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 (the "Stock Exchange").

References are made to the announcements published by the Company dated 29 August 2019, 4 September 2019, 1 October 2019, 22 October 2019 and 31 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 announces that, after trading hours of the Stock Exchange on 8 November 2019, the Company has entered into a supplemental agreement with the Lender concerning the extension of the repayment date for the remaining balance of the Settlement Sum under the Settlement Deed.

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Under the terms of the supplemental agreement to the Settlement Deed, the Company and the Lender have agreed on the following terms:

1. the final repayment for the remaining balance of the Settlement Sum, being approximately HK$22 million, as well as the legal costs incurred by the Lender (being RMB150,000), shall be paid by the Company to the Lender on or before 11 November 2019;
2. provided that the Company fulfils the aforementioned repayment obligation on or before 11 November 2019, neither the Company, nor Mr. Wang Hua (as the guarantor) shall be liable to the Lender for further claims, losses or interests incurred by the Lender under the Settlement Deed or the Settlement Sum, nor shall the Company be obliged to repay the Interest Relief; and
3. further, provided that the Company fulfils the aforementioned repayment obligation on or before 11 November 2019, the Lender shall, within three (3) working days after confirming receipt of the Company's repayment of the remaining balance of the Settlement Sum as well as the legal costs, make an application for withdrawal of the Petition to the Court, and the alleged outstanding amount in the Petition shall be deemed completely discharged and satisfied in full.

After the signing of the supplemental agreement to the Settlement Deed, the Company has made a further repayment to the Lender in the amount of approximately HK$16.7 million, in which the remaining balance of the Settlement Sum payable by the Company on or before 11 November 2019 shall now be approximately HK$5.4 million, together with the legal costs incurred by the Lender.

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.

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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, 8 November 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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