Richly Field China Development : INSIDE INFORMATION 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.

RICHLY FIELD CHINA DEVELOPMENT LIMITED

裕 田 中 國 發 展 有 限 公 司

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)

(stock code: 313)

INSIDE INFORMATION

UPDATE ON WINDING UP PETITION

This announcement is made by Richly Field China Development Limited (the "Company"), pursuant to the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09(1), 13.09(2)(a) and 13.25(1)(b) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

References are made to the announcements published by the Company dated 29 August 2019,

4 September 2019, 1 October 2019 and 22 October 2019 (the "Announcements"). Unless the context otherwise specified, capitalised terms used herein shall have the same meanings as those defined in the Announcements.

The Company hereby announce that, after trading hours of The Stock Exchange of Hong Kong Limited on 31 October 2019, the Company has only made partial repayment of the remaining balance of the Settlement Sum pursuant to the Settlement Deed.

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As at the date of this Announcement, approximately HK$22 million of the Settlement Sum remains outstanding. Pursuant to the terms of the Settlement Deed, as the Company has not effected full and final repayment of the Settlement Sum by 31 October 2019, the Lender reserves the right to proceed with the Petition, claim for repayment of the Interest Relief, as well as all its losses incurred in connection with the Settlement Deed from the Company, and Mr. Wang Hua (as the guarantor).

The Company will continue to negotiate with the Lender for a short delay in payment and the Company has proposed to effect full and final repayment of the remaining balance of the Settlement Sum on or before 10 November 2019. As disclosed in the Company's Announcement dated 22 October 2019, the hearing date of the Petition has been adjourned to 13 November 2019 at 9:30 a.m.

The Company will make further announcement(s) as and when appropriate.

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

By order of the Board

Richly Field China Development Limited

Li Yi Feng

Chairman and Chief Executive Officer

Hong Kong, 31 October 2019

As at the date of this announcement, the Board comprises two executive directors, namely Mr. Li Yi Feng (Chairman) and Mr. Chen Wei (Vice President) and three independent non-executive directors, namely Ms. Hsu Wai Man Helen, Mr. Wong Tak Chun and Mr. Xu Jinghong.

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