Great Wall Belt & Road : FURTHER DEVELOPMENT IN RELATION TO DISCLOSEABLE AND CONNECTED TRANSACTION IN RELATION TO THE DISPOSAL OF LISTED SECURITIES

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.

Great Wall Belt & Road Holdings Limited ڗ۬ɓ੭ɓ༩છٰϞࠢʮ̡

(Formerly known as e-Kong Group Limited) (Incorporated in Bermuda with limited liability)

(Stock Code: 524)

FURTHER DEVELOPMENT

IN RELATION TO

DISCLOSEABLE AND CONNECTED TRANSACTION

IN RELATION TO

THE DISPOSAL OF LISTED SECURITIES

References are made to:

• (1) the circular of Great Wall Belt & Road Holdings Limited (the "Company") dated 11

  December 2017 (the "Circular");

• (2) the announcement of the Company dated 29 December 2017 in relation to the poll results of the special general meeting of the Company in relation to the Disposal;

• (3) the announcement of the Company dated 10 January 2018 in relation to the settlement agreement entered into between e-Kong Pillars and Mr. Yeung regarding the settlement of the disposal of the 5,700,000 SingAsia Shares (the "Settlement Agreement");

• (4) the announcements of the Company dated 5 February 2018 and 3 April 2018 in relation to the supplemental agreements entered into between e-Kong Pillars and Mr. Yeung regarding the extension of the completion date of the settlement arrangement under the Settlement Agreement;

• (5) the announcement of the Company dated 16 April 2018 in relation to the demand letter issued by e-Kong Pillars to Mr. Yeung for the transfer of the remaining SingAsia Shares; and

• (6) the announcements of the Company dated 23 April 2018, 2 May 2018, 27 June 2018, 25 July 2018, 10 August 2018, 31 August 2018, 11 September 2018, 14 September 2018, 18 September 2018, 2 November 2018, 7 December 2018 and 18 December 2018 in relation to the update on the status of the transfer of the remaining SingAsia Shares.

Capitalised terms used in this announcement shall have the meanings as ascribed to it in the Circular unless the context otherwise requires.

The Board would like to inform the Shareholders and potential investors of the Company about the latest development in the settlement of the remaining SingAsia Shares.

INTRODUCTION

On 18 December 2018, e-Kong Pillars had, through its solicitors, issued a response letter to Mr. Yeung's solicitors (the "Response Letter"), pursuant to which on the basis of Mr. Yeung's admission of his obligations under the Settlement Agreement and his intention to comply with the same on 3 January 2019 or before, e-Kong Pillars agrees to withhold issuing the Writ of Summons. The aforesaid letter of e-Kong Pillars is without prejudice to any of the rights of e-Kong Pillars arising from and in connection with the Settlement Agreement, and its claim against Mr. Yeung for the performance of the same.

FURTHER DEVELOPMENT AFTER THE ISSUANCE OF THE RESPONSE LETTER

The Company wishes to inform the shareholders and potential investors of the Company that despite Mr. Yeung's promise to comply with his obligations under the Settlement Agreement by 3 January 2019 as proposed in his letter dated 6 December 2018, e-Kong Pillars has not yet received the duly signed and stamped instrument of transfer and bought and sold note of the remaining SingAsia Shares as of the date of this announcement. On 9 January 2019, e-Kong Pillars had, through its solicitors, issued a letter to Mr. Yeung's solicitors in relation to the aforesaid development.

e-Kong Pillars is seeking legal advice from its legal advisors in respect of the course of actions to be taken to enforce the transfer of the remaining SingAsia Shares in view of the existing circumstances. e-Kong Pillars reserves all its rights arising from and in connection with the Settlement Agreement, and its right to make a claim against Mr. Yeung for the performance of the same.

The Company will keep its shareholders and potential investors informed of material development in relation to the status of transfer of the remaining SingAsia Shares by way of further announcement(s) as and when appropriate in accordance with the Listing Rules.

By Order of the Board

Great Wall Belt & Road Holdings Limited

Cheung Ka Heng Frankie Vice-Chairman and Executive Director

Hong Kong, 9 January 2019

As at the date of this announcement, the Board comprises four executive Directors, namely Mr. Zhao Ruiyong, Ms. Li Bing, Mr. Cheung Ka Heng Frankie and Mr. Chan Chi Yuen, and three independent non-executive Directors, namely Mr. Fung Wai Shing, Mr. Zhao Guangming and Mr. Huang Tao.