to 14 July 2031 in accordance with the following schedule:

Date of exercise of the Share Option

Percentage of Share Options which are vested and exercisable

First Vesting Date

First Vesting Date Up to 20% First anniversary of the First Vesting Date Up to 40% Second anniversary of the First Vesting Date Up to 60% Third anniversary of the First Vesting Date Up to 80% Fourth anniversary of the First Vesting Date Up to 100%

None of the Grantees is a director, chief executive or substantial shareholder of the Company or any of their respective associate (as defined in the Listing Rules).

By Order of the Board China Feihe Limited LENG Youbin Chairman

Beijing, China, 15 July 2021

As at the date of this announcement, our executive directors are Mr. LENG Youbin, Mr. LIU Hua, Mr. CAI Fangliang and Ms. Judy Fong-Yee TU; our non-executive directors are Mr. GAO Yu, Mr. Kingsley Kwok King CHAN and Mr. CHEUNG Kwok Wah; and our independent non-executive directors are Ms. LIU Jinping, Mr. SONG Jianwu, Mr. FAN Yonghong and Mr. Jacques Maurice LAFORGE.

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