Sinofortune Financial : Announcements and Notices -

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") 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.

This announcement, for which the directors (the "Directors") of First China Financial Network Holdings Limited (the "Company") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Growth Enterprise Market of the Stock Exchange (the "GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief that: (i) the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive; (ii) there are no other matters the omission of which would make any statement in this announcement misleading; and (iii) all opinions expressed in this announcement have been arrived at after due and careful consideration and are founded on bases and assumptions that are fair and reasonable.

首 華 財 經 網 絡 集 團 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock code: 08123)

Reference is made to the announcements of First China Financial Network Holdings Limited (the "Company") dated 30 January 2015, 3 February 2015, 29 May 2015, 17 September 2015, 14 October

2015, 1 December 2015, 4 January 2016, 16 February 2016, 25 May 2016 and 10 June 2016 (together the "Announcements"), relating to the entering into of the Agreement for Intent in respect of the proposed acquisition of 100% of the issued share capital of the Target Company, the termination of the Agreement for Intent and the entering into of the Extension Agreement in relation to the repayment of the Refundable Ernest Money. Capitalised terms used herein and not defined shall have the same meaning as in the Announcements unless the context otherwise requires.

On 6 June 2017, the People's Republic of China (the "PRC") legal advisor of the Company received the execution judgment (the "Execution Judgment") issued by Intermediate People's Court (the "Court") of Suining District, Sichuan Province dated 25 April 2017 in relation to the compulsory execution application for the repayment of the Refundable Ernest Money and on, 7 June 2017, forwarded the Execution Judgment to the Company.

According to the Execution Judgment, the Court terminated the compulsory execution of repayment of the Refundable Ernest Money from Yang Shunhong and the Court concluded that Yang Shunhong owns no executable assets after he pledged his shares of the Target Company to First China Securities Consultancy (Shenzhen) Co. Ltd. ("Shenzhen First China"), a wholly-owned subsidiary of the Company, as a collateral. As at the date of this announcement, all the issued share capital of the Target Company are pledged to Shenzhen First China.

In this respect, the Company has sought legal opinion from its PRC legal advisor on the Execution Judgment. The legal opinion received by the Company on 9 June 2017 provides that (i) as to the date of the Execution Judgment of 25 April 2017 and the delay in receipt of the same by the Company, it may be the signing date by the President of the Court but not the issued date of the Execution Judgment, or, it may be the date of the draft Execution Judgment, and there is no clear and specific legal regulation on the issue date of such Execution Judgment based on Civil Procedure Law of the PRC; and (ii) the Company may apply to the Court for resuming the execution procedure anytime if any executable assets of Yang Shunhong are identified.

The Company shall keep the Shareholders and potential investors informed of any further material development in connection with repayment of Refundable Ernest Money by way of further announcement(s) as and when appropriate.

By Order of the Board

Chairman

Hong Kong, 13 June 2017

As of the date of this announcement, the executive Directors are Mr. Wang Jiawei and Ms. Lai Yuk Mui, the non-executive Directors are Mr. Liu Runtong and Mr. James Beeland Rogers Jr. and the independent non-executive Directors are Professor Zhang Benzheng, Mr. Li Jianxing and Professor Chen Shu Wen.

This announcement will remain on the "Latest Company Announcements" page of the website of the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited at http://www.hkgem.com for at least 7 days from the date of its posting and on the Company's website at http://www.firstchina.hk.