I Control : VOLUNTARY ANNOUNCEMENT UPDATE ON THE JOINT VENTURE REGARDING, CHANGZHOU GUOYUN GREEN DATA TECHNOLOGY CO., LIMITED

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i-CONTROL HOLDINGS LIMITED ൴౽ঐછٰϞࠢʮ̡

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 1402)

VOLUNTARY ANNOUNCEMENT

UPDATE ON THE JOINT VENTURE REGARDING, CHANGZHOU

GUOYUN GREEN DATA TECHNOLOGY CO., LIMITED*

Reference is made to the announcement (the "Announcement") of the Company dated 5 March 2021 in relation to the acquisition by the Group of 4% equity interest in, and formation of joint venture regarding Changzhou Guoyun Green Data Technology Co., Limited* €੬ψ਷ථၠЍ ᅰኽҦஔϞࠢʮ̡("JV Company"). Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as those defined in the Announcement.

Subsequent to the Acquisition on 5 March 2021, Guangdong Nenking Culture Communication Co., Ltd.* €ᄿ؇ঐጳ˖ʷෂᅧϞࠢʮ̡ ("Guangdong Nenking"), of which Mr. Zhong Naixiong, the controlling shareholder of the Company, has a 93.44% effective interest, has acquired an aggregate of 45% equity interest in the JV Company from the other shareholders of the JV Company. Accordingly, the JV Company is now held as to 4% by Top Luck, 45% by Guangdong Nenking, 12.8% by an individual independent of the Company and its connected persons (as defined under the Listing Rules) and the other 38.2% beneficially owned by Mr. Hua and his spouse.

In light of the aforesaid shareholding change, Top Luck and the other shareholders of the JV Company entered into a new shareholders' agreement dated 25 March 2021 ("New Shareholders' Agreement"), which is on substantially similar terms as the Shareholders' Agreement dated 5 March 2021 with a contemplation of an increase in registered capital of the JV Company for the purpose of funding the development of the IDC center. The amount of the additional registered capital and time for contribution of the same is yet to be agreed and the Company will issue further announcement on any update thereof and comply with the Listing Rules as and when appropriate.

As no further capital commitment has been made by Top Luck under the New Shareholders' Agreement, the entering into of the New Shareholders' Agreement by Top Luck does not constitute a notifiable transaction for the Company under the Listing Rules.

By Order of the Board i-Control Holdings Limited

Zhong Naixiong

Chairman

Hong Kong, 25 March 2021

As at the date of this announcement, the executive Directors are Mr. Zhong Naixiong, Mr. Yau Wing Keung, Mr. Tong Sai Wong, Mr. Chan Wing Yiu and Mr. Chan Wing Lun; the non-executive Director is Dr. Wong King Keung and the independent non-executive Directors are Mr. Fong Chi, Mr. Fung Chan Man Alex, Mr. Lum Pak Sum and Mr. Li Ying Wai Wayne.

*For identification purpose only.