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 the Cayman Islands with limited liability)

(Stock Code: 985)




Reference is made to the announcement of the Company dated 17 June 2020 (the “Announcement“) in relation to the Provision of Loan Facility. Capitalized terms used herein shall have the same meaning as those defined in the Announcement unless otherwise stated. This announcement is to provide further information on the Borrower.

The Borrower is a company with substantial assets. Based on the Borrower’s financial information reviewed by the Group, the Borrower has a portfolio of listed securities, and a net asset value of more than HK$2 billion as at 31 March 2020. The biggest holding of the Borrower in its portfolio is 20,000,000 shares of Company A (representing approximately 1.36% of the entire issued share capital of Company

  1. which is in the insurance industry and listed on the main board of the Stock Exchange with a market capitalisation in excess of HK$65 billion as of the date of this announcement.

The Lender had lent to the Borrower before, and the Borrower maintained a good repayment record with the Lender. Accordingly, after negotiation with the Borrower, the Lender considered not necessary to have further collateral/security for the Loan Facility. Under the Loan Agreement, the Borrower needs to provide the Lender promptly on request, such additional financial or other information (including but not limited to, cash flows, and profit and loss projections) relating to the Borrower as the Lender may from time to time request to enable the Lender to monitor the financial position of the Borrower at any time.

The Borrower has a diverse shareholding structure with more than 20 ultimate beneficial owners and none of the ultimate beneficial owners holds more than 30% controlling interest in the Borrower. The Borrower is a 100% owned subsidiary of Co-Lead Holdings Limited (“Co-Lead“).Co-Lead is a company incorporated in the British Virgin Island and is a 52.28% owned subsidiary of Freewill Holdings Limited (“Freewill“). Freewill is a company incorporated in the Marshall Islands and is a 83.68% owned subsidiary of Bob May Incorporated (“Bob May“). Bob May is a company incorporated in British Virgin Islands and is engaged in the business of investment holding. Bob May does not have any shareholders holding 30% or more interest in Bob May.

By order of the Board

CST Group Limited

Chiu Tao

Executive Director and Chairman

Hong Kong, 3 August 2020

As at the date of this announcement, the Board comprises (i) Mr. Chiu Tao (Chairman), Mr. Hui Richard Rui, Mr. Lee Ming Tung, Mr. Kwan Kam Hung, Jimmy, Mr. Tsui Ching Hung and Mr. Wah Wang Kei, Jackie as executive directors of the Company; and (ii) Mr. Yu Pan, Ms. Ma Yin Fan and Mr. Leung Hoi Ying as independent non- executive directors of the Company.

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