China Fordoo : VOLUNTARY ANNOUNCEMENT BUSINESS UPDATE

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

CHINA FORDOO HOLDINGS LIMITED

中國虎都控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2399)

VOLUNTARY ANNOUNCEMENT

BUSINESS UPDATE

This announcement is made by China Fordoo Holdings Limited (the "Company", and together with its subsidiaries, the "Group") on a voluntary basis. The purpose of this announcement is to keep the shareholders and potential investors of the Company informed of the latest business developments of the Group.

Reference is made to the circular of the Company dated 24 March 2021 (the "Circular"), in relation to, among others, the disclosable and connected transaction in relation to the acquisition of the entire issued share capital of the Target Company and continuing connected transactions in relation to the entry of the VIE Agreements. Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular.

On 30 March 2021, the Company successfully acquired the entire equity interest of Target Company, which, through the contractual arrangement under the VIE Agreements, has effective control over the finance and operation of Honggao Technology.

As stated in the Circular, Honggao Technology entered into an Interbank Express Payment Business Agreement (跨行快付業務協議) with a PRC bank in November 2020, pursuant to which, Honggao Technology will be able to settle payment on an interbank basis through

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internet banking. The board of directors of the Company (the "Board") is pleased to announce that Honggao Technology was informed by the PRC bank that its system is ready and will be able to allow Honggao Technology to settle payment through internet banking starting from April 2021. As such, Honggao Technology is expected to commence its new businesses correspondingly from the second quarter of 2021.

The Board is pleased to further announce that Honggao Technology has successfully become a member of the board of directors of China Automobile Dealers Association (中國汽車流通 協會) ("CADA") since March 2021. According to its website, CADA is the only state-level legal entity in the automobile dealership industry registered under the Ministry of Civil Affairs of the People's Republic of China (中華人民共和國民政部).

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

By order of the Board

China Fordoo Holdings Limited

Kwok Kin Sun

Chairman and executive Director

Hong Kong, 7 April 2021

As at the date of this announcement, the executive Directors are Mr. Kwok Kin Sun, Mr. Kwok Hon Fung, Mr. Tong Xin, and Mr. Peng Zuncheng; and the independent non-executive Directors are Mr. Cheung Chiu Tung, Mr. Poon Yick Pang Philip and Ms. Huang Yumin.

Website: www.fordoo.cn

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