Beijing Energy International : REPURCHASE OF 8% GUARANTEED SENIOR NOTES DUE 2022

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") 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.

This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The Notes (as defined below) and the guarantee of the Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States or to any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Notes are being offered and sold only to non-U.S. persons outside the United States in offshore transactions in compliance with Regulation S under the Securities Act.

(Incorporated in Bermuda with limited liability)

(Stock code: 686)

REPURCHASE OF 8% GUARANTEED SENIOR NOTES DUE 2022

(Stock code: 40127)

This announcement is made by Beijing Energy International Holding Co., Ltd. (the "Company", formerly known as Panda Green Energy Group Limited) pursuant to the Inside Information Provisions (as defined in the Rules Governing the Listing of Securities on the Stock Exchange (the "Listing Rules")) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong), Rule 13.09(2) and Rule 37.47B of the Listing Rules.

Reference is made to the announcement of the Company dated 15 January 2020 on, among other things, the issue of US$112,308,000 8% guaranteed senior notes due 2022 (the "Notes").

As at the date of this announcement, the Company has repurchased the Notes in the aggregate principal amount of US$33,000,000 at a total consideration of US$33,592,444.45 (including accrued and unpaid interest) in the open market. The repurchased Notes represent approximately 29.38% of the initial principal amount of the Notes and have been or will be cancelled (as the case may be) in accordance with the terms and conditions of the Notes. The Company used its internal resources to finance the repurchase of the Notes. The Board believes that the repurchase of the Notes would enable the Company to reduce its finance cost and is in the interests of the Company and its shareholders as a whole.

Upon cancellation of the Notes repurchased, the outstanding principal amount of the Notes will be US$79,308,000.

The Company may undertake further repurchases of the Notes outstanding from time to time as permitted by the applicable rules and regulations and in accordance with the terms and conditions of the Notes, taking into account factors such as market conditions and the price of the Notes. Further announcement(s) will be made in compliance with the Listing Rules as appropriate.

Shareholders of the Company, holders of the Notes and other securities of the Company and potential investors of the Company should note that any further repurchase of the Notes is subject to, among other things, market conditions and the discretion of the Company. There is no assurance on the timing, scale or price of any repurchase of the Notes or if any further repurchase will be made at all. Shareholders of the Company, holders of the Notes and other securities of the Company and potential investors of the Company are reminded to exercise caution when dealing in the securities of the Company.

For and on behalf of

Beijing Energy International Holding Co., Ltd.

Zhang Ping

Chairman of the Board

Hong Kong, 26 February 2021

As at the date of this announcement, the executive directors of the Company are Mr. Zhang Ping (Chairman), Mr. Lu Zhenwei and Mr. Xu Jianjun; the non-executive directors of the Company are Mr. Sui Xiaofeng, Mr. Zhao Bing, Mr. Li Hao and Ms. Xie Yi; and the independent non-executive directors of the Company are Mr. Kwan Kai Cheong, Mr. Yen Yuen Ho, Tony, Mr. Chen Hongsheng and Ms. Jin Xinbin.