CW : UPDATES ON THE DEVELOPMENT IN SUSPENSION OF TRADING AND THE APPLICATIONS PURSUANT TO SECTION 211B OF THE COMPANIES ACT (CAP. 50) OF SINGAPORE

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CW GROUP HOLDINGS LIMITED

(IN PROVISIONAL LIQUIDATION)

創達科技控股有限公司

(臨時清盤中)

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 1322)

UPDATES ON

1. THE DEVELOPMENT IN SUSPENSION OF TRADING; AND
2. THE APPLICATIONS PURSUANT TO SECTION 211B OF THE COMPANIES ACT (CAP. 50) OF SINGAPORE

This announcement is made by CW Group Holdings Limited (In Provisional Liquidation) (the "Company") pursuant to Rules 13.09 and 14.36 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the"Stock Exchange") and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Reference is made to the announcements of the Company dated 21 June 2018, 22 June 2018, 26 June 2018, 27 June 2018, 28 June 2018, 2 July 2018, 4 July 2018, 5 July 2018, 8 July 2018, 9 July 2018, 11 July 2018, 13 July 2018, 17 July 2018, 27 July 2018, 2 August 2018, 7 August 2018, 10 August 2018, 17 September 2018, 25 October 2018, 20 November 2018, 3 January 2019, 21 January 2019, 8 February 2019, 29 March 2019, 16 April 2019, 24 April 2019, 9 July 2019, 3 October 2019, 9 October 2019 and 9 January 2020 (the"Announcements"). Capitalised terms used in this announcement, unless otherwise defined, shall have the same meanings as those defined in the Announcements.

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RECENT DEVELOPMENT IN SUSPENSION OF TRADING

As mentioned in the Announcements, the JPLs have been actively negotiating with potential investors and creditors of the Company in order to formulate a restructuring plan for the Company on or before 31 January 2020.

On 21 January 2020, the JPLs received an indicative term sheet in respect of the restructuring of the Company, which was further revised on 24 January 2020, from one of the potential investors (the"Potential Investor"). Since the receipt of the aforementioned term sheet, the Company has been negotiating with the Potential Investor on the terms and conditions of the restructuring of the Company based on the aforementioned term sheet. Accordingly, on 31 January 2020, the JPLs submitted an application to the Stock Exchange for an extension of time for the submission of Resumption Proposal.

On 7 February 2020, the JPLs received a letter from the Stock Exchange, pursuant to which, the extension of time for the submission of Resumption Proposal was not granted, and the Listing Committee of the Stock Exchange has decided to cancel the Company's listing under Rule 6.01A of the Listing Rule (the"Decision").

Under Chapter 2B of the Listing Rules, the Company has the right to have the Decision referred to the Listing Review Committee of the Stock Exchange for a further and final review and such review request is required to be made within 7 business days from the receipt of the Decision. Accordingly, the Company has made an application to the Stock Exchange for a review of the Decision on 14 February 2020.

Further announcement(s) will be made by the Company as and when appropriate and in accordance with the requirements of the Listing Rules.

UPDATE ON THE APPLICATIONS PURSUANT TO SECTION 211B OF THE COMPANIES ACT (CAP. 50) OF SINGAPORE

As disclosed in the announcement of the Company dated 3 October 2019, on 23 September 2019, the Singapore High Court had ordered that the S211B Moratorium originally granted to the Three Applicants, being the Company, CW Advanced Technologies Pte. Ltd. and CW Group Pte. Ltd., pursuant to section 211B(1) of the Companies Act (Cap. 50) of the Laws of Singapore on 18 July 2018, be extended until 31 January 2020 or until further order.

The Three Applicants respectively filed an application to the Singapore High Court on 10 January 2020 for an order that the S211B Moratorium be further extended until 31 May 2020 or until further order (the"Moratorium Extension Applications"). Additional affidavits were filed with the Singapore High Court to provide factual updates in support of the Moratorium Extension Applications on 15 January 2020 and 22 January 2020. The Moratorium Extension Applications were heard on 3 February 2020, following which the Singapore High Court ordered:

1. That the S211B Moratorium granted to the Three Applicants pursuant to section 211B(1) of the Companies Act (Cap. 50) under the orders of the Singapore High Court dated 18 July 2018, which were extended pursuant to orders of the Singapore High Court dated 15 November 2018, 27 March 2019 and 23 September 2019, be extended until 31 May 2020;

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2. That the S211B Moratorium shall apply to any act of any person in Singapore, or within the jurisdiction of the Singapore High Court, whether the act takes place in Singapore or elsewhere. For the avoidance of doubt,

1. with respect to the Company, this paragraph 2 shall not apply to Bank of China (Hong Kong) Limited and Fubon Bank (Hong Kong) Limited and/or any act taken by or on behalf of Bank of China (Hong Kong) Limited or Fubon Bank (Hong Kong) Limited where the act takes place outside Singapore;
2. with respect to CW Group Pte. Ltd., this paragraph 2 shall not apply to Fubon Bank (Hong Kong) Limited and/or any act taken by or on behalf of Fubon Bank (Hong Kong) Limited where the act takes place outside Singapore; and
3. with respect to CW Advanced Technologies Pte. Ltd., this paragraph 2 shall not apply to Bank of China (Hong Kong) Limited and/or any act taken by or on behalf of Bank of China (Hong Kong) Limited where the act takes place outside Singapore,

with liberty to each of the Three Applicants (where relevant) to apply to the Singapore High Court in the event that circumstances change rendering Bank of China (Hong Kong) Limited and/or Fubon Bank (Hong Kong) Limited being within the jurisdiction of the Singapore High Court; and

3. That the Three Applicants and any creditor shall have liberty to apply to the Singapore High Court for such further or other directions as may be necessary.

SUSPENSION OF TRADING

At the request of the Company, trading in the shares of the Company on the Stock Exchange has been halted with effect from 3:22 p.m. on 11 July 2018. Trading in the shares will remain suspended until further notice.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

For and on behalf of

CW Group Holdings Limited

(In Provisional Liquidation)

Man Chun So

Yat Kit Jong

Simon Richard Conway

Joint Provisional Liquidators

Acting as agents without personal liability

Hong Kong, 17 February 2020

As at the date of this announcement, the executive Directors are Mr. WONG Koon Lup and Mr. WONG Mun Sum and the non-executive Director is Mr. ZHANG Bing Cheng.

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