Comtec Solar Systems Group Limited — Earnings Release 2012

May 24, 2012

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: 712)

ANNOUNCEMENT UNAUDITED FINANCIAL DATA FOR THE THREE MONTHS ENDED 31 MARCH 2012

HIGHLIGHTS

• This announcement is made in accordance with Rule 13.09(1) of the Listing Rules. — The unaudited consolidated turnover was approximately RMB218,526,000 for the Period.

• — The unaudited consolidated gross profit was approximately RMB30,301,000 and the gross profit margin of 13.9% for the Period.

• The unaudited adjusted net profit was approximately of RMB10,381,000 by excluding the other losses of approximately RMB170,124,000 which was related to the repurchase of convertible bonds and issuance of new warrants.

• — The unaudited net loss was approximately RMB159,743,000 for the Period. Shareholders of the Company and potential investors should exercise caution when dealing in the shares of the Company.

This announcement is made in accordance with Rule 13.09(1) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”). To provide the market with updated information, the board (“Board”) of

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directors (“Directors”) of Comtec Solar Systems Group Limited (the “Company”) hereby announced the unaudited financial data of the Company and its subsidiaries (together, the “Group”) for the three months ended 31 March 2012 (the “Period”).

The following items are extracted from the unaudited management accounts of the Group:

	(Unaudited)	(Unaudited)
	For the three	For the three
	months ended	months ended
	31 March 2012	31 March 2011
	RMB’000	RMB’000
Turnover	218,526	317,908
Gross profit	30,301	96,913
(Loss) Profit attributable to the owners
of the Company	(159,743)	83,512

The Board wishes to inform the shareholders of the Company and potential investors that based on a preliminary review on the unaudited management accounts of the Group, the Company has recorded unaudited consolidated turnover and gross profit of approximately RMB218,526,000 and RMB30,301,000, respectively, as well as a gross profit margin of 13.9% for the Period. The unaudited adjusted net profit was approximately of RMB10,381,000, excluding the other losses of approximately RMB170,124,000 related to the repurchase of convertible bonds and issuance of new warrants for the Period. The unaudited net loss was approximately RMB159,743,000 for the Period.

During the Period, the debt crisis in Europe, volatile capital market and global economy as well as excess capacity in the industry created a challenging operating environment and continuous pressure on the selling prices and the profit margins across the value chain in the industry. The Company still achieved profitable operation and remarkable profit margin under the volatile market environment. The Board considered that such preliminary result was mainly attributable to our focus on the newly launched “Super-Mono Wafers” and improvement in production efficiency.

Meanwhile, the Directors believe that the Group has maintained a healthy financial position. The Group had net debt of approximately RMB160,554,000 which included cash and cash equivalent, other financial assets of approximately RMB353,887,000, short-term bank loans of approximately RMB389,010,000, liability component of convertible bonds issued in the year of 2011 of RMB103,577,000 and long-term bank loans of RMB21,854,000. The Group will continue to seek potential business opportunities to improve its performance.

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Please note that the information contained in this announcement is only based on the preliminary assessment by the Board on the unaudited management accounts of the Group and currently available information, which have not been audited or reviewed by the Company’s auditors.

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

By Order of the Board Comtec Solar Systems Group Limited John ZHANG Chairman

Shanghai, the People’s Republic of China, 24 May 2012

As at the date of this announcement, the executive Directors are Mr. John Zhang, Mr. Chau Kwok Keung and Mr. Shi Cheng Qi, the non-executive Directors are Mr. Phen Chun Shing Vincent and Mr. Donald Huang, and the independent non-executive Directors are Mr. Leung Ming Shu, Mr. Kang Sun and Mr. Daniel DeWitt Martin.

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