The 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.



(Incorporated in Bermuda with limited liability)

(Stock Code: 519)

(1) CHANGE OF SUBSTANTIAL SHAREHOLDER (2) RESIGNATION OF CHAIRMAN, MANAGING DIRECTOR AND EXECUTIVE DIRECTOR (3) APPOINTMENT OF CHAIRLADY, MANAGING DIRECTOR AND EXECUTIVE DIRECTOR (4) CHANGE OF MEMBER OF REMUNERATION COMMITTEE AND NOMINATION COMMITTEE CHANGE OF SUBSTANTIAL SHAREHOLDER

Mr. Hung ceased to be a substantial shareholder of the Company upon completion of the disposal of his shareholding interest in the Company (direct and indirect) to MCA. MCA became a substantial shareholder of the Company and is interested in
465,725,959 shares in the capital of the Company, representing approximately 26.77%
of the issued share capital of the Company.

RESIGNATION OF CHAIRMAN, MANAGING DIRECTOR AND EXECUTIVE DIRECTOR

Mr. Hung resigned as the Chairman, the Managing Director and Executive Director of the Company with effect from 15 July 2015. Mr. Hung also resigned from his positions as member of each of the Remuneration Committee and the Nomination Committee.

A P P O I N T M E N T O F C H A I R L A D Y, M A N A G I N G D I R E C T O R A N D EXECUTIVE DIRECTOR AND CHANGE OF MEMBER OF REMUNERATION COMMITTEE AND NOMINATION COMMITTEE

Ms. Wang Jingyu has appointed as Chairlady, Managing Director and Executive Director of the Company with effect from 15 July 2015. Ms. Wang has also appointed a member of the Remuneration Committee and the Nomination Committee.
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T h i s a n n o u n c e m e n t i s m a d e b y A p p l i e d D eve l o p m e n t H o l d i n g s L i m i t e d ( t h e "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (the "SFO") (Chapter 571 of the Laws of Hong Kong).

CHANGE OF SUBSTANTIAL SHAREHOLDER

The Board ("Board") of Directors of the Company (the "Directors") was informed by Mr. Hung Kin Sang, Raymond ("Mr. Hung") after trading hours on 15 July 2015, that he has disposed of 465,725,959 shares in the capital of the Company, representing approximately 26.77% of the issued share capital of the Company to Millennium Capital Asia Limited ("MCA") (the "Disposal").
The Directors have been informed by Ms. Wang Jingyu ("Ms. Wang") that MCA is a company incorporated in the British Virgin Islands ("BVI") and is indirectly wholly owned by Ms. Wang.
Upon completion of the Disposal, Mr. Hung, ceased to be a substantial shareholder of the Company, directly or indirectly, and MCA became a substantial shareholder of the Company.

RESIGNATION OF CHAIRMAN, MANAGING DIRECTOR AND EXECUTIVE DIRECTOR

As Mr. Hung has disposed of his shareholding interest in the Company and ceased to be a substantial shareholder of the Company, Mr. Hung resigned as the Chairman, the Managing Director and Executive Director of the Company with effect from
15 July 2015. Mr. Hung also resigned from his positions as member of each of the
Remuneration Committee and the Nomination Committee.
In his resignation letter, Mr Hung has indicated that he is interested in discussing the possibility of the acquisition of all or part of the Company's interest in the Panama Project and BVI Project (the "Projects"). As stated in the Company's 2015 Interim Report that it may consider disposing the Company's interest in the Panama project, the Company is considering whether or not to pursue any such discussion with respect to the disposal of any of the Projects with Mr. Hung. If a transaction culminates, any such disposal could constitute a connected transaction of the Company. However, as discussions has not commenced, such disposal may or may not proceed. Shareholders and investors should exercise caution when dealing in the shares of the Company.
Mr. Hung has confirmed that he does not have any disagreement with the Board and there are no matters that need to be brought to the attention of holders of securities of the Company (the "Shareholders") and The Stock Exchange of Hong Kong Limited.
The Board would like to express its gratitude to Mr. Hung for his contribution to the
Company during his tenure of office.
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APPOINTMENT OF CHAIRLADY, MANAGING DIRECTOR AND EXECUTIVE DIRECTOR AND CHANGE OF MEMBER OF REMUNERATION COMMITTEE AND NOMINATION COMMITTEE

The Board has appointed Ms. Wang as Chairlady, Managing Director and Executive Director of the Company with effect from 15 July 2015. Ms. Wang has also appointed a member of the Remuneration Committee and the Nomination Committee.
Ms. Wang, aged 35 graduated from Southwestern University of Finance and Economics in The People's Republic of China ("PRC") with a Bachelor's degree in Economics and specialized in International Finance. She has over 10 years of experience in financial management and investments in the PRC.
Ms. Wang was an executive director of Winshine Entertainment & Media Holding Company Limited (stock code: 209) from 25 November 2009 to 10 November 2014. Save as disclosed, Ms. Wang does not hold any other directorship in any public company the securities of which are listed on any securities market in Hong Kong or overseas in the three years prior to the date of this announcement.
As at the date of this announcement, Ms. Wang is deemed to be interested in
465,725,959 shares in the capital of the Company, representing approximately 26.77% of the issued share capital of the Company under Part XV of the SFO. The shares are held by MCA, which is wholly owned by Peak Access International Limited, a company incorporated in the BVI and wholly owned by Ms. Wang.
Save as disclosed in this announcement, Ms. Wang does not have any relationship with the other Directors, senior management, substantial shareholder or controlling shareholder of the Company. Save as disclosed in this announcement, Ms. Wang does hold any other position with other members of the Group.
There is no service agreement between the Company and Ms. Wang. The appointment of Ms. Wang is subject to retirement by rotation and re-election pursuant to the bye-laws of the Company. The Remuneration Committee will make recommendation and the Board will determine the remuneration of Ms. Wang, with reference to her qualifications, experience, responsibilities and prevailing market practice.
Save as disclosed in this announcement, there are no other matters that need to be brought to the attention of the Shareholders in connection with the appointment of Ms. Wang and there is no other information required to be disclosed pursuant to Rule
13.51(2)(h) to (v) of the Listing Rules.
The Board would like to extend its warmest welcome to Ms. Wang in joining the Board.
By Order of the Board

Applied Development Holdings Limited Meng Song

Executive Director

Hong Kong, 15 July 2015

As at the date of this announcement (taking into account the changes to the Board), the Executive Directors are Ms. Wang Jingyu, Ms. Ng Kit Ling, Mr. Tsao Hoi Ho and Mr. Meng Song; the Independent Non-executive Directors are Mr. Su Ru Jia, Mr. Lo Yun Tai and Mr. Chan Ming Fai, Terence.

* For identification purposes only

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