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.

Steering Holdings Limited

旭 通 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 1826)

INSIDE INFORMATION

This announcement is made by Steering Holdings Limited (the ''Company'', together with its subsidiaries, the ''Group'') pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the ''Listing Rules'') and the inside information provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The board (the ''Board'') of directors (the ''Directors'') of the Company has been informed by its controlling shareholder, namely Gentle Soar Limited (''Gentle Soar''), a company incorporated in the British Virgin Islands and is wholly owned by Mr. Gao Yunhong (''Mr. Gao''), the non-executive Director, of the following:

  1. a dispute (the ''Dispute'') has arisen between Gentle Soar and CMBC Capital Finance Limited (''CMBC'') in respect of 652,680,000 shares of the Company (the ''Shares'') (the ''Subject Shares''), representing 49% of the entire issued share capital of the Company;
  2. the Dispute involved a share charge over the Subject Shares which was made by Gentle Soar in favour of CMBC (the ''Share Charge''). CMBC has wrongfully enforced the Share Charge and disposed of the Subject Shares to an existing shareholder of the Company, namely Masterveyor Holdings Limited (''Masterveyor''), a company incorporated in the British Virgin Islands and is wholly owned by Mr. Ng Kin Siu (''Mr. Ng''), a former executive Director (the ''Disposal''); and
  3. Gentle Soar has commenced legal proceedings against CMBC, Masterveyor and Mr. Ng in relation to the Dispute and the Disposal.

The Company also received notification from Mr. Ng confirming that the Subject Shares were acquired by Masterveyor.

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As at the date of this Announcement, the Company has a total issued share capital of 1,332,000,000 Shares.

Given the information disclosed above, it appears that the Disposal is in dispute and the Company is currently seeking legal advice in relation to the foregoing.

The Company is not in the position, at this stage, to ascertain the validity of the purported Disposal and the outcome thereof and to announcement and provide further information in respect to the aforesaid. The Company will make further announcement(s) on any further development on this matter in accordance with the Listing Rules as and when appropriate.

By order of the Board

Steering Holdings Limited

Gao Yunhong

Non-executive Director

Hong Kong, 4 May 2021

As at the date of this announcement, the executive Director is Ms. Feng Xuelian and the non-executive Director is Mr. Gao Yunhong.

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FDB Holdings Ltd. published this content on 04 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2021 11:16:03 UTC.