Comtec Solar Systems Group Limited — Capital/Financing Update 2017

Mar 1, 2017

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卡姆丹克太陽能系統集團有限公司 Comtec Solar Systems Group Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 712)

COMPLETION OF THE ACQUISITION OF 51% OF THE ENTIRE ISSUED SHARE CAPITAL OF FORUM (ASIA) LIMITED

Reference is made to the announcements of Comtec Solar Systems Group Limited (the ‘‘Company’’) dated 14 November 2016 and 29 December 2016 (the ‘‘Announcements’’) and the circular of the Company dated 12 December 2016 (the ‘‘Circular’’) in relation to the Proposed Acquisition. Terms defined in the Circular shall have same meanings as used in this announcement unless otherwise stated.

COMPLETION OF THE PROPOSED ACQUISITION

The Board is pleased to announce that as all the Conditions Precedent had been fulfilled, the Proposed Acquisition was completed on 1 March 2017. Following the Completion of the Proposed Acquisition, Forum (Asia), held as to 51% by the Group, has become a non-wholly owned subsidiary of the Group and its financial statements will be consolidated to those of the Group.

As disclosed in the Announcements and the Circular, as consideration for the Sale Shares, the Company will issue a maximum of 166,479,449 Consideration Shares to the Vendors by instalments, subject to and as determined according to the Target Group’s achievement of certain profit targets. Please refer to the Circular for further details on the payment of the consideration.

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The Target Group is mainly engaged in the development of residential rooftop solar projects in the PRC. It is currently expected that the Target Group will complete approximately 15MW downstream residential solar projects for the 12 months ending 31 December 2017, and no less than 77MW for the 36 months ending 31 December 2019. The completion of the Proposed Acquisition marks the Group’s further expansion into the business of downstream solar project development, which the Directors believe will fuel the growth of the Group.

By order of the board of Comtec Solar Systems Group Limited John Yi ZHANG Chairman

Shanghai, the People’s Republic of China, 1 March 2017

As at the date of this announcement, the executive Directors are Mr. John Yi Zhang, Mr. Chau Kwok Keung and Mr. Zhang Zhen, the non-executive Directors are Mr. Donald Huang and Mr. Wang Yixin, and the independent non-executive Directors are Mr. Leung Ming Shu, Mr. Kang Sun and Mr. Daniel DeWitt Martin.

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