Kinergy : COMPLETION OF THE FIFTH CONNECTED SUBSCRIPTION AGREEMENT

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.

Kinergy Corporation Ltd.

光 控 精 技 有 限 公 司 *

(Incorporated in Singapore with limited liability)

(Stock Code: 3302)

COMPLETION OF THE FIFTH CONNECTED

SUBSCRIPTION AGREEMENT

Reference is made to (i) the announcement dated 15 December 2020 and the circular dated 23 February 2021 (the "Circular") of Kinergy Corporation Ltd. (the "Company") in relation to the Subscription Agreements; (ii) the announcement of the Company dated 10 March 2021 in relation to the termination of the First Subscription Agreement; (iii) the announcement of the Company dated 1 April 2021 in relation to the Completed Subscriptions (the "Completion Announcement"); and (iv) the supplemental announcement of the Company dated 7 April 2021 in relation to the Fifth Connected Subscription Agreement. Unless the context requires otherwise, capitalised terms used in this announcement shall have the same meanings as those defined in the Circular and the Completion Announcement.

The Board hereby announces that pursuant to the Fifth Connected Subscription Agreement, completion of Fifth Connected Subscription took place on 13 April 2021 and an aggregate of 19,377,000 new Shares have been allotted and issued to Future China Investment at the Subscription Price of HK$0.60 per Subscription Share pursuant to the terms and conditions of the Fifth Connected Subscription Agreement.

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EFFECT ON THE SHAREHOLDING STRUCTURE OF THE COMPANY

For illustration purposes, the changes of the shareholding structures of the Company following the completion of the Fifth Connected Subscription are as follows:

	Immediately before the
	Completion of the Fifth
Shareholders	Connected Subscription
	Number of	Approximate
	Shares	%

Immediately after the Completion of the Fifth Connected Subscription Number of Approximate

Shares %

Connected persons of the Company
Lim's Party (Note 1)
Mr. Leslie Lim	265,005,246	29.41%	265,005,246	28.79%
Ms. Foo	18,148,000	2.01%	18,148,000	1.97%
Mr. Lim KM	23,992,000	2.66%	23,992,000	2.61%
Sub-total
307,145,246	34.08%	307,145,246	33.37%
CEL Party (Note 2)
Diamond Wealth	262,084,380	29.09%	262,084,380	28.47%
China Everbright Financial Investments
Limited (Note 3)	822,000	0.09%	822,000	0.09%
Mr. Du	88,000	0.01%	88,000	0.01%
Sino Expo (Note 4)	12,950,000	1.44%	12,950,000	1.41%
Sub-total	275,944,380	30.63%	275,944,380	29.98%
Mr. Tay	6,544,000	0.73%	6,544,000	0.71%
Future China Investment (Note 5)	-		-	19,377,000	2.11%
No. of Shares held by connected persons
of the Company	589,633,626	65.44%	609,010,626	66.17%
Public Shareholders
Third Subscriber	14,532,000	1.61%	14,532,000	1.58%
Other public Shareholders	296,850,768	32.95%	296,850,768	32.25%
No. of Shares held by the public
Shareholders	311,382,768	34.56%	311,382,768	33.83%
Total	901,016,394	100.00%	920,393,394	100.0%

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Notes:

1. Mr. Leslie Lim is a Controlling Shareholder, an executive Director and the chief executive officer of the Company. Ms. Foo is Mr. Lim's spouse. Mr. Lim KM is the son of Mr. Lim and Ms. Foo and an executive Director. Mr. Leslie Lim, Ms. Foo and Mr. Lim KM, being parties acting in concert under the Takeovers Code, are interested in 307,145,246 Shares, representing approximately 33.37% of the issued Shares immediately after the completion of the Fifth Connected Subscription.
2. Mr. Du and Sino Expo are parties acting in concert with Diamond Wealth and its associates. Accordingly, Mr. Du, Sino Expo, CEL, CE Venture, Diamond Wealth and China Everbright Financial Investments Limited, being parties acting in concert under the Takeovers Code, are interested in 275,944,380 Shares, representing approximately 29.98% of the issued Shares immediately after the completion of the Fifth Connected Subscription.
3. China Everbright Financial Investments Limited is directly wholly owned by CEL.
4. Sino Expo is wholly-owned by Mr. Du, an executive Director.
5. Future China Investment is wholly-owned by Mr. Yang, a non-executive Director and the Chairman of the Company.
6. The above calculations were based on percentages rounded up to the nearest 2 decimal places. As such, the rounding difference may cause a slight change in the actual shareholding.

By order of the Board

Kinergy Corporation Ltd.

Lim Kuak Choi Leslie

Executive Director and Chief Executive Officer

Hong Kong, 13 April 2021

*  For identification purpose only

As at the date of this announcement, the executive Directors are Mr. Lim Kuak Choi Leslie, Mr. Du Xiaotang, Mr. Lim Khin Mann, Mr. Tay Kim Kah; the non-executive Directors are Mr. Yang Ping (Chairman) and Mr. Tsang Sui Cheong Frederick; and the independent non-executive Directors are Mr. Ng Tiak Soon, Dr. Senerath Wickramanayaka Mudiyanselage Sunil Wickramanayaka and Professor Zhang Wei.

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