FDG Electric Vehicles : Announcement

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.

FDG Electric Vehicles Limited

五龍電動車（集團）有限公司

(Provisional Liquidators Appointed) (Incorporated in Bermuda with limited liability)

(Stock Code: 729)

ANNOUNCEMENT

References are made to the announcements of FDG Electric Vehicles Limited (Provisional Liquidators Appointed) (the "Company") dated 25 August 2020, 27 August 2020 and 31 August 2020 (the "Announcements"). Terms defined in the Announcements shall have the same meaning herein unless otherwise defined or the context otherwise requires.

Pursuant to the decision from the Yu Hang District People's Court in Hangzhou City, Zhejiang Province (the "Court") dated 11 September 2020, Zhejiang Capital Equity Legal Group (浙江京 衡律師事務所), Zhejiang Nuo Li Ya Law Firm ( 浙江諾力亞律師事務所), Ningbo Kexin Certified Public Accountants Co., Limited (寧波科信會計師事務所有限公司) were appointed as the administrators (the "Administrators") to Hangzhou Changjiang and the Court granted the Administrators the power to, among others, takeover and handle the properties, books and records of Hangzhou Changjiang and control the internal operations of Hangzhou Changjiang.

The board of Hangzhou Changjiang will, with the assistance of the JSPLs, supervise the relevant personnel of Hangzhou Changjiang to collaborate with the Administrators to preserve the remaining assets and records in compliance with the relevant rules and regulations in the PRC.

CONTINUED SUSPENSION OF TRADING IN THE SHARES

Trading in the shares of the Company has been suspended since 9:00 a.m. on 2 July 2020 and will continue to be suspended until further notice. Holders of the shares and other securities of the Company and potential investors are advised to exercise caution when dealing in the shares and other securities of the Company.

For and on behalf of

FDG Electric Vehicles Limited

(Provisional Liquidators Appointed)

Wing Sze Tiffany WONG

YEUNG Mei Lee

Mathew Conner Clingerman

Joint and Several Provisional Liquidators

Acting as agents without personal liability

Hong Kong, 16 September 2020

As at the date of this announcement, the board of directors of the Company has been terminated and the JSPLs will nominate new members of the board of directors as soon as practicable.

Website: http://www.fdgev.com

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