Memorandum in relation to development of solar PV power stations

CHINA: This is a voluntary announcement made by China Gogreen Assets Investment Ltd.

The board is pleased to announce that on 16 February 2013, Beijing Jun Yang, a non wholly-owned subsidiary of the company, entered into the Memorandum with Xuchang Government in relation to the development of the Xuchang solar PV power stations (with an aggregate installed capacity of 60-megawatt) in Xuchang City, Henan Province, the PRC.

The total investment of the project is expected to be approximately RMB720,000,000 (equivalent to HK$892,800,000) which shall be funded by the Group with its internal resources and bank borrowings, together with government subsidy from the “Golden Sun Demonstration Project.

The board considers that the Memorandum offers a good opportunity to the Group to broaden its business.