China First Capital : RE-DESIGNATION AND APPOINTMENT OF CO-CHIEF EXECUTIVE OFFICERS

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CHINA FIRST CAPITAL GROUP LIMITED

中國首控集團有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1269) RE-DESIGNATION AND APPOINTMENT OF CO-CHIEF EXECUTIVE OFFICERS

The board (the "Board") of directors (the "Directors", each a "Director") of China First Capital Group Limited (the "Company", together with its subsidiaries, the "Group") announces that, due to re-division of roles and responsibilities, with effect from 26 July 2017:

1. Mr. Zhao Zhijun ("Mr. Zhao"), the existing chief executive officer of the Company and an executive Director, has been re-designated as a co-chief executive officer of the Company ("Co-CEO"), but will remain as an executive Director; and

2. Mr. Zhu Huanqiang ("Mr. Zhu"), an existing deputy chief executive officer of the Company, has been appointed as a Co-CEO.

Mr. Zhao and Mr. Zhu will be separately responsible for the development, operations and management of different business segments of the Group. In particular, Mr. Zhao will focus on developing and managing the automotive parts business of the Group while Mr. Zhu will focus on developing and managing the education operation business and financial service business of the Group.

Details of Mr. Zhao

Mr. Zhao, aged 42, was appointed as the chief executive officer of the Company and an executive Director on 22 May 2011. Mr. Zhao is also a director of a number of subsidiaries of the Company. He joined the Group in 2005. Mr. Zhao has plenty of experience in management in automobile shock absorber industry. Prior to the re-designation as a Co-CEO, he was principally responsible for the general operation and management of the Group. Prior to joining the Group, Mr. Zhao worked for the general office of the Zhengzhou Office of the China Securities Regulatory Commission (the "CSRC") from 1999 to 2002. He served as a general manager of Nanyang business department of Minsheng Securities Co., Ltd.* (民生 證券有限責任公司南陽營業部) from 2002 to 2005. Mr. Zhao graduated from Central South University with a master degree in Philosophy in 2004.

Mr. Zhao entered into a service contract with the Company for an initial term of three years commencing from 26 July 2017. The service contract shall renew after expiry and continue thereafter, until it is terminated by either party giving to the other not less than three months' prior notice in writing. Mr. Zhao is entitled to an annual emolument of HK$800,000, which is determined and adjustable by the Board with reference to his duties and responsibilities and subject to review from time to time. Mr. Zhao is also entitled to receive the Company's discretionary management bonuses. As an executive Director, Mr. Zhao is subject to retirement by rotation and re-election at annual general meetings of the Company in accordance with the articles of association of the Company.

Details of Mr. Zhu

Mr. Zhu, aged 47, was appointed as a deputy chief executive officer of the Company on 11 October 2016. Prior to the re-designation as a Co-CEO, Mr. Zhu was responsible for

(i) the Group's financing business in the capital market of the People's Republic of China ("China"); (ii) mergers and acquisitions, restructuring and management of projects of the Group; and (iii) development of the Group's new business of financial services in China. Mr. Zhu has substantial experience in capital market. From May 1997 to October 2010, he held various positions at the CSRC, including serving as a director of Inspection Division II of the Department of Intermediary Supervision of the CSRC and a deputy director of Heilongjiang Regulatory Bureau of the CSRC. From October 2011 to March 2016, he served as a deputy general manager of China Securities Finance Corporation Limited ("CSF") and a member of Committee of Communist Party of China of CSF. Mr. Zhu is a qualified lawyer in China. He obtained a master's degree in law with a major in civil law from Southwest University of Political Science and Law in 1996 and a doctorate degree in law with a major in civil and commercial law from China University of Political Science and Law in 2006.

Mr. Zhu entered into an employment contract with the Company for an initial term of three years commencing from 26 July 2017. The employment contract shall renew after expiry and continue thereafter, until it is terminated by either party giving to the other not less than three months' prior notice in writing. Mr. Zhu is entitled to an annual emolument of HK$1,440,000, which is determined and adjustable by the Board with reference to his duties and responsibilities and subject to review from time to time. Mr. Zhu is also entitled to receive the Company's discretionary management bonuses.

As at the date of this announcement, save as disclosed above, each of Mr. Zhao and Mr. Zhu

(i) does not have any relationship with other Directors, senior management or substantial or controlling shareholders of the Company; (ii) does not hold any directorship in the last three years in other public companies the securities of which are listed on any securities market in Hong Kong or overseas; and (iii) does not have, and is not deemed to have, any interests or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations which are required to be disclosed under Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

There is no information relating to the re-designation of Mr. Zhao as Co-CEO and the appointment of Mr. Zhu as Co-CEO which is required to be disclosed pursuant to Rules 13.51(2)(h)-(v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. Save as disclosed herein, there is no other matter relating to any of Mr. Zhao and Mr. Zhu that needs to be brought to the attention of the shareholders of the Company.

By Order of the Board

China First Capital Group Limited Wilson Sea

Chairman and Executive Director

Hong Kong, 26 July 2017

As at the date of this announcement, the executive Directors are Mr. Wilson Sea, Mr. Tang Mingyang, Mr. Zhao Zhijun, Ms. Li Dan and Mr. Yan Haiting; the non-executive Director is Mr. Li Hua; and the independent non-executive Directors are Mr. Chu Kin Wang, Peleus, Mr. Li Zhiqiang and Mr. Chen Gang.

* For identification purpose only