Cogobuy : CLARIFICATION ANNOUNCEMENT

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COGOBUY GROUP

科 通 芯 城 集 團

(a company incorporated under the laws of the Cayman Islands with limited liability)

(Stock Code: 400)

CLARIFICATION ANNOUNCEMENT

Reference is made to the announcement of the Company dated 23 December 2019 (''Announcement'') in relation to the continuing connected transactions relating to the Property Leasing and Complementary Services Framework Agreement between the Company and Comtech China. Unless otherwise stated, terms used herein shall have the same meanings as defined in the Announcement.

The Board would like to clarify that the sections headed ''Annual Caps for the three years ending 31 December 2022'' and ''Basis of the Annual Caps'' on page 4 of the Announcement should be replaced by the following in its entirety:

''Annual caps for the three years ending 31 December 2022

The annual caps for the three years ending 31 December 2022 for property leasing under the Property Leasing and Complementary Services Framework Agreement are RMB78.6 million, RMB0 and RMB0, respectively (the ''Property Leasing Annual Caps''). The Property Leasing Annual Caps are set based on the total value of right-of-use assets relating to the Individual Contracts in respect of the provision of property leasing (the ''Property Leasing Individual Contracts'') to be entered into by the Group under the Property Leasing and Complementary Services Framework Agreement, which are calculated in accordance with the adoption of Hong Kong Financial Reporting Standard (''HKFRS'') 16 Leases with reference to (i) the maximum total gross floor area of the premises expected to be leased under the Property Leasing Individual Contracts the Group may enter into during the year ending 31 December 2020, (ii) how the term of the Individual Contracts that the Group has entered into, and expects to enter into, during the year ending 31 December 2020 will be accounted pursuant to HKFRS 16 Leases, and (iii) the incremental borrowing rate of the Company in the PRC.

The annual caps in respect of the complementary property management service fees payable by the Group to Comtech China and/or its subsidiaries under the Property Leasing and Complementary Services Framework Agreement for each of the three years ending 31 December 2022 is RMB1.3 million (the ''Property Management Service Fees Annual Caps''), which will be recognized as

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expenses (and not right-of-use assets) in our consolidated financial statements. The Property Management Service Fees Annual Caps have been determined on the basis of (i) the Board's anticipation, based on its anticipated growth of the Group, that the total gross floor area of the premises leased, and to be leased, under all of the Individual Contracts the Group has entered into, and will enter into, during the year ending 31 December 2020 will not exceed 6,000 square meters, and the initial term of each of these Individual Contracts being three years and (ii) the monthly fee for complementary property management services.

Shareholders and potential investors should note that the Property Leasing Annual Caps and the Property Management Service Fees Annual Caps should not be construed as an assurance or forecast by the Company of the future expenses of the Group under the terms of the Property Leasing and Complementary Services Framework Agreement.''

Save as disclosed above, all other information in the Announcement remains unchanged.

By Order of the Board

Cogobuy Group

KANG Jingwei, Jeffrey

Chairman, Executive Director and Chief Executive Officer

Hong Kong, 20 February 2020

As at the date of this announcement, the executive Directors of the Company are Mr. KANG Jingwei, Jeffrey, Mr. WU Lun Cheung Allen and Ms. NI Hong, Hope; and the independent non-executive Directors of the Company are Mr. YE Xin, Dr. MA, Qiyuan and Mr. HAO Chunyi, Charlie.

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