China Investment Development : VOLUNTARY ANNOUNCEMENT BUSINESS UPDATE

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CHINA INVESTMENT DEVELOPMENT LIMITED

中國投資開發有限公司

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)

(Stock Code: 204)

VOLUNTARY ANNOUNCEMENT

BUSINESS UPDATE

This announcement is made by China Investment Development Limited (the "Company", and together with its subsidiaries, the "Group") on a voluntary basis. The purpose of this announcement is to keep the shareholders and potential investors of the Company informed of the latest business development of the Group.

The board (the "Board") of directors (the "Directors") of the Company is pleased to announce that on 28 April 2021, the Company signed a letter of intent (the "Letter of Intent") for strategic cooperation (the "Strategic Cooperation") with 沈 陽 詩 野 文 化 傳 媒 有 限 公 司 (unofficially translated as "Shenyang Shiye Culture Media Co., Ltd.") ("Shiye Culture").

To the best knowledge of the Company, Shiye Culture is a cultural media company registered in Dadong District, Shenyang, which is mainly engaged in Internet new media-related operations. The Company is a company listed on the Main Board of the Stock Exchange and intends to expand its investment business in mainland China. By virtue of the letter of Intent, the Company agrees to not only invest in Shiye Culture itself, but also introduce other investors or assist Shenyang Shiye in financing. The Company will arrange staff as soon as possible to conduct on-site inspection and due diligence on the Shiye Culture project. After the due diligence process is completed, the Company will implement a financing plan with Shiye Culture.

Shiye Culture is a new media company with content production as its core business. It independently incubates and cultivates 116 games and animation intellectual property ("IP"), and has more than 150 million fans on the entire network and a complete IP incubation team. Shiye Culture has deployed 24 short video platforms, and has reached in-depth cooperation with head short video platforms such as Tiktok (抖音) and Kuaishou (快手). Relying on the existing foundation, the layout of e-commerce and music distribution has been completed. At the same time, Shiye Culture has reached a complete talent reserve model for personnel training, incubation, growth, and realization through cooperation with universities.

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The Board is of the view that the Strategic Cooperation contemplated under the Letter of Intent, if materialised, will bring new sources of income and to increase the return to the Company and its shareholders in the long run. Further announcement(s) in relation to any update of the Strategic Cooperation will be made by the Company as and when appropriate in accordance with the Rules Governing the Listing of Securities on the Stock Exchange.

The Company wishes to emphasize that as at the date of this announcement, the Company has not entered into any formal or legally binding agreement regarding the Strategic Cooperation. As the Strategic Cooperation may or may not proceed, the Company's shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.

By Order of the Board

China Investment Development Limited

Han Zhenghai

Chairman

Hong Kong, 29 April 2021

As at the date of this announcement, the Board comprises Mr. Chan Cheong Yee as executive Director; Mr. Han Zhenghai (Chairman), Ms. Yang Xiaoqiu and Mr. Yan Peng as non-executive Directors; and Mr. Lai Yuen Piu, Ms. Leung Mei Hing Carrie, Mr. Deng Dongping and Mr. Liu Lihan as independent non-executive Directors.

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