China Saite : Announcements and Notices - Further Announcement on Repayment of Debt

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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)

FURTHER ANNOUNCEMENT

ON REPAYMENT OF DEBT

Reference is made to (i) the announcement of the Company in relation to the statutory demand served on the Company by the Investors as creditors in respect of the Debt dated 15 April 2019 and (ii) the further announcement of the Company dated 6 May, 2019 (the ''Announcements''). Unless otherwise defined, terms defined in the Announcements shall have the same meanings when used in this announcement.

The board of directors of the Company would like to provide an update on the recent development relating to the repayment status of the Debt. On 31 May 2019, the Company and the Investors reached consensus on the terms in respect of the repayment of the remaining outstanding amount of the Debt on or before 19 July 2019, subject to the completions of certain precedent conditions stipulated in the signed agreements and amount to be repaid on or before 19 July 2019.

The Company will make further announcement(s) as and when appropriate.

Shareholders and potential investors should exercise caution when dealing in the securities of the Company.

By Order of the Board

China Saite Group Company Limited

Jiang Jianqiang

Chairman

Hong Kong, 31 May 2019

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.