DISCLOSEABLE TRANSACTION IN RELATION TO THE DISPOSAL OF THE ENTIRE EQUITY INTERESTS IN BEST AMPLE AND GOLDTIP

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1 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. This announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for the securities. (Incorporated in Bermuda with limited liability) (Stock code: 628) DISCLOSEABLE TRANSACTION IN RELATION TO THE DISPOSAL OF THE ENTIRE EQUITY INTERESTS IN BEST AMPLE AND GOLDTIP THE TRANSACTION On 19 November 2015 (after trading hours), the Company entered into the Sale and Purchase Agreement with the Purchaser, an independent third party, pursuant to which: (1) the Company agreed to sell and the Purchaser agreed to purchase the Divested Shares which constitute the entire issued share capital of Best Ample and Goldtip, which are the holding companies of the Divested Group, a group of companies wholly owned by the Company engaging in the financial leasing business; and (2) the Company agreed to assign and the Purchaser agreed to accept the Shareholder s Loans amounting to HK$26,813,000. The aggregate Consideration of HK$27,813,000 comprises the Divestment Consideration amounting to HK$1,000,000 and the Assignment Consideration amounting to HK$26,813,000. It shall be settled by a cash payment from the Purchaser to the Company upon Completion. IMPLICATIONS UNDER THE LISTING RULES As one of the applicable percentage ratios in respect of the Transaction is more than 5% and all the percentage ratios are less than 25%, the Transaction constitutes a discloseable transaction for the Company under Chapter 14 of the Listing Rules. 1

2 THE SALE AND PURCHASE AGREEMENT On 19 November 2015 (after trading hours), the Company entered into the Sale and Purchase Agreement with the Purchaser, an independent third party, pursuant to which: (1) the Company agreed to sell and the Purchaser agreed to purchase the Divested Shares which constitute the entire issued share capital of Best Ample and Goldtip, which are the holding companies of the Divested Group, a group of companies wholly owned by the Company engaging in the financial leasing business; and (2) the Company agreed to assign and the Purchaser agreed to accept the Shareholder s Loans amounting to HK$26,813,000. The principal terms of the Sale and Purchase Agreement are set out below: Date : 19 November 2015 (after trading hours) Parties : (i) The Company, as vendor; and (ii) Mr. Ma Siu Chung (as Purchaser ) (to the best knowledge, information and belief of the Directors having made all reasonable enquiries, other than the holding of a total of 44,648,000 Shares (representing approximately 7.03% of the issued Shares of the Company) by Mr. Ma, Mr. Ma is a third party independent of the Company and its connected persons) Consideration and payment The aggregate Consideration of HK$27,813,000 comprises the Divestment Consideration amounting to HK$1,000,000 and the Assignment Consideration amounting to HK$26,813,000. The Divestment Consideration was arrived at based on normal commercial terms after arm s length negotiations between the parties to the Sale and Purchase Agreement after taking into account, among other things, the unaudited net liability of the Divested Group as at 31 March 2015 amounting to HK$2,954,000. The Assignment Consideration equals the carrying value of the Shareholder s Loans as of the date of the Sale and Purchase Agreement amounting to HK$26,813,000. The Consideration shall be settled in full by a payment from the Purchaser to the Company in cash upon Completion. Condition precedent The Transaction (which includes both the Divestment and the Assignment) is subject to the obtaining of any applicable regulatory approvals. It is not expected that there is any regulatory approval required. 2

3 Completion Completion shall take place, subject to the fulfillment of all the conditions precedent of the Sale and Purchase Agreement, on or before the Completion Date. INFORMATION ON THE DIVESTED GROUP Group structure The Divested Shares comprise all the issued share capital of each of Best Ample and Goldtip which are both investment holding companies incorporated in the British Virgin Islands with limited liability, and through a series of wholly-owned subsidiaries, are engaged in the financial leasing business. The ownership structure of the Divested Group prior to the Completion is set out below: The Company (Bermuda) 100% 100% Best Ample (British Virgin Islands) Goldtip (British Virgin Islands) 100% 100% New Sino Ventures (Hong Kong) Greater China Leasing (Hong Kong) offshore onshore 100% 100% Qianhai Huayin Leasing (PRC) Juqian Leasing (PRC) The Group will cease to have any interest in the Divested Group after the Completion. 3

