Tsun Yip Holdings Limited — Earnings Release 2013

Jul 27, 2012

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 [100 x 83] intentionally omitted <==

CNC HOLDINGS LIMITED 中國新華電視控股有限公司

(incorporated in the Cayman Islands with limited liability) (stock code: 8356)

PROFIT WARNING

This announcement is made by CNC Holdings Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) pursuant to Rule 17.10 of the Rules Governing the Listing of Securities (the “ GEM Listing Rules ”) on the Growth Enterprise Market (the “ GEM ”) of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”).

The Company is currently finalizing the unaudited consolidated management accounts of the Group for the three months ended 30 June 2012 (the “ Period ”). The board (the “ Board ”) of directors (the “ Directors ”) of the Company wishes to inform the shareholders of the Company that the Group is expected to record a significant net loss for the three months ended 30 June 2012 as compared to the profit for the same period in 2011. During the Period, the Group’s waterworks business is expected to be profitable while the television broadcasting business is expected to contribute approximately HK$3,100,000 advertising revenue following its commencement of operation. Despite these, the Group is expected to record a loss for the Period which is primarily attributable to (i) the amortisation on television broadcasting right upon completion of the acquisition of the entire issued share capital of Xinhua TV Asia-Pacific Operating Co., Limited; and (ii) incurrence of interest expenses on the convertible notes. The amortisation on television broadcasting right and the interest expenses on the convertible notes are both non-cash items and the Group is expected to retain a positive operating cash flow before working capital changes for the Period.

The information contained in this announcement is only based on the preliminary review of the unaudited consolidated management accounts of the Group for the three months ended 30 June 2012 by the management of the Company and is not based on any figures or information which has been audited or reviewed by the Company’s auditor. It is expected that the Company will publish its first quarterly result for the three months ended 30 June 2012 by mid August 2012.

1

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company.

By Order of the Board CNC Holdings Limited Zou Chen Dong CEO and Executive Director

Hong Kong, 27 July 2012

As at the date of this announcement, the Board comprises the following Directors:

Executive Directors: Mr. Wu Jin Cai Dr. Lee Yuk Lun Mr. Zou Chen Dong Ms. Wu Xu Hong Mr. Kan Kwok Cheung Mr. Chia Thien Loong, Eric John

Non-executive Director: Ms. Liang Hui

Independent non-executive Directors: Mr. Chan Hon Yuen Mr. Chu Siu Lun, Ivan Mr. Hau Chi Kit Mr. Jin Hai Tao

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Growth Enterprise Market (the “GEM”) of the Stock Exchange for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief, the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive and there are no other matters the omission of which would make any statement herein or this announcement misleading.

This announcement will remain on the GEM website at http://www.hkgem.com on the "Latest Company Announcements" page for at least seven days from the date of its posting and the Company’s website at http://www.cnctv.hk.

2