Comtec Solar : PARTIAL CONVERSION OF CONVERTIBLE BONDS

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Comtec Solar Systems Group Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 712)

PARTIAL CONVERSION OF CONVERTIBLE BONDS

References are made to (i) the announcements of Comtec Solar Systems Group Limited (the ''Company'') dated 20 May 2018 and 27 July 2018 in relation to the subscription of the Convertible Bonds under Specific Mandate and the poll result announcement of the EGM respectively (collectively, the ''Announcements''); (ii) the circular of the Company dated 9 July 2018 in relation to the issuance of the Convertible Bonds and grant of the Specific Mandate (the ''Circular''); and (iii) the announcement of the Company dated 5 March 2021 with respect to the partial conversion of the Convertible Bonds. Unless defined otherwise, capitalized terms used herein shall have the same meanings as those defined in the Announcements and the Circular.

The Board announces that the Company received conversion notices from the Subscriber for the exercise of the conversion rights attached to the Convertible Bonds in respect of the aggregate principal amount of US$2,000,000. Pursuant to the Conversion Price of HK$0.696 per Conversion Share which is the adjusted Conversion Price after implementation of the share consolidation effected by the Company on 26 August 2019, a total number of 22,556,896 Conversion Shares (the ''Partial Conversion Shares'') have been issued to the Subscriber on 18 March 2021.

Immediately after the allotment and issue of the Partial Conversion Shares, the number of issued shares of the Company has been increased to 778,288,502 Shares and the Partial Conversion Shares represent approximately 2.98% of the issued share capital of the Company immediately before the allotment and issue of the Partial Conversion Shares and approximately 2.90% of the issued share capital of the Company as enlarged by the allotment and issue of the Partial Conversion Shares.

By Order of the Board

Comtec Solar Systems Group Limited

John Yi Zhang

Chairman

Shanghai, the PRC, 18 March 2021

As at the date of this announcement, the executive Director is Mr. John Yi Zhang, the non-executive Directors are Mr. Dai Ji and Mr. Qiao Fenglin, and the independent non-executive Directors are Mr. Kang Sun, Mr. Ma Teng and Mr. Jiang Qiang.