Belle International : INSIDE INFORMATION - PROPOSED DISPOSAL OF SHARES IN BAROQUE JAPAN LIMITED IN THE PROPOSED OFFERING

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.

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(Incorporated in the Cayman Islands with limited liability) (Stock code: 1880)

On 28 September 2016, the board of directors of Baroque informed the Company that it approved the Proposed Offering, and Baroque obtained the listing approval in principle on the Proposed Offering from the Tokyo Stock Exchange on the even date. Subject to certain conditions, the Proposed Offering is expected to be completed in November 2016, and the market capitalization of Baroque upon completion of the Proposed Offering is expected to be approximately JPY79,526.7 million (equivalent to approximately HK$6,131.6 million).

Mutual Crown has expressed wishes to participate in the Proposed Offering, by selling at the Offer Price (i) 2,719,000 shares of Baroque, representing approximately 7.7% of the total issued share capital of Baroque immediately following completion of the Proposed Offering (assuming the Over- allotment Option is not exercised), and (ii) up to a further of 672,900 shares of Baroque pursuant to the exercise of the Over-allotment Option, representing approximately 1.9% of the total issued share capital of Baroque immediately following the exercise of the Over-allotment Option in full (collectively, the "Proposed Disposal"); Mutual Crown will hold in aggregate approximately 18.6% of the total issued share capital of Baroque immediately following the exercise of the Over-allotment Option in full. As of the date of this announcement, Mutual Crown has not entered into any legally- binding agreement with respect to the Proposed Disposal, and is not under any obligation to proceed with the Proposed Disposal.

The total net proceeds from the Proposed Disposal (after deducting commission and based on the indicative Offer Price) are expected to be approximately (i) JPY5,786.0 million (equivalent to approximately HK$446.1 million), assuming the Over-allotment Option is not exercised and (ii) JPY7,218.0 million (equivalent to approximately HK$556.5 million), assuming the Over-allotment Option is exercised in full.

Based on the indicative Offer Price, the Group is expected to recognize a gain on the Proposed Disposal and dilution gain of approximately (i) RMB236.8 million (equivalent to approximately HK$275.4 million), assuming the Over-allotment Option is not exercised, and (ii) RMB276.0 million (equivalent to approximately HK$321.0 million), assuming the Over-allotment Option is exercised in full.

Should the Proposed Offering and the Proposed Disposal be completed, Mutual Crown is willing to undertake to the Underwriters that, except pursuant to the Proposed Disposal and unless it has obtained the prior written consent of the Underwriters to do otherwise, it will not, in the period of 180 days from the Listing Date, dispose of, nor enter into any agreement to dispose of or otherwise create any options, rights, interests or encumbrances in respect of, any of the Unsold Baroque Shares. As of the date of this announcement, the Company has no intention to change the business cooperations with Baroque.

In this announcement, the following expressions shall have the following meanings unless the context requires otherwise:

"Baroque" Baroque Japan Limited;

"Company" Belle International Holdings Limited, a company incorporated in the Cayman Islands with limited liability, whose shares are listed on the main board of the Stock Exchange;

"Director(s)" the director(s) of the Company;

"HK$" Hong Kong dollars, the lawful currency of Hong Kong; "Hong Kong" the Hong Kong Special Administrative Region of the PRC;

"JPY" Japanese dollars, the lawful currency of Japan;

"Listing Date" the date, expected to be in November 2016, on which the shares of Baroque will be listed on the Tokyo Stock Exchange and from which dealings in the shares of Baroque will be permitted to commence on the Tokyo Stock Exchange;

"Listing Rules" the Rules Governing the Listing of Securities on the Stock Exchange; "Mutual Crown" Mutual Crown Limited, a wholly owned subsidiary of the Company

incorporated under the laws of Hong Kong and holding 31.96% of the

total issued share capital of Baroque as at the date of this announcement;

"Offer Price" tentatively JPY2,240 per share, which is the offer price per share of Baroque to be initially offered for subscription in the Proposed Offering;

"Over-allotment Option" the options expected to be granted by Mutual Crown and other relevant parties, to the Underwriters, to require Mutual Crown and other relevant parties to sell up to an aggregate of 1,786,900 additional shares of Baroque at the Offer Price;

"PRC" the People's Republic of China, and, for the purpose of this announcement, excludes Hong Kong, Macau and Taiwan;

"Proposed Offering" the proposed offering for subscription for and listing of the shares of Baroque on the Tokyo Stock Exchange;

"RMB" Renminbi, the lawful currency of the PRC; "Shareholder(s)" holder(s) of the shares of the Company; "Stock Exchange" The Stock Exchange of Hong Kong Limited; "Underwriters" the underwriters of the Proposed Offering;

"Unsold Baroque Shares" the shares of Baroque held by Mutual Crown immediately following the completion of the Proposed Offering; and

"%" per cent.

Unless otherwise specified in this announcement, all amounts in JPY are translated into HK$ at an exchange rate of HK$1.00 = JPY12.97, and all amounts in RMB are translated into HK$ at an exchange rate of HK$1.00 = RMB0.85987. Such exchange rates are for the purpose of illustration only and do not constitute a representation that any amount has been, could have been or may be converted at the above rate and any other rate or at all.

By Order of the Board

CEO & Executive Director

Hong Kong, 28 September 2016

As at the date of this announcement, the Executive Directors are Mr. Sheng Baijiao, Mr. Tang King Loy, Mr. Sheng Fang and Mr. Yu Wu, the Non-executive Directors are Mr. Tang Yiu, Mr. Tang Wai Lam and Ms. Hu Xiaoling, and the Independent Non-executive Directors are Mr. Ho Kwok Wah, George, Mr. Chan Yu Ling, Abraham, Dr. Xue Qiuzhi and Mr. Gao Yu.

Details of the Proposed Offering can be found at the website of the Electronic Disclosure for Investors' NETwork) by the Financial Services Agency of Japan :

(https://disclosure.edinet- fsa.go.jp/E01EW/download?uji.verb=W0EZA104CXP001003Action&uji.bean=ee.bean.parent.EECommonSearchBean&PID=W1E6301 1&SESSIONKEY=1475058903318&lgKbn=2&pkbn=0&skbn=1&dskb=&askb=&dflg=0&iflg=0&preId=1&mul=%E3%83%90%E3% 83%AD%E3%83%83%E3%82%AF%E3%82%B8%E3%83%A3%E3%83%91%E3%83%B3&fls=on&oth=on&cal=1&era=H&yer=&m

on=&pfs=4&row=100&idx=0&str=&kbn=1&flg=&syoruiKanriNo=&s=S1008QKV) and the website of the Tokyo Stock Exchange (http://www.jpx.co.jp/listing/stocks/new/index.html).