Changgang Dunxin : Update on Winding Up Petition

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.

(Provisional Liquidators appointed)

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2229)

UPDATE ON WINDING UP PETITION

Reference is made to the announcements of the Company dated 10 March 2017, 12 May 2017 and 7 July 2017 in relation to the Winding-up Petition entitled HCCW 68/2017 ("Petition") presented by Mr Zheng Dunqian ("Petitioner"), an executive director and chief executive officer of the Company, as the petitioner (the "Announcements"). Capitalised terms used in this announcement shall have the same meanings as those defined in the Announcements, unless otherwise specified.

By a Consent Summons dated 21 July 2017, the Company and the Petitioner applied to the High Court of Hong Kong for an order by consent that, among other things, the Petition be dismissed.

For the avoidance of doubt, the winding up petition entitled HCCW 164/2017 presented by the creditor Wang Tao will continue to be heard by the Court on 2 August 2017.

SUSPENSION OF TRADING

The Securities and Futures Commission has, under Rule 8(1) of the Securities and Futures (Stock Market Listing) Rules, directed the Stock Exchange of Hong Kong Limited to suspend all dealings in the shares of the Company from 9:00 a.m. on 18 May 2017. The trading in the shares of the Company will remain suspended until further notice.

For and on behalf of

Changgang Dunxin Enterprise Company Limited

(Provisional Liquidators appointed)

Kennic Lai Hang LUI and LAU WU Kwai King Lauren

Joint and Several Provisional Liquidators Acting as agents without personal liability

Hong Kong, 25 July 2017

As at the date of this announcement, the executive directors of the Company are Mr. Zheng Dunqian, Mr. Chen Ruomao, Mr. Yeung Wing Nam, Mr. Wong Sing Chui, Ms. Huang Xiao Wen, Mr. Chiu Muk Hing and Mr. Chan Walter Kai Him; and the independent non-executive directors are Mr. Ye Deshan, Mr. Hu Zhenghui, Mr. Lo Pak Ho, Mr. Fung Chi Tung and Ms. Zhang He.