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.

CHU KONG PETROLEUM AND NATURAL GAS STEEL PIPE HOLDINGS LIMITED

珠江石油天然氣鋼管控股有限公司

(incorporated in the Cayman Islands with limited liability) (Stock Code: 1938) VOLUNTARY ANNOUNCEMENT LOAN AGREEMENT WITH THE INDUSTRIAL AND COMMERCIAL BANK OF CHINA

This announcement is made on a voluntary basis by Chu Kong Petroleum and Natural Gas Steel Pipe Holdings Limited (the "Company").

The board of Directors ("Board") is pleased to announce that on 30 December 2016, 廣東珠鋼 投資管理有限公司 (Guangdong Pearl Steel Investment Management Co. Ltd.*) ("Guangdong Pearl Steel"), the Company's wholly-owned subsidiary, entered into a loan agreement with the Industrial and Commercial Bank of China ("ICBC") in respect of a 8-year loan of RMB1.5 billion (the "Loan"), at the interest rate of the prevailing RMB commercial base lending rate published by the People's Bank of China plus 10%. The current RMB commercial base lending rate published by the People's Bank of China as at the date of this announcement is 4.9% per

annum. As security for the Loan, 番禺珠江鋼管有限公司 (Panyu Chu Kong Steel Pipe Co.

Limited*), the Company's wholly-owned subsidiary, will pledge its shareholding in Guangdong Pearl Steel and provide a corporate guarantee, and Guangdong Pearl Steel will pledge its land and construction in progress, in favour of ICBC.

The purpose of the Loan is mainly to finance the property development in Panyu, the PRC (details of which were set out in the announcements of the Company dated 7 December 2012, 24 June 2013, 10 September 2015, the annual result announcement dated 31 March 2015, the annual report of the Company for the year ended 31 December 2014 and the interim result announcement for the Company for the six months ended 30 June 2015). As disclosed in the announcement of the Company dated 31 March 2016, the Group commenced the sales of units of the Golden Dragon City early this year and the total contracted sales up to date amounted to over RMB640 million (unaudited). The second phase of Golden Dragon City is under construction and the Group expects to pre-sale in the second half of this year. The Directors are of the view that the Loan will provide the Group with solid funding support for the continual development of the Golden Dragon City.

Guangdong Province, the PRC, 3 January 2017

By order of the Board

Chu Kong Petroleum and Natural Gas Steel Pipe Holdings Limited Chen Chang

Chairman

As at the date of this announcement, the Board comprises three executive Directors, namely Mr. Chen Chang, Ms. Chen Zhao Nian and Ms. Chen Zhao Hua; and three independent non- executive Directors, namely Mr. Chen Ping, Mr. See Tak Wah, and Mr. Tian Xiao Ren

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