Bolina : UPDATE ON SUSPENSION OF TRADING

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.

BOLINA HOLDING CO., LTD.

(IN LIQUIDATION)

航標控股有限公司

(清盤中)

(Incorporated in Cayman Islands with limited liability)

(Stock code: 1190)

UPDATE ON SUSPENSION OF TRADING

Financial Adviser to the Company

This announcement is made by Bolina Holding Co., Ltd. (In Liquidation) (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.24A 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 of the Company dated 17 January 2020, 17 December 2019, 18 September 2019, 21 June 2019, 21 March 2019, 20 December 2018 and 12 October 2018 (the "Announcements"). Unless otherwise stated, capitalized terms used herein shall have the same meanings as those defined in the Announcements.

UPDATE ON RESUMPTION PLAN

On 17 January 2020, the Company made an announcement informing its shareholders that the Company and the Investors entered into the Restructuring Agreement to implement a restructuring of the Company.

The Company wishes to update its shareholders that on 16 March 2020, on behalf of the Company, the Company's financial adviser had submitted a resumption proposal to the Stock Exchange in support of the resumption of trading in the Shares, involving, among other things: (i) subscription of new shares of the Company by the Investors; (ii) the conducting of an open offer on a fully underwritten basis; (iii) implementation of a scheme of arrangement with the creditors of the Company; and (iv) implementation of a capital reorganization involving share consolidation and capital reduction.

The Company will inform the general public of any further development of the resumption application whenever appropriate.

CONTINUED SUSPENSION OF TRADING

All dealings in the Shares were halted with effect from 9:59 a.m. on 17 September 2018. Trading in the Shares will remain suspended pending fulfilment of the Resumption Guidance and any supplement or modification thereto. The Company will keep its shareholders and the public informed of the latest developments by making further announcement(s) as and when appropriate.

For and on behalf of

Bolina Holdings Co., Ltd.

(In Liquidation)

Lai Kar Yan (Derek)

Ho Kwok Leung Glen

Joint and Several Liquidators

Acting as agents without personal liability

Hong Kong, 17 March 2020

As at the date of this announcement, the executive directors of the Company are Zheng Zhihong, Sun Yumei, Lam Ying Choi, Donny and Zhang Shilei; and the independent non-executive directors of the Company are Jiang Guoxiang, Zhang Shujun and Xia Zhongping.