Kingwell Group Limited — Capital/Financing Update 2021

Nov 12, 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.

This announcement is for information purpose and does not constitute an invitation or offer to acquire, purchase or subscribe for any securities of DeTai New Energy Group Limited.

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(Incorporated in Bermuda with limited liability)

(Stock Code: 559)

TERMINATION OF DISCLOSEABLE TRANSACTION

References are made to the announcements of DeTai New Energy Group Limited (the ‘‘Company’’) dated 9 August 2021, 3 September 2021, 17 September 2021, 30 September 2021, 8 October 2021, 15 October 2021 and 29 October 2021 (the ‘‘Announcements’’) in relation to the Acquisition. Unless otherwise defined, terms used herein shall have the same meanings as those set out in the Announcements.

The Board announces that, after further negotiation and discussion, the Purchaser, the Vendor and the Guarantor have decided not to proceed with the Acquisition. On 12 November 2021, the parties to the sale and purchase agreement in respect of the Acquisition dated 6 August 2021 (as supplemented from time to time) (the ‘‘Sale and Purchase Agreement’’) entered into a termination agreement (the ‘‘Termination Agreement’’) whereby the parties have agreed to terminate the Sale and Purchase Agreement with effect from the date of the Termination Agreement and to release and discharge each other from their respective obligations and liabilities under the Sale and Purchase Agreement except those under the provisions in relation to confidentiality, fees and legal representatives and governing law and jurisdiction. None of the parties shall have any claim against each other in connection with the Sale and Purchase Agreement save for any antecedent breaches.

The Board considers that the termination of the Sale and Purchase Agreement will not have any material adverse impact on the financial position and operation of the Group.

By order of the Board DeTai New Energy Group Limited Charlie Lu Chairman and Executive Director

Hong Kong, 12 November 2021

As at the date of this announcement, the executive Directors are Mr. Charlie Lu (Chairman), Mr. Cheng Chi Kin and Mr. Liu Shihao; and the independent non-executive Directors are Mr. Chiu Wai On, Mr. Man Kwok Leung and Mr. Sheung Kwong Cho.