CHYY Development Group Limited — Regulatory Filings 2021

Aug 2, 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.

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(Incorporated in the Cayman Islands with limited liability) (Stock Code: 8128)

PROFIT WARNING

This announcement is made pursuant to Rule 17.10 of the Rules Governing the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited (the “ GEM Listing Rules ”) and the Inside Information Provisions (as defined in the GEM Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board of directors (the “ Board ”) of China Geothermal Industry Development Group Limited (the “ Company ”) wishes to inform the shareholders of the Company (the “ Shareholders ”) and potential investors that based on the preliminary assessment of the unaudited consolidated management accounts of the Company and its subsidiaries (collectively the “ Group ”) for the six months ended 30 June 2021 (the “ Period ”), the Group is expected to record a net loss for the Period in the range of approximately HK$27 million to HK$30 million as compared to a profit of approximately HK$14.8 million for the last corresponding period in 2020.

Such expected loss was mainly attributable to (i) the decrease in revenue during the Period as compared with that of the same period last year, the decrease in revenue was mainly attributable to the decrease in coal-to-electricity projects; (ii) the decrease in other income during the Period as compared with that of the same period last year; and (iii) the reversal of provision on trade receivables and contract assets and the gain from changes in the fair value of investment properties recorded in the corresponding period last year will not exist in the Period.

As the Company is still in the process of finalizing the interim results for the six months ended 30 June 2021 (the “ Interim Results 2021 ”), the information contained in this announcement is only based on the Board’s preliminary assessment of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2021 which have not been finalised nor reviewed by the audit committee and audited by the auditor. The announcement of the Interim Results 2021 of the Group is expected to be released on 11 August 2021.

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Shareholders of the Company and potential investors should exercise caution when dealing in the shares of the Company.

By Order of the Board of China Geothermal Industry Development Group Limited Xu Shengheng

Chairman

Hong Kong, 2 Aug 2021

As at the date of this announcement, the Board comprises Mr. Xu Shengheng, Ms. Chan Wai Kay, Katherine, Ms. Wang Yan, Mr. Wang Manquan, Ms. Hao Xia and Mr. Dai Qi as executive Directors, Mr. Yang Wei, Mr. Zhang Yiying and Ms. Liu Ening as non-executive Directors, Mr. Jia Wenzeng, Mr. Wu Desheng, Mr. Wu Qiang, Mr. Guo Qingui and Mr. Guan Chenghua as independent nonexecutive Directors.

This announcement, for which the directors of the Company collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the GEM of The Stock Exchange of Hong Kong Limited 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 GEM website with the domain name of www.hkgem.com on the “Latest Company Announcement” page for at least 7 days from the date of publication and on the website of the Company at www.cgsenergy.com.hk.

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