Pacific Andes : Update on the Appointment of Provisional Liquidators of China Fishery Group Limited and China Fisheries International Limited

d3e8743c-24ba-4ce8-9fdf-7978242dea51.pdf

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.

PACIFIC ANDES INTERNATIONAL HOLDINGS LIMITED

太 平 洋 恩 利 國 際 控 股 有 限 公 司

(Incorporated in Bermuda with limited liability)

(STOCK CODE: 1174)

OVERSEAS REGULATORY ANNOUNCEMENT

UPDATE ON THE APPOINTMENT OF PROVISIONAL LIQUIDATORS OF CHINA FISHERY GROUP LIMITED AND CHINA FISHERIES INTERNATIONAL LIMITED

This announcement is made by Pacific Andes International Holdings Limited (the "Company") pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

Hereinbelow is the announcement made by China Fishery Group Limited ("CFGL"), a company listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") and a 38% non- wholly-owned subsidiary of the Company, in relation to, among other matters, the update on the appointment of provisional liquidators of CFGL and China Fisheries International Limited (a wholly-owned indirect subsidiary of CFGL), which has been released to SGX-ST on 11 January 2016 (the "CFGL Announcement").

The board of directors of the Company (the "Board") has not verified the contents of the CFGL Announcement. The Board assumes no responsibility for the contents of the CFGL Announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in the CFGL Announcement.

By Order of the Board

Pacific Andes International Holdings Limited Ng Puay Yee (Jessie)

Managing Director

Hong Kong, 11 January 2016

As at the date of this announcement, the executive directors of the Company are Ms. Ng Puay Yee (Jessie), Mr. Ng Joo Kwee and Mr. Ng Joo Puay, Frank and, the non-executive director of the Company is Madam Teh Hong Eng whilst the independent non-executive directors of the Company are Mr. Lew V Robert, Mr. Tao Kwok Lau, Clement and Mr. Nguyen Van Tu, Peter.

CHINA FISHERY GROUP LIMITED (PROVISIONAL LIQUIDATORS APPOINTED)

(Incorporated in the Cayman Islands)

CONTINUATION OF THE APPOINTMENT OF PROVISIONAL LIQUIDATORS

Reference is made to the announcements made by China Fishery Group Limited (Provisional Liquidators Appointed) (the "Company") on 27 November 2015, 30 November 2015, 4 December 2015, 9 December 2015 and 6 January 2016 in relation to, inter alia, the appointment of the joint provisional liquidators of the Company by both the Hong Kong Court and the Cayman Court (each as defined below).

Winding up petition against the Company in the Cayman Islands

Reference is made to the announcement of the Company made on 30 November 2015, by which the Company announced that the winding up petition filed in the Grand Court of the Cayman Islands (the "Cayman Court") by the Hongkong and Shanghai Banking Corporation Limited was listed to be heard on 8 January 2016 at 10:00 a.m. (Cayman Islands time).

The Company wishes to announce that, at the hearing before the Cayman Court on 8 January 2016, the Cayman Court ordered the adjournment of the hearing to a date in the week commencing 18 January 2016.

Application to the Cayman Court for discharge of the joint provisional liquidators

Reference is made to the Company's announcement on 9 December 2015 on the Orders of the Grand Court of the Cayman Islands of 8 December 2014, Mr. Fergal Thomas Power (of KPMG Hong Kong), and Mr. Kris Beighton and Mr. Alexander Lawson (of KPMG Cayman Islands) were appointed jointly and severally as provisional liquidators of the Company (the " JPLs").

As noted in the Company's announcement of 6 January 2016, the JPLs remain appointed as joint provisional liquidators of the Company pursuant to the Order of the Cayman Court dated 8 December 2015. In this regard, the JPLs note that the Company (acting by its directors) has also made an application to the Cayman Court on 5 January 2016 to discharge the JPLs. The application has not yet been listed for hearing before the Cayman Court. For the avoidance of doubt, the JPLs currently remain in office.

Application for leave to appeal against the discontinuance orders of the High Court of the Hong Kong Special Administrative Region (the "Hong Kong Court")

Reference is made to the Orders of the Hong Kong Court dated 5 January 2016, pursuant to which the appointments of Mr. Edward Simon Middleton and Mr. Fergal Thomas Power (both of KPMG Hong Kong), and Mr. Kris Beighton (of KPMG Cayman Islands), as joint provisional liquidators of the Company and China Fisheries International Limited (a wholly owned indirect subsidiary of the Company incorporated in Samoa), were discontinued (the "Discontinuance Orders").

The Company wishes to announce that the petitioner has made an application to the Court of Appeal of the Hong Kong Special Administrative Region on 8 January 2016 for leave to appeal the Discontinuance Orders.

The Company will continue to update the shareholders of any material developments.

Any queries from shareholders of the Company should continue to be directed to Ms. Yvonne Chong, KPMG Associate Director at [phone].

For and on behalf of

CHINA FISHERY GROUP LIMITED

(Provisional Liquidators Appointed)

Fergal Thomas Power Kris Beighton

and Alexander Lawson

Joint and Several Provisional Liquidators Acting as agents without personal liability 11 January 2016