GoFintech Quantum Innovation Limited — M&A Activity 2011

Jan 21, 2011

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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NEW TIMES ENERGY CORPORATION LIMITED 新時代能源有限公司[*]

(incorporated in Bermuda with limited liability)

(Stock code: 00166)

TERMINATION OF VERY SUBSTANTIAL ACQUISITION

Reference is made to the Company’s Announcements and Circular in relation to the proposed termination of a very substantial acquisition of the entire issued share capital of the Target Company.

On 21 January 2011, after trading hours, the parties to the Agreement entered into the Termination Deed, pursuant to which the Agreement has been terminated by mutual consent.

Reference is made to the announcements of the Company dated 18 February, 2010, 10 March 2010, 3 May 2010, 30 September 2010, 29 October 2010, 30 November 2010, 16 December 2010 (the “ Announcements ”) and the circular dated 24 June 2010 (the “ Circular ”) in relation to the Agreement of a very substantial acquisition under Chapter 14 of the Listing Rules.

Unless otherwise defined herein, all capitalised terms used herein shall have the same meanings as defined in the Announcements and Circular.

After trading hours on 21 January 2011, the Purchaser, an indirect wholly-owned subsidiary of the Company, entered into a termination deed with the Vendor and the relevant parties (the “ Termination Deed ”), pursuant to which the Agreement for the Acquisition of the Target Company for an aggregate consideration of HK$600,000,000 has been terminated (the “ Termination ”).

According to the Termination Deed, the Purchaser and the Vendor agreed to release and discharge all direct or indirect, contingent or actual, previous, present or future rights, obligations, liabilities or claims of or against each of them under the Agreement. For the avoidance of doubt from all parties, all parties agreed not to file any claim or suit against other parties for any form of right, obligation or duty which may be arisen from or in connection with the Agreement.

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According to the Termination Deed, the Vendor agreed and undertook to return and refund the advance deposit of HK$59,999,999.70 (“ Repayment Amount ”) paid by the Purchaser to the Vendor pursuant to the Agreement, to the account designated by the Purchaser on or before 28 February 2011, or any later time and date as agreed by both parties in writing. If the Vendor failed to return the Repayment Amount to the Purchaser on or before 28 February 2011, the Vendor shall be liable to a payment of an additional interest to the Purchaser as late penalties, which will be calculated based on the unreturned Repayment Amount at an interest rate of 10% per annum thereon.

The terms of the Termination Deed were arrived at after arm’s length negotiations between the Vendor and the Purchaser.

To the best of the Directors’ knowledge, information and belief, the Directors are of the view that the Termination does not have any material adverse impact on the financial position and business operation of the Company and its subsidiaries and that the Termination is in the best interest of the Company and its Shareholders as a whole.

The entering into of the Termination Deed constitutes a termination of a transaction of the Company previously announced pursuant to Chapter 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“ Listing Rules ”) and is disclosable under Rule 14.36 of the Listing Rules.

By order of the Board New Times Energy Corporation Limited Cheng Kam Chiu, Stewart Chairman

Hong Kong, 21 January 2011

As at the date of this announcement, the board of Directors comprises seven Directors, of which two are executive Directors, namely Mr. Cheng Kam Chiu, Stewart and Mr. Cheng Ming Kit; two non-executive Directors, namely Mr. Wong Man Kong, Peter and Mr. Chan Chi Yuen; and three independent non-executive Directors, namely Mr. Fung Chi Kin, Mr. Fung Siu To, Clement and Mr. Chiu Wai On.

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