4 Financial information of the Divested Group The unaudited financial information of the Divested Group for the two financial years ended 31 March 2014 and 2015 is set out below: For the year ended 31 March HK$ 000 HK$ 000 (Unaudited) (Unaudited) Net loss before tax and minority interest 633,000 2,056,000 Net loss after tax and minority interest 635,000 2,145,000 As at 31 March 2015, the Divested Group has an unaudited net liability of approximately HK$2,954,000 (including the liabilities due by the Divested Group to the Company under the Shareholder s Loans amounting to HK$57,058,000). The Shareholder s Loans as of the date of the Sale and Purchase Agreement is amounting to HK$26,813,000. Financial impact of the Transaction on the Company Based on the Consideration and the unaudited net liability of the Divested Group of HK$2,954,000 as at 31 March 2015, the Company will recognize a gain from the Transaction of approximately HK$3,954,000 (before tax and expenses and subject to audit). INFORMATION ON THE GROUP The Company is an investing holding company of the Group which is principally engaged in the provision of financial services, such as provision of pawn loans services, real estate-backed loan service, financial leasing service, commercial factoring service, other loan service, and financial consulting services in the PRC and money lending service in Hong Kong. REASONS FOR AND BENEFITS OF THE TRANSACTION Having principally taken into the reasons as stated in this paragraph, the Directors (including the independent non-executive Directors) consider that the terms of the Sale and Purchase Agreement are fair and reasonable and the Transaction is in the interests of the Company and the Shareholders as a whole. The Company from time to time adjusts its business strategy to strike for an optimal balance between risk and return. In view of the small existing client base of the Group s financial leasing business, and the intense completion in the financial leasing market, the Company considers that it is a better option to divest the financial leasing business and to put more resources focusing on new business opportunities in other financing businesses such as money lending and commercial factoring. It is expected that the net proceeds from the Transaction (after deducting all relevant fees and expenses) will be used for working capital. 4

5 IMPLICATIONS UNDER THE LISTING RULES As one of the applicable percentage ratios in respect of the Transaction is more than 5% and all the percentage ratios are less than 25%, the Transaction constitutes a discloseable transaction for the Company under Chapter 14 of the Listing Rules. DEFINITIONS In this announcement, unless the context otherwise requires, the following terms have the following meanings: Assignment Assignment Consideration Best Ample Board Business Day the assignment of the Shareholder s Loan in accordance with the terms and conditions of the Sale and Purchase Agreement the consideration for the Assignment Best Ample Holdings Limited, a company incorporated in the British Virgin Islands with limited liability and an wholly owned subsidiary of the Company prior to the Completion the board of Directors a day (other than Saturday) on which licensed banks in Hong Kong are open for general banking business Company Sino Credit Holdings Limited (stock code: 628), a company incorporated in Bermuda with limited liability and the issued Shares of which are listed on the Main Board of the Stock Exchange Completion Completion Date connected person(s) Consideration Director(s) completion of the Transaction in accordance with the terms and conditions of the Sale and Purchase Agreement 30 November 2015 or such later date as agreed by the parties to the Sale and Purchase Agreement has the same meaning as ascribed to it under the Listing Rules the Divestment Consideration and the Assignment Consideration director(s) of the Company 5

6 Divested Group Divested Shares Divestment Divestment Consideration Goldtip Greater China Leasing Group HK$ Hong Kong Juqian Leasing Listing Rules New Sino Ventures PRC Best Ample, Goldtip and their respective subsidiaries the entire issued share capital of each of Best Ample and Goldtip the disposal of the Divested Shares in accordance with the terms and conditions of the Sale and Purchase Agreement the consideration for the Divestment Goldtip Holdings Limited, a company incorporated in the British Virgin Islands with limited liability and an wholly owned subsidiary of the Company prior to the Completion Greater China Leasing Limited ( 大 中 華 租 賃 有 限 公 司 ), a company incorporated in Hong Kong with limited liability and a wholly owned subsidiary of Goldtip the Company and its subsidiaries Hong Kong dollars, the lawful currency of Hong Kong the Hong Kong Special Administrative Region of the PRC Guangdong Juqian Leasing Limited* ( 廣 東 聚 謙 融 資 租 賃 有 限 公 司 ), a wholly foreign owned enterprise incorporated in the PRC and a wholly owned subsidiary Greater China Leasing the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited New Sino Ventures Limited, a company incorporated in Hong Kong with limited liability and a wholly owned subsidiary of Best Ample the People s Republic of China (which for the purpose of this announcement, excludes Hong Kong, the Macau Special Administrative Region and Taiwan) 6

7 Qianhai Huayin Leasing Share(s) Shareholder(s) Shareholder s Loans Stock Exchange subsidiaries Transaction Shenzhen Qianhai Huayin Leasing Limited* ( 深 圳 前 海 華 銀 融 資 租 賃 有 限 公 司 ), a wholly foreign owned enterprise incorporated in the PRC and a wholly owned subsidiary of New Sino Ventures the ordinary share(s) of HK$0.10 each in the share capital of the Company holder(s) of Share(s) the shareholder s loans in the aggregate amount of HK$26,813,000 owed by the Divested Group to the Group The Stock Exchange of Hong Kong Limited has the same meaning as ascribed to it under the Listing Rules the Divestment and the Assignment % percentage By Order of the Board Sino Credit Holdings Limited Chung Tat Fun Chairman Hong Kong, 19 November 2015 * for identification purpose only As at the date of this announcement, the Company s executive Directors are Mr. Chung Tat Fun (Chairman), Mr. Chung Ho Chun, Mr. Fu Ear Ly and Mr. Huang Weibo; the non-executive Directors are Mr. So Chak Fai, Francis and Ms. Wong Yee Shuen, Regina; and the independent non-executive Directors are Mr. Poon Wai Hoi, Percy, Mr. Tang Chi Ho, Francis and Ms. Lee Shiow Yue. 7

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