Pine Technology : ANNOUNCEMENT UPDATE ON THE POSSIBLE TRANSACTION AND THE POSSIBLE DISPOSAL PURSUANT TO RULE 3.7 OF THE TAKEOVERS CODE

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.

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the securities of the Company.

松景科技控股有限公司*

(Incorporated in Bermuda with limited liability)

This announcement is made by PINE Technology Holdings Limited (the "Company") pursuant to Rule 3.7 of the Takeovers Code.

Reference is made to the announcement of the Company dated 18 January 2017 (the "Announcement") in relation to, among others, the Possible Transaction and the possible sale of 15% equity interest in the Target Company by the Company to the Potential Buyer (the "Possible Disposal"). Unless otherwise specified, capitalised terms used herein shall have the same meanings as those defined in the Announcement.

The Board wishes to update the shareholders and potential investors of the Company that, as at the date of this announcement, (i) the discussion and negotiation (a) between the Potential Vendors and the Potential Purchaser in respect of the terms of the Possible Transaction; and (b) between the Company and the Potential Buyer in respect of the terms of Possible Disposal, are still in progress; and (ii) save for the MOU (with certain legally binding provisions), no formal or legally binding agreement has been entered into amongst (a) the Potential Vendors and the Potential Purchaser; and

(b) the Company and the Potential Buyer, in respect of the Possible Transaction and the Possible Disposal, respectively. The Company is currently in its blackout period, during which the Directors are prohibited from dealing in any Shares under the Listing Rules (the "Blackout Period").

* for identification purpose only

Mr. Chiu Hang Tai, Mr. Chiu Samson Hang Chin and Mr. Chiu Herbert Hang Tat of the Potential Vendors are Directors, and Mr. Chiu Hang Tai beneficially owns the entire issued share capital of Alliance Express Group Limited (which is one of the Potential Vendors). As such, if any transaction under the Possible Transaction materialises, such transaction shall not proceed until after the end of the Blackout Period. The Blackout Period is expected to end on 20 February 2017.

In compliance with Rule 3.7 of the Takeovers Code, monthly announcements setting out the progress of the Possible Transaction and the Possible Disposal will be made until announcement of firm intention to make an offer under Rule 3.5 of the Takeovers Code or of a decision not to proceed with an offer is made. Further announcement(s) will be made by the Company as and when appropriate or required in accordance with the Listing Rules and the Takeovers Code (as the case may be).

By order of the Board

Chairman

Hong Kong, 17 February 2017

As at the date of this announcement, the executive Directors are Mr. Chiu Hang Tai and Mr. Chiu Samson Hang Chin, the non-executive Directors are Mr. Chiu Herbert Hang Tat and Mr. Li Chi Chung and the independent non-executive Directors are Mr. So Stephen Hon Cheung, Dr. Huang Zhijian and Dr. Chung Wai Ming.

All the Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement in this announcement misleading.