China Innovation Investment : UPDATE ABOUT FALSE NEWS REPORTS (19) SEEKING ASSISTANCE ON CRIMINAL INTIMIDATION FROM AN ANONYMOUS EMAIL

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CHINA INNOVATION INVESTMENT LIMITED 中國創新投資有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1217)

UPDATE ABOUT FALSE NEWS REPORTS (19)

SEEKING ASSISTANCE ON CRIMINAL INTIMIDATION FROM AN ANONYMOUS EMAIL

Reference is made to the announcements (the "Announcements") of China Innovation Investment Limited (the "Company") about the false news reports dated 24 November 2019, 25 November 2019, 5 December 2019, 12 December 2019, 17 December 2019, 27 December 2019, 30 December 2019, 17 February 2020, 27 February 2020, 2 June 2020, 17 June 2020, 22 June 2020, 1 July 2020, 8 October 2020, 11 October 2020, 9 November 2020, 1 February 2021, 2 February 2021 and 5 February 2021. Unless otherwise defined, capitalized terms used in this announcement shall have the same meanings as those defined in the Announcements.

On 3 March 2021, the Company joined China Trends Holdings Limited ("China Trends"), the Company's executive director and chairman of the board of directors Mr. Xiang Xin ("Mr. Xiang") and the alternate director Ms. Kung Ching ("Ms. Kung", collectively referred to as the "Reporters" with the Company, China Trends and Mr. Xiang), to appoint Hong Kong lawyers to report the following matters to the Hong Kong Police Force:

On 24 January 2021, Mr. Xiang's usual email account received an anonymous death threat e-mail (the "Email") titled "Help Mister Xiang Out of Predicament 66" (向總解 脫困境 66)", requesting Mr. Xiang to "withdraw the prosecution", or he'll be "as good as dead (死路一條)". The Reporters believe that the predicament in the Email refer to Mr. Xiang and Ms. Kung's position of being restricted from departure in Taiwan; thelawsuit "訴訟" in the Email refers to the defamation lawsuit initiated by the Reporters at the High Court of Hong Kong against multiple defendants including the Apple Daily Limited and etc. (HCA2424/2019), which is the sole lawsuit in progress involving Mr. Xiang. In the Email, the sender threatened Mr. Xiang and asked him to withdraw the prosecution, or he'll be as good as dead (死路一條). The sender of the Email was suspected of interfering with judicial justice and criminal intimidation. Due to the anonymity of the sender, Mr. Xiang ignored the Email.

However, on 19 February 2021, after Mr. Xiang and Ms. Kung were restricted from departure in Taiwan for more than 450 days and cooperated with the investigation of their alleged disobedience of the so-called Taiwan's "National Security Law", another investigation on suspect of violating the "Money Laundering Prevention and Control Law" was added. Mr. Xiang and Ms. Kung strongly denied these false allegations.

Then on 23 February 2021, the Reporters noted that Next Magazine posted a newly edited video (the "Video") on YouTube, with the title: "「孤寒特務」向心 揭「二 炮」總指揮曾坐陣上市公司 靠炒港股獲利 投資戰略工程", which continued to openly defame the Reporters.

The content of the Video directly allege that Mr. Xiang and Ms. Kung are Chinese intelligence agents or Chinese spies, who are ordered to act on the wishes and instructions of the Communist Party of China and the Chinese People's Liberation Army. The Reporters' two companies are intelligence agencies and act according to the will and instructions of the Communist Party of China and/or the Chinese People's Liberation Army. These statements are very absurd, groundless and completely wrong. It is malicious libel and blatant slander to the Reporters and relevant organizations.

The Reporters believe that the above incidents are shameless, but they did not happen in isolation. They contain deep political agenda and are most likely done by the same organizations or related organizations. These incidents not only interfere with judicial justice, but also pose threats of personal safety to the Reporters and are suspected of malicious slander and violation of the Hong Kong National Security Law.

The Company will make further announcements with any material developments in this matter or in accordance with other requirements of the Listing Rules.

By Order of the Board

China Innovation Investment Limited

Xiang Xin

Chairman and Chief Executive Officer

Hong Kong, 4 March 2021

As at the date of this announcement, the executive Directors of the Company are Mr. Xiang Xin (Chairman) and Mr. Chan Cheong Yee; the independent non-executivedirectors of the Company are Ms. An Jing, Ms. Zhou Zan and Mr. Zhang Yu, Clement. Ms. Kung Ching is an alternate director to Mr. Xiang Xin.