Youzan Technology Limited — Capital/Financing Update 2012

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.

This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the securities of the Company.

==> picture [170 x 33] intentionally omitted <==

China Innovationpay Group Limited 中國創新支付集團有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 8083)

COMPLETION OF ISSUE OF NON-LISTED WARRANTS UNDER GENERAL MANDATE

The Board is pleased to announce that all conditions set out in the Subscription Agreement have been fulfilled and completion of the Warrant Subscription took place on 27 July 2012. Warrants of an aggregate amount of HK$120,000,000 have been issued to the Subscriber pursuant to the Subscription Agreement.

Reference is made to the announcement (the “ Announcement ”) of China Innovationpay Group Limited (the “ Company ”) dated 16 July 2012 in relation to the Warrant Subscription. Capitalised terms used herein shall have the same meanings as those defined in the Announcement unless otherwise stated.

The Board is pleased to announce that all the conditions of the Subscription Agreement have been fulfilled and completion of the Warrant Subscription took place on 27 July 2012.

Warrants of an aggregate amount of HK$120,000,000 have been issued by the Company to the Subscriber at the Issue Price of HK$0.002 per Warrant. The Warrants entitle the Subscriber to subscribe for the Warrant Shares at the initial Subscription Price of HK$0.40 per Warrant Share for a period of five (5) years commencing from the date of issue of the Warrants.

To the best of the Directors’ knowledge, information and belief, having made all reasonable enquiries, each of the Subscriber and its ultimate beneficial owner(s) is an Independent Third Party of and not connected with the Company and its connected persons (as defined in the GEM Listing Rules).

– 1 –

The listing approval for the Warrant Shares has been granted by the Stock Exchange on 25 July 2012. No listing of the Warrants will be sought on the GEM or any other stock exchanges.

By Order of the Board China Innovationpay Group Limited Guan Guisen Chairman

Hong Kong, 27 July 2012

As at the date of this announcement, the Board comprises three executive Directors, namely Mr. Guan Guisen, Dr. Lei Chunxiong and Mr. Cao Chunmeng; and three independent non-executive Directors, namely Dr. Fong Chi Wah, Mr. Wang Zhongmin and Mr. Gu Jiawang.

This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules 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 “Latest Company Announcements” page of the GEM website for at least 7 days from the date of its posting and on the Company’s website at www.innovationpay.com.hk.

– 2 –