China Saite : Announcements and Notices - Change of Independent Non-executive Director and Changes of Chairman and Member of Remuneration Committee, Member of Audit Committee and Member of Nomination Committee

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CHINA SAITE GROUP COMPANY LIMITED 中 國 賽 特 集 團 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 153)

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR

AND

CHANGES OF CHAIRMAN AND MEMBER OF REMUNERATION

COMMITTEE, MEMBER OF AUDIT COMMITTEE AND

MEMBER OF NOMINATION COMMITTEE

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The Board announces that Mr. Eddie Hurip has resigned as an independent non-executive Director with effect from 8 August 2018.

The Board further announces that Mr. Wu Zhongxian has been appointed as an independent non-executive Director with effect from 8 August 2018.

CHANGES OF CHAIRMAN AND MEMBER OF REMUNERATION COMMITTEE, MEMBER OF AUDIT COMMITTEE AND MEMBER OF NOMINATION COMMITTEE

The Board further announces that Mr. Hurip ceased to act as the chairman and a member of the Remuneration Committee, a member of the Audit Committee and a member of the Nomination Committee while Mr. Wu has been appointed as the chairman and a member of the Remuneration Committee, a member of the Audit Committee and a member of the Nomination Committee in replacement of Mr. Hurip with effect from 8 August 2018.

CHANGE OF INDEPENDENT NON-EXECUTIVE DIRECTOR

The board (the ''Board'') of directors (the ''Directors'') of China Saite Group Company

Limited (the ''Company'', together with its subsidiaries, collectively the ''Group'') hereby announces that Mr. Eddie Hurip (''Mr. Hurip'') has resigned as an independent non-executive Director with effect from 8 August 2018, in order to pursue his personal business. Mr. Wu Zhongxian (''Mr. Wu'') has been appointed as an independent non-executive Director with effect from 8 August 2018.

The biographical details of Mr. Wu are set out as follows:

Mr. Wu, aged 62, has 40 years of experience in finance and construction management.

Mr. Wu served as the chief financial officer and deputy general manager of Gaocheng Branch of Yixing No. 2 Construction and Installation Engineering Company* (宜興市第 二建築安裝工程公司高塍公司), the general manager of Yixing Gaocheng Real Estate Development Company* (宜興市高塍房地產開發公司) and the deputy general manager of Jiangsu Yusheng Construction and Installation Engineering Company* (江蘇宇盛建築 安裝工程公司).

It is currently proposed that Mr. Wu will enter into a letter of appointment with the

Company and his initial term of appointment will be one year commencing on 8 August 2018 until the next general meeting of the Company. Mr. Wu's appointment is subject to retirement by rotation at least once every three years and re-election at the annual general meeting of the Company in accordance with the articles of association of the

Company. Subject to the articles of association of the Company, the appointment can be terminated by either party by serving not less than one-month's written notice to the other party. Under the letter of appointment, Mr. Wu will receive a remuneration of

HK$15,000 per month and such other fringe benefits as the Board shall in its absolute discretion deem appropriate.

The remuneration of Mr. Wu has been reviewed by the remuneration committee of the Company (the ''Remuneration Committee'') and was determined by the Board with reference to the prevailing market conditions, and the qualifications, experience, duties and responsibilities of Mr. Wu with the Company. The remuneration of Mr. Wu is subject to review by the Board from time to time pursuant to the power conferred on it at the annual general meeting of the Company.

As at the date of this announcement, save as disclosed above, Mr. Wu confirms that (i) he does not have any relationship with any Directors, senior management, substantial shareholders, or controlling shareholders of the Company; (ii) he does not have any interest in the shares of the Company within the meaning of Part XV of the Securities and

Futures Ordinance (Chapter 571 of the Laws of Hong Kong); (iii) he does not hold other positions with the Company or other members of the Group; and (iv) he does not hold any directorship in the last three years in any other public companies the securities of which are listed on any securities market in Hong Kong or overseas.

Mr. Wu has confirmed that he is not aware of any other matter in relation to his appointment that needs to be brought to the attention of the shareholders of the Company, and, save as disclosed in this announcement, there is no other information which is required to be disclosed pursuant to the requirements under Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

CHANGES OF CHAIRMAN AND MEMBER OF REMUNERATION COMMITTEE, MEMBER OF AUDIT COMMITTEE AND MEMBER OF NOMINATION COMMITTEE

The Board further announces that Mr. Hurip ceased to act as the chairman and a member of the Remuneration Committee, a member of the audit committee of the Company (the ''Audit Committee'') and a member of the nomination committee of the Company (the ''Nomination Committee'') with effect from 8 August 2018.

Mr. Wu has been appointed as the chairman and a member of the Remuneration Committee, a member of the Audit Committee and a member of the Nomination Committee in replacement of Mr. Hurip with effect from 8 August 2018.

The Board would like to take this opportunity to express its sincere gratitude to Mr. Hurip for his contribution to the Company during his tenure and also extend its welcome to Mr. Wu on his appointment.

By Order of the Board

China Saite Group Company Limited

Jiang Jianqiang

Chairman

Hong Kong, 8 August 2018

As at the date of this announcement, the executive Directors of the Company are Mr. JIANG Jianqiang, Mr. SHAO Xiaoqiang and Mr. XU Fanghua; and the independent non-executive Directors are Mr. XU Jiaming, Mr. LUK Chi Shing and Mr. WU Zhongxian.

*

for identification only