China Innovation Investment : UPDATE ABOUT FALSE NEWS REPORTS (20) MR. XIANG AND MS. KUNG ISSUED A BRIEF STATEMENT

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CHINA INNOVATION INVESTMENT LIMITED

中國創新投資有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1217)

UPDATE ABOUT FALSE NEWS REPORTS (20)

MR. XIANG AND MS. KUNG ISSUED A BRIEF

STATEMENT

Reference is made to the announcements (the "Announcements") of China Innovation Investment Limited (the "Company") about the false news reports dated 24 November 2019, 25 November 2019, 5 December 2019, 12 December 2019, 17 December 2019, 27 December 2019, 30 December 2019, 17 February 2020, 27 February 2020, 2 June 2020, 17 June 2020, 22 June 2020, 1 July 2020, 8 October 2020, 11 October 2020, 9 November 2020, 1 February 2021, 2 February 2021, 5 February 2021 and 4 March 2021. Unless otherwise defined, capitalized terms used in this announcement shall have the same meanings as those defined in the Announcements.

On 8 April 2021, the Company's executive director and chairman of the board of directors, Mr. Xiang Xin ("Mr. Xiang") and the alternate director Ms. Kung Ching ("Ms. Kung") received a Taiwanese news forwarded by their Taiwan lawyers, with the headline: 「向心夫婦涉洗錢遭起訴 國安法偵辦中」 (Translated as: "Xiangxin and his wife sued for money laundering, and under investigation by National Security Law"). A brief statement is issued as follows:

I. Mr. Xiang and Ms. Kung have never initiated an organization in Taiwan, have never been involved in money laundering, and are innocent;

1. The Taiwan Prosecutor Office's investigation failed to create any results after more than 500 days investigation in the name of "National Security", and temporarily

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fabricated the so-called money laundering charges which intend to detain the two in Taiwan indefinitely. Such practice is outrageous;

1. The Taiwan Prosecutor Office's logic is chaotic. If Mr. Xiang and Ms. Kung are alleged to be involved in the "China Communist Party's spy", isn't it illogical for the "China Communist Party's spy" to move the funds from the " Communist Zone" to the "enemy zone"?

IV. Mr. Xiang and Ms. Kung have never violated laws anywhere in the world and will make a strong defense after receiving bill of indictment from the Taiwan Prosecutor Office.

The Company will make further announcements with any material developments in this matter or in accordance with other requirements of the Listing Rules.

By Order of the Board

China Innovation Investment Limited

Xiang Xin

Chairman and Chief Executive Officer

Hong Kong, 8 April 2021

As at the date of this announcement, the executive Directors of the Company are Mr. Xiang Xin (Chairman) and Mr. Chan Cheong Yee; the independent non-executive directors of the Company are Ms. An Jing, Ms. Zhou Zan and Mr. Zhang Yu, Clement. Ms. Kung Ching is an alternate director to Mr. Xiang Xin.

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