Great Wall Pan Asia : ANNOUNCEMENT PURSUANT TO RULE 13.18 OF THE LISTING RULES

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.

(Incorporated in Bermuda with limited liability)

(Stock Code: 583)

ANNOUNCEMENT PURSUANT TO RULE 13.18 OF THE LISTING RULES

Reference is made to the announcement of Great Wall Pan Asia Holdings Limited (the "Company") dated 11 October 2019 (the "Announcement") made pursuant to Rule 13.18 of the Listing Rules about the Loan Facility, being an uncommitted revolving loan facility in an aggregate principal amount of up to HK$100,000,000 (or its equivalent amount in the optional currency(ies)) granted by a bank (as lender) to the Company (as borrower). Unless otherwise indicated in this announcement, capitalised terms used herein have the same meanings as those defined in the Announcement.

The Board of the Company announces that on 9 September 2020, the Company and the bank entered into a supplemental letter (the "Supplemental Letter") to the Loan Agreement to, among other things, extend the term of the Loan Facility to 11 October 2021. Save for the extension of the Loan Facility, all other terms and conditions of the Loan Agreement including the specific performance obligations on Great Wall International and GWAMCC, the controlling shareholders of the Company, as disclosed in the Announcement remain unchanged.

As at the date of this announcement, 1,174,018,094 shares of the Company were beneficially owned by Great Wall Pan Asia (BVI). Great Wall Pan Asia (BVI) was wholly-owned by Great Wall International, which was wholly-owned by GWAMCC. Therefore, GWAMCC and Great Wall International were deemed to be interested in all the shares of the Company beneficially owned by Great Wall Pan Asia (BVI) by virtue of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), representing approximately 74.89% of the total issued share capital of the Company.

Pursuant to Rule 13.21 of the Listing Rules, the Company will include appropriate disclosures about the Loan Facility in its subsequent interim and annual reports for so long as circumstances giving rise to such specific performance obligations of the controlling shareholders continue to exist.

By Order of the Board

Great Wall Pan Asia Holdings Limited

CHEN Zenan

Chairman

Hong Kong, 9 September 2020

As at the date of this announcement, the Board consists of Mr. Huang Hu and Mr. Meng Xuefeng as executive directors of the Company, Mr. Chen Zenan and Ms. Lv Jia as non-executive directors of the Company, and Dr. Song Ming, Dr. Sun Mingchun and Ms. Liu Yan as independent non-executive directors of the Company.

*  For identification purpose only