Glorious Sun Enterprises Limited announced that on 24 January 2020, GSE (BVI), a wholly-owned subsidiary of the company, and its nominee (an indirect wholly-owned subsidiary of the company) disposed of the Notes with a total principal amount of RMB 60,000,000 (equivalent to approximately HKD 66,667,000) in the secondary market for a total consideration of approximately RMB61,365,000 (equivalent to approximately HKD 68,183,000). As one or more of the applicable percentage ratios under Rule 14.07 of the Listing Rules in respect of the Disposal in aggregate with the Previous Disposal is more than 5% but less than 25%, the Disposal and the Previous Disposal, in aggregate, constitute a discloseable transaction for the company under Chapter 14 of the Listing Rules and is therefore subject to the reporting and announcement requirements under the Listing Rules.