Travel Expert Asia Enterprises : DISCLOSEABLE TRANSACTION IN RELATION TO ACQUISITIONS OF LISTED SECURITIES

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.

Travel Expert (Asia) Enterprises Limited

專業旅運（亞洲）企業有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1235)

DISCLOSEABLE TRANSACTION

IN RELATION TO

ACQUISITIONS OF LISTED SECURITIES

THE ACQUISITIONS

The Board wishes to announce that during the period from 20 January 2021 to 28 January 2021 (both dates inclusive), the Group, through TEAML (being an indirect wholly-owned subsidiary of the Company), acquired on the open market a total of 98,000 China Mobile Shares at an aggregate consideration of approximately HK$4.7 million (exclusive of transaction costs) at an average price of approximately HK$47.8 per China Mobile Share.

As the Acquisitions were made through the open market, the Company is not aware of the identities of the sellers of the China Mobile Shares. To the best knowledge, information and belief of the Directors having made all reasonable enquiries, the sellers of the China Mobile Shares and their respective ultimate beneficial owners are Independent Third Parties.

IMPLICATIONS UNDER THE LISTING RULES

Each of the Acquisitions of the China Mobile Shares by the Group, on a standalone basis, does not constitute a discloseable transaction for the Company under Chapter 14 of the Listing Rules.

As the highest applicable percentage ratio for the Company for the Acquisitions, when aggregated as a whole, is more than 5% and below 25%, the Acquisitions, when aggregated as a whole, constitute a discloseable transaction of the Company, and are therefore subject to the reporting and announcement requirements but exempt from the shareholders' approval requirement pursuant to Chapter 14 of the Listing Rules.

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THE ACQUISITIONS

The Board wishes to announce that during the period from 20 January 2021 to 28 January 2021 (both dates inclusive), the Group, through TEAML (being an indirect wholly-owned subsidiary of the Company), acquired on the open market a total of 98,000 China Mobile Shares at an aggregate consideration of approximately HK$4.7 million (exclusive of transaction costs) at an average price of approximately HK$47.8 per China Mobile Share. As the Acquisitions were conducted on the open market, the price of each trade represented the then market price of the China Mobile Shares at the relevant time of the Acquisitions. The consideration of the Acquisitions has been funded by the Group's internal resources.

As the Acquisitions were made through the open market, the Company is not aware of the identities of the sellers of the China Mobile Shares. To the best knowledge, information and belief of the Directors having made all reasonable enquiries, the sellers of the China Mobile Shares and their respective ultimate beneficial owners are Independent Third Parties.

REASONS AND BENEFITS OF THE ACQUISITIONS

Having considered the then share price performance and prospects of China Mobile and the low interest rate environment in Hong Kong, the Company considers that the Acquisitions are attractive investment and can enhance the returns for the Group.

As the Acquisitions were made at market price, the Directors are of the view that the Acquisitions were fair and reasonable, on normal commercial terms and in the interests of the Company and its Shareholders as a whole.

INFORMATION ON CHINA MOBILE

China Mobile is a company incorporated in Hong Kong with limited liability, the shares of which are listed on the Main Board of the Stock Exchange (stock code: 941) and the American Depositary Shares of which are listed on the New York Stock Exchange (NYSE stock ticker: CHL). China Mobile Group is the leading telecommunications and related services provider in the mainland of China and Hong Kong, which operates nationwide telecommunications networks in 31 provinces, autonomous regions and directly administered municipalities in the mainland of China and in Hong Kong.

Set out below is a summary of certain audited consolidated financial information of China Mobile for the two years ended 31 December 2019 as extracted from the annual report of China Mobile for the year ended 31 December 2019:

	For the year ended 31 December
	2019	2018
	RMB million	RMB million
	(audited)	(audited)
Operating revenues	745,917	736,819
Profit before taxation	142,133	153,895
Profit after taxation	106,791	117,951

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Based on the interim report of China Mobile for the six months ended 30 June 2020, the unaudited net asset value of China Mobile as at 30 June 2020 was approximately RMB1,130,010 million.

INFORMATION OF THE GROUP AND TEAML

The Company is a company incorporated in the Cayman Islands with limited liability, the shares of which are listed on the Main Board of the Stock Exchange (stock code: 1235). The principal activity of the Company is investment holding and the principal business of the Company's subsidiaries is to provide a one-stop travel management and services offering a wide range of packaged tours, travel packages, products and services.

TEAML is a company incorporated in Hong Kong with limited liability and an indirect wholly- owned subsidiary of the Company. TEAML is principally engaged in investment in treasury activities.

IMPLICATIONS UNDER THE LISTING RULES

Each of the Acquisitions of the China Mobile Shares by the Group, on a standalone basis, does not constitute a discloseable transaction for the Company under Chapter 14 of the Listing Rules.

As the highest applicable percentage ratio for the Company for the Acquisitions, when aggregated as a whole, is more than 5% and below 25%, the Acquisitions, when aggregated as a whole, constitute a discloseable transaction of the Company, and are therefore subject to the reporting and announcement requirements but exempt from the shareholders' approval requirement pursuant to Chapter 14 of the Listing Rules.

DEFINITIONS

In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings:

"Acquisitions"the acquisitions of a total of 98,000 China Mobile Shares at an aggregate consideration of approximately HK$4.7 million (exclusive of transaction costs) by the Group during the period from 20 January 2021 to 28 January 2021

"Board"

the board of Directors

"China Mobile"China Mobile Limited, a company incorporated in Hong Kong with limited liability, the shares of which are listed on the Main Board of the Stock Exchange (stock code: 941) and the American Depositary Shares of which are listed on the New York Stock Exchange (NYSE stock ticker: CHL)

"China Mobile Group" China Mobile and its subsidiaries

"China Mobile Share(s)" Ordinary share(s) of China Mobile

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"Company"	Travel Expert (Asia) Enterprises Limited, a company
	incorporated in the Cayman Islands with limited liability, the
	shares of which are listed on the main board of the Stock
	Exchange (stock code: 1235)
"connected person(s)"	has the meaning ascribed to it under the Listing Rules
"Directors"	the directors of the Company
"Group"	the Company and its subsidiaries
"Hong Kong"	The Hong Kong Special Administrative Region of the People's
	Republic of China
"HK$"	Hong Kong dollars, the lawful currency of Hong Kong
"Independent Third Party"	third party(ies) independent of the Company and connected
	persons of the Company
"Listing Rules"	the Rules Governing the Listing of Securities on the Stock
	Exchange
"RMB"	Renminbi, the lawful currency of the People's Republic of
	China
"Stock Exchange"	The Stock Exchange of Hong Kong Limited
"TEAML"	Travel Expert Asset Management Limited, a company
	incorporated in Hong Kong with limited liability and an
	indirect wholly-owned subsidiary of the Company
"%"	per cent

By order of the Board

Travel Expert (Asia) Enterprises Limited

Ko Wai Ming, Daniel

Chairman

Hong Kong, 28 January 2021

As at the date of this announcement, the Executive Directors of the Company are Mr. Ko Wai Ming, Daniel and Ms. Cheng Hang Fan; and the Independent Non-executive Directors of the Company are Mr. Mak King Sau, Mr. Szeto Chi Man and Mr. Yung Ha Kuk, Victor.

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