Convoy Global : UPDATES ON RECENT DEVELOPMENTS ON SUSPENSION OF TRADING AND LITIGATION

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.

CONVOY GLOBAL HOLDINGS LIMITED

康 宏 環 球 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1019)

UPDATES ON RECENT DEVELOPMENTS ON SUSPENSION

OF TRADING AND LITIGATION

Reference is made to the announcements of Convoy Global Holdings Limited (the "Company") dated 7 December 2017, 27 March 2018, 1 August 2018, 1 November 2018, 1 February 2019, 19 February 2019, 30 April 2019, 1 August 2019, 15 August 2019, 4 November 2019, 20 December 2019 and 24 January 2020 (the "Suspension Update Announcements"). Unless otherwise stated, capitalised terms used in this announcement shall have the same meanings as defined in the Suspension Update Announcements.

This announcement is made by the Company pursuant to Rule 13.09(2) of the Listing Rules of the Stock Exchange (the "Listing Rules") and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

UPDATE ON RECENT DEVELOPMENTS RELATING TO SUSPENSION OF TRADING

Reference is made to the Company's announcement of 1 August 2018 in which the Company announced that the Stock Exchange may cancel the Company's listing if trading in the Shares has remained suspended for 18 continuous months from the Effective Date and that the 18-month period would expire on 31 January 2020.

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On 20 January 2020, the Company made a submission to the Stock Exchange in which the Company, among other matters, reported to the Stock Exchange of its progress in relation to the fulfillment of the Resumption Conditions and requested an extension of the remedial period for the Company to satisfy all Resumption Conditions. As at the date of this Announcement, the Company is in the process of further communicating with the Stock Exchange and the Company will make further announcement(s) in this regard as and when appropriate.

The Company is committed to fulfilling the Resumption Conditions to achieve the resumption of trading of its shares on the Stock Exchange. Please refer to the Company's announcement dated 24 January 2020 for details of the Company's expected timetable towards fulfilling the Resumption Conditions. In case of any material changes, further announcement(s) will be made by the Company as and when appropriate.

UPDATE ON LITIGATION

In order to protect the best interests of the Company, on 30 December 2019, the Company together with three of its wholly-owned subsidiaries (the "Plaintiffs") filed a Writ of Summons ("Writ") in the High Court of the Hong Kong Special Administrative Region in HCA 2416 of 2019 against Ernst & Young ("EY"), a professional accounting firm. According to the Writ, the Plaintiffs claim EY for losses and damages as a result of, among other matters, breach of contract, breach of duty, negligence, misrepresentation and/or negligent misstatement by EY during the period from 1 January 2013 to 31 December 2013 in connection with or arising out of:

1. auditing and/or certification of the Plaintiffs' audited and other financial statements; and
2. the giving of financial, tax, accounting, auditing, business and/or regulatory advice and services and other advice and services to the Plaintiffs.

The Company will keep its shareholders and potential investors informed of any further material development of the foregoing matters by way of announcement as and when appropriate.

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CONTINUED SUSPENSION OF TRADING

At the request of the Company, trading in the shares of the Company on the Stock Exchange was halted from 11:04 a.m. on 7 December 2017 (automatically converted to "being suspended" thereafter), and will remain suspended until further notice. The Company will keep the public informed of the latest developments by making further announcement(s) as and when appropriate.

Shareholders and potential investors should note that the resumption of trading in the shares on the Stock Exchange is subject to various conditions which may or may not be fulfilled. There is no guarantee that resumption of trading in the shares will take place. Shareholders and potential investors of the Company are reminded to exercise caution when dealing with the shares.

By Order of the Board

CONVOY GLOBAL HOLDINGS LIMITED

Johnny Chen

Chairman and Executive Director

Hong Kong, 3 February 2020

As at the date of this announcement, the executive Directors are Mr. Johnny Chen (Chairman), Mr. Ng Wing Fai, Mr. Yap E Hock and Mr. Shin Kin Man; the non-executive Director is Mr. Chen Shih-pin; and the independent non-executive Directors are Mr. Pun Tit Shan, Mrs. Fu Kwong Wing Ting, Francine, Mr. Pak Wai Keung, Martin and Mr. Yan Tat Wah. The duties of the executive Directors namely Mr. Wong Lee Man, Ms. Fong Sut Sam and Ms. Chan Lai Yee have been suspended since 8 December 2017.

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