Labixiaoxin Snacks Group Limited — Capital/Financing Update 2014

Jun 18, 2014

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.

==> picture [35 x 74] intentionally omitted <==

LABIXIAOXIN SNACKS GROUP LIMITED 蠟筆小新休閒食品集團有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 1262)

VOLUNTARY ANNOUNCEMENT RELATING TO THE WAIVER AND CONSENT IN CONNECTION WITH THE FACILITY AGREEMENT

This voluntary announcement is made by Labixiaoxin Snacks Group Limited (the “ Company ”, together with its subsidiaries, the “ Group ”).

Reference is made to the announcements of the Company dated 25 February 2013 and 12 May 2014 (the “ Announcements ”). Unless otherwise stated, capitalised terms used herein shall have the same meanings as defined in the Announcements.

The Facility Agreement provides that (i) the Company shall supply to the facility agent (the “ Facility Agent ”) under the Facility Agreement not less than fourteen calendar days’ prior written notice of any proposed change in the auditors of any member of the Group, (ii) the prior consent of a requisite majority of the lenders (the “ Majority Lenders ”) to the Facility Agreement are required prior to the appointment of any accounting firm, which is not one of the big four accounting firms, (iii) it will be an event of default in the event of non-compliance with any provision of the finance documents, including the Facility Agreement, and (iv) it will not be an event of default if the failure to comply is capable of remedy and is remedied within fifteen business days of the Facility Agent giving notice to the relevant obligors (the “ Obligors ”) under the Facility Agreement or from the date any Obligor becomes aware of the failure to comply (the “ Potential Event of Default ”). On 12 May 2014, PricewaterhouseCoopers resigned as the auditors of the Company (the “ Resignation ”) and the Company had failed to comply with certain provisions under the Facility Agreement. In view of the foregoing, the Company had proactively delivered a request (the “ Request ”) to the Facility Agent to request the Majority Lenders to, among others, (a) waive the Potential Event of Default, (b) consent to the appointment of HLB as the auditors of the Company and (c) to waive any event of default which may occur if there is any delay in obtaining the consent of the Majority Lenders following the Company’s appointment of HLB as its auditors (collectively, the “ Waiver and Consents ”).

The board of directors of the Company (the “ Board ”) wishes to announce that, the Company had received a written confirmation from the Facility Agent, confirming that the Majority Lenders had granted the Waiver and Consents.

1

The Board further announces that the Company will early repay the Facility, with the final payment repayable on 25 February 2015. In view of the Company’s current financial resources, the Board does not expect there to be any material impact to the financial condition of the Group.

SUSPENSION OF TRADING

At the request of the Company, trading in its shares on The Stock Exchange of Hong Kong Limited has been suspended from 9:00 a.m. on 24 March 2014 and will remain suspended until further notice.

By order of the Board Labixiaoxin Snacks Group Limited Zheng Yu Long Chairman

Hong Kong, 18 June 2014

As at the date of this announcement, the executive directors of the Company are Zheng Yu Long, Zheng Yu Shuang and Zheng Yu Huan; the non-executive director of the Company is Li Hung Kong; and the independent non-executive directors of the Company are Li Zhi Hai, Sun Kam Ching and Chung Yau Tong.

2