China Innovation Investment : UPDATE ABOUT FALSE NEWS REPORTS (21) CHINA INNOVATION AND CHINA TRENDS ISSUED A JOINT STATEMENT

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UPDATE ABOUT FALSE NEWS REPORTS (21)

CHINA INNOVATION AND CHINA TRENDS ISSUED A

JOINT STATEMENT

Reference is made to the announcements (the "Announcements") of China Innovation Investment Limited (the "China Innovation") about the false news reports dated 24 November 2019, 25 November 2019, 5 December 2019, 12 December 2019, 17 December 2019, 27 December 2019, 30 December 2019, 17 February 2020, 27 February 2020, 2 June 2020, 17 June 2020, 22 June 2020, 1 July 2020, 8 October 2020, 11 October 2020, 9 November 2020, 1 February 2021, 2 February 2021, 5 February 2021, 4 March 2021 and 8 April 2021. Unless otherwise defined, capitalized terms used in this announcement shall have the same meanings as those defined in the Announcements.

On 8 April 2021, Mr. Xiang Xin ("Mr. Xiang") and Ms. Kung Ching ("Ms. Kung") received a news release issued from the Taiwan Taipei District Prosecutors Office forwarded by their Taiwan lawyers. Whereas its content involves many false allegations of China Innovation Investment Limited ("China Innovation") and China Trends Holdings Limited ("China Trends"), a joint statement is issued and strongly refuted as follows:

I. Shanghai Guotai and its related parties have been convicted by Shanghai judicial authorities in accordance with the PRC laws in September 2018. China Innovation, China Trends, Mr. Xiang, and Ms. Kung have never been prosecuted or convicted by Shanghai judicial authorities or Hong Kong judiciary institutes. Thus, it is evident that

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the Shanghai Guotai incident has nothing to do with China Innovation, China Trends, Mr. Xiang and Ms. Kung;

1. After learning that Shanghai Guotai was suspected of illegal fundraising in April 2016, China Innovation and China Trends immediately announced the suspension of all non-executive directors assigned by Shanghai Guotai, the termination of the priority investment framework agreement, and the removal of these non-executive directors at the subsequent general meeting of shareholders;

1. After Mr. Xiang and Ms. Gong learned about the Guotai incident issued by Shanghai Public Security Bureau in April 2016, they took the initiative to report it to the Hong Kong Police Force and the Securities and Futures Commission of Hong Kong through the assistance of lawyers immediately, and in June 2016, the Securities and Futures Commission of Hong Kong determined that they were not acting in concert with Shanghai Guotai. In March 2017, they were issued a non-criminal certificate by the Hong Kong Police Force. It is known that the Hong Kong Securities Regulatory Agency and the Police Agency have already provided written proof that any acts of Shanghai Guotai or its related persons in Shanghai have nothing to do with Mr. Xiang and Ms. Kung;

IV. The content prosecuted by the prosecutors in Taiwan is full of error and is inconsistent with the facts. It is purely to find an excuse for the ineffectiveness of investigating Wang Liqiang's fabricated National Security incident, to discredit Mr. Xiang and Ms. Kung with so-called money laundering crimes, and to delay the return time of Mr. Xiang and Ms. Kung back to Hong Kong, which has seriously undermined human rights. Mr. Xiang and Ms. Kung will appoint Taiwan lawyers to plead not guilty in the court.

The Company will make further announcements with any material developments in this matter or in accordance with other requirements of the Listing Rules.

By Order of the Board

China Innovation Investment Limited

Xiang Xin

Chairman and Chief Executive Officer

Hong Kong, 8 April 2021

As at the date of this announcement, the executive Directors of the Company are Mr. Xiang Xin (Chairman) and Mr. Chan Cheong Yee; the independent non-executive directors of the Company are Ms. An Jing, Ms. Zhou Zan and Mr. Zhang Yu, Clement. Ms. Kung Ching is an alternate director to Mr. Xiang Xin.

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