ICO Group Limited — Capital/Financing Update 2015

Dec 17, 2015

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 Bermuda with limited liability)

(Stock Code : 630)

CHANGE IN USE OF PROCEEDS

References are made to the 2014 SM Placing Announcement in relation to the 2014 SM Placing and the 2015 GM Placing Announcement in relation to the 2015 GM Placing.

As disclosed in the 2014 SM Placing Announcement, the net proceeds from the 2014 SM Placing was approximately HK$40.1 million (“ 2014 SM Placing Proceeds ”) and the Company intended to apply as to (i) approximately HK$24.6 million of the 2014 SM Placing Proceeds for the research, development, sales and marketing of medical and/or healthcare products and services; (ii) approximately HK$5.5 million of the 2014 SM Placing Proceeds for the provision of public relations services (“ PR Business ”) and the provision of human resources management services (“ HR Business ”); and (iii) not more than approximately HK$10.0 million of the 2014 SM Placing Proceeds to facilitate the tender of potential construction projects by ACE Engineering. As at the date of this announcement, approximately HK$18.7 million of the 2014 SM Placing Proceeds had been used as intended as to (i) approximately HK$9.4 million for the research, development of medical and/or healthcare products and services; (ii) approximately HK$2.2 million for the launch of new medical and/or healthcare products and services; (iii) approximately HK$1.6 million for the set up and development of e-commerce platform; and (iv) approximately HK$5.5 million for the PR Business and the HR Business.

• For identification purposes only

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In addition, as disclosed in the 2015 GM Placing Announcement, the Company intended to use the net proceeds of approximately HK$19.2 million (“ 2015 GM Placing Proceeds ”) from the 2015 GM Placing for general working capital of the Group. As at the date of this announcement, approximately HK$8.8 million of the 2015 GM Placing Proceeds was used as intended.

As at the date of this announcement, the aggregate unutilised net proceeds from the 2014 SM Placing and the 2015 GM Placing are approximately HK$31.8 million (“ Unutilised Proceeds ”) (comprising approximately HK$21.4 million of the unutilised 2014 SM Placing Proceeds and approximately HK$10.4 million of the unutilised 2015 GM Placing Proceeds).

The market of medical and healthcare products is experiencing fierce competition and the progress of development of new medical and healthcare products of the Group has been delayed for a considerable period of time and not progressed as expected. Along with the issuance of various guidance documents by the China Food and Drug Administration relating to medical devices good manufacturing practices to strengthen the oversight of medical device manufacturing, regulatory and compliance costs for the development and manufacturing of such new medical and healthcare products will be inevitably increased. Furthermore, the negotiation for obtaining product distribution rights of medical and healthcare products and services that are complementary to the products and services of the Group due to their interrelated use has been stagnant. In view of the above, the Directors consider that it may not be a good opportunity for the Group to invest further financial resources in the areas of research, development, sales and marketing of medical and/or healthcare products and services and accordingly, such plan may not be further implemented at the moment or in the near future. As disclosed in the interim report of the Company for the six months ended 30 June 2015, the Group has successfully obtained a money lender licence under the Money Lenders Ordinance (Chapter 163 of the Laws of Hong Kong). Therefore, for the better utilization of the Group’s financial resources, the Board has resolved to allocate HK$20 million out of the Unutilised Proceeds for money lending business.

Save as disclosed above, there is no other change in the use of the 2014 SM Placing Proceeds and 2015 GM Placing Proceeds and the remaining unutilised 2014 SM Placing Proceeds and 2015 GM Placing Proceeds will be used as originally intended. The Board considers that such change in the use of the Unutilised Proceeds would cope with the development of the businesses and plans of the Group and is in the best interests of the Company and the Shareholders as a whole.

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DEFINITIONS

In this announcement, the following expressions have the meanings set out below unless the context requires otherwise:

• “2014 SM Placing”

• placing of 175,160,000 Shares at HK$0.239 per Share pursuant to the specific mandate granted to the Directors by the Shareholders at the special general meeting of the Company held on 20 June 2014, details of which are disclosed in the announcements of the Company dated 24 March 2014, 30 June 2014, 12 January 2015 and the 2014 SM Placing Announcement and the circular of the Company dated 4 June 2014

• “2014 SM Placing Announcement”

• the announcement of the Company dated 23 June 2015 in relation to the change in use of proceeds of the 2014 SM Placing

• “2015 GM Placing”

• placing of 61,200,000 Shares at HK$0.328 per Share under the general mandate granted to the Director by the Shareholders at the annual general meeting of the Company held on 30 June 2015, details of which are disclosed in the announcement of the Company dated 14 July 2015 and the 2015 GM Placing Announcement

• “2015 GM Placing Announcement”

• the announcement of the Company dated 24 July 2015 in relation to the 2015 GM Placing

• “ACE Engineering”

ACE Engineering Limited, a company incorporated in Hong Kong with limited liability, which is principally engaged in building construction, building maintenance and improvement works, project management, renovation and decoration works in Hong Kong, details of the acquisition of ACE Engineering Limited are disclosed in the announcement of the Company dated 14 September 2015 and the circular of the Company dated 4 December 2015

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“Board” the board of Directors “Company” AMCO United Holding Limited, a company incorporated in Bermuda with limited liability, the shares of which are listed on the Main Board of the Stock Exchange “Director(s)” the director(s) of the Company “Group” the Company and its subsidiaries “HK$” Hong Kong dollars, the lawful currency of Hong Kong “Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic of China “Share(s)” share(s) of the Company “Shareholder(s)” holder(s) of the Shares(s) “Stock Exchange” The Stock Exchange of Hong Kong Limited

On behalf of the Board

AMCO United Holding Limited YIP Wai Lun, Alvin Chairman and Managing Director

Hong Kong, 17 December 2015

As at the date of this announcement, Mr. Yip Wai Lun, Alvin, Mr. Cheng Kin Chor and Mr. Leung Kelvin Ming Yuen are the executive Directors; and Mr. Wong Siu Ki, Mr. Chan Ngai Sang Kenny and Mr. Li Kwok Fat are the independent non-executive Directors.

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