PPHL Pacific Plywood : JOINT ANNOUNCEMENT - FURTHER DELAY IN DESPATCH OF THE COMPOSITE DOCUMENT (in PDF)

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint 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 joint announcement.

This joint announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of PACIFIC PLYWOOD HOLDINGS LIMITED nor is it a solicitation of any vote or approval in any jurisdiction.

HUARONG FINANCIAL SERVICES ASSET MANAGEMENT L.P.

(A Cayman Islands exempted limited partnership)

PACIFIC PLYWOOD HOLDINGS LIMITED

太平洋實業控股有限公司 *

(Incorporated in Bermuda with limited liability)

(Stock code: 767) JOINT ANNOUNCEMENT FURTHER DELAY IN DESPATCH OF THE COMPOSITE DOCUMENT

References are made to (i) the announcements jointly issued by Pacific Plywood Holdings Limited (the "Company") and Huarong Financial Services Asset Management L.P. (the "Offeror") dated (a) 5 October 2016 in respect of, amongst others, the Sale and Purchase Agreement, the Special Deals and the Offer (the "First Joint Announcement"); (b) 18 October 2016 in relation to the update on the Special Deals (the "Second Joint Announcement"); (c) 26 October 2016 in relation to the delay in despatch of the Circular and the Composite Document (the "First Delay Despatch Announcement"); (d) 15 November 2016 in relation to the Second Supplemental Sale and Purchase Agreement and the Second Supplemental CN Transfer Agreement (the "Third Joint Announcement"); (e) 30 December 2016 in relation to the extension of the long stop dates (the "Extension Announcement"); and (ii) the announcements dated 2 December 2016 and 23 December 2016 in relation to the delay in despatch of the Circular issued by the Company (the "Further Delay Despatch Announcements") (together with the First Joint Announcement, the Second Joint Announcement, the First Delay Despatch Announcement, the Third Joint Announcement and the Extension Announcement, collectively being the "Announcements"). Capitalised terms used in this joint announcement shall have the same meanings as those defined in the Announcements unless the context requires otherwise.

* For identification purposes only

Pursuant to Rule 8.2 of the Takeovers Code, the Composite Document together with the relevant form of acceptance (the "Form of Acceptance") regarding the Offer is required to be despatched to the Independent Shareholders within 21 days from the date of the First Joint Announcement, i.e. on or before 26 October 2016. The Executive granted its consent and extended the latest time for the despatch of the Composite Document to a date falling within 7 days of the Special Deals becoming unconditional and the Sale and Purchase Completion, or 7 January 2017, whichever is earlier.

The making of the Offer is conditional upon, among others, the Special Deals become unconditional and the Sale and Purchase Completion. As additional time is required to ascertain and finalise the information to be included in the Circular, which includes, amongst other things, further details on the Special Deals including but not limited to the relevant information for disclosure in the letter from the Board in the Circular and the relevant approval on the undertakings to given by the Offeror and Mr. Ma in relation to the Sale and Purchase Agreement and the Special Deals. The parties to the Sale and Purchase Agreement require more time to satisfy the Sale and Purchase Conditions in particular the fulfilment of the condition in relation to the approval from the Independent Shareholders of the Company for the Special Deals, such that the Sale and Purchase Completion was not capable to take place by 31 December 2016 and the Composite Document and the Form of Acceptance cannot be despatched to the Shareholders by no later than 7 January 2017. Accordingly, an application has been made to the Executive pursuant to Rule 8.2 of the Takeovers Code and the Executive has indicated that it is minded to grant consent to further extend the latest time for the despatch of the Composite Document and the Form of Acceptance to a date falling within 7 days of the Special Deals becoming unconditional and the Sale and Purchase Completion, or 7 April 2017, whichever is earlier.

Further announcement(s) will be jointly made by the Company and the Offeror as and when appropriate.

By order of the board of

Huarong International Capital Limited

as the general partner of

HUARONG FINANCIAL SERVICES ASSET MANAGEMENT L.P. Bai Tianhui

Director

By order of the Board

Pacific Plywood Holdings Limited Huang Chuan Fu

Executive Director and Chairman

Hong Kong, 6 January 2017

As at the date of this joint announcement, the Directors are:

Executive Directors

Mr. Huang Chuan Fu (Chairman)

Mr. Liang Jian Hua Ms. Jia Hui

Mr. Jiang Yi Ren

Independent Non-executive Directors

Mr. Wong Chun Hung Mr. Zheng Zhen

Mr. To Langa Samuelson

The Directors jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement (other than the information relating to the Offeror) and confirm having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this joint announcement (other than those expressed by the Offeror) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement the omission of which would make any statement in this joint announcement misleading.

As at the date of this joint announcement, Mr. Bai Tianhui and Mr. Han Binke are the directors of the general partner of the Offeror. As at the date of this joint announcement, the Offeror has no director.

The directors of the general partner of the Offeror jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement (other than the information relating to the Group, the Shares Vendor, the Guarantor, their respective associates and parties acting in concert with them), and confirm, having made all reasonable enquires, that to the best of their knowledge, opinions expressed in this joint announcement (other than the opinions expressed by the Group, the Shares Vendor, the Guarantor, their respective associates and parties acting in concert with them) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement, the omission of which would make any statement contained in this joint announcement misleading.

The English text of this joint announcement shall prevail over its Chinese text.