Add New Energy Investment : DELAY IN REVIEWING AND ASSESSING THE RESULTS OF IMPLEMENTATION OF RECOMMENDATIONS BY INTERNAL CONTROL ADVISOR

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Add New Energy Investment Holdings Group Limited

愛 德 新 能 源 投 資 控 股 集 團 有 限 公 司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 02623)

DELAY IN REVIEWING AND ASSESSING THE RESULTS OF IMPLEMENTATION OF RECOMMENDATIONS BY INTERNAL CONTROL ADVISOR

Reference is made to the announcement (the "Announcement") in relation to internal control review and internal control report of Add New Energy Investment Holdings Group Limited (the "Company", together with its subsidiaries, the "Group") dated 13 December 2019.

It was disclosed in the Announcement that the board (the "Board") of directors (the "Directors") of the Company expected that the Internal Control Advisor will review and assess the results of implementation by the Company of its internal control recommendations in early March 2020.

However, with the recent outbreak of the covid-19 virus in mainland China and in Hong Kong, the Chinese and Hong Kong governments implemented various measures including travel restrictions and new border control measures. Offices of the Group companies in mainland China were closed for a period of time in January and February 2020, and the Company had requested its employees in Hong Kong to work from home. Employees of Group subsidiaries in mainland China were prohibited by local authorities from attending at their offices and some travelling restrictions remain as at the date of this announcement. The Company's Internal Control Advisor has also been facing similar travelling restrictions. These containment efforts have impeded the Company's work and the Company's Internal Control Advisor from proceeding with its review and assessment work as scheduled. The Company expects that more time will be required in order for such review and assessment work to be completed.

Further announcement relating to the internal control recommendations will be made by the Company as and when appropriate.

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By order of the Board

Add New Energy Investment Holdings Group Limited

Li Yunde

Chairman

Hong Kong, 6 March 2020

As at the date of this announcement, the Board comprises three executive Directors, namely Mr. Li Yunde (Chairman), Mr. Geng Guohua (Chief Executive Officer) and Mr. Lang Weiguo; and three independent non-executive Directors, namely Mr. Leung Nga Tat, Mr. Zhang Jingsheng and Mr. Li Xiaoyang.

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