China Ruifeng Renewable Energy : FURTHER DELAY IN DESPATCH OF CIRCULAR

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CHINA RUIFENG RENEWABLE ENERGY HOLDINGS LIMITED

中國 瑞風 新能 源 控 股 有限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 00527)

FURTHER DELAY IN DESPATCH OF CIRCULAR

Independent Financial Adviser to

the Independent Board Committee and the Independent Shareholders

References are made to (i) the announcements of China Ruifeng Renewable Energy Holdings Limited (the "Company") dated 10 September 2020, 29 January 2021 and 24 March 2021 in relation to the proposed amendments to the terms and conditions of the Convertible Bonds and the proposed extension of the Convertible Bonds (the "Announcements"); and (ii) the announcements of the Company dated 15 October 2020, 30 October 2020, 13 November 2020, 27 November 2020, 11 December 2020, 31 December 2020, 15 January 2021, 22 February 2021 and 19 March 2021 (the "Delay Announcements") in relation to the delay in despatch of the Circular. Capitalised terms used herein shall have the same meanings as those defined in the Announcements and the Delay Announcements unless the context requires otherwise.

As disclosed in the Announcements and the Delay Announcements, the Circular containing, among other things, (i) further information of the Supplemental Deeds, Supplemental Agreements and the Proposed Amendments; (ii) further information of the Extension Agreements and the Proposed Extension; (iii) the recommendation of the Independent Board Committee to the Independent Shareholders in relation to the Supplemental Agreements, Extension Agreements and the transactions contemplated thereunder; (iv) the advice of the Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders in relation to the Supplemental Agreements, Extension Agreements and the transactions contemplated thereunder; and (v) a notice convening the EGM, is expected to be despatched to the Shareholders on or before 26 April 2021.

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As additional time is required for the Company to prepare and finalise certain information to be included in the Circular, the despatch date of the Circular is expected to be delayed to a date falling on or before 31 May 2021.

By order of the Board of

China Ruifeng Renewable Energy Holdings Limited

Zhang Zhixiang

Executive Director and Chief Executive Officer

Hong Kong, 26 April 2021

As at the date of this announcement, the executive Directors are Mr. Zhang Zhixiang (Chief Executive Officer), Mr. Ning Zhongzhi, Mr. Li Tian Hai and Mr. Peng Ziwei; and the independent non-executive Directors are Mr. Jiang Senlin, Mr. Qu Weidong and Ms. Hu Xiaolin.

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