Kingwell Group Limited — Capital/Financing Update 2021

Oct 29, 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.

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(Incorporated in Bermuda with limited liability)

(Stock Code: 559)

SUPPLEMENTAL ANNOUNCEMENT IN RELATION TO

DISCLOSEABLE TRANSACTION

ACQUISITION OF 52% OF THE ISSUED SHARE CAPITAL OF THE TARGET COMPANY INVOLVING THE ISSUE OF CONVERTIBLE BOND UNDER GENERAL MANDATE

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

Given certain Conditions Precedent have not been fulfilled, on 29 October 2021 (after trading hours), the Purchaser, the Vendor and the Guarantor entered into a supplemental agreement to further extend the Long Stop Date from 29 October 2021 to 19 November 2021 (or such other later date as may be agreed by the Purchaser and the Vendor). Save as aforesaid, all other terms and conditions of the Sale and Purchase Agreement (as supplemented by the supplemental agreements dated 3 September 2021, 17 September 2021, 30 September 2021, 8 October 2021 and 15 October 2021) remain unchanged.

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

Hong Kong, 29 October 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.