CHENG LOONG

 Announce on behalf of the subsidiary, Chung Loong
Paper Holdings Limited, that the Board of
Directors resolved to decrease the capital

1.Date of the board of directors resolution:2020/04/13
2.Reason for the capital reduction: To utilize the Group's fund effectively 
3.Amount of the capital reduction:USD44,692,160
4.Cancelled shares:Not applicable 
5.Capital reduction ratio:40% 
6.Share capital after the capital reduction:USD67,038,242 
7.Scheduled date of the shareholders' meeting:2020/4/20 
8.Estimate listed common shares after the capital reduction:Not applicable 
9.The estimate ratio of listed shares to the company's issued common shares, after the capital reduction:Not applicable 
10.Countermeasures of the lower circulation in shareholding, if the aforesaid estimate listed common shares does not reach 60 million shares and the ration does not reach 25% after the capital reduction:Not applicable 
11.Any other matters that need to be specified: The Board of Directors resolved to pass the motion and set the record date of capital decrease on April 20, 2020, and the date of allocation on April 27, 2020.