Symphony : UPDATE REGARDING THE DISCLOSEABLE TRANSACTION IN RELATION TO THE DISPOSAL OF 60% EQUITY INTERESTS IN TARGET COMPANY

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新灃集團有限公司*

(Incorporated in Bermuda with limited liability)

(Stock Code: 01223)

(Warrant Code: 01537)

UPDATE

REGARDING THE DISCLOSEABLE TRANSACTION

IN RELATION TO

THE DISPOSAL OF 60% EQUITY INTERESTS

IN TARGET COMPANY

Reference is made to the announcements of the Company dated 29 September 2017 and 29 December 2017 ("Announcements") relating to the disposal of 60% equity interests in the Target Company.

Capitalized terms in this announcement shall bear the same meanings as they appear in the Announcements.

Completion of the Disposal was subject to the satisfaction of certain conditions precedent. One of the conditions precedent was the passing at the extraordinary general meeting of Megalogic (being the Purchaser's parent company) of the necessary resolution approving the Agreement and the transactions contemplated thereunder. As the foregoing condition precedent has not been fulfilled, Completion will not take place and the Agreement shall be terminated.

By order of the Board Symphony Holdings Limited

Cheng Tun Nei

Chairman

Hong Kong, 11 January 2018

* For identification purpose only

1

As at the date of this announcement, the Directors are: