(Hong Kong) Co., Limited Xinghua Port Holdings Ltd

THIS COMPOSITE DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

If you are in any doubt as to any aspect of the Offer, this Composite Document and/or the accompanying Form of Acceptance or as to the action to be taken, you should consult a licensed securities dealer or registered institution in securities, a bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in Xinghua Port Holdings Ltd., you should at once hand this Composite Document and the accompanying Form of Acceptance to the purchaser(s) or transferee(s) or the licensed securities dealer or registered institution in securities or other agent through whom the sale or transfer was effected for transmission to the purchaser(s) or transferee(s). Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this Composite Document and the accompanying Form of Acceptance, make no representation as to their 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 Composite Document and the accompanying Form of Acceptance. This Composite Document should be read in conjunction with the accompanying Form of Acceptance, the contents of which form part of the terms and conditions of the Offer contained herein.

ZHUHAI PORT (HONG KONG) CO., LIMITED XINGHUA PORT HOLDINGS LTD. 興華港口控股有限公司* (Incorporated in Hong Kong with limited liability) (Incorporated in the Republic of Singapore with limited liability) (Stock Code: 01990) COMPOSITE DOCUMENT RELATING TO (1) VOLUNTARY CONDITIONAL GENERAL CASH OFFER BY ESSENCE INTERNATIONAL SECURITIES (HONG KONG) LIMITED FOR AND ON BEHALF OF ZHUHAI PORT (HONG KONG) CO., LIMITED TO ACQUIRE ALL THE ISSUED SHARES OF XINGHUA PORT HOLDINGS LTD.; AND (2) PROPOSED WITHDRAWAL OF LISTING OF XINGHUA PORT HOLDINGS LTD.

Financial adviser to the Company Financial adviser to the Offeror

Independent Financial Adviser to the Independent Board Committee

Capitalised terms used in this cover page shall have the same meanings as those defined in the section headed “Definitions” in this Composite Document. A letter from Essence Corporate Finance containing, among other things, principal terms of the Offer and the Condition is set out on pages 8 to 25 of this Composite Document. A letter from the Board is set out on pages 26 to 30 of this Composite Document. A letter from the Independent Board Committee to the Offer Shareholders containing its recommendation in respect of the Offer is set out on pages 31 to 32 of this Composite Document. A letter from the Independent Financial Adviser containing its advice to the Independent Board Committee in respect of the Offer is set out on pages 33 to 57 of this Composite Document. The procedures for acceptance and settlement of the Offer and other related information are set out on in Appendix I to this Composite Document and in the accompanying Form of Acceptance. Acceptance of the Offer should be received by the Registrar at either of its address in Hong Kong or Singapore as soon as possible and in any event no later than 4:00 p.m. on Wednesday, 16 September 2020 (or such later time and/or date as the Offeror may determine and the Offeror and the Company may jointly announce, with the consent of the Executive, in accordance with the Takeovers Code). Any persons including, without limitation, custodians, nominees and trustees, who would, or otherwise intend to, forward this Composite Document and/or the accompanying Form of Acceptance to any jurisdiction outside Hong Kong should read the details in this regard which are contained in the section headed “Important Notices”, the paragraph headed “Overseas Shareholders” under the section headed “The Offer” in the “Letter from Essence Corporate Finance” contained in this Composite Document and the section headed “7. Overseas Shareholders” in Appendix I to this Composite Document before taking any action. It is the responsibility of each Overseas Shareholder wishing to accept the Offer to satisfy himself, herself or itself as to the full observance of the laws and regulations of the relevant jurisdiction in connection therewith, including the obtaining of any governmental, exchange control or other consents which may be required and the compliance with other necessary formalities or legal requirements and payment of any transfer or other taxes due in respect of such jurisdiction. Overseas Shareholders are advised to seek professional advice on deciding whether or not to accept the Offer. This Composite Document will remain on the website of the Stock Exchange at http://www.hkexnews.hk and on the website of the Company at http://www.xinghuaport.com as long as the Offer remains open.

* For identification purposes only

26 August 2020 CONTENTS

Pages

EXPECTED TIMETABLE ...... ii

IMPORTANT NOTICES ...... v

DEFINITIONS ...... 1

LETTER FROM ESSENCE CORPORATE FINANCE ...... 8

LETTER FROM THE BOARD ...... 26

LETTER FROM THE INDEPENDENT BOARD COMMITTEE ...... 31

LETTER FROM THE INDEPENDENT FINANCIAL ADVISER ...... 33

APPENDIX I – FURTHER TERMS AND PROCEDURES FOR ACCEPTANCE OF THE OFFER ...... I-1

APPENDIX II – FINANCIAL INFORMATION OF THE GROUP ...... II-1

APPENDIX III – GENERAL INFORMATION OF THE OFFEROR ..... III-1

APPENDIX IV – GENERAL INFORMATION OF THE COMPANY .... IV-1

APPENDIX V – DOCUMENTS AVAILABLE FOR INSPECTION ..... V-1

ACCOMPANYING DOCUMENT – FORM OF ACCEPTANCE

–i– EXPECTED TIMETABLE

The expected timetable sets out below is indicative only and may be subject to change. Further announcement(s) will be made in the event of any changes to the timetable as and when appropriate.

Event Time & Date 2020

Despatch date of this Composite Document and the accompanying Form of Acceptance and commencement date of the Offer (Note 1) ...... Wednesday, 26 August

Opening date of the Offer ...... Wednesday, 26 August

Latest time and date for acceptance of the Offer on the First Closing Date (Notes 2 and 4) ...... 4:00 p.m. on Wednesday, 16 September

First Closing Date (Notes 2 and 4) ...... Wednesday, 16 September

Announcement of the results of the Offer as at the First Closing Date (Note 2) ...... nolater than 7:00 p.m. on Wednesday, 16 September

Latest date for posting of remittances in respect of valid acceptances received under the Offer on or before 4:00 p.m. on the First Closing Date (assuming the Offer becomes or is declared unconditional in all respects on the First Closing Date) (Notes 3 and 4)...... Friday, 25 September

Latest time and date for the Offer remaining open for acceptances on the final Closing Date (assuming the Offer becomes or is declared unconditional in all respects on the First Closing Date) (Notes 4 and 5) ...... 4:00 p.m. on Wednesday, 30 September

Final Closing Date (assuming the Offer becomes or is declared unconditional in all respects on the First Closing Date)(Note 5) ...... Wednesday, 30 September

Announcement of the results of the Offer as at the final Closing Date (assuming the Offer becomes or is declared unconditional in all respects on the First Closing Date) (Note 5) ...... nolater than 7:00 p.m. on Wednesday, 30 September

–ii– EXPECTED TIMETABLE

Latest date for posting of remittances in respect of valid acceptances received after the First Closing Date but on or before 4:00 p.m. on Wednesday, 30 September 2020 (assuming the Offer becomes or is declared unconditional in all respects on the First Closing Date) (Notes 3 and 4) ...... Tuesday, 13 October

Latest time and date by which the Offer can become or be declared unconditional as to acceptances (Note 6) ...... 7:00 p.m. on Tuesday, 27 October

Notes:

1. The Offer, which is conditional, is made on Wednesday, 26 August 2020 (being the date of this Composite Document) and is capable of acceptance on and from that date until the First Closing Date, unless the Offeror revises or extends the Offer in accordance with the Takeovers Code. Acceptances of the Offer shall be irrevocable and not capable of being withdrawn, except in the circumstances as set out in the section headed “6. Right of Withdrawal” in Appendix I to this Composite Document.

2. In accordance with the Takeovers Code, the Offer must initially be open for acceptance for at least twenty one (21) days following the date on which this Composite Document is posted. The latest time for acceptance of the Offer is 4:00 p.m. on the First Closing Date unless the Offeror revises or extends the Offer in accordance with the Takeovers Code. An announcement will be jointly issued by the Company and the Offeror on the websites of the Stock Exchange and the Company no later than 7:00 p.m. on the First Closing Date stating whether the Offer has been revised or extended, or has become or been declared unconditional. If the Offer becomes unconditional on the First Closing Date, the Offer will remain open for acceptance for not less than fourteen (14) days thereafter in accordance with the Takeovers Code. The Offer will not be closed prior to the 60th day after the despatch of this Composite Document unless the Offer has become or has been declared unconditional in all respects. Accordingly, if the Offer does not become unconditional on or before the First Closing Date, the Offer will be extended in accordance with the Takeovers Code. If the Offer is extended, an announcement will be made specifying the next Closing Date or stating that the Offer will remain open until further notice, in which case at least fourteen (14) days’ notice in writing will be given to the Offer Shareholders who have not accepted the Offer before the Closing Date.

Beneficial owners of the Offer Shares who hold their Offer Shares in CCASS directly as an investor participant or indirectly via a broker or custodian participant should note the timing requirements for causing instructions to be made to CCASS. Further details in this regard have been set out in Appendix I to this Composite Document.

3. Subject to the Offer becoming unconditional, remittances in respect of the cash consideration (after deducting the seller’s ad valorem stamp duty) payable for the Offer Shares will be despatched to the Offer Shareholder(s) accepting the Offer by ordinary post at his/her/its own risk as soon as possible, but in any event within seven (7) Business Days following (i) the date of receipt of the duly completed and signed Form of Acceptance and all the relevant documents which render such acceptance complete and valid by the Registrar in compliance with Note 1 to Rule 30.2 of the Takeovers Code or (ii) the date on which the Offer becomes or is declared unconditional in all respects, whichever is the later. An acceptor shall be entitled to withdraw his/her/its acceptance of the Offer after twenty one (21) days from the First Closing Date if the Offer has not by then become unconditional as to acceptances. However, this entitlement to withdraw shall only be exercisable until such time as the Offer becomes or is declared unconditional as to acceptances. Please refer to the section headed “6. Right of Withdrawal” in Appendix I to this Composite Document for further information on the circumstances where acceptances may be withdrawn.

– iii – EXPECTED TIMETABLE

4. The latest time and date for acceptance of the Offer and the latest date for posting of remittances for the amounts due under the Offer in respect of valid acceptances will be varied if there is a tropical cyclone warning signal number 8 or above, or a black rainstorm warning in force or “extreme conditions” caused by super typhoon in Hong Kong:

i. in force in Hong Kong at any local time before 12:00 noon but no longer in force after 12:00 noon on the latest date for acceptance of the Offer and the latest date for posting of remittances for the amounts due under the Offer in respect of valid acceptances, in which cases the latest time for acceptance of the Offer and the posting of remittances, as the case may be, will remain at 4:00 p.m. on the same Business Day; or

ii. in force in Hong Kong at any local time between 12:00 noon and 4:00 p.m. on the latest date for acceptance of the Offer and the latest date for posting of remittance for the amounts due under the Offer in respect of valid acceptances, in which cases the latest time for acceptance of the Offer and the posting of remittances, as the case may be, will be rescheduled to 4:00 p.m. on the following Business Day which does not have either of those warnings in force at any time between 9:00 a.m. and 4:00 p.m. or such other day as the Executive may approve.

5. In accordance with the Takeovers Code, where the Offer becomes or is declared unconditional in all respects, the Offer should remain open for acceptance for not less than fourteen (14) days thereafter. The Offeror has the right, subject to the Takeovers Code, to extend the Offer until such date as the Offeror may determine or as permitted by the Executive, in accordance with the Takeovers Code. The Offeror will issue an announcement in relation to any extension of the Offer, which will state the next Closing Date or, if the Offer has become or is unconditional at that time,that the Offer will remain open until further notice. In such case, at least fourteen (14) days’ notice in writing must be given before the Offer is closed.

The announcement of the results of the Offer will be issued by the Offeror and posted on the Stock Exchange’s website by 7:00 p.m. on the Closing Date. Such announcement will comply with the disclosure requirements under Rule 19.1 of the Takeovers Code and will include, among other things, the results of the Offer.

6. In accordance with the Takeovers Code, except with the consent of the Executive, the Offer may not become or be declared unconditional as to acceptances after 7:00 p.m. on the 60th day after the day of this Composite Document is posted. Where a period laid down by the Takeovers Code ends on a day which is not a Business Day, the period is extended until the next Business Day. Accordingly, unless the Offer has previously become or is declared unconditional as to acceptances, as the 60th day after the posting of this Composite Document falls on Sunday, 25 October 2020 which is not a Business Day and Monday, 26 October 2020, which is a public holiday, the Offer will lapse after 7:00 p.m. on Tuesday, 27 October 2020, unless extended with the consent of the Executive.

Save as mentioned above, if the latest time for the acceptance of the Offer does not take effect on the date and time as stated above, the other dates mentioned above may be affected. The Offeror and the Company will notify the Offer Shareholders by way of joint announcement(s) on any change(s) to the expected timetable as soon as practicable.

Unless otherwise expressly stated, all time and date references contained in this Composite Document and the Form of Acceptance refer to Hong Kong time and dates.

–iv– IMPORTANT NOTICES

NOTICE TO THE OVERSEAS SHAREHOLDERS

The making of the Offer to persons with a registered address in jurisdictions outside Hong Kong may be prohibited or affected by the laws of the relevant jurisdictions. Overseas Shareholders who are citizens or residents or nationals of jurisdictions outside Hong Kong should inform themselves about and observe any applicable legal or regulatory requirements. It is the responsibility of any such person who wishes to accept the Offer to satisfy himself/herself/itself as to the full observance of the laws and regulations of the relevant jurisdiction in connection therewith, including the obtaining of any governmental, exchange control or other consents which may be required or the compliance with other necessary formalities and regulatory or legal requirements and the payment of any transfer or other taxes or other required payments due in respect of such jurisdiction. The Offeror, parties acting in concert with it, Essence Corporate Finance, Essence International Securities, the Registrar, and their respective ultimate beneficial owners, directors, officers, advisers, agents and associates and any other person involved in the Offer shall be entitled to be fully indemnified and held harmless by such person for any taxes as such person may be required to pay. Please see the paragraph headed “Overseas Shareholders” under the section headed “The Offer” in the “Letter from Essence Corporate Finance” and the section headed “7. Overseas Shareholders” in Appendix I to this Composite Document for further information.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Composite Document contains forward-looking statements, which may be identified by words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “seek”, “estimate”, “will”, “would” or words of similar meaning, that involve risks and uncertainties, as well as assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Offeror and the Company assume no obligation and do not intend to update these forward-looking statements, except as required pursuant to applicable laws or regulations, including but not limited to the Listing Rules and/or the Takeovers Code.

–v– DEFINITIONS

In this Composite Document, the following expressions shall, unless the context requires otherwise, have the following meanings:

“acting in concert” the meaning ascribed to it under the Takeovers Code

“associate(s)” the meaning ascribed to it under the Takeovers Code

“Board” the board of Directors

“Business Day(s)” a day on which the Stock Exchange is open for the transaction of business

“CCASS” the Central Clearing and Settlement System established and operated by HKSCC

“Closing Date” the closing date of the Offer, which falls on the 21st calendar day after the date of the posting of this Composite Document, or if the Offer is extended, any subsequent closing date(s) as may be determined by the Offeror and jointly announced by the Offeror and the Company, with the consent of the Executive in accordance with the Takeovers Code. For avoidance of doubt, the Offer will not be closed prior to the 60th day after the despatch of this Composite Document unless the Offer has become or has been declared unconditional in all respects

“Company” Xinghua Port Holdings Ltd., a company incorporated in the Republic of Singapore with limited liability whose Shares are listed on the Main Board of the Stock Exchange (Stock Code: 01990)

“Composite Document” this composite offer and response document combining the offer document issued by the Offeror and the offeree board circular issued by the Company (together with the Form of Acceptance) in respect of the Offer in accordance with the Takeovers Code

“Compulsory Acquisition the period commencing on the date of this Composite Entitlement Period” Document and ending on the date falling four (4) months after the date of this Composite Document (or such later date as the Executive may permit for the requisite level of acceptances to be reached in order for the Offeror to proceed with compulsory acquisition)

–1– DEFINITIONS

“Condition” condition to the Offer as set out under the section headed “Condition of the Offer” of this Composite Document

“Director(s)” the director(s) of the Company

“Disinterested Shares” Shares other than those held by the Offeror, its related corporations or their respective nominees for the purpose of the Singapore Companies Act. As at the Latest Practicable Date, the Offeror, its related corporations or their respective nominees do not own any Shares and the Disinterested Shares comprise all the 814,412,028 Shares in issue. For avoidance of doubt, the Ng Family’s, BOS Trustee Limited’s, and Petroships’ shareholding interests are not held by the Offeror, its related corporations or their respective nominees for the purpose of the Singapore Companies Act. Accordingly, such shareholding interests are considered “Disinterested Shares” for the purpose of the Singapore Companies Act

“Dividend Adjustment” if any dividend, distribution and/or return of capital (as the case may be) is made or paid in respect of the Shares after the date of the Joint Announcement and on or before the Closing Date, the Offeror will reduce the Offer Price by an amount equal to all or any part of the amount or value of such dividend, distribution and/or return of capital, in which case any reference in the Joint Announcement, this Composite Document or any other announcement or document to the Offer Price will be deemed to be a reference to the Offer Price as so reduced

“Essence Corporate Finance” Essence Corporate Finance (Hong Kong) Limited, a licensed corporation to carry out type 1 (dealing in securities) and type 6 (advising on corporate finance) regulated activities under the SFO, being the financial adviser to the Offeror in respect of the Offer

“Essence International Essence International Securities (Hong Kong) Limited, a Securities” licensed corporation to carry out type 1 (dealing in securities) and type 4 (advising on securities) regulated activities under the SFO, being the agent making the Offer on behalf of the Offeror

“Executive” the Executive Director of the Corporate Finance Division of the SFC from time to time and any delegate of the Executive Director

–2– DEFINITIONS

“First Closing Date” 16 September 2020, being the first Closing Date of the Offer, which is the 21st calendar day after the date of the posting of this Composite Document

“Form of Acceptance” the form of acceptance and transfer of the Offer Shares in respect of the Offer accompanying this Composite Document

“Group” the Company and its subsidiaries

“HK$” Hong Kong dollars, the lawful currency of Hong Kong

“HKSCC” Hong Kong Securities Clearing Company Limited

“Hong Kong” Hong Kong Special Administrative Region of the People’s Republic of China

“IFA Appointment the announcement issued by the Company date 31 July Announcement” 2020, in relation to the appointment of the Independent Financial Adviser and the clarification on certain Shares held by a Director

“Independent Board an independent board committee comprising all the Committee” non-executive Directors, namely Mr. Tan Chian Khong, Mr. Soh Ee Beng, Mr. Ting Yian Ann, and Mr. Lee Cheong Seng

“Independent Financial Donvex Capital Limited, a licensed corporation to carry Adviser” out type 6 (advising on corporate finance) regulated activity under the SFO, and being appointed as the independent financial adviser by the Company to advise the Independent Board Committee in relation to the Offer

“Irrevocable Undertakings” the irrevocable deed of undertaking dated 29 July 2020 and executed by the Relevant Shareholders and the Offeror, pursuant to which each of the Relevant Shareholders has irrevocably undertaken to the Offeror, among others, to accept the Offer and the Offeror has irrevocably undertaken to each of the Relevant Shareholders, among others, to make the Offer at a price not less than HK$2.597

–3– DEFINITIONS

“Joint Announcement” the joint announcement issued by the Offeror and the Company dated 29 July 2020 in relation to, among other things, the Offer and proposed withdrawal of listing of the Company

“Last Full Trading Day” 23 July 2020, being the last full trading day of the Shares on the Stock Exchange immediately prior to the halt of trading in the Shares pending the release of the Joint Announcement

“Last Trading Day” 24 July 2020, being the last trading day of the Shares on the Stock Exchange immediately prior to the halt of trading in the Shares pending the release of the Joint Announcement

“Latest Practicable Date” 24 August 2020, being the latest practicable date prior to the printing of this Composite Document for ascertaining certain information contained in this Composite Document

“Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange

“Mr.NgHW” Mr. Ng Han Whatt, a brother of Mr. Patrick Ng, Ms. Jane Ng and Ms. Ng BB

“Mr. Patrick Ng” Mr. Patrick Ng Bee Soon, the chairman of the Board and a brother of Mr. Ng HW, Ms. Jane Ng and Ms. Ng BB

“Ms. Jane Ng” Ms. Jane Kimberly Ng Bee Kiok, an executive Director and a sister of Mr. Ng HW, Mr. Patrick Ng and Ms. Ng BB

“Ms. Ng BB” Ms. Ng Bee Bee, a sister of Mr. Ng HW, Mr. Patrick Ng and Ms. Jane Ng

“Ng Family” Mr. Ng HW, Mr. Patrick Ng, Ms. Jane Ng and Ms. Ng BB

“Non-accepting Shareholder(s)” the Shareholder(s) who do not accept the Offer

“Non-accepting Shares” the Offer Shares held by the Non-accepting Shareholders not acquired by the Offeror under the Offer

–4– DEFINITIONS

“Notice of Compulsory a notice to be issued by the Offeror to the Non-accepting Acquisition” Shareholders for exercising the compulsory acquisition right

“Offer” the voluntary conditional general cash offer made by Essence International Securities for and on behalf of the Offeror to acquire all the issued Shares

“Offer Period” has the meaning ascribed to it under the Takeovers Code, being the period commencing from 29 July 2020 (the date of the Joint Announcement), and ending on the Closing Date, or such other time or date to which the Offeror may decide to extend the Offer in accordance with the Takeovers Code or on the date when the Offer lapses

“Offer Price” the price per Offer Share at which the Offer is being made in cash, being HK$2.597 per Offer Share, less the Dividend Adjustment (if any)

“Offer Share(s)” all the Share(s) in issue, other than those Shares owned by the Offeror or parties acting in concert with it and has the same meaning of “disinterested shares” as defined in Rule 2.11 of Takeovers Code. As at the Latest Practicable Date, the Offeror and parties acting in concert with it do not own any Shares and the Offer Shares comprise all the 814,412,028 Shares in issue. For avoidance of doubt, the Ng Family’s, BOS Trustee Limited’s, and Petroships’ shareholding interests are not held by the Offeror and its concert parties for the purpose of the Takeovers Code. Accordingly, such shareholding interests are considered “disinterested shares” for the purpose of Rule 2.11 of Takeovers Code

“Offer Shareholder(s)” Shareholder(s) other than the Offeror and parties acting in concert with it

“Offeror” Zhuhai Port (Hong Kong) Co., Limited

“Overseas Shareholders” Offer Shareholders whose addresses as shown on the register of members of the Company are outside Hong Kong

–5– DEFINITIONS

“Petroships” Petroships Investment Pte. Ltd., which is owned as to 90% and 10% by Mr. Alan Chan Hong Joo and Madam Ng Thiam Eng respectively

“Registrar” Boardroom Share Registrars (HK) Limited, being the branch share registrar and transfer office of the Company in Hong Kong and the receiving agent for receiving and processing acceptances of the Offer in respect of the Offer Shares. For the purpose of acceptance of the Offer, the duly completed and signed Form of Acceptance together with all the relevant documents may be sent to the Registrar at either of the following addresses:

• Room 2103B, 21/F., 148 Electric Road, North Point, Hong Kong; or

• 50 Raffles Place, #32-01 Singapore Land Tower, Singapore 048623

“Relevant Authority(ies)” any government, governmental, quasi-governmental, statutory or regulatory authority, body, agency, tribunal, court or institution

“Relevant Period” the period commencing from 29 January 2020, six months preceding 29 July 2020, being the date of commencement of the Offer Period, up to and including the Latest Practicable Date

“Relevant Shareholders” the Ng Family, Petroships and Mr. Alan Chan Hong Joo

“RMB” Renminbi, the lawful currency of the People’s Republic of China

“S$” Singapore dollar, the lawful currency of the Republic of Singapore

“SFC” the Securities and Futures Commission of Hong Kong

“SFO” Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time

“Share(s)” ordinary share(s) in the share capital of the Company

–6– DEFINITIONS

“Shareholder(s)” holder(s) of the Share(s)

“Singapore Companies Act” the Companies Act (Chapter 50) of Singapore, as amended, modified, and supplemented from time to time

“Stock Exchange” The Stock Exchange of Hong Kong Limited

“Takeovers Code” the Code on Takeovers and Mergers issued by the SFC

“Undertaken Shares” an aggregate of 573,118,781 Shares, representing approximately 70.37% of the total issued share capital of the Company, directly and/or beneficially held by the Ng Family, BOS Trustee Limited and Petroships

“Zhuhai Port” Zhuhai Port Co., Ltd.* (珠海港股份有限公司), the parent company of the Offeror, which is a joint stock limited liability company incorporated in the People’s Republic of China and the shares of which are listed on the Shenzhen Stock Exchange (Stock Code: 000507)

“Zhuhai Port Group” Zhuhai Port and its subsidiaries (including the Offeror)

“Zhuhai Port Holdings” Zhuhai Port Holdings Group Co., Ltd* (珠海港控股集團有限公司)

“Zhuhai SASAC” State-owned Asset Supervision and Administration Commission of the Zhuhai Municipal People’s Government (珠海市人民政府國有資產監督管理委員會)

“%” per cent.

* For identification purposes only

–7– LETTER FROM ESSENCE CORPORATE FINANCE

Essence Corporate Finance (Hong Kong) Limited 39/F., One Exchange Square Central Hong Kong

26 August 2020

To the Offer Shareholders

Dear Sir or Madam,

(1) VOLUNTARY CONDITIONAL GENERAL CASH OFFER BY ESSENCE INTERNATIONAL SECURITIES (HONG KONG) LIMITED FOR AND ON BEHALF OF ZHUHAI PORT (HONG KONG) CO., LIMITED TO ACQUIRE ALL THE ISSUED SHARES OF XINGHUA PORT HOLDINGS LTD.; AND (2) PROPOSED WITHDRAWAL OF LISTING OF XINGHUA PORT HOLDINGS LTD.

INTRODUCTION

References are made to the Joint Announcement whereby the Offeror and the Company jointly announced that Essence International Securities, on behalf of the Offeror, would make a voluntary conditional general cash offer to acquire all the issued Shares, the IFAAppointment Announcement, and the joint announcement issued by the Offeror and the Company dated 19 August 2020 in relation to the delay in despatch of the Composite Document.

As at the Latest Practicable Date, the Offeror and parties acting in concert with it do not hold, own, or have control or direction over any voting rights and rights over the Shares, convertible securities, warrants, options or derivatives of the Company.

As at the Latest Practicable Date, the Company has 814,412,028 Shares in issue. The Company does not have any outstanding options, derivatives, warrants or relevant securities (as defined in Note 4 to Rule 22 of the Takeovers Code) which are convertible or exchangeable into Shares and has not entered into any agreement for the issue of such options, derivatives, warrants or securities which are convertible or exchangeable into Shares.

This letter forms part of this Composite Document and sets out, among other things, the principal terms of the Offer, together with the information of the Offeror and the Offeror’s intention in relation to the Group. Further details of the terms of the Offer and procedures for acceptance are also set out in Appendix I to this Composite Document and in the accompanying Form of Acceptance.

–8– LETTER FROM ESSENCE CORPORATE FINANCE

Your attention is also drawn to information contained in the letter from the Board, the letter from the Independent Board Committee, the letter from the Independent Financial Adviser and the appendices set out in this Composite Document before reaching a decision as to whether or not to accept the Offer.

Terms used in this Composite Document have the same meaning when used in this letter.

THE OFFER

Principal terms of the Offer

Essence International Securities, for and on behalf of the Offeror, is making the Offer in compliance with the Takeovers Code on the following terms:

For each Offer Share ...... HK$2.597, less the Dividend Adjustment (if any), in cash

The Offer is extended to all Offer Shareholders in accordance with the Takeovers Code. The Offer Shares to be acquired under the Offer shall be fully paid and free from all liens, charges, encumbrances, rights of pre-emption and any other third party rights and interests of any nature and together with all rights becoming attached thereto after the Closing Date, including but not limited to all rights to any dividend, distribution and/or return of capital (as the case may be) declared, made or paid after the Closing Date.

If any dividend, distribution and/or return of capital (as the case may be) is made or paid in respect of the Shares after the date of the Joint Announcement and on or before the Closing Date, the Offeror will reduce the Offer Price by an amount equal to all or any part of the amount or value of such dividend, distribution and/or return of capital, in which case any reference in the Joint Announcement, this Composite Document or any other announcement or document to the Offer Price will be deemed to be a reference to the Offer Price as so reduced. The Offer Shareholders shall not be entitled to any dividend, distribution or return of capital declared, made or paid after the Closing Date.

It is stated in the section headed “3. The Offer” in the “Letter from the Board”, as set out on page 27 of this Composite Document, that as at the Latest Practicable Date (i) no dividend, distribution or return of capital has been announced, declared, or paid by the Company since the payment of the interim dividend for the year ended 31 December 2019 as disclosed in the Company’s 2019 annual report; and (ii) the Board has no intention to recommend the declaration or payment of any dividend, distribution, or return of capital on or before the Closing Date.

The Offeror will not increase the Offer Price for the Offer as set out above. Shareholders and potential investors of the Company should be aware that, following the making of this statement, the Offeror will not be allowed to increase the Offer Price and the Offeror does not reserve the right to increase the Offer Price.

–9– LETTER FROM ESSENCE CORPORATE FINANCE

The Offer Price

The Offer Price of HK$2.597 per Offer Share (without taking into account the effect of any Dividend Adjustment) represents:

(i) a premium of approximately 3.47% over the closing price of HK$2.510 per Share as quoted on the Stock Exchange on 24 August 2020, being the Latest Practicable Date;

(ii) a premium of approximately 23.67% over the closing price of the Shares of HK$2.100 per Share as quoted on the Stock Exchange on 24 July 2020, being the Last Trading Day;

(iii) a premium of approximately 29.85% over the closing price of the Shares of HK$2.000 per Share as quoted on the Stock Exchange on 23 July 2020, being the Last Full Trading Day;

(iv) a premium of approximately 31.56% over the average closing price of the Shares of approximately HK$1.974 per Share as quoted on the Stock Exchange for the last five consecutive trading days up to and including the Last Full Trading Day;

(v) a premium of approximately 27.93% over the average closing price of the Shares of approximately HK$2.030 per Share as quoted on the Stock Exchange for the last 10 consecutive trading days up to and including the Last Full Trading Day;

(vi) a premium of approximately 58.35% over the average closing price of the Shares of approximately HK$1.640 per Share as quoted on the Stock Exchange for the last 30 consecutive trading days up to and including the Last Full Trading Day;

(vii) a premium of approximately 1.28 times over the average closing price of the Shares of approximately HK$1.141 per Share as quoted on the Stock Exchange for the last 90 consecutive trading days up to and including the Last Full Trading Day;

(viii) a premium of approximately 1.02 times over the audited consolidated net asset value per Share as at 31 December 2019 of approximately HK$1.287 (based on a total of 814,412,028 Shares in issue as at the Latest Practicable Date and the audited consolidated net asset value of the Group of RMB939,076,000 as at 31 December 2019, as disclosed in the annual report of the Company dated 2 April 2020 and the exchange rate of RMB0.89578 to HK$1, being the exchange rate as quoted by the People’s Bank of China on 31 December 2019); and

(ix) a premium of approximately 1.02 times over the unaudited consolidated net asset value per Share as at 30 June 2020 of approximately HK$1.283 (based on a total of 814,412,028 Shares in issue as at the Latest Practicable Date and the unaudited consolidated net asset value of the Group of RMB954,448,000 as at 30 June 2020, as disclosed in the interim results of the Company on 28 July 2020 and the exchange rate of RMB0.91344 to HK$1, being the exchange rate as quoted by the People’s Bank of China on 30 June 2020).

–10– LETTER FROM ESSENCE CORPORATE FINANCE

Highest and lowest Share prices

During the Relevant Period:

(a) the highest closing price of the Shares as quoted on the Stock Exchange was HK$2.53 per Share on 20 August 2020; and

(b) the lowest closing price of the Shares as quoted on the Stock Exchange was HK$0.68 per Share on 30 March 2020.

Condition of the Offer

The Offer is subject to the only Condition that valid acceptances of the Offer being received (and not, where permitted, withdrawn) by 4:00 p.m. on the Closing Date (or such later time or date as the Offeror may, subject to the Takeovers Code, decide) in respect of such number of Offer Shares which would result in the Offeror holding at least 90% of the Offer Shares with the further proviso that, within that holding, the Offeror would also hold at least 90% of the Disinterested Shares.

As at the Latest Practicable Date, the Offer Shares and the Disinterested Shares comprise all the 814,412,028 Shares in issue. Shareholders and potential investors should note that the number of the Offer Shares and the Disinterested Shares will be subject to changes for any dealings in the Shares by (i) the Offeror and parties acting in concert with it; and (ii) the Offeror, its related corporations or their respective nominees, after the Latest Practicable Date.

The Condition is not waivable. If the Condition cannot be fulfilled by the Closing Date, the Offer will lapse.

As at the Latest Practicable Date, the Condition has not been satisfied.

The Offeror will issue an announcement in relation to the revision, extension or lapse of the Offer or the fulfilment of the Condition in accordance with the Takeovers Code and the Listing Rules. Where a period laid down by the Takeovers Code ends on a day which is not a Business Day, the period is extended until the next Business Day. The latest time on which the Offeror can declare the Offer unconditional as to acceptances is 7:00 p.m. on Tuesday, 27 October 2020, being the next Business Day following the 60th day after the despatch of the Composite Document (or such later date to which the Executive may consent).

In accordance with Note to Rule 15.3 of the Takeovers Code, the Offeror must publish an announcement when the Offer becomes unconditional as to the acceptances and when the Offer becomes unconditional in all respects. Further, pursuant to Rule 15.3 of the Takeovers Code, the Offer must remain open for acceptance for at least fourteen (14) days after the Offer becomes unconditional in all respects. The Offer Shareholders are reminded that the Offeror does not have any obligations to keep the Offer open for acceptance beyond this 14-day period.

–11– LETTER FROM ESSENCE CORPORATE FINANCE

Total value of the Offer

As at the Latest Practicable Date, the Company has 814,412,028 Shares in issue.

Assuming there is no change to the issued share capital of the Company as at the Latest Practicable Date and no Dividend Adjustment is made, on the basis of the Offer Price of HK$2.597 per Offer Share, the total issued share capital of the Company is valued at HK$2,115,028,036.716. Accordingly, on the basis that there are 814,412,028 Offer Shares subject to the Offer and assuming no Dividend Adjustment is made, the total consideration payable by the Offeror will be HK$2,115,028,036.716.

Financial resources available to the Offeror

The Offeror intends to finance and satisfy the consideration payable under the Offer by a loan facility granted by China Merchants Bank Co., Ltd., Hong Kong Branch which will be secured by, among other things, a charge over all the Offer Shares to be acquired by the Offeror pursuant to the Offer. The Offeror confirms that there is no arrangement in relation to the loan facility pursuant to which the payment of interest on, repayment of or security for any liability (contingent or otherwise) will depend to any significant extent on the business of the Company.

Essence Corporate Finance, being the financial adviser to the Offeror, is satisfied that there are sufficient financial resources available to the Offeror to satisfy the consideration payable under the full acceptance of the Offer.

Settlement of consideration

Once the Offer has become, or has been declared unconditional in all respects, settlement of the consideration in respect of acceptances of the Offer will be made as soon as possible but in any event within seven (7) Business Days of the date of which (i) the Offer has become or is declared unconditional in all respects; or (ii) the duly completed acceptance of the Offer and the relevant documents of title in respect of such acceptances are received by the Offeror or its agent acting on behalf of it to render such acceptance complete and valid, whichever is later.

No fractions of a cent will be payable and the amount of cash consideration payable to an Offer Shareholder who accepts the Offer will be rounded up to the nearest cent.

Return of documents

If the Offer does not become, or is not declared unconditional in all respects within the time permitted by the Takeovers Code, the share certificate(s) and/or transfer receipt(s) and/or other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) received by the Registrar at either of its address in Hong Kong or Singapore will be returned to the Offer Shareholders who have accepted the Offer by ordinary post at the Offer Shareholders’ own risk as soon as possible but in any event within ten (10) days after the Offer has lapsed.

–12– LETTER FROM ESSENCE CORPORATE FINANCE

Effect of accepting the Offer

Subject to the satisfaction of the Condition, provided that valid acceptance forms and the relevant certificate(s) and/or other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) are complete and in good order and have been received by the Registrar at either of its address in Hong Kong or Singapore, by accepting the Offer, the Offer Shareholders will sell their tendered Offer Shares to the Offeror free from all liens, charges, encumbrances, rights of pre-emption and any other third party rights and interests of any nature and together with all rights becoming attached thereto after the Closing Date, including but not limited to all rights to any dividend, distribution and/or return of capital (as the case may be), declared, made or paid after the Closing Date.

Acceptance of the Offer shall be irrevocable and shall not be capable of being withdrawn, except as permitted under the Takeovers Code.

Hong Kong stamp duty

The Offeror will arrange for payment of the seller’s Hong Kong ad valorem stamp duty on behalf of the Offer Shareholders that accept the Offer and will pay the buyer’s Hong Kong ad valorem stamp duty in connection with the acceptance of the Offer and the transfer of the Offer Shares in accordance with the Stamp Duty Ordinance (Chapter 117 of the Laws of Hong Kong).

Taxation advice

Offer Shareholders are recommended to consult their own professional advisers if they are in any doubt as to the taxation implications of accepting or rejecting the Offer. None of the Offeror, parties acting in concert with it, Essence Corporate Finance, Essence International Securities, the Registrar, and their respective ultimate beneficial owners, directors, officers, advisers, agents or associates or any other person involved in the Offer accepts responsibility for any taxation effects on, or liabilities of, any persons as a result of their acceptance or rejection of the Offer.

Overseas Shareholders

The Offeror intends to make the Offer available to all Offer Shareholders, including those who are residents outside Hong Kong. The availability of the Offer to persons who are not residents in Hong Kong or who have registered addresses outside Hong Kong may be affected by the applicable laws and regulations of the relevant jurisdictions. Overseas Shareholders who

–13– LETTER FROM ESSENCE CORPORATE FINANCE are citizens, residents or nationals of a jurisdiction outside Hong Kong should satisfy themselves as to the observance of any applicable legal or regulatory requirements in their own jurisdictions and, where necessary, consult their own professional advisers. It is the responsibilities of the Overseas Shareholders who wish to accept the Offer to satisfy themselves as to the full observance of the laws and regulations of the relevant jurisdictions in connection with the acceptance of the Offer (including the obtaining of any governmental, exchange control or other consent which may be required or the compliance with other necessary formalities and regulatory or legal requirements and the payment of any transfer or other taxes or other required payments due from such Overseas Shareholders in respect of such jurisdictions).

Any acceptance by any Offer Shareholders and beneficial owners of the Offer Shares will be deemed to constitute a representation and warranty from such Offer Shareholders to the Offeror that the local laws and requirements have been complied with. The Overseas Shareholders should consult their professional advisers if in doubt.

IRREVOCABLE UNDERTAKINGS

Principal terms of the Irrevocable Undertakings

Date: 29 July 2020

Parties: (1) Offeror; (2) Mr. Ng HW; (3) Mr. Patrick Ng; (4) Ms. Jane Ng; (5) Ms. Ng BB; (6) Petroships; and (7) Mr. Alan Chan Hong Joo

As at the Latest Practicable Date, the Ng Family (including the Shares held by BOS Trustee Limited) and Petroships hold 495,242,578 Shares and 77,876,203 Shares respectively, representing approximately 60.81% and 9.56% of the total issued share capital of the Company.

Relevant Shareholders and Offeror Undertakings

Subject to the provisions relating to the obligations and liabilities set out below, each of the Relevant Shareholders has irrevocably undertaken to the Offeror as to the followings:

(i) the Relevant Shareholders will, within three (3) business days from the despatch of this Composite Document, accept or procure the acceptance of the Offer in respect of the Undertaken Shares, so as to constitute a valid acceptance of the Offer in accordance with the terms of this Composite Document;

(ii) notwithstanding that the Relevant Shareholders may become entitled to withdraw any such acceptance by virtue of laws or pursuant to the terms of the Offer themselves, the Relevant Shareholders shall not withdraw any such acceptance;

–14– LETTER FROM ESSENCE CORPORATE FINANCE

(iii) the Relevant Shareholders will not sell, transfer, dispose of, lend, charge, pledge or otherwise encumber or grant any option or other right over or otherwise deal with any of the Undertaken Shares or any interest in it (whether conditionally or unconditionally) before the Offer closes, lapses or is withdrawn other than pursuant to the acceptance of the Offer;

(iv) before the Offer closes, lapses or is withdrawn, the Relevant Shareholders will exercise all voting rights attached to the Undertaken Shares in such manner as (a) to enable the Offer to be approved, and (b) to oppose the taking of any action by the Company which might result in any condition of the Offer not being satisfied and not take any action in any manner which may prejudice the successful outcome of the Offer in any material respect, subject, in the case of the Relevant Shareholders who are directors of the Company, to their fiduciary duties as directors of the Company;

(v) before the Offer closes, lapses or is withdrawn, the Relevant Shareholders will not purchase, sell or otherwise deal with any Shares or any interest therein, (except accepting the Offer pursuant to the Irrevocable Undertakings);

(vi) before the Offer closes, lapses or is withdrawn, the Relevant Shareholders will not solicit, encourage, accept, agree to accept or give any indication of an intention to accept any offer from a third party (other than the Offeror) in respect of any or all of the Undertaken Shares whether conditional or unconditional (by whatever means the same is to be implemented);

(vii) before the Offer closes, lapses or is withdrawn, the Relevant Shareholders will procure that the Company shall not declare, authorise, make or pay any dividend or other distribution to the Shareholders (whether in cash, stock or in kind) without the prior written consent of the Offeror;

(viii) before the Offer closes, lapses or is withdrawn, the Relevant Shareholders will not enter into any agreement or arrangement with any person, whether conditionally or unconditionally, to undertake any of the acts prohibited by the above terms (iii) to (vi); and

(ix) upon the Offer becoming unconditional, the members of the Relevant Shareholders (other than Petroships) will:

(a) to the extent that the Relevant Shareholder is a director of the Company or its subsidiaries, subject to his/her fiduciary duties as director of the Company or its subsidiaries (as the case may be), vote for any board resolution approving the appointment of such person(s) as the Offeror may nominate as directors of the Company and its subsidiaries;

–15– LETTER FROM ESSENCE CORPORATE FINANCE

(b) resign as a director of the Company and its subsidiaries (to the extent he or she is a director of such subsidiaries) at the earliest time permitted under the Takeovers Code and applicable laws; and

(c) take such action as may be necessary or reasonably requested by the Offeror to effect changes to the bank and other accounts of the Company and its subsidiaries as the Offeror may require as soon as practicable.

The Offeror has irrevocably undertaken to the Relevant Shareholders as to the followings:

(i) at its own cost and in accordance with the Takeovers Code, publish the Joint Announcement as soon as reasonably practicable following the signing of the Irrevocable Undertakings and clearance have been obtained from the Executive and the Stock Exchange to publish the Joint Announcement;

(ii) at its own costs and in accordance with the Takeovers Code, despatch this Composite Document in respect of the Offer to the Shareholders no later than the date of despatch of this Composite Document in compliance with Rule 8.2 of the Takeovers Code (or such later date as consented by the Executive for waiving from strict compliance with Rule 8.2 of the Takeovers Code);

(iii) make the Offer at a price not less than HK$2.597;

(iv) not close the Offer prior to the 60th day after the date of which this Composite Document is despatched unless the Offer has become or has been declared unconditional in all respects;

(v) make and conduct the Offer in accordance with the Takeovers Code, including compliance with general principle 1 of the Takeovers Code that all Shareholders are to be treated even-handedly and all Shareholders of the same class of the Shares within the Company are to be treated similarly; and

(vi) obtain all clearances, approvals, licences, consents, authorisations, waivers (including deemed clearance through expiry of any applicable statutory time periods or waiting periods) and permits from any Relevant Authorities, any shareholders or any third party required by the Offeror from its shareholders, directors, creditors and any Relevant Authority (which, to the best knowledge to the directors of the Offeror, are (i) the approval from each of the board of directors of Zhuhai Port, the board of directors of the Offeror and the sole shareholder of the Offeror in respect of the Offer, the publication of the Joint Announcement and the despatch of this Composite Document; (ii) the clearance from the Executive in respect of the publication of the Joint Announcement and the despatch of this Composite Document; and (iii) the clearance from the Stock Exchange in respect of the despatch of this Composite Document.

–16– LETTER FROM ESSENCE CORPORATE FINANCE

As at the Latest Practicable Date, the Offeror has obtained (i) the relevant approvals from each of the board of directors of Zhuhai Port, the board of directors of the Offeror, and the sole shareholder of the Offeror in respect of the Offer and the publication of the Joint Announcement and despatch of this Composite Document; (ii) the clearance from the Executive in respect of the publication of the Joint Announcement and the despatch of this Composite Document; and (iii) the clearance from the Stock Exchange in respect of the despatch of this Composite Document.

All obligations and liabilities of the Relevant Shareholders and the Offeror under the Irrevocable Undertakings will lapse and terminate:

(i) if the Joint Announcement is not released by 4 August 2020;

(ii) this Composite Document is not despatched by the date of despatch of this Composite Document in compliance with Rule 8.2 of the Takeovers Code (or such later date as consented by the Executive for waiving from strict compliance with Rule 8.2 of the Takeovers Code);

(iii) the Offer is otherwise not made in accordance with the undertaking by the Offeror stated above; or

(iv) on the withdrawal or lapsing of the Offer.

POSSIBLE COMPULSORY ACQUISITION RIGHTS AND WITHDRAWAL OF LISTING

Pursuant to Section 215(1) of the Singapore Companies Act, in the event that the Offeror receives valid acceptances pursuant to the Offer (or otherwise acquires Shares during the period that the Offer is open for acceptance) in respect of not less than 90% of the Disinterested Shares, the Offeror will be entitled to compulsorily acquire the Non-accepting Shares on the same terms as those offered under the Offer. As at the Latest Practicable Date, the Offeror, its related corporations and their respective nominees do not own any Shares and the Disinterested Shares comprise all the 814,412,028 Shares in issue.

Pursuant to Rule 2.11 of the Takeovers Code, except with the consent of the Executive, where any person seeks to acquire or privatise a company by means of an offer and the use of compulsory acquisition rights, such rights may only be exercised if, in addition to satisfying any requirements imposed by law, acceptances of the offer and purchases (in each case of the disinterested shares) made by the Offeror and persons acting in concert with it during the Compulsory Acquisition Entitlement Period total 90% of the Offer Shares. As at the Latest Practicable Date, the Offeror and parties acting in concert with it do not own any Shares and the Offer Shares comprise all the 814,412,028 Shares in issue.

–17– LETTER FROM ESSENCE CORPORATE FINANCE

Pursuant to Rule 15.6 of the Takeovers Code, where the Offeror has stated in the Composite Document its intention to avail itself of any powers of compulsory acquisition, the Offer may not remain open for acceptance for more than four (4) months from the despatch date of this Composite Document, unless the Offeror has, by that time, become entitled to exercise such powers of compulsory acquisition, in which event it must do so without delay.

Subject to the satisfaction of the requirements under the Singapore Companies Act and Rule 2.11 of the Takeovers Code, the Offeror intends to privatise the Company by exercising its rights under the Singapore Companies Act and pursuant to Rule 2.11 of the Takeovers Code to compulsorily acquire the Non-accepting Shares. If the Offeror decides to exercise such rights and completes the compulsory acquisition, the Company will become a direct wholly-owned subsidiary of the Offeror and an application will be made by the Company for the withdrawal of the listing of the Shares on the Stock Exchange pursuant to Rule 6.15(1) of the Listing Rules.

If the level of acceptances of the Offer reaches the prescribed level under the Singapore Companies Act required for compulsory acquisition and the requirements of Rule 2.11 of the Takeovers Code are satisfied on the Closing Date, dealings in the Shares will be suspended from the Closing Date up to the withdrawal of listing of the Shares from the Stock Exchange pursuant to Rule 6.15 of the Listing Rules.

While it is the intention of the Offeror to privatise the Company, the Offeror’s ability to exercise the rights of compulsory acquisition in respect of the Offer Shares is dependent on the level of acceptances of the Offer reaching the prescribed level under the Singapore Companies Act and on the requirements of Rule 2.11 of the Takeovers Code being satisfied. If the Offer Shares validly tendered for acceptance under the Offer are less than 90% of the Offer Shares (in respect of the requirement under Rule 2.11 of the Takeovers Code) and less than 90% of the Disinterested Shares (in respect of the requirement under the Singapore Companies Act) on the Closing Date, the Offer will not become unconditional and will lapse, and the Shares will remain listed on the Stock Exchange.

PROCEDURES FOR EXERCISING THE COMPULSORY ACQUISITION RIGHT UNDER THE SINGAPORE COMPANIES ACT

If the Offeror exercises its right of compulsory acquisition under the Singapore Companies Act, the Offeror shall, in the prescribed manner under the Singapore Companies Act, deliver the Notice of Compulsory Acquisition to the Non-accepting Shareholders informing them of the Offeror’s intention to acquire the Offer Shares under its right of compulsory acquisition at any time within two (2) months from the date the level of acceptances of the Offer reaches the prescribed level under the Singapore Companies Act required for compulsory acquisition. Pursuant to the exercise of the right of compulsory acquisition by the Offeror under the Singapore Companies Act, the Non-accepting Shares will

–18– LETTER FROM ESSENCE CORPORATE FINANCE be compulsorily acquired by the Offeror at the same consideration of HK$2.597 per Share (subject to the decision made by the Singapore court in the event a Non-accepting Shareholder makes an application to object the compulsory acquisition as described below), on the later of:

• after the expiry of one (1) month commencing from the date the Offeror gives the Notice of Compulsory Acquisition;

• in the event a Non-accepting Shareholder requests for a list of Non-accepting Shareholders as described below, then fourteen (14) days from the date the list of Non-accepting Shareholders is provided; or

• in the event a Non-accepting Shareholder makes an application to the Singapore court as described below to object to such compulsory acquisition, then until after that application has been disposed of by the Singapore court as heard by registrars or judges in chambers or in open court.

If the Offeror exercises its right of compulsory acquisition under the Singapore Companies Act by serving the Notice of Compulsory Acquisition, a Non-accepting Shareholder is entitled to:

• request for a list of Non-accepting Shareholders:

A Non-accepting Shareholder is entitled to require the Company by a demand in writing served on the Company, within one (1) month from the date on which the Notice of Compulsory Acquisition is given, to supply the Non-accepting Shareholder with a statement in writing of the names and addresses of all other Non-accepting Shareholders as shown in the register of members of the Company, and the Offeror shall not be entitled or bound to acquire the Non-accepting Shares of the Non-accepting Shareholders until fourteen (14) days after the list of Non-accepting Shareholders is provided or until after the court application (if any) as described below has been disposed of by the Singapore court (whichever is later); and/or

• make an application to the Singapore court:

A Non-accepting Shareholder is entitled to make an application to the Singapore court by way of originating summons supported by affidavits filed in accordance with the rules of court objecting to such compulsory acquisition and such application shall be made by such Non-accepting Shareholder within one (1) month from the date on which the Notice of Compulsory Acquisition is given or fourteen (14) days from the date on which the list of Non-accepting Shareholders is provided as aforesaid (whichever is later), and in such a case, the Offeror shall not acquire the Non-accepting Shares held by any of the Non-accepting Shareholders (whether or not such Non-accepting Shareholder makes an application to the Singapore court to object such compulsory acquisition) until after that application has been disposed of by the Singapore court, as heard by registrars or judges

–19– LETTER FROM ESSENCE CORPORATE FINANCE

in chambers or in open court. In making any such application to the Singapore court, the Non-accepting Shareholder is required to set out his/her/its substantive grounds for seeking relief and has the burden of proof to satisfy the court of the merits of its objection.

The Singapore court has full discretion under the Singapore Companies Act in determining whether to grant relief in any such application as well as the type of relief to be granted. In assessing any such application as well as relief to be granted (if any), the Singapore court would take into account, amongst others, the compulsory acquisition being made pursuant to the Offer which is subject to the Takeovers Code, the opinions of the Independent Financial Adviser, and potential prejudice and legal implications to the Offeror arising from any relief granted (including restrictions pertaining to any acquisition at above the Offer Price subsequent to the close of the Offer under the Takeovers Code). Given (i) the Offer Price represents certain premium over the audited consolidated net asset value per Share and the average closing price of the Shares, (ii) the Independent Financial Adviser and the Independent Board Committee are of the view that the Offer is fair and reasonable for the Shareholders to accept the Offer, and (iii) the Offeror has stated that it will not increase the Offer Price, the risk that the Singapore court granting a relief for requesting to conduct the acquisition at above the Offer Price is low. In case if acquisition at above the Offer Price is required to be made, such higher price will apply to all accepting Offer Shareholders and Non-accepting Shareholders.

Warning

In view of the foregoing, in the case of the exercise by the Offeror of its right of compulsory acquisition under the Singapore Companies Act, whether or not any Non-accepting Shareholders requests for a list of Non-accepting Shareholders or makes an application to the Singapore court to object such compulsory acquisition, it will take a longer time for the Non-accepting Shareholders to receive the consideration as compared to the time required for the Shareholders to receive the consideration after their acceptance of the Offer and the Offer having become unconditional.

Shareholders who are in doubt of their position under the Singapore Companies Act are advised to seek their own independent legal advice.

Non-accepting Shareholders should note that they would not receive their consideration for the Non-accepting Shares until the completion of the compulsory acquisition.

The Offeror shall pay the consideration for acquiring the Non-accepting Shares to the Company, and the Company shall set-up a separate bank account and hold on trust any such consideration so received for the Non-accepting Shareholders who are entitled to the Non-accepting Shares in respect of which they were respectively received. The Offeror will need to pay to the Company the consideration at HK$2.597 per Non-accepting Share (i.e. on the same terms as the Offer) for the Non-accepting Shares that it is acquiring. The Company will then settle the consideration for the Non-accepting Shares with the Non-accepting Shareholders via such bank account.

–20– LETTER FROM ESSENCE CORPORATE FINANCE

If no Non-accepting Shareholder makes an application to the Singapore court or if all such applications by Non-accepting Shareholders have been dismissed, the Offeror may, within one (1) month from the date on which the Notice of Compulsory Acquisition is given or fourteen (14) days from the date on which the list of Non-accepting Shareholders is provided (whichever is the later), upon the transmission of the relevant documents and the payment of the relevant consideration to the Company by the Offeror, require the Company to register the Offeror as the holder of the Non-accepting Shares. If there is a pending application before the Singapore court by a Non-accepting Shareholder, such application shall first be disposed of before the Offeror may be registered as the holder of the Non-accepting Shares. After completion of the registration of the Offeror as the holder of all Non-accepting Shares, the Offeror shall as soon as practicable procure the Company to despatch cheques (less seller’s ad valorem stamp duty) from such bank account to the Non-accepting Shareholders by ordinary post at their own risk in accordance with the mailing addresses retrieved from the records held by the Registrar.

PUBLIC FLOAT

Pursuant to the Listing Rules, if, upon the close of the Offer, less than 25% of the issued Shares are held by the public or if the Stock Exchange believes that:

(i) a false market exists or may exist in the trading of the Shares; or

(ii) there are insufficient Shares in public hands to maintain an orderly market, the Stock Exchange will consider exercising its discretion to suspend trading in the Shares until a level of sufficient public float is attained.

The directors of the Offeror have jointly and severally undertaken, and any new directors to be appointed to the board of directors of the Company (if applicable) will jointly and severally undertake, to the Stock Exchange to take appropriate steps to ensure sufficient public float exists in the Shares, if the Offeror is not entitled to exercise, or decides not to exercise, the compulsory acquisition rights as referred to in this Composite Document.

–21– LETTER FROM ESSENCE CORPORATE FINANCE

DEALING AND INTERESTS IN THE COMPANY’S SECURITIES

The Offeror and parties acting in concert with it had not dealt in any Shares, options, derivatives, warrants or other relevant securities (as defined in Note 4 to Rule 22 of the Takeovers Code) convertible into Shares during the Relevant Period.

The Offeror confirms that, as at the Latest Practicable Date, the Offeror and parties acting in concert with it do not hold, own or have control or direction over any voting rights and rights over the Shares, convertible securities, warrants, options or derivatives of the Company.

INFORMATION OF THE OFFEROR

The Offeror is a company incorporated in Hong Kong with limited liability in 2013. The Offeror is principally engaged in general trading, information consulting, logistics services and equity investment.

The Offeror is a wholly-owned subsidiary of Zhuhai Port which is a joint stock limited company incorporated in the People’s Republic of China, the shares of which are listed on the Shenzhen Stock Exchange (Stock Code: 000507). Zhuhai Port and its subsidiaries are principally engaged in (i) port and shipping management; (ii) logistics and supply chain management; (iii) energy and environmental protection; and (iv) the development of ancillary facilities of the port.

As at the Latest Practicable Date, Zhuhai Port is held as to approximately 29.64% by Zhuhai Port Holdings and the voting rights of the shares of Zhuhai Port held by Zhuhai Port Holdings have significant influence on the resolution of Zhuhai Port’s shareholders’ meeting. Zhuhai Port Holdings is a state-owned enterprise established in the People’s Republic of China and is wholly owned by the Zhuhai SASAC.

INFORMATION OF THE GROUP

Details of the information of the Group are set out in the section headed “9. Information on the Group” in the “Letter from the Board” in this Composite Document.

REASONS FOR AND BENEFITS OF THE OFFER

Views of the board of the Offeror

The Zhuhai Port Group has over 10 years of experience in port and shipping management in People’s Republic China, and directly or indirectly managed and operated six (6) ports as of 31 December 2019 with total cargo throughput over 30 million tonnes in 2019. The Zhuhai Port Group and its debt were rated AA+ grade by China Chengxin Securities Rating Co., Ltd. on 26 June 2019.

–22– LETTER FROM ESSENCE CORPORATE FINANCE

In the event that the Offeror successfully acquires the Company, the Zhuhai Port Group can, (i) consolidate the advantages of the existing international, inland and coastal areas of the Pearl River Delta, Hong Kong and Macao Special Administrative Region of the People’s Republic of China shipping networks; (ii) strengthen the cooperation with the ports, shipping and logistics enterprises located in the Yangtze River Delta area; (iii) promote the expansion and development on ports, shipping and logistics businesses, realising the synergy effects of Zhuhai Port Group’s business in the Yangtze River Delta and Pearl River Delta; and (iv) accelerate the fulfilment of the Zhuhai Port Group’s corporate vision of building an international hub in the southern part of China.

The Offeror is of the view that the benefits of the Offer to the Zhuhai Port Group are (a) conforming with policy direction and the Zhuhai Port Group’s development strategies; (b) expanding the development capacity and developing new sources of growth for existing businesses; (c) providing synergy effects and improving the comprehensive business capabilities; and (d) providing positive impact on the financial indicators of the Zhuhai Port Group.

The Offer Price is determined with reference to the (a) prevailing share price of the Shares; (b) the average enterprise value to earnings before interest, taxes, depreciation and amortisation ratio of 19 companies listed in Shenzhen Stock Exchange or Shanghai Stock Exchange, which are principally engaged in port business; (c) operation performance, geographical advantages and comprehensive competitiveness of the Group; and (d) the control premium of the Group.

INTENTION OF THE OFFEROR IN RELATION TO THE GROUP

It is the intention of the Offeror to continue with the Group’s existing principal business following the close of the Offer. Subject to the Group’s business needs and prevailing market conditions, the Offeror may explore business opportunities to develop the existing business of the Group.

As at the Latest Practicable Date, the Board is made up of three executive Directors, namely Mr. Patrick Ng, Mr. Kor Tor Khoon and Ms. Jane Ng, one non-executive Director, namely Mr. Lee Cheong Seng, and three independent non-executive Directors, namely Mr. Tan Chian Khong, Mr. Soh Ee Beng and Mr. Ting Yian Ann.

It is the Offeror’s and all the Directors’ intentions that, upon the Offer becoming or being declared unconditional, all the existing Directors, namely Mr. Patrick Ng, Mr. Kor Tor Khoon, Ms. Jane Ng, Mr. Lee Cheong Seng, Mr. Tan Chian Khong, Mr. Soh Ee Beng and Mr. Ting Yian Ann, shall resign from the Board with effect from the earliest date permitted under the Takeovers Code or other applicable laws whichever is later.

Save as in connection with the Offeror’s intention regarding the Group as set out above and the abovementioned potential resignations, as at the Latest Practicable Date, the Offeror has no intention to (i) introduce any major changes to the existing business and operations of the Group following the close of the Offer; (ii) discontinue the employment of any employees of the Group; or (iii) dispose of or re-deploy the fixed assets of the Company other than those

–23– LETTER FROM ESSENCE CORPORATE FINANCE in its ordinary and usual course of business. The Offeror will continue to ensure good corporate governance, monitor and review the Group’s business and operations from time to time, and may take steps that it deems necessary or appropriate to optimise the value of the Group.

ACCEPTANCE AND SETTLEMENT

Your attention is drawn down to the further terms of the Offer, including the procedures for acceptance and settlement and acceptance period of the Offer as set out in Appendix I to this Composite Document and the accompanying Form of Acceptance.

GENERAL INFORMATION

To ensure equality of treatment of all Offer Shareholders, those registered Offer Shareholders who hold any Shares as nominee for more than one beneficial owner should, as far as practicable, treat the holding of each beneficial owner separately. In order for the beneficial owners of the Shares, whose investments are registered in the names of nominees to accept the Offer, it is essential that they provide instructions to their nominees of their intentions with regard to the Offer.

The attention of the Overseas Shareholders is drawn to the section headed “Important Notices” contained in this Composite Document and the section headed “7. Overseas Shareholders” in Appendix I to this Composite Document.

All documents and remittances will be sent to the Offer Shareholders by ordinary post at their own risk. Such documents and remittances will be sent to the Offer Shareholders at their respective addresses as they appear in the register of members of Company or in the case of joint Offer Shareholders, to such Offer Shareholders whose name appears first in the register of members of the Company. None of the Offeror and parties acting in concert with it, Essence Corporate Finance, Essence International Securities, the Registrar and their respective ultimate beneficial owners, directors, officers, advisers, agents or associate or any other person involved in the Offer accepts any responsibility for any loss or delay in postage or any other liabilities that may arise as a result thereof. Further details have been set out in Appendix I to this Composite Document and in the Form of Acceptance.

WARNING

Shareholders and potential investors should note that the Offer is subject to the satisfaction of the Condition. Accordingly, the Offer may or may not become unconditional. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the Shares. If Shareholders and potential investors of the Company are in any doubt about their position, they should consult their licensed securities dealers or registered institutions in securities, bank managers, solicitors, professional accountants or other professional advisers.

ADDITIONAL INFORMATION

Your attention is drawn to the additional information set out in the appendices to this Composite Document and the accompanying Form of Acceptance, which forms part of this Composite Document. In addition, your attention is also drawn to the “Letter from the Board” on pages 26 to 30 of this Composite Document, “Letter from the Independent Board Committee” on pages 31 to 32 of this Composite Document and “Letter from the Independent

–24– LETTER FROM ESSENCE CORPORATE FINANCE

Financial Adviser” on pages 33 to 57 of this Composite Document in relation to their respective recommendations and advices with respect to the Offer before reaching a decision as to whether or not to accept the Offer.

Yours faithfully, For and on behalf of Essence Corporate Finance (Hong Kong) Limited Griffin Tse Mazy Chan Managing Director Director

–25– LETTER FROM THE BOARD

XINGHUA PORT HOLDINGS LTD. 興華港口控股有限公司* (Incorporated in the Republic of Singapore with limited liability) (Hong Kong Stock Code: 01990)

Executive Directors: Registered Office and Head Office Patrick Ng Bee Soon in Singapore: Kor Tor Khoon 7 Temasek Boulevard Jane Kimberly Ng Bee Kiok #16-01 Suntec Tower One Non-Executive Director: Singapore 038987 Lee Cheong Seng Principal Place of Business Independent Non-Executive Directors: in Hong Kong: Tan Chian Khong 31/F., 148 Electric Road Soh Ee Beng North Point Ting Yian Ann Hong Kong

Principal Place of Business in the PRC: No. 1 Yi Road Xinghua Port Area Xingang Town Changshu City Jiangsu Province PRC

26 August 2020

To All Shareholders

Dear Sir or Madam,

VOLUNTARY CONDITIONAL GENERAL CASH OFFER FOR AND ON BEHALF OF ZHUHAI PORT (HONG KONG) CO., LIMITED TO ACQUIRE ALL THE ISSUED SHARES OF XINGHUA PORT HOLDINGS LTD. AND PROPOSED WITHDRAWAL OF LISTING OF XINGHUA PORT HOLDINGS LTD.

1. INTRODUCTION

Reference is made to the Joint Announcement dated 29 July 2020 issued by the Offeror and the Company announcing that Essence International Securities, on behalf of the Offeror, intended to make a voluntary conditional general cash offer to acquire all of the issued Shares.

* For identification purpose only

–26– LETTER FROM THE BOARD

The purpose of this Composite Document (of which this letter forms part) is to provide you with, among other things: (i) information relating to the Group, the Offeror, and the Offer; (ii) a letter from Essence Corporate Finance containing, among other things, details of the Offer; (iii) a letter from the Independent Board Committee containing its recommendations to the Shareholders in relation to the Offer; and (iv) the letter from the Independent Financial Adviser containing its advice and recommendations to the Independent Board Committee in relation to the Offer.

2. INDEPENDENT BOARD COMMITTEE AND INDEPENDENT FINANCIAL ADVISER

The board of directors of the Company has established the Independent Board Committee, comprising Mr. Tan Chian Khong, Mr. Soh Ee Beng, and Mr. Ting Yian Ann, being all the independent non-executive Directors, and Mr. Lee Cheong Seng, being the non-executive Director, to make a recommendation to the Shareholders as to whether the Offer is fair and reasonable and as to its acceptance.

Pursuant to Rule 2.8 of the Takeovers Code, members of the Independent Board Committee are all non-executive Directors who have no direct or indirect interest in the Offer other than their interest in the Shares (if any).

Donvex Capital Limited, with the approval of the Independent Board Committee, has been appointed by the Company as its Independent Financial Adviser to advise the Independent Board Committee in respect of the Offer and as to whether the terms of the Offer are fair and reasonable and as to its acceptance.

3. THE OFFER

As disclosed in the “Letter from Essence Corporate Finance” in this Composite Document, Essence International Securities is making the Offer on behalf of the Offeror. Shareholders accepting the Offer will receive the Offer Price of HK$2.597 per Share in cash. The Offer is being extended to all Shareholders.

It is stated in the “Letter from Essence Corporate Finance” in this Composite Document that if any dividend, distribution, or return of capital is made or paid in respect of the Shares after the date of the Joint Announcement and on or before the Closing Date, the Offeror will reduce the Offer Price by an amount equal to all or any part of the amount or value of such dividend, distribution, or return of capital. As at the Latest Practicable Date, (i) no dividend, distribution, or return of capital has been announced, declared, or paid by the Company since the payment of the interim dividend for the year ended 31 December 2019 as disclosed in the Company’s 2019 annual report; and (ii) the Board has no intention to recommend the declaration or payment of any dividend, distribution, or return of capital on or before the Closing Date.

–27– LETTER FROM THE BOARD

Further details of the Offer can be found in the “Letter from Essence Corporate Finance” and “Appendix I – Further Terms and Procedures for Acceptance of the Offer” to this Composite Document and the accompanying Form of Acceptance, which together set out the terms and conditions of the Offer and certain related information.

4. CONDITION OF THE OFFER

Your attention is drawn to the section headed “Condition of the Offer” in the “Letter from Essence Corporate Finance” in this Composite Document which sets out the Condition of the Offer.

5. POSSIBLE COMPULSORY ACQUISITION AND WITHDRAWAL OF LISTING

Conditions for Compulsory Acquisition

Pursuant to Section 215(1) of the Singapore Companies Act, in the event that the Offeror receives valid acceptances pursuant to the Offer (or otherwise acquires Shares during the period that the Offer is open for acceptance) in respect of not less than 90% of the Disinterested Shares, the Offeror will be entitled to compulsorily acquire all the remaining Offer Shares from Shareholders who have not accepted the Offer on the same terms as those offered under the Offer.

Pursuant to Rule 2.11 of the Takeovers Code, except with the consent of the Executive, where any person seeks to acquire or privatise a company by means of an offer and the use of compulsory acquisition rights, such rights may only be exercised if, in addition to satisfying any requirements imposed by law, acceptances of the offer and purchases (in each case of the shares other than those which are owned by the offeror or persons acting in concert with it) made by the offeror and persons acting in concert with it during the period of four months after the posting of the initial offer document total 90% of the shares other than those which are owned by the offeror or persons acting in concert with it.

Intention of the Offeror to Privatise the Company

Subject to the satisfaction of the above requirements under the Singapore Companies Act and the Hong Kong Takeovers Code, the Company understands that it is the intention of the Offeror to privatise the Company by exercising its right to compulsorily acquire those Offer Shares not acquired by the Offeror under the Offer. If the Offeror decides to exercise such right and completes the compulsory acquisition, the Company will become a direct wholly-owned subsidiary of the Offeror and an application will be made for the withdrawal of the listing of the Shares from the Stock Exchange pursuant to Rule 6.15(1) of the Listing Rules.

If the level of acceptances of the Offer reaches the prescribed level under the Singapore Companies Act required for compulsory acquisition and the requirements of Rule 2.11 of the Hong Kong Takeovers Code are satisfied on the Closing Date, dealings in the Shares will be suspended on the Stock Exchange from the Closing Date up to the withdrawal of listing of the Shares from the Stock Exchange pursuant to Rule 6.15 of the Listing Rules.

–28– LETTER FROM THE BOARD

The Offeror’s ability to exercise the right of compulsory acquisition in respect of the Offer Shares is dependent on the level of acceptances of the Offer reaching the prescribed level under the Singapore Companies Act and on the requirements of Rule 2.11 of the Takeovers Code being satisfied.

6. INTENTION OF THE OFFEROR IN RELATION TO THE GROUP

Your attention is drawn to the section headed “Intention of the Offeror in relation to the Group” in the “Letter from Essence Corporate Finance” in this Composite Document which sets out the intentions of the Offeror regarding the Group. The board of directors of the Company has noted such intentions. The board of directors of the Company is of the view that the Offeror’s intentions in relation to the Group and its employees would not have a material impact on the existing businesses of the Group.

7. REASONS FOR AND BENEFITS OF THE OFFER

Your attention is drawn to the section headed “Reasons for and Benefits of the Offer” in the “Letter from Essence Corporate Finance” in this Composite Document which sets out the reasons for and benefits of the Offer to the Shareholders, the Company, the Offeror, and the shareholders of the Offeror.

8. INFORMATION ON THE OFFEROR

Your attention is drawn to the section headed “Information of the Offeror” in the “Letter from Essence Corporate Finance” and the general information of the Offeror set out in “Appendix III – General Information of the Offeror” in this Composite Document for information on the Offeror.

9. INFORMATION ON THE GROUP

The Company is an investment holding company which, through its subsidiaries, owns and operates in the People’s Republic of China two highly accessible multi-purpose ports in Changshu City, Jiangsu province, namely the Changshu Xinghua Port, operated by Changshu Xinghua Port Co., Ltd, and the adjacent Changshu Changjiang International Port, operated by Changshu Changjiang International Port Co., Ltd.

Your attention is also drawn to further information of the Group set out in “Appendix II – Financial Information of the Group” and “Appendix IV – General Information of the Company” to this Composite Document.

–29– LETTER FROM THE BOARD

10. ADDITIONAL INFORMATION

You are advised to read the “Letter from Essence Corporate Finance” and “Appendix I – Further Terms and Procedures for Acceptance of the Offer” to this Composite Document and the accompanying Form of Acceptance for information relating to the Offer and the acceptance and settlement procedures of the Offer. Your attention is also drawn to the additional information contained in the appendices to this Composite Document.

11. RECOMMENDATIONS

The Independent Financial Adviser has advised the Independent Board Committee that it considers the terms of the Offer to be fair and reasonable so far as the Shareholders are concerned, and accordingly it recommends the Independent Board Committee to recommend the Shareholders to accept the Offer. The Independent Board Committee, having been so advised, considers the terms of the Offer to be fair and reasonable so far as the Shareholders are concerned, and accordingly, recommends the Shareholders to accept the Offer.

Notwithstanding their recommendations, the Independent Financial Adviser and the Independent Board Committee have reminded Shareholders, in particular those who intend to accept the Offer, to note recent fluctuation in the prices of the Shares. There is no guarantee that the current market price of the Shares will or will not sustain and will or will not be higher than the Offer Price during and after the Offer Period. The Shareholders who intend to accept the Offer are reminded to closely monitor the market price and the liquidity of the Shares during the period for the acceptance of the Offer and shall, having regard to their own circumstances and investment objectives, consider selling their Shares in the open market, instead of accepting the Offer, if the net proceeds from the sale of such Shares would be higher than that receivable under the Offer. They should also note that the Offer is conditional upon the Condition being satisfied, including the Offeror having received valid acceptances of the Offer Shares which would result in the Offeror holding at least 90% of the Offer Shares with the further proviso that, within that holding, the Offeror would also hold at least 90% of the Disinterested Shares. Accordingly, the Offer may or may not become unconditional.

The full text of the letter from the Independent Board Committee addressed to the Shareholders is set out on pages 31 to 32 of this Composite Document. The full text of the letter from the Independent Financial Adviser addressed to the Shareholders is set out on pages 33 to 57 of this Composite Document. You are advised to read both letters and the other information contained in this Composite Document carefully before taking any action in respect of the Offer.

Shareholders are recommended to consult their own professional advisers as to the tax implications that may arise from accepting the Offer.

Yours faithfully, For and on behalf of the board of directors of XINGHUA PORT HOLDINGS LTD. Patrick Ng Bee Soon Chairman and Executive Director

–30– LETTER FROM THE INDEPENDENT BOARD COMMITTEE

XINGHUA PORT HOLDINGS LTD. 興華港口控股有限公司* (Incorporated in the Republic of Singapore with limited liability) (Hong Kong Stock Code: 01990)

26 August 2020

To All Shareholders

Dear Sir or Madam,

1. INTRODUCTION

We have been appointed by the board of directors of the Company to form the Independent Board Committee to make recommendations to you as to whether, in our opinion, the terms and conditions of the Offer are fair and reasonable so far as the Shareholders are concerned and as to acceptance of the Offer.

We, being the members of the Independent Board Committee, have declared that we are independent and do not have any conflict of interest in respect of the Offer and are therefore able to consider the terms of the Offer and to make recommendations to the Shareholders.

Donvex Capital Limited has been appointed, with our approval, as the Independent Financial Adviser to advise and make recommendations to us as to the terms and conditions of the Offer and as to acceptance of the Offer. The details of its advice and recommendations and the principal factors taken into consideration in arriving at its recommendations are set out in the “Letter from the Independent Financial Adviser” set out in the Composite Document.

* For identification purpose only

–31– LETTER FROM THE INDEPENDENT BOARD COMMITTEE

We also wish to draw your attention to the “Letter from Essence Corporate Finance”, the “Letter from the Board”, and the additional information set out in the Composite Document, including the appendices to the Composite Document and the accompanying Form of Acceptance.

2. RECOMMENDATIONS

Having taken into account the advice and recommendations of the Independent Financial Adviser, in particular the factors, reasons, and recommendations as set out in the “Letter from the Independent Financial Adviser”, we concur with its view and consider that the terms of the Offer are fair and reasonable so far as the Shareholders are concerned, and recommend the Shareholders to accept the Offer.

Shareholders, in particular those who intend to accept the Offer, are reminded to note recent fluctuation in the prices of the Shares. There is no guarantee that the current market price of the Shares will or will not sustain and will or will not be higher than the Offer Price during and after the Offer Period. The Shareholders who intend to accept the Offer are reminded to closely monitor the market price and the liquidity of the Shares during the period for the acceptance of the Offer and shall, having regard to their own circumstances and investment objectives, consider selling their Shares in the open market, instead of accepting the Offer, if the net proceeds from the sale of such Shares would be higher than that receivable under the Offer. They should also note that the Offer is conditional upon the Condition being satisfied, including the Offeror having received valid acceptances of the Offer Shares which would result in the Offeror holding at least 90% of the Offer Shares with the further proviso that, within that holding, the Offeror would also hold at least 90% of the Disinterested Shares. Accordingly, the Offer may or may not become unconditional.

Notwithstanding our recommendations, Shareholders are strongly advised that their decision to realise or to hold their investment in the Company depends on their own individual circumstances and investment objectives. If in any doubt, Shareholders should consult their own professional advisers for professional advice.

Yours faithfully, The Independent Board Committee of Xinghua Port Holdings Ltd.

Lee Cheong Seng Tan Chian Khong Soh Ee Beng Ting Yian Ann

–32– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

The following is the full text of a letter of advice from Donvex Capital Limited, the independent financial adviser to the Independent Board Committee in respect of the Offer, which has been prepared for the purpose of inclusion in this Composite Document.

Unit 2502, 25/F Carpo Commercial Building 18-20 Lyndhurst Terrace Central Hong Kong

26 August 2020

To the Independent Board Committee of Xinghua Port Holdings Ltd.

Dear Sirs,

VOLUNTARY CONDITIONAL GENERAL CASH OFFER BY ESSENCE INTERNATIONAL SECURITIES (HONG KONG) LIMITED FOR AND ON BEHALF OF ZHUHAI PORT (HONG KONG) CO., LIMITED TO ACQUIRE ALL THE SHARES OF XINGHUA PORT HOLDINGS LTD. (OTHER THAN THOSE ALREADY OWNED OR AGREED TO BE ACQUIRED BY ZHUHAI PORT (HONG KONG) CO., LIMITED AND PARTIES ACTING IN CONCERT WITH IT)

INTRODUCTION

We refer to our engagement as the Independent Financial Adviser to advise the Independent Board Committee in relation to the Offer, details of which are set out in the letter from the Board (the “Letter from the Board”) contained in the composite document dated 26 August 2020 jointly issued by the Company and the Offeror to the Offer Shareholders (the “Composite Document”), of which this letter forms part. Terms used herein have the same meanings as those defined in the Composite Document unless otherwise stated.

As stated in the Letter from the Board, on 29 July 2020, the Offeror and the Company jointly announced that Essence International Securities will, for and on behalf of the Offeror, make a voluntary conditional general cash offer to acquire all of the Offer Shares.

The Independent Board Committee, comprising Mr. Tan Chian Khong, Mr. Soh Ee Beng, Mr. Ting Yian Ann, being all the independent non-executive Directors, and Mr. Lee Cheong Seng, being the non-executive Director, who have no direct or indirect interest in the Offer other than their interest in the Shares (if any), has been established by the Company to advise the Offer Shareholders on whether the Offer is, or is not, fair and reasonable and as to the

–33– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER acceptance of the Offer. In our capacity as the Independent Financial Adviser, our role is to advise the Independent Board Committee with an independent opinion and recommendation as to whether the terms of the Offer are fair and reasonable as far as the Offer Shareholders are concerned, and whether the Offer Shareholders should accept the Offer.

INDEPENDENCE

We are not associated or connected with the Company, the Offeror, their respective substantial shareholders and financial or other professional advisers, or any party acting, or presumed to be acting, in concert with any of them.

In the last two years prior to the commencement of the Offer Period, there was no engagement or connection between the Group or the Offeror on one hand and us on the other hand. Apart from normal professional fees payable to us in connection with this appointment, no arrangement exists whereby we will receive any fees or benefits from the Company, the Offeror, their respective substantial shareholders and financial or other professional advisers, or any party acting, or presumed to be acting, in concert with any of them.

Accordingly, pursuant to Rule 13.84 of the Listing Rules and Rule 2 of the Takeovers Code, we are considered eligible to give independent advice to the Independent Board Committee.

BASIS OF OUR OPINION

In formulating our opinion and advice, we have relied on (i) the information and facts contained or referred to in the Composite Document; (ii) the information provided by the Directors and the management of the Group; (iii) the opinions expressed by and the representations of the Directors and the management of the Group; and (iv) our review of the relevant public information. We have assumed that all the information provided and representations and opinions expressed to us or contained or referred to in the Composite Document were true, accurate and complete in all material respects as at the date thereof and may be relied upon. We have also assumed that all statements contained and representations made or referred to in the Composite Document are true in all material respects at the time they were made and continue to be true in all material respects as at the Latest Practicable Date and all such statements of belief, opinions and intentions of the Directors and the management of the Group and those as set out or referred to in the Composite Document were reasonably made after due and careful enquiry. We have no reason to doubt the truth, accuracy and completeness of such information and representations provided to us by the Directors and the management of the Group.

The directors of the Offeror and Zhuhai Port have jointly and severally accepted full responsibility for the accuracy of the information contained in the Composite Document (other than the information relating to the Group) and confirmed, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in the Composite Document (other than those opinions expressed by Directors) have been arrived at after due and careful

–34– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER consideration and there are no other facts not contained in the Composite Document, the omission of which would make any statement in the Composite Document misleading. The board of directors of the Company has jointly and severally accepted full responsibility for the accuracy of the information contained in the Composite Document relating to the Group and confirmed, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in the Composite Document (other than those expressed by the directors of the Offeror) have been arrived at after due and careful consideration and there are no other facts not contained in the Composite Document, the omission of which would make any statement in the Composite Document misleading.

The Offer Shareholders will be informed by the Company and us as soon as possible if there is any material change to the information disclosed in the Composite Document during the Offer Period, in which case we will consider whether it is necessary to revise our opinion and inform the Independent Board Committee and the Offer Shareholders accordingly.

We consider that we have reviewed sufficient information currently available to reach an informed view and to justify our reliance on the accuracy of the information contained in the Composite Document so as to provide a reasonable basis for our recommendation. We have not, however, carried out any independent verification of the information provided, representations made or opinion expressed by the Directors and the management of the Group, nor have we conducted any form of in-depth investigation into the business, affairs, operations, financial position or future prospects of the Company or any of its subsidiaries and associates.

We have not considered the taxation implications on the Offer Shareholders arising from acceptance or non-acceptance of the Offer, if any, and therefore we will not accept responsibility for any tax effect or liability that may potentially be incurred by the Offer Shareholders as a result of the Offer. In particular, the Offer Shareholders who are subject to Hong Kong or overseas taxation on dealings in securities are urged to seek their own professional advice on tax matters.

PRINCIPAL TERMS OF THE OFFER

Pursuant to the Composite Document, the Offer is being made by Essence International Securities, for and on behalf of the Offeror, on the following basis:

For each Offer Share ...... HK2.597, less the Dividend Adjustment (if any), in cash

The Offer Price will not be increased, and the Offeror does not reserve the right to do so.

As at the Latest Practicable Date, the Company has 814,412,028 Shares in issue. Assuming there is no change to the issued share capital of the Company as at the Latest Practicable Date and no Dividend Adjustment is made, on the basis of the Offer Price of HK$2.597 per Offer Share, the total issued share capital of the Company is valued at HK$2,115,028,036.716.

–35– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

PRINCIPAL FACTORS AND REASONS CONSIDERED

1. Financial information of the Group

The Group is principally engaged in the operations of two ports and the related services in the PRC.

The table below sets forth a summary of the consolidated financial information of the Group for the six months ended 30 June 2020 as extracted from the interim results for the six months ended 30 June 2020 (“2020 Interim Results”), and three years ended 31 December 2019 as extracted from the annual report for the year ended 31 December 2019 (“2019 Annual Report”) and the annual report for the year ended 31 December 2018 (“2018 Annual Report”) of the Company:

For the six months For the year ended 31 December ended 30 June 2017 2018 2019 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Audited) (Audited) (Audited) (Unaudited) (Unaudited)

Revenue 481,242 404,102 397,096 194,403 229,212

Including: Stevedoring income 426,648 332,796 313,154 155,300 182,264 Storage income 47,785 63,949 79,800 36,904 45,343 Rental income 2,611 1,778 1,775 940 913 Other income 4,198 5,579 2,367 1,259 692

Profit after taxation 86,952 51,742 83,772 36,499 55,610

As at As at 31 December 30 June 2017 2018 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 (Audited) (Audited) (Audited) (Unaudited)

Property, plant and equipment 1,037,300 1,006,361 1,070,116 1,061,290 Total assets 1,668,593 1,622,577 1,695,286 1,710,050 Total liabilities 840,192 733,027 756,210 755,602 Net assets 828,401 889,550 939,076 954,448

–36– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

Revenue

The revenue of the Group decreased from approximately RMB481.2 million for the year ended 31 December 2017 (“FY2017”) to approximately RMB404.1 million for the year ended 31 December 2018 (“FY2018”), and further decreased to approximately RMB397.1 million for the year ended 31 December 2019 (“FY2019”), which was mainly attributable to (a) the temporary cessation of operation of the two ports operated by the Group as a result of an accident in FY2018; and (b) the decrease of volume of project equipment cargoes handled by the Group in FY2019 as the ports of the Group were constrained by smaller open stacking yard for storage due to the construction of the new warehouses and upgrade of fire system of eight warehouses.

The revenue of the Group increased from approximately RMB194.4 million for the six months ended 30 June 2019 (“1H2019”) to approximately RMB229.2 million for the six months ended 30 June 2020 (“1H2020”), which was mainly due to the increase of higher cargo volume handled in 1H2020 than in 1H2019 as a result of the increase in stacking yard capacity with the completion of new warehouses and upgrade of the eight warehouses as discussed above.

Profit after taxation

The profit after taxation of the Group decreased from approximately RMB87.0 million in FY2017 to RMB51.7 million in FY2018, which was mainly attributable to the temporary cessation of operation of the two ports operated by the Group as a result of an accident in FY2018 as discussed above.

The profit after taxation of the Group increased from approximately RMB51.7 million for FY2018 to approximately RMB83.8 million in FY2019, which was mainly attributable to (a) the lower subcontracting forklift driver costs in FY2019; (b) the reduction in the leasing of equipment and external storage space; and (c) the decrease of maintenance costs, insurance premiums, legal fee, safety-related expenses and travelling costs.

The profit after taxation of the Group increased from approximately RMB36.5 million for 1H2019 to approximately RMB55.6 million in 1H2020, which was mainly attributable to the increase of cargo volume handled by the Group in 1H2020 than in 1H2019 as discussed above.

Net assets

The net assets of the Group amounted to approximately RMB828.4 million, RMB889.6 million, RMB939.1 million and RMB954.4 million as at 31 December 2017, 2018 and 2019, and 30 June 2020, respectively. Such increase was mainly due to the profit after taxation generated during the period from FY2017 to 1H2020.

–37– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

2. Outlook of the Group

The Group is engaged in the operation of two ports in Changshu City, Jiangsu Province, the PRC. The following table sets forth the total cargo throughput of port of Changshu, which consists of 26 ports in Changshu City, including but not limited to the two ports operated by the Group, for five years ended 31 December 2019 and 1H2020:

Total cargo Year/Period throughput Thousand tons

2015 85,071 2016 86,647 2017 88,280 2018 69,697 2019 70,755 1H2020 38,304

Source: the website of the government of Changshu City

As shown in the table above, the total cargo throughput of port of Changshu remained stable at approximately 85.0 million tons during the period from the year 2015 to 2017, and decreased significantly to approximately 69.7 and 70.8 million tons in the year 2018 and 2019, respectively, which was mainly attributable to the slowing economy of the PRC in 2018 and 2019 as a result of weak domestic demand and the trade conflict between China and the United States.

The following table sets forth the top 20 ports in the PRC in terms of the total cargo throughput in FY2019:

Total cargo Ranking Name of the port throughput Thousand tons

1 Port of Ningbo-Zhoushan 1,120,090 2 Port of Shanghai 718,770 3 Port of Tangshan 656,740 4 Port of Guangzhou 606,160 5 Port of Qingdao 577,360 6 Port of Suzhou (Note) 522,750 7 Port of Tianjin 492,200 8 Port of Rizhao 463,770 9 Port of Yantai 386,320 10 Port of Dalian 366,410 11 Port of Nantong 336,200 12 Port of Zhenjiang 329,160 13 Port of Huanghua 287,610 14 Port of Taizhou 282,430

–38– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

Total cargo Ranking Name of the port throughput Thousand tons

15 Port of Shenzhen 257,850 16 Port of Nanjing 256,890 17 Port of Beibuwan 255,680 18 Port of Yingkou 238,180 19 Port of Lianyungang 234,560 20 Port of Jiangyin 223,930 N/A Port of Changshu 70,755

Source: the website of Chinese Shipping (www1.chineseshipping.com.cn), a professional shipping website approved by the Ministry of Communications of the People’s Republic of China and sponsored by the Shanghai Shipping Exchange

Note: Port of Suzhou consists of port of Taicang, port of Zhangjiagang and port of Changshu.

As illustrated in the table above, the port of Changshu only accounts for approximately 13.5% of the total cargo throughput in port of Suzhou. In addition, the total cargo throughput of the port of Changshu is far below that of port of Jiangyin, which ranks at number 20 in the table above, and is much lower than other major ports in Jiangsu Province, such as port of Nantong (rank 11), port of Zhenjiang (rank 12), port of Taizhou (rank 14), port of Nanjing (rank 16), and port of Lianyungang (rank 19). As such, we consider that the port of Changshu may face keen competition with other major ports in the Jiangsu Province in the long run.

In light of the above, given that

(i) the port of Changshu may face keen competition with other major ports in the Jiangsu Province in the long run;

(ii) the prolonged trade war between China and the United States has caused and will continue to cause disruptions to the global supply chain which will have adverse impact on the logistic industry;

(iii) despite the recent completion of the construction of new warehouses increased the handling capacity for pulp and paper cargo of the Group which contributed to the increase in revenue for the six months ended 30 June 2020, such growth in revenue may be difficult to sustain as the long term growth of the ports operated by the Group may be limited given the construction of additional berth for increasing docking capacity of the ports would be constrained by geographical and environmental factors, including but not limited to (1) length of the port adjacent to the river; (2) the total land size of the port for yard operations, warehouses and other ancillary facilities; (3) the corresponding water depth of the river at the port; and (4) access to navigable waterways. we are of the view that the growth and the scale of the business of the Group may be restricted in the long run.

–39– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

3. Background information of the Offeror

The Offeror is a wholly-owned subsidiary of Zhuhai Port which is a joint stock limited company incorporated in the People’s Republic China, the shares of which are listed on the Shenzhen Stock Exchange (Stock Code: 000507). Zhuhai Port and its subsidiaries are principally engaged in (i) port and shipping management; (ii) logistics and supply chain management; (iii) energy and environmental protection; and (iv) the development of ancillary facilities of the port.

As at the Latest Practicable Date, Zhuhai Port is held as to approximately 29.64% by Zhuhai Port Holdings which is the largest shareholder of Zhuhai Port, and the voting rights of the shares of Zhuhai Port held by Zhuhai Port Holdings have significant influence on the resolution of Zhuhai Port’s shareholders’ meeting. Zhuhai Port Holdings is a state-owned enterprise established in the People’s Republic of China and is wholly owned by Zhuhai SASAC.

4. Intention of the Offeror

As disclosed in the letter from Essence Corporate Finance contained in the Composite Document (the “Letter from Essence Corporate Finance”), it is the intention of the Offeror to continue with the Group’s existing principal business following the close of the Offer. Subject to the Group’s business needs and prevailing market conditions, the Offeror may explore business opportunities to develop the existing business of the Group.

Save as the Offeror’s intention regarding the Group and the Directors’ intention to resign as detailed in the Letter from Essence Corporate Finance, as at the Latest Practicable Date, the Offeror has no intention to (i) introduce any major changes to the existing business and operations of the Group following the close of the Offer; (ii) discontinue the employment of any employees of the Group; or (iii) dispose of or re-deploy the fixed assets of the Company other than those in its ordinary and usual course of business. The Offeror will continue to ensure good corporate governance, monitor and review the Group’s business and operations from time to time, and may take steps that it deems necessary or appropriate to optimise the value of the Group.

As the Offeror is engaged in the operation of ports in the PRC, depending on any plans that may be implemented by the Offeror on the Group, the ports operated by the Offeror may create synergy with the ports operated by the Group.

If the Offer Shares validly tendered for acceptance under the Offer are less than 90% of the Offer Shares (in respect of the requirement under Rule 2.11 of the Takeovers Code) and less than 90% of the Disinterested Shares (in respect of the requirement under the Singapore Companies Act) on the Closing Date, the Offer will not become unconditional and will lapse, and the Shares will remain listed on the Stock Exchange. The Offeror will not become a shareholder of the Company and therefore no synergy effect will be created.

–40– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

If the Condition is satisfied and the Offer becomes unconditional, as disclosed in the Letter from Essence Corporate Finance, the Offeror intends to privatise the Company by exercising its right under the Singapore Companies Act and pursuant to Rule 2.11 of the Takeovers Code to compulsorily acquire all those Offer Shares not acquired by the Offeror under the Offer. If the Offeror decides to exercise such right and completes the compulsory acquisition, the Company will become a direct wholly-owned subsidiary of the Offeror and no Offer Shareholders could enjoy any synergy effect that may be created.

5. Analysis on the Offer Price

(a) Comparison on the Offer Price

The Offer Price of HK$2.597 per Offer Share (without taking into account the effect of any Dividend Adjustment) represents:

(i) a premium of approximately 3.47% over the closing price of the Shares of approximately HK$2.51 per Share as quoted on the Stock Exchange on 24 August 2020, being the Latest Practicable Date;

(ii) a premium of approximately 23.67% over the closing price of the Shares of HK$2.100 per Share as quoted on the Stock Exchange on the Last Trading Day;

(iii) a premium of approximately 29.85% over the closing price of the Shares of HK$2.000 per Share as quoted on the Stock Exchange on the Last Full Trading Day;

(iv) a premium of approximately 31.56% over the average of the closing price of the Shares of approximately HK$1.974 per Share as quoted on the Stock Exchange for the last five consecutive trading days up to and including the Last Full Trading Day;

(v) a premium of approximately 27.93% over the average of the closing price of the Shares of approximately HK$2.030 per Share as quoted on the Stock Exchange for the last 10 consecutive trading days up to and including the Last Full Trading Day;

(vi) a premium of approximately 58.35% over the average of the closing price of the Shares of approximately HK$1.640 per Share as quoted on the Stock Exchange for the last 30 consecutive trading days up to and including the Last Full Trading Day;

(vii) a premium of approximately 127.61% over the average of the closing price of the Shares of approximately HK$1.141 per Share as quoted on the Stock Exchange for the last 90 consecutive trading days up to and including the Last Full Trading Day;

–41– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

(viii) a premium of approximately 101.79% over the audited consolidated net asset value per Share as at 31 December 2019 of approximately HK$1.287 (based on a total of 814,412,028 Shares in issue as at the Latest Practicable Date and the audited consolidated net asset value of the Group of RMB939,076,000 as at 31 December 2019 as disclosed in the 2019 Annual Report of the Company and the exchange rate of RMB0.89578 to HK$1, being the exchange rate as quoted by the People’s Bank of China on 31 December 2019); and

(ix) a premium of approximately 102.42% over the unaudited consolidated net asset value per Share as at 30 June 2020 of approximately HK$1.283 (based on a total of 814,412,028 Shares in issue as at the Latest Practicable Date and the unaudited consolidated net asset value of the Group of RMB954,448,000 as at 30 June 2020 as disclosed in the 2020 Interim Results of the Company and the exchange rate of RMB0.91344 to HK$1, being the exchange rate as quoted by the People’s Bank of China on 30 June 2020).

(b) Performance of historical Share price

Set out below is a chart showing the movement of the closing prices of the Shares during the period from 24 July 2019, the date which is one year prior to the Last Trading Day, up to and including the Last Trading Day (the “Review Period”), which we consider to be reasonably long enough to illustrate the historical trend and level of movement of the closing prices of the Shares.

3.000

2.500

2.000

1.500

1.000

0.500

0.000 2020/07/07 2020/03/12 2020/04/01 2020/04/14 2020/05/15 2020/06/15 2020/06/24 2020/07/16 2019/07/22 2019/07/31 2019/08/29 2019/09/18 2019/09/27 2019/10/30 2019/11/28 2019/12/09 2019/12/31 2020/01/21 2020/02/03 2020/02/21 2020/03/03 2020/03/23 2020/04/23 2020/05/06 2020/05/26 2020/06/04 2019/08/09 2019/08/20 2019/09/09 2019/10/10 2019/10/21 2019/11/08 2019/11/19 2019/12/18 2020/01/10 2020/02/12

Closing Price Offer price

Source: the website of the Stock Exchange

As shown in the chart above, during the period from 24 July 2019 to 19 June 2020, the closing price of the Shares fluctuated in a range of between HK$0.680 and HK$1.240, with an average daily closing price of the Shares of approximately HK$0.976.

–42– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

On 22 June 2020, the closing price of the Shares spiked up to HK$1.40. The upward trend continued since the aforementioned date and the closing price of the Shares reached HK$2.10 on the Last Trading Day. Based on the publicly available information, such significant increase of the closing price of the Shares on 22 June 2020 may be due to the reports from certain media in relation to a possible transaction involving the Shares. Save for the announcement made by the Company on 23 June 2020 in relation to the unusual price fluctuation and trading volume, no other announcement was published by the Company during the Review Period which may have correlation to the movement of the Share price since 22 June 2020.

The Offer Price represents:

(i) a premium of approximately 23.08% over the highest closing price of the Shares of HK$2.100 per Share during the Review Period; and

(ii) a premium of approximately 281.91% over the lowest closing price of the Shares of HK$0.680 per Share during the Review Period.

The table below sets out the average daily trading volume of the Shares on a monthly basis during the Review Period and the respective percentages of the average daily trading volume of the Shares as compared to (i) the total number of issued Shares; and (ii) total number of issued Shares held by public Shareholders:

Percentage of average daily Percentage of trading volume average daily to total number trading volume of issued Shares to total number held by public of issued Shares Shareholders Total trading Average daily as at the as at the Number of volume of trading volume end of the end of the Period trading days the Shares of the Shares month/period month/period Number of Number of (Note) Shares Shares % %

Jul 2019 (since 24 Jul 2019) 6 624,800 104,133 0.0128 0.0359 Aug 2019 22 1,849,550 84,070 0.0103 0.0290 Sept 2019 21 4,559,775 217,132 0.0267 0.0751 Oct 2019 21 3,266,720 155,558 0.0191 0.0544 Nov 2019 21 2,540,400 120,971 0.0149 0.0426

–43– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

Dec 2019 20 1,508,610 75,431 0.0093 0.0267 Jan 2020 20 2,857,850 142,893 0.0175 0.0506 Feb 2020 20 1,810,700 90,535 0.0111 0.0320 Mar 2020 22 1,474,250 67,011 0.0082 0.0237 Apr 2020 19 1,871,100 98,479 0.0121 0.0349 May 2020 20 8,893,300 444,665 0.0546 0.1574 Jun 2020 21 30,631,605 1,458,648 0.1791 0.5164 Jul 2020 (Up to the Last Trading Day) 17 35,374,000 2,080,824 0.2555 0.7366 The Review Period 250 97,262,660 389,051 0.0478 0.1377

Source: the website of the Stock Exchange

Note: The number of shares held by the public Shareholders was based on the Shares held by Petroships and other public Shareholders as at the end of the respective month/period.

As illustrated in the above table, the trading volume of the Shares increased significantly from May 2020 to July 2020 (up to the Last Trading Day), which may be due to the reports from certain media in relation to a possible transaction involving the Shares. Save for the announcement made by the Company on 23 June 2020 in relation to the unusual price fluctuation and trading volume, no other announcement was published by the Company during the Review Period which may have correlation to the fluctuation of the trading volume of the Shares since May 2020.

During the Review Period, the liquidity of Shares was generally low with the percentage of the average daily trading volume to the total number of issued Shares held by public Shareholders ranging from approximately 0.0237% to 0.7366%. The average daily trading volume of the Shares during the Review Period was approximately 389,051 Shares, representing approximately 0.1377% of the total number of issued Shares held by the public Shareholders as at the Lastest Practicable Date.

–44– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

In light of the above, we are of the view that the trading volume of the Shares was thin during the Review Period.

(d) Analysis on comparable companies and comparable offer

(i) Selection of valuation methodologies

Price-to-earnings multiples (“P/E multiple(s)”), price-to-book multiples (“P/B multiple(s)”) and price-to-sale multiples (“P/S multiple(s)”) are the three most commonly used benchmarks in valuing a company.

P/E multiple is usually the benchmark for companies with profit making.

P/B multiple is typically applied for valuing companies holding sufficient tangible assets on their balance sheets.

P/S multiple is appropriate for valuing companies which have volatile earnings or loss but relatively stable revenue.

Considering that (a) the Group has been generating net profit during FY2017, FY2018, FY2019 and 1H2020; and (b) the Group held sufficient tangible assets as it maintained significant value of property, plant and machinery of over RMB1,000 million (representing over 60% of the Group’s total assets) as at 31 December 2017, 2018 and 2019, and 30 June 2020, we consider that the P/E multiple and P/B multiple (collectively, the “Multiples”) are more appropriate in assessing the valuation of the Shares.

The following table sets forth the calculation of the Multiples for the Offer:

P/E multiple (times)

Basis: The P/E multiple is calculated based on (a) the implied market capitalization of the Company pursuant to the Offer Price per Share of approximately HK$2,115.0 million; and (b) the audited profit after taxation of the Group of approximately RMB83.8 million (equivalent to approximately HK$94.6 million) for FY2019.

Calculation: Implied market capitalization Audited profit after taxation for FY2019

Ratio: 22.37

P/B multiple (times)

–45– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

Basis: The P/B multiple is calculated based on (a) the implied market capitalization of the Company pursuant to the Offer Price per Share of approximately HK$2,115.0 million; and (b) the audited net assets as at 31 December 2019 of the Group of approximately RMB939.1 million (equivalent to approximately HK$1,048.3 million).

Calculation: Implied market capitalization Audited net assets as at 31 December 2019

Ratio: 2.02

For the purpose of assessing the fairness and reasonableness of the Offer Price, we have derived the Multiples of the Offer and compared with the Multiples of companies which are listed in Hong Kong with similar market capitalisation and have operations similar to the Group (the “Comparable Companies”).

(ii) Selection of Comparable Companies

We have formulated the following criteria in selecting the Comparable Companies: (a) they are mainly engaged in the operations of the ports in the PRC; (b) they are listed on the Stock Exchange; and (c) they had a market capitalisation between HK$1 billion and HK$5 billion that is similar to that of the Group with reference to the Group’s theoretical market capitalization of approximately HK$2.1 billion, which is calculated based on the Offer Price with reference to the total number of issued Shares of the Company as at the Latest Practicable Date. Based on the above selection criteria, we have identified an exhaustive list of 3 Comparable Companies.

Given the number of Comparable Companies is limited, notwithstanding the range of the market capitalisation of other companies which fulfill the criteria (a) and (b) above is wide, we have decided to extend our selection criteria to include all companies with different market capitalisation that satisfy the selection criteria (a) and (b) above for comparison purpose. Based on such selection criteria, we have identified an exhaustive list of 11 companies (the “Extended Comparable Companies”).

–46– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

The following table set out a summary of the Multiples of the Extended Comparable Companies:

Market capitalisation Stock on the Last P/E P/B Companies code Trading Day multiple multiple (Note 1) (Note 2) (Note 3) HK$ million times times

Comparable Companies 1 China Infrastructure & Logistics Group 1719.HK 1,587 48.52 1.89 Ltd 2 Xiamen International Port Co., Ltd 3378.HK 1,936 2.56 0.20 3 Rizhao Port Jurong Co., Ltd. 6117.HK 1,112 6.98 0.47

Extended Comparable Companies 4 China Merchants Port Holdings Company 0144.HK 30,558 3.31 0.32 Limited 5 Cosco Shipping Ports Limited 1199.HK 12,964 4.74 0.29 6 Cosco Shipping Holdings Co., Ltd. 1919.HK 33,101 2.88 0.74 7 Dalian Port (PDA) Company Limited 2880.HK 8,897 8.81 0.37 8 Qinhuangdao Port Co., Ltd. 3369.HK 6,705 7.17 0.41 9 Tian Yuan Group Holdings Limited 6119.HK 225 9.27 1.65 10 Qingdao Port International Co., Ltd. 6198.HK 29,794 6.39 0.66 11 Ocean Line Port Development Limited 8502.HK 187 2.76 0.27

Comparable Companies Maximum 48.52 1.89 Minimum 2.56 0.20 Average 19.35 0.85 Median 6.98 0.47

Extended Comparable Companies Maximum 48.52 1.89 Minimum 2.56 0.20 Average 9.40 0.66 Median 6.39 0.41

The Company 2,115 22.37 2.02 (Note 4)

Source: the website of the Stock Exchange and the latest annual results of each Extended Comparable Company

Note 1: The market capitalization of the respective Extended Comparable Companies is calculated based on the closing price of the respective shares as at the Last Trading Day with reference to the total number of issued shares of the respective Extended Comparable Companies as at the Last Trading Day.

Note 2: The P/E multiple of the respective Extended Comparable Companies is calculated based on the closing price of the respective shares as at the Last Trading Day divided by the basic earnings per share for the respective latest financial year as disclosed in the respective latest annual results.

Note 3: The P/B multiple of the respective Extended Comparable Companies is calculated based on the closing price of the respective shares as at the Last Trading Day divided by the latest audited net asset value per share, which is calculated based on the latest

–47– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

audited net asset value divided by the number of shares issued as disclosed in the respective latest annual results and the respective latest monthly return of equity issuer on movement in securities of the respective Extended Comparable Companies.

Note 4: The theoretical market capitalisation of the Company is calculated based on the Offer Price with reference to the total number of issued Shares of the Company as at the Latest Practicable Date.

As shown in the table above, the P/E multiples of both of (i) the Comparable Companies; and (ii) the Extended Comparable Companies ranged from approximately 2.56 to 48.52. As such, the P/E multiple of the Offer falls within the range of the P/E multiples of both (i) the Comparable Companies; and (ii) the Extended Comparable Companies.

In respect of the P/B multiples of the Comparable Companies, both (i) the Comparable Companies; and (ii) the Extended Comparable Companies ranged from approximately 0.20 to 1.89. As such, the P/B multiple of the Offer is higher than all of the P/B multiples of the Extended Comparable Companies.

(iii) Selection of privatisation precedents

We have compared the Offer with the privatisation proposals announced by 18 companies listed on the Stock Exchange announced since 1 January 2019 and up to the Latest Practicable Date, excluding privatisation proposals which were not or yet to be approved (or, where applicable, required acceptance level were not or yet to be achieved) or without a cash cancellation consideration (the “Privatisation Precedents”), which represent an exhaustive list of privatisation proposals we were able to identify from the Stock Exchange’s website satisfying the above selection criteria.

We are of the opinion that comparing each of their offer/cancellation prices with their then closing days can provide a reference for the Offer Shareholders in considering whether the Offer Price is fair and reasonable so far as the Company and the Offer Shareholders are concerned in the market context, although none of the Privatisation Precedents were engaging in business comparable with the Group.

The table below illustrates the premiums or discounts represented by the offer/cancellation price over or to (a) the then latest net asset value per share; (b) the closing price on the last trading day; (c) average closing price for the last 5 trading days up to and including the last trading day; (d) average closing price for the last 10 trading days up to and including the last trading day; (e) average closing price for the last 30 trading days up to and including the last trading day; and (f) average closing price for the last 90 trading days up to and including the last trading day in relation of such respective privatisation proposals. The Privatisation Precedents set out below provide, in our view, a comparison between the offer/cancellation price and the then prevailing market prices and the then net asset value per share of successful privatisation proposals, although the business nature and scale of each company vary and some aspects of pricing may be industry-specific.

–48– Premium/(Discount) of offer/cancellation price over/(to) Average Average Average Average closing price closing price closing price closing price for the last for the last ADVISER FINANCIAL INDEPENDENT THE FROM LETTER for the last for the last 5 10 trading 30 trading 90 trading trading days days up to days up to days up to up to and and and and Net asset Closing price including the including the including the including the Date of initial value per for the last last trading last trading last trading last trading announcement Company Stock code Principal business share trading day day day day day %%%%%%

1 21 June 2020 China Baofeng 3966.HK Photovoltaic power (5.5) 27.5 N/A N/A 52.0 39.0 (International) generation and design and (Note 1) (Note 1) Limited supply chain of lightings and home furnishing products

2 20 April 2020 Allied Properties 0056.HK Property holding, investment (66.3) 34.3 36.2 N/A 39.1 N/A (H.K.) Limited holding, real estate agency, (Note 1) (Note 1) provision of management and consultancy services, –49– provision of corporate services, money lending, financial services and securities trading, hotel operations, secretarial services

3 4 March 2020 Li & Fung Limited 0494.HK Consumer goods design, 8.20 150.00 157.70 N/A 95.20 62.10 development, sourcing and (Note 1) logistics Premium/(Discount) of offer/cancellation price over/(to) Average Average Average Average closing price closing price closing price closing price for the last for the last ADVISER FINANCIAL INDEPENDENT THE FROM LETTER for the last for the last 5 10 trading 30 trading 90 trading trading days days up to days up to days up to up to and and and and Net asset Closing price including the including the including the including the Date of initial value per for the last last trading last trading last trading last trading announcement Company Stock code Principal business share trading day day day day day %%%%%%

4 27 February 2020 Wheelock and Company 0020.HK Property investment 44.30 52.20 49.10 N/A 45.20 43.90 Limited (Note 1)

5 29 January 2020 Kingsley Edugroup 8105.HK Provision of private 198.34 12.50 8.43 7.57 4.25 N/A Limited education service (Note 1)

6 20 January 2020 BBI Life Sciences 1035.HK Provision of DNA synthesis 111.58 16.28 N/A 31.43 42.45 47.92 Corporation products, genetic (Note 1) engineering services, life sciences research –50– consumables and protein and antibody related products and services.

7 12 December Joyce Boutique Group 0647.HK Sales of designer fashion 19.91 91.78 91.26 N/A 82.17 N/A 2019 Limited garments, cosmetics, and (Note 1) (Note 1) accessories

8 27 November China Argi- industries 0606.HK Oilseeds processing, rice N/A 34.07 N/A 40.92 53.17 72.49 2019 Holdings Limited processing and trading, (Note 1) (Note 1) wheat processing and brewing materials. Premium/(Discount) of offer/cancellation price over/(to) Average Average Average Average closing price closing price closing price closing price for the last for the last ADVISER FINANCIAL INDEPENDENT THE FROM LETTER for the last for the last 5 10 trading 30 trading 90 trading trading days days up to days up to days up to up to and and and and Net asset Closing price including the including the including the including the Date of initial value per for the last last trading last trading last trading last trading announcement Company Stock code Principal business share trading day day day day day %%%%%%

9 1 November Springland International 1700.HK Operation of department (18.10) 63.10 N/A 64.40 56.80 53.20 2019 Holdings Limited stores and supermarkets (Note 1)

10 20 October Dah Chong Hong 1828.HK Motor and consumer products (28.16) 37.55 37.55 N/A 54.81 54.17 2019 Holdings Limited distribution with an (Note 1) extensive logistics network in Asia

11 3 October 2019 Huaneng Renewables 0958.HK Power generation 4.62 18.73 50.95 N/A 55.72 51.28 Corporation Limited (Note 1) –51–

12 2 October 2019 AVIC International 0161.HK Manufacturing and sales of 18.35 29.12 43.82 58.09 81.31 N/A Holdings Limited flat panel displays, printed (Note 1) circuit boards and watches, international engineering and trading and logistic business, shopping business and engineering, procurement and construction projects Premium/(Discount) of offer/cancellation price over/(to) Average Average Average Average closing price closing price closing price closing price for the last for the last ADVISER FINANCIAL INDEPENDENT THE FROM LETTER for the last for the last 5 10 trading 30 trading 90 trading trading days days up to days up to days up to up to and and and and Net asset Closing price including the including the including the including the Date of initial value per for the last last trading last trading last trading last trading announcement Company Stock code Principal business share trading day day day day day %%%%%%

13 12 August 2019 TPV Technology 0903.HK Development, manufacture, (23.94) 41.39 46.77 N/A 54.50 N/A Limited sale and research of (Note 1) (Note 1) monitors, LCD TV, mobiles phones, tables, audio and video products and original design manufacturing services business

14 27 June 2019 Asia Satellite 1135.HK Provision of the satellite 10.01 23.43 31.46 33.42 44.44 56.52 –52– Telecommunications transponder capacity Holdings Ltd.

15 18 June 2019 C.P. Lotus Corporation 0121.HK Operation of retail stores 52.80 10.00 N/A 12.00 29.40 26.50 (Note 1) Premium/(Discount) of offer/cancellation price over/(to) Average Average Average Average closing price closing price closing price closing price for the last for the last ADVISER FINANCIAL INDEPENDENT THE FROM LETTER for the last for the last 5 10 trading 30 trading 90 trading trading days days up to days up to days up to up to and and and and Net asset Closing price including the including the including the including the Date of initial value per for the last last trading last trading last trading last trading announcement Company Stock code Principal business share trading day day day day day %%%%%%

16 14 June 2019 China Automation 0569.HK Provision of safety and 16.01 23.97 N/A 36.86 47.78 46.63 Group Limited critical control system and (Note 1) control valves specialized for petrochemical industries, along with related maintenance and engineering services, and hospital business

17 4 April 2019 China Hengshi 1197.HK Design, manufacture and 42.05 10.62 N/A N/A 17.37 24.38 –53– Foundation Company sales of fiberglass fabrics (Note 1) (Note 1) Ltd.

18 28 March 2019 China Power Clean 0735.HK Development, construction, (35.10) 41.90 54.83 60.80 78.10 101.90 Energy Foundation ownership, operation and Company management of clean energy power plants in the PRC Premium/(Discount) of offer/cancellation price over/(to) Average Average Average Average closing price closing price closing price closing price for the last for the last ADVISER FINANCIAL INDEPENDENT THE FROM LETTER for the last for the last 5 10 trading 30 trading 90 trading trading days days up to days up to days up to up to and and and and Net asset Closing price including the including the including the including the Date of initial value per for the last last trading last trading last trading last trading announcement Company Stock code Principal business share trading day day day day day %%%%%%

Maximum 198.34 150.00 157.70 64.40 95.20 101.90 Minimum (66.30) 10.00 8.43 7.57 4.25 24.38 Average 20.53 39.91 55.28 38.39 51.88 52.31 Median 10.01 31.60 46.77 36.86 52.59 51.28

The Company 102.42 29.85 31.56 27.93 58.35 127.61 (Note 2) (Note 2) (Note 2) (Note 2) –54–

Source: Announcements of respective companies

Note 1: The information was not disclosed in the announcements of the respective companies.

Note 2: The figures represent the premium over the average of the closing price of the Shares of the Company for the last 5, 10, 30, and 90 consecutive trading daysuptoand including the Last Full Trading Day, respectively. LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

As shown in the table above, the premium of the Offer Price over (i) the net asset value per Share; (ii) the closing price for the Last Trading Day; and (iii) the average closing price of the Shares for the last 5, 10 and 30 days up to and including the Last Full Trading Day fall within the ranges of the Privatisation Precedents, respectively. In addition, the premium of the Offer Price over the average closing price of the Shares for the last 90 days up to and including the Last Full Trading Day is higher than all of the Privatisation Precedents.

(e) Conclusion

Based on the above, considering that:

(i) the Offer Price represents a premium over the unaudited consolidated net asset value per Share as at 30 June 2020 and the highest closing price per Share during the Review Period;

(ii) the P/E multiple of the Offer falls within the ranges of (a) the Comparable Companies; and (b) the Extended Comparable Companies;

(iii) the P/B multiple of the Offer is higher than that of both of (a) the Comparable Companies; and (b) the Extended Comparable Companies;

(iv) the premium of the Offer Price over the net asset value per Share, the closing price for the Last Trading Day, the average closing price of the Shares for the last 5, 10 and 30 days up to and including the Last Full Trading Day of the Company fall within the ranges of the Privatisation Precedents, respectively. In addition, the premium of the Offer price over the average closing price of the Shares for the last 90 days up to and including the Last Full Trading Day is higher than all of the Privatisation Precedents; and

(v) the trading volume of the Shares was thin during the Review Period,

we are of the view that the Offer Price is fair and reasonable for the Offer Shareholders who would like to exit by realising their investments in the Shares.

RECOMMENDATION

Having taken into consideration the factors and reasons as stated above and, in particular:

(i) the growth and the scale of the business of the Group may be restricted in the long run as discussed under the section headed “Principal factors and reasons considered – 2. Outlook of the Group” above; and

–55– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

(ii) the Offer Price is fair and reasonable for the Offer Shareholders who would like to exit by realising their investment in the Shares as discussed under the section headed “Principal factors and reasons considered – 5. Analysis on the Offer Price – (e) Conclusion” above, we consider that the terms of the Offer are fair and reasonable so far as the Offer Shareholders are concerned. Accordingly, we recommend the Independent Board Committee to advise the Offer Shareholders to accept the Offer.

Offer Shareholders, in particular those who intend to accept the Offer, are reminded to note recent fluctuation in the prices of the Shares. There is no guarantee that the current market price of the Shares will or will not sustain and will or will not be higher than the Offer Price during and after the Offer Period. The Offer Shareholders who intend to accept the Offer are reminded to closely monitor the market price and the liquidity of the Shares during the period for the acceptance of the Offer and shall, having regard to their own circumstances and investment objectives, consider selling their Shares in the open market, instead of accepting the Offer, if the net proceeds from the sale of such Shares would be higher than that receivable under the Offer. They should also note that the Offer is conditional upon the Condition being satisfied, where the Offeror having received valid acceptances of the Offer Shares which would result in the Offeror holding at least 90% of the Offer Shares with the further proviso that, within that holding, the Offeror would also hold at least 90% of the Disinterested Shares. Accordingly, the Offer may or may not become unconditional.

However, as set out in the Letter from Essence Corporate Finance, if the Offeror acquires not less than 90% of the Offer Shares and not less than 90% of the Disinterested Shares on the Closing Date, it intends to privatise the Company by exercising its right under the Singapore Companies Act and pursuant to Rule 2.11 of the Takeovers Code to compulsorily acquire all those Offer Shares not acquired by the Offeror under the Offer. If the Offeror decides to exercise such right and completes the compulsory acquisition, the Company will become a direct wholly-owned subsidiary of the Offeror and an application will be made for the withdrawal of the listing of the Shares from the Stock Exchange pursuant to Rule 6.15 of the Listing Rules.

As different Shareholders would have different investment criteria, objectives and/or circumstances, we would recommend any Shareholders who may require advice in relation to any aspect of the Composite Document, or as to the action to be taken, to consult a licensed securities dealer, bank manager, solicitor, professional accountant, tax adviser or other professional adviser.

–56– LETTER FROM THE INDEPENDENT FINANCIAL ADVISER

The Offer Shareholders should read carefully the procedures for accepting the Offer as detailed in the Composite Document, the appendices to the Composite Document and the form of acceptance, if they wish to accept the Offer.

Yours faithfully, For and on behalf of Donvex Capital Limited Doris Sy Director

Ms. Doris Sy is a person licensed to carry out type 6 (advising on corporate finance) regulated activities under the Securities and Futures Ordinance and is a responsible office of Donvex Capital Limited who has around 18 years of experience in corporate finance advisory.

–57– APPENDIX I FURTHER TERMS AND PROCEDURES FOR ACCEPTANCE OF THE OFFER

1. PROCEDURES FOR ACCEPTANCE OF THE OFFER

To accept the Offer, you should complete and sign the accompanying Form of Acceptance in accordance with the instructions printed thereon, which form part of the terms of the Offer.

(a) If the share certificate(s) and/or transfer receipt(s) and/or any other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) in respect of your Shares is/are in your name, and you wish to accept the Offer in respect of your Shares, you must send the duly completed and signed Form of Acceptance together with the relevant share certificate(s) and/or transfer receipt(s) and/or any other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) by post or by hand, to the Registrar, Boardroom Share Registrars (HK) Limited, at either of its address in Hong Kong or Singapore, marked “Xinghua Port Holdings Ltd. – Offer” on the envelope, in any event not later than 4:00 p.m. on the First Closing Date or such later time and/or date as the Offeror may determine and announce with the consent of the Executive and in accordance with the Takeovers Code. You are encouraged to send the required documents to the Registrar’s address in Hong Kong, unless you are located in Singapore.

(b) If the share certificate(s) and/or transfer receipt(s) and/or any other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) in respect of your Shares is/are in the name of a nominee company or a name other than your own, and you wish to accept the Offer in respect of your Shares (whether in full or in part), you must either:

(i) lodge your share certificate(s) and/or transfer receipt(s) and/or any other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) with the nominee company, or other nominee, with instructions authorising it to accept the Offer on your behalf and requesting it to deliver the duly completed and signed Form of Acceptance together with the relevant share certificate(s) and/or transfer receipt(s) and/or any other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) to the Registrar at either of its address in Hong Kong or Singapore in an envelope marked “Xinghua Port Holdings Ltd. – Offer”; or

– I-1 – APPENDIX I FURTHER TERMS AND PROCEDURES FOR ACCEPTANCE OF THE OFFER

(ii) arrange for the Shares to be registered in your name by the Company through the Registrar at either of its address in Hong Kong or Singapore, and deliver the duly completed and signed Form of Acceptance together with the relevant share certificate(s) and/or transfer receipt(s) and/or any other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) to the Registrar at either of its address in Hong Kong or Singapore in an envelope marked “Xinghua Port Holdings Ltd. – Offer”; or

(iii) if your Shares have been lodged with your licensed securities dealer/registered institution in securities/custodian bank through CCASS, instruct your licensed securities dealer/registered institution in securities/custodian bank to authorise HKSCC Nominees Limited to accept the Offer on your behalf on or before the deadline set out by HKSCC Nominees Limited. In order to meet the deadline set by HKSCC Nominees Limited, you should check with your licensed securities dealer/registered institution in securities/custodian bank for the timing on the processing of your instruction, and submit your instruction to your licensed securities dealer/registered institution in securities/custodian bank as required by them; or

(iv) if your Shares have been lodged with your investor participant’s stock account maintained with CCASS, authorise your instruction via the CCASS Phone System or CCASS Internet System on or before the deadline set out by HKSCC Nominees Limited.

(c) If you have lodged transfer(s) of any of your Shares for registration in your name and have not yet received your share certificate(s), and you wish to accept the Offer in respect of your Shares, you should nevertheless complete and sign the Form of Acceptance and deliver it to the Registrar at either of its address in Hong Kong or Singapore in an envelope marked “Xinghua Port Holdings Ltd. – Offer” together with the transfer receipt(s) duly signed by yourself. Such action will be deemed to be an irrevocable instruction and authority to the Offeror and/or Essence International Securities and/or their respective agent(s) to collect from the Registrar at its address in Hong Kong on your behalf the relevant share certificate(s) when issued and to deliver such share certificate(s) to the Registrar at its Hong Kong address and to authorise and instruct the Registrar to hold such share certificate(s), subject to the terms and conditions of the Offer, as if it was/they were delivered to the Registrar at its Hong Kong address with the Form of Acceptance.

(d) If the share certificate(s) and/or transfer receipt(s) and/or other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) in respect of your Shares is/are not readily available or is/are lost, as the case may be, and you wish to accept the Offer in respect of your Shares, you should nevertheless complete and sign the Form of Acceptance and deliver it to the Registrar at either of its address in Hong Kong or Singapore in an envelope marked “Xinghua Port

– I-2 – APPENDIX I FURTHER TERMS AND PROCEDURES FOR ACCEPTANCE OF THE OFFER

Holdings Ltd. – Offer” together with a letter stating that you have lost one or more of your share certificate(s) and/or transfer receipt(s) and/or other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) in respect of your Shares or that it is/they are not readily available. If you find such document(s) or if it/they become(s) available, the relevant share certificate(s) and/or transfer receipt(s) and/or any other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) should be forwarded to the Registrar at either of its address in Hong Kong or Singapore as soon as possible thereafter. If you have lost your share certificate(s) and/or transfer receipt(s) and/or other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof), you should also write to the Registrar at either of its address in Hong Kong or Singapore for a form of letter of indemnity which, when completed and signed in accordance with the instructions given therein, should be returned to the Registrar at either of its address in Hong Kong or Singapore. The Offeror shall have the absolute discretion to decide whether any Shares in respect of which the share certificates(s) and/or transfer receipt(s) and/or any other documents(s) of title is/are not readily available and/or is/are lost will be taken up by the Offeror.

(e) Unless otherwise decided by the Offeror, acceptance of the Offer will be treated as valid only if the duly completed and signed Form of Acceptance is received by the Registrar at either of its address in Hong Kong or Singapore no later than 4:00 p.m. on the Closing Date, or such later time and/or date as the Offeror may determine and announce with the consent of the Executive and in accordance with the Takeovers Code and the Registrar has recorded that the acceptance and the relevant documents as required under the Takeovers Code have been so received, and is:

(i) accompanied by the relevant share certificate(s) and/or transfer receipt(s) and/or other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) and, if those share certificate(s) and/or transfer receipt(s) and/or other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) is/are not in your name, such other documents (e.g. a duly stamped transfer of the relevant shares, executed by the registered holder) in order to establish your right to become the registered holder of the relevant Shares; or

(ii) from a registered Offer Shareholder or his/her personal representative (but only up to the amount of the registered holding and only to the extent that the acceptance relates to the Shares which are not taken into account under another sub-paragraph under this paragraph (e)); or

(iii) certified by the Registrar or the Stock Exchange.

– I-3 – APPENDIX I FURTHER TERMS AND PROCEDURES FOR ACCEPTANCE OF THE OFFER

(f) If the Form of Acceptance is executed by a person other than the registered Offer Shareholder, appropriate documentary evidence of authority to the satisfaction of the Registrar must be produced.

(g) No acknowledgement of receipt of any Form of Acceptance, share certificate(s) and/or transfer receipt(s) and/or any other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) will be given.

2. SETTLEMENT

(a) Subject to the Offer becoming or being declared unconditional and provided that the Form of Acceptance and the relevant share certificate(s) and/or transfer receipt(s) and/or any other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) are valid, complete and in good order in all respects and have been received by the Registrar at either of its address in Hong Kong or Singapore no later than 4:00 p.m. on the Closing Date or such later time and/or date as the Offeror may determine and announce in accordance with the Takeovers Code, settlement of the consideration, less seller’s ad valorem stamp duty, will be made by cheque as soon as possible, but in any event within seven (7) Business Days following (i) the date of receipt of the duly completed and signed Form of Acceptance and all the relevant documents which render such acceptance complete and valid by the Registrar in compliance with Note 1 to Rule 30.2 of the Takeovers Code; or (ii) the date on which the Offer becomes or is declared unconditional in all respects, whichever is the later. Each cheque will be despatched by ordinary post to the address specified on the relevant Offer Shareholder’s Form of Acceptance at his/her/its own risk.

(b) Settlement of the consideration to which any accepting Offer Shareholder is entitled under the Offer will be paid by the Offeror in full in accordance with the terms of the Offer (save with respect of the payment of seller’s ad valorem stamp duty) set out in this Composite Document (including this Appendix) and the accompanying Form of Acceptance, without regard to any lien, right of set-off, counterclaim or other analogous right to which the Offeror may otherwise be, or claim to be, entitled against such Offer Shareholder.

(c) No fractions of a cent will be payable and the amount of cash consideration payable to an Offer Shareholder who accepts the Offer will be rounded up to the nearest cent.

3. ACCEPTANCE PERIOD AND REVISIONS

(a) The Offer is made on Wednesday, 26 August 2020, being the date of despatch of this Composite Document and is capable of acceptance on and from this date until 4:00 p.m. on the Closing Date.

– I-4 – APPENDIX I FURTHER TERMS AND PROCEDURES FOR ACCEPTANCE OF THE OFFER

(b) Unless the Offer has previously been revised or extended with the consent of the Executive and in accordance with the Takeovers Code, the Form of Acceptance must be received by the Registrar at either of its address in Hong Kong or Singapore no later than 4:00 p.m. on the Closing Date in accordance with the instructions printed on the relevant Form of Acceptance, and the Offer will be closed on the Closing Date. The Offer is conditional on valid acceptances of the Offer being received (and not, where permitted, withdrawn) by 4:00 p.m. on the Closing Date (or such later time or date as the Offeror may, subject to the Takeovers Code, decide) in respect of such number of Offer Shares which would result in the Offeror holding at least 90% of the Offer Shares with the further proviso that, within that holding, the Offeror would also hold at least 90% of the Disinterested Shares. Pursuant to the Takeovers Code, where the Offer becomes or is declared unconditional, the Offer will remain open for acceptance for not less than fourteen (14) days thereafter. The Offeror will make an announcement as and when the Offer becomes unconditional in all respects.

(c) The Offeror and the Company will jointly issue an announcement through the website of the Stock Exchange no later than 7:00 p.m. on the First Closing Date stating the results of the Offer and whether the Offer has been revised or extended, or has expired or has become or been declared unconditional.

(d) If the Offeror revises the terms of the Offer, all Offer Shareholders, whether or not they have already accepted the Offer will be entitled to the revised terms. The revised Offer must be kept open for at least fourteen (14) days following the date on which the revised offer document is posted and shall not close earlier than the Closing Date.

(e) If the Offeror extends the Offer, at least fourteen (14) days’ notice by way of announcement will be given, before the latest time and date for acceptance of the Offer, to those Offer Shareholders who have not accepted the Offer.

(f) If the Closing Date is extended, any reference in this Composite Document and in the Form of Acceptance to the Closing Date shall, except where the context otherwise requires, be deemed to refer to the Closing Date of the Offer so as extended.

4. ANNOUNCEMENTS

(a) By 6:00 p.m. on the First Closing Date (or such later time and/or date as the Executive may in exceptional circumstances permit), the Offeror must inform the Executive and the Stock Exchange of its decision in relation to the revision, extension or expiry of the Offer. The Offeror must publish an announcement on the

– I-5 – APPENDIX I FURTHER TERMS AND PROCEDURES FOR ACCEPTANCE OF THE OFFER

Stock Exchange’s website by 7:00 p.m. on the First Closing Date stating, among other information required under Rule 19.1 of the Takeovers Code, whether the Offer has been revised, extended, or has expired or has become or been declared unconditional.

The announcement must state the following:

(i) the total number of Offer Shares for which acceptances of the Offer have been received;

(ii) the total number of Shares and rights over Shares held, controlled or directed by the Offeror and parties acting in concert with it before the Offer Period;

(iii) the total number of Shares and rights over Shares acquired or agreed to be acquired by the Offeror and parties acting in concert with it during the Offer Period;

(iv) details of any relevant securities (as defined in Note 4 to Rule 22 of the Takeovers Code) in the Company which the Offeror or parties acting in concert with it has borrowed or lent (save for any borrowed Shares which have been on-lent or sold); and

(v) the percentages of the relevant classes of share capital of the Company and the percentages of voting rights, represented by these numbers.

(b) In computing the total number of Shares represented by acceptances, only valid acceptances that are complete, in good order and in compliance with Note 1 to Rule 30.2 of the Takeovers Code, and which have been received by the Registrar at either of its address in Hong Kong or Singapore no later than 4:00 p.m. on the Closing Date (being the latest time and date for acceptance of the Offer) shall be included.

(c) As required under the Takeovers Code and the Listing Rules, all announcements in relation to the Offer will be made in accordance with the requirements of the Takeovers Code and the Listing Rules.

5. NOMINEES REGISTRATION

To ensure equality of treatment of all Offer Shareholders, those registered Offer Shareholders who hold any Offer Shares as nominee for more than one beneficial owner should, as far as practicable, treat the holding of each beneficial owner separately. In order for the beneficial owners of the Offer Shares whose investments are registered in the names of nominees to accept the Offer, it is essential that they provide instructions to their nominees of their intentions with regard to the Offer.

– I-6 – APPENDIX I FURTHER TERMS AND PROCEDURES FOR ACCEPTANCE OF THE OFFER

6. RIGHT OF WITHDRAWAL

The Offer is conditional upon fulfilment of the Condition. Acceptances of the Offer tendered by the Offer Shareholders shall be irrevocable and cannot be withdrawn, except in the circumstances set out below:

(a) in compliance with Rule 17 of the Takeovers Code, which provides that an acceptor of the Offer shall be entitled to withdraw the acceptance after twenty one (21) days from the First Closing Date if the Offer has not by then become unconditional as to acceptances. An acceptor of the Offer may withdraw his/her/its acceptance by lodging a notice in writing signed by the acceptor (or his/her/its agent duly appointed in writing and evidence of whose appointment is produced together with the notice) to the Registrar at either of its address in Hong Kong or Singapore (in respect of the Offer).

(b) If the Offeror is unable to comply with the requirements set out in the section headed “4. Announcements” in this Appendix, the Executive may require pursuant to Rule 19.2 of the Takeovers Code that the Offer Shareholders who have tendered acceptances to the Offer be granted a right of withdrawal on terms that are acceptable to the Executive until the requirement of Rule 19.2 of the Takeovers Code can be met.

In such case, when the Offer Shareholder(s) withdraw(s) the acceptance, the Offeror shall, as soon as possible but in any event within ten (10) days thereof, return by ordinary post the share certificate(s) and/or transfer receipts and/or other document(s) of title (and/or any satisfactory indemnity or indemnities required in respect thereof) lodged with the Form(s) of Acceptance to the relevant Offer Shareholder(s) at their own risks.

Save as aforesaid, acceptances of the Offer shall be irrevocable and not capable of being withdrawn.

7. OVERSEAS SHAREHOLDERS

The Offer is available to all the Shareholders including the Overseas Shareholders. The making of the Offer to persons not resident in Hong Kong may be affected by the applicable laws and regulations of the relevant jurisdictions. The availability of the Offer to persons who are not residents in Hong Kong or who have registered addresses outside Hong Kong may be affected by the applicable laws and regulations of the relevant jurisdictions. Overseas Shareholders who are citizens, residents or nationals of a jurisdiction outside Hong Kong should satisfy themselves as to the observance of any applicable legal or regulatory requirements in their own jurisdictions and, where necessary, consult their own professional advisers. It is the responsibility of the Overseas Shareholders who wish to accept the Offer to satisfy themselves as to the full observance of the laws and regulations of the relevant jurisdictions in connection with the acceptance of the Offer (including the obtaining of any

– I-7 – APPENDIX I FURTHER TERMS AND PROCEDURES FOR ACCEPTANCE OF THE OFFER governmental, exchange control or other consent which may be required or the compliance with other necessary formalities and regulatory or legal requirement and the payment of any transfer or other taxes or other required payments due from such Overseas Shareholders in respect of such jurisdictions).

Acceptance of the Offer by the Overseas Shareholders will constitute a representation and warranty by such person that the local laws and requirements have been complied with and such person is permitted under all applicable laws to receive and accept the Offer, and any revision thereof, and such acceptance shall be valid and binding in accordance with all applicable laws. The Overseas Shareholders should consult their professional advisers if in doubt. For the avoidance of doubt, neither HKSCC nor HKSCC Nominees Limited will give, or be subject to, any of the above representation and warranty.

8. STAMP DUTY

The seller’s Hong Kong ad valorem stamp duty arising in connection with acceptance of the Offer will be payable by the Offer Shareholders that accept the Offer at a rate of 0.1% of (i) the consideration payable by the Offeror in respect of the relevant acceptance of the Offer; or (ii) the market value of the Offer Shares, whichever is higher, which will be deducted from the cash amount payable by the Offeror to such Offer Shareholders on acceptance of the Offer. The Offeror will arrange for payment of the seller’s Hong Kong ad valorem stamp duty on behalf of the Offer Shareholders that accept the Offer and will pay the buyer’s Hong Kong ad valorem stamp duty in connection with the acceptance of the Offer and the transfer of the Offer Shares in accordance with the Stamp Duty Ordinance (Chapter 117 of the Laws of Hong Kong).

9. TAX ADVICE

None of the Offeror, parties acting in concert with it, Essence Corporate Finance, Essence International Securities, the Registrar, and their respective ultimate beneficial owners, directors, officers, advisers, agents or associates or any other person involved in the Offer is in a position to advise the Offer Shareholders on their individual tax implications. The Offer Shareholders are recommended to consult their own professional advisers as to the tax implications that may arise from accepting the Offer. None of the Offeror, parties acting in concert with it, Essence Corporate Finance, Essence International Securities, the Registrar, and their respective ultimate beneficial owners, directors, officers, advisers, agents or associates or any other person involved in the Offer accepts responsibility for any taxation effects on, or liabilities of, any persons as a result of their acceptances or rejections of the Offer.

– I-8 – APPENDIX I FURTHER TERMS AND PROCEDURES FOR ACCEPTANCE OF THE OFFER

10. GENERAL

(a) All communications, notices, the Forms of Acceptance, share certificates, transfer receipts, other documents of title (and/or any satisfactory indemnity or indemnities required in respect thereof) and remittances to be delivered by or sent to or from the Offer Shareholders will be delivered by or sent to or from them, or their designated agents, by ordinary post at their own risk. Such communications, notices, documents and remittances will be sent to the Offer Shareholders at their addresses specified on the relevant Form of Acceptance. None of the Offeror, parties acting in concert with it, Essence Corporate Finance, Essence International Securities, the Registrar, and their respective ultimate beneficial owners, directors, officers, advisers, agents or associates or any other person involved in the Offer accepts any responsibility for any loss or delay in postage or any other liabilities that may arise as a result thereof.

(b) If no number of Shares is specified in the Form of Acceptance or the number of Shares specified by the acceptor in the Form of Acceptance is greater than the number of Shares registered in the name of the acceptor as holder or the number of Shares represented by the relevant share certificate(s) and/or transfer receipt(s) and/or other document(s) of title (and/or any satisfactory indemnity or indemnities in respect thereof) that are forwarded by the acceptor to the Registrar at either of its address in Hong Kong or Singapore, the Form of Acceptance will be returned to the acceptor for correction and resubmission. Any corrected Form of Acceptance must be re-submitted and received by the Registrar at either of its address in Hong Kong or Singapore on or before the latest time for acceptance of the Offer in order for it to be counted towards fulfilling the acceptance Condition.

(d) The accidental omission to despatch this Composite Document and/or the Form(s) of Acceptance or any of them to any person to whom the Offer is made will not invalidate the Offer in any way.

(e) The Offer is, and all acceptances will be, governed by and construed in accordance with the laws of Hong Kong.

(f) The Offer is made in accordance with the Takeovers Code.

(g) Due execution of the Form of Acceptance in compliance with Note 1 to Rule 30.2 of the Takeovers Code, will constitute an authority to the Offeror, Essence International Securities or its agents or such person or persons as the Offeror and/or Essence International Securities may direct to complete, amend and execute on behalf of the person or persons accepting the Offer, and to do any other act that may be necessary or expedient for the purpose of vesting in the Offeror, or such person or persons as it may direct, the Shares in respect of which such person or persons has/have accepted the Offer.

– I-9 – APPENDIX I FURTHER TERMS AND PROCEDURES FOR ACCEPTANCE OF THE OFFER

(h) Acceptance of the Offer by the Offer Shareholders will be deemed to constitute a warranty by such person(s) to the Offeror and Essence International Securities that the Offer Shares acquired under the Offer are sold or tendered by such Offer Shareholder(s) free from all liens, charges, encumbrances, rights of pre-emption and any other third party rights and interests of any nature and together with all rights becoming attached thereto after the Closing Date, including but not limited to all rights to any dividend, distribution and/or return of capital (as the case may be), declared, made or paid after the Closing Date. For the avoidance of doubt, neither HKSCC nor HKSCC Nominees Limited will give, or be subject to, any of the above representation and warranty.

(i) Acceptance of the Offer by any nominee will be deemed to constitute a warranty by such nominee to the Offeror that the number of Shares it has indicated in the Form of Acceptance is the aggregate number of Shares for which such nominee has received authorisations from the beneficial owners to accept the Offer on their behalf.

(j) References to the Offer in this Composite Document and in the Form(s) of Acceptance shall include any extension and/or revision thereof.

(k) Any Offer Shareholder accepting the Offer will be responsible for payment of any other transfer or cancellation or other taxes or duties payable by them in any relevant jurisdiction.

(l) Save for the payment of stamp duty, settlement of the consideration to which any Offer Shareholder is entitled under the Offer will be implemented in full in accordance with the terms of the Offer without regard to any lien, right of set-off, counterclaim or other analogous right to which the Offeror may otherwise be, or claim to be, entitled against such Offer Shareholder.

(m) The English text of this Composite Document and the Form(s) of Acceptance shall prevail over the Chinese text for the purpose of interpretation.

(n) In making their decision, Offer Shareholders must rely on their own examination of the Offeror, the Group and the terms of the Offer, including the merits and risks involved. The contents of this Composite Document, including any general advice or recommendation contained therein together with the Form(s) of Acceptance, shall not be construed as any legal or business advice on the part of the Offeror, Essence Corporate Finance, Essence International Securities, the Registrar or their respective professional advisers. Shareholders should consult their own professional advisers for professional advice.

(o) This Composite Document has been prepared for the purposes of compliance with the legislative and regulatory requirements applicable in respect of the Offer in Hong Kong and the operating rules of the Stock Exchange.

– I-10 – APPENDIX II FINANCIAL INFORMATION OF THE GROUP

1. SUMMARY OF FINANCIAL INFORMATION OF THE GROUP

The following is a summary of the audited consolidated financial results of the Group for the years ended 31 December 2017, 2018, and 2019 as extracted from the respective audited consolidated financial statements of the Group as set forth in the Company’s 2018 and 2019 annual reports, as well as the unaudited financial results of the Group for the six months ended 30 June 2020 as extracted from the consolidated financial statements as set forth in the Company’s interim results announcement dated 28 July 2020:

Six months ended Year ended 31 December 30 June 2017 2018 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Revenue 481,242 404,102 397,096 229,212 Other income and gains 1,514 2,534 7,740 9,905 Subcontract costs (92,593) (65,100) (64,488) (39,582) Distribution costs, consumables and fuel used (50,681) (39,233) (28,392) (16,305) Employee benefit expenses (42,134) (54,794) (57,255) (32,660) Depreciation and amortisation expenses (49,471) (60,641) (59,565) (28,208) Leasing costs (20,217) (15,822) (9,046) (4,796) Other operating expenses (50,466) (47,718) (40,385) (20,912) Other expenses (31,674) (19,036) (9,046) (4,744) Finance costs (36,238) (33,035) (30,671) (15,093) Share of profits of an associate 11,884 8,156 10,744 6,121

Profit before tax 121,166 79,413 116,732 82,938 Income tax expense (34,214) (27,671) (32,960) (27,328)

Profit for the year/period 86,952 51,742 83,772 55,610

Profit attributable to: Equity holders of the Company 70,768 50,663 78,585 51,768 Non-controlling interests 16,184 1,079 5,187 3,842

86,952 51,742 83,772 55,610

– II-1 – APPENDIX II FINANCIAL INFORMATION OF THE GROUP

Six months ended Year ended 31 December 30 June 2017 2018 2019 2020 RMB’000 RMB’000 RMB’000 RMB’000 (unaudited)

Total comprehensive income attributable to: Equity holders of the Company 60,599 50,697 78,585 51,768 Non-controlling interests 16,113 1,079 5,187 3,842

76,712 51,776 83,772 55,610

Dividends paid to Shareholders – 31,730 32,246 37,238 Earnings per Share attributable to equity holders of the Company (RMB cents) 9.1 6.2 9.7 6.4 Dividend per Share for the year/period (HK cents) 4.5 4.5 5.0 –

Except as disclosed in the above summary of the audited consolidated financial results, there were no items of income or expenses which are material in the consolidated financial statements of the Group in any of the years ended 31 December 2017, 2018, and 2019 and in the six months ended 30 June 2020.

There was no modified opinion, emphasis of matter, or material uncertainty related to going concern contained in the auditors’ report of the Group for any of the years ended 31 December 2017, 2018, and 2019.

2. INFORMATION INCORPORATED BY REFERENCE

Additional financial information of the Group as at and for the year ended 31 December 2019 has been published in the reports as follows:

(a) The consolidated statement of profit or loss and other comprehensive income of the Group for the year ended 31 December 2019 is shown in the annual report of the Company for the year ended 31 December 2019 published on the website of the Company (https://files.services/files/401/2020/0414/20200414 181501_87574262_en.pdf), on page 63.

– II-2 – APPENDIX II FINANCIAL INFORMATION OF THE GROUP

(b) The consolidated statement of financial position of the Group and the Company as at 31 December 2019 is shown in the annual report of the Company for the year ended 31 December 2019 published on the website of the Company (https://files. services/files/401/2020/0414/20200414181501_87574262_en.pdf), on page 64.

(c) The consolidated statements of changes in equity for the Group and the Company for the year ended 31 December 2019 is shown in the annual report of the Company for the year ended 31 December 2019 published on the website of the Company (https://files.services/files/401/2020/0414/20200414181501_87574262 _en.pdf), from pages 65 to 66.

(d) The consolidated cash flow statement of the Group for the year ended 31 December 2019 is shown in the annual report of the Company for the year ended 31 December 2019 published on the website of the Company (https://files.services/files/401/ 2020/0414/20200414181501_87574262_en.pdf), from pages 67 to 68.

3. INDEBTEDNESS, CONTINGENCIES, AND COMMITMENTS

As at 30 June 2020:

(a) the Group had outstanding loans and borrowings of approximately RMB578,823,000, which are secured with certain of the Group’s property, plant and equipment with a carrying amount of RMB691.6 million and the Group’s prepaid land lease payments with a carrying amount of RMB228.3 million; and

(b) the Group had a capital commitment of RMB18,000 and an operating lease commitment of RMB131,000 of less than a year.

Save as disclosed above, and apart from intra-group liabilities and normal trade and other payables in the ordinary course of business, as at 30 June 2020 (being the latest practicable date for the purpose of this indebtedness statement), the Group had no bank overdrafts or loans, or other similar indebtedness, mortgages, charges, or guarantees or other material contingent liabilities.

4. MATERIAL CHANGES

The directors of the Company confirm that, as at the Latest Practicable Date, there were no material changes in the financial or trading position or outlook of the Group since 31 December 2019, the date to which the latest published audited consolidated financial statements of the Group were made up, up to and including the Latest Practicable Date.

– II-3 – APPENDIX II FINANCIAL INFORMATION OF THE GROUP

5. SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies (and accompanying notes) which are of major relevance for the interpretation of the financial statements of the Group are set out in the following documents issued by the Company:

(a) the interim results announcement of the Company for the six months ended 30 June 2020 published on the website of the Company (https://files.services/files/401/ 2020/0728/20200728193002_27019465_en.pdf) on page 9;

(b) the annual report of the Company for the year ended 31 December 2019 published on the website of the Company (https://files.services/files/401/2020/0414/ 20200414181501_87574262_en.pdf) from page 73 onwards;

(c) the annual report of the Company for the year ended 31 December 2018 published on the website of the Company (https://files.services/files/401/2019/0424/ 20190424180401_55645818_en.pdf) from page 71 onwards; and

(d) the annual report of the Company for the year ended 31 December 2017 published on the website of the Company (https://files.services/files/401/2018/0427/ 20180427170100_69828973_en.pdf) from page 73 onwards.

6. CHANGES IN ACCOUNTING POLICY

Save as disclosed below, there was no change in the Group’s accounting policy during the years ended 31 December 2017, 2018, and 2019 which would result in the figures in its consolidated financial statements being not comparable to a material extent.

6.1 New standard effective on 1 January 2019 (IFRS 16 – Leases)

IFRS 16 supersedes IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 Operating Leases-Incentives and SIC-27 evaluating the substance of Transactions Involving the Legal Form of a Lease. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to recognise most leases on the statement of financial position.

Lessor accounting under IFRS 16 is substantially unchanged from IAS 17. Lessors will continue to classify leases as either operating or finance leases using similar principles as in IAS 17. Therefore, IFRS 16 did not have an impact for leases where the Group is the lessor.

The Group adopted IFRS 16 using the modified retrospective method of adoption with the date of initial application of 1 January 2019. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognised at the date of initial application. The Group elected to use the transition practical expedient to not reassess whether a contract is, or contains a lease at 1 January 2019. Instead, the Group applied the standard only to contracts that were previously identified as leases applying IAS 17 and IFRIC 4 at the date of initial application.

– II-4 – APPENDIX II FINANCIAL INFORMATION OF THE GROUP

The effect of adoption IFRS 16 on the Group’s consolidated statement of financial position as at 1 January 2019 is as follows:

RMB’000 Increase/ (Decrease)

Assets Right-of-use assets 270,519 Prepaid land lease payments (current) (7,983) Prepaid land lease payments and other land related costs (non-current) (261,557)

Total Assets 979

Liabilities Lease liability (current) 465 Lease liability (non-current) 514

Total Liabilities 979

The Group has lease contract for a crane and a prepaid land lease. Before the adoption of IFRS 16, the Group classified each of its leases at the inception date as either a finance lease or an operating lease. Refer to note 5 (Leases) on pages 78 to 79 of the Company’s annual report for the year ended 31 December 2019 for the accounting policy beginning 1 January 2019.

Upon adoption of IFRS 16, the Group applied a single recognition and measurement approach for all leases except for short-term leases. Refer to note 5 (Leases) on pages 78 to 79 of the Company’s annual report for the year ended 31 December 2019 for the accounting policy beginning 1 January 2019. The standard provides specific transition requirements and practical expedients, which have been applied by the Group.

(a) Leases previously accounted for as operating leases

The Group recognised right-of-use assets and lease liabilities for those leases previously classified as operating leases, except for short-term leases and leases of low-value assets. The right-of-use assets for most leases were recognised based on the carrying amount as if the standard had always been applied, apart from the use of incremental borrowing rate at the date of initial application. In some leases, the right-of-use assets were recognised based on the amount equal to the lease liabilities,

– II-5 – APPENDIX II FINANCIAL INFORMATION OF THE GROUP

adjusted for any related prepaid and accrued lease payments previously recognised. Lease liabilities were recognised based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at the date of initial application.

The Group also applied the available practical expedients wherein it:

• applied the short-term leases exemptions to leases with lease term that ends within 12 months of the date of initial application; and

• used hindsight in determining the lease term where the contract contained options to extend or terminate the lease.

Based on the above, as at 1 January 2019:

• Right-of-use assets of RMB270,519,000 were recognised and presented separately in the Group’s consolidated statement of financial position. This includes the land-use-right lease of RMB269,540,000 reclassified from prepaid land lease payments and other land related costs (non-current) and prepaid land lease payments (current).

• Lease liability of RMB979,000 was separately recognised on the Group’s consolidated statement of financial position.

The lease liability as at 1 January 2019 can be reconciled to the operating lease commitments as of 31 December 2018, as follows:

RMB’000

Operating lease commitments as at 31 December 2018 5,054 Less: Commitments relating to short-term leases 3,614 Commitments relating to leases of low-value assets 413 Add: New leases of the year commencing on 1 January 2019 1,092

Incremental borrowing rate as at 1 January 2019 5.15%

Lease liability recognised at 1 January 2019 979

– II-6 – APPENDIX III GENERAL INFORMATION OF THE OFFEROR

1. RESPONSIBILITY STATEMENT

This Composite Document includes particulars given in compliance with the Takeovers Code for the purpose of giving information to the Offer Shareholders with regard to the Offer and the Offeror.

The directors of the Offeror and Zhuhai Port jointly and severally accept full responsibility for the accuracy of the information contained in this Composite Document (other than the information relating to the Group), and confirm, having made all reasonable enquires, that to the best of their knowledge, opinions expressed in this Composite Document (other than those opinions expressed by the Directors) have been arrived at after due and careful consideration and there are no other facts not contained in this Composite Document, the omission of which would make any statement in this Composite Document misleading.

2. MARKET PRICES

The table below shows the closing price of the Shares quoted on the Stock Exchange on (i) the last day on which trading took place in each of the calendar months during the Relevant Period; (ii) the Last Trading Day; (iii) the Last Full Trading Day; and (iv) the Latest Practicable Date.

Date Closing price per Share (HK$)

2020 31 January 0.97 28 February 0.88 31 March 0.70 29 April 0.92 29 May 1.07 30 June 1.60 23 July (being the Last Full Trading Day) 2.00 24 July (being the Last Trading Day) 2.10 31 July 2.47 24 August (being the Latest Practicable Date) 2.51

Note: Trading in the Shares on the Stock Exchange was halted at 1:00 p.m. on 24 July 2020 pending the release of the Joint Announcement.

– III-1 – APPENDIX III GENERAL INFORMATION OF THE OFFEROR

Highest and lowest Share prices

During the Relevant Period,

(a) the highest closing price of the Shares as quoted on the Stock Exchange was HK$2.53 per Share on 20 August 2020; and

(b) the lowest closing price of the Shares as quoted on the Stock Exchange was HK$0.68 per Share on 30 March 2020.

3. DISCLOSURE OF INTERESTS OF THE OFFEROR

4. ADDITIONAL DISCLOSURE OF INTERESTS AND DEALINGS

The Offeror confirms that, the Offeror and parties acting in concert with it, had not dealt in any Shares, options, derivatives, warrants or other relevant securities (as defined in Note 4 to Rule 22 of the Takeovers Code) convertible into the Shares during the Relevant Period.

The Offeror confirms that, as at the Latest Practicable Date:

(a) save for the Irrevocable Undertakings as disclosed under the section headed “Irrevocable Undertakings” in the “Letter from Essence Corporate Finance” in this Composite Document, none of the Offeror or parties acting in concert with it has received any irrevocable commitment to accept or reject the Offer;

(b) there is no outstanding derivative in respect of securities in the Company which has been entered into by the Offeror and parties acting in concert with it;

(c) there is no arrangement (whether by way of option, indemnity or otherwise) of any kind referred to in Note 8 to Rule 22 of the Takeovers Code in relation to the shares of the Offeror or the Company and which may be material to the Offer;

(d) there is no agreement or arrangement to which the Offeror or parties acting in concert with it is a party which relates to the circumstances in which it may or may not invoke or seek to invoke a condition to the Offer;

(e) none of the Offeror or parties acting in concert with it has borrowed or lent any relevant securities (as defined in Note 4 to Rule 22 of the Takeovers Code) in the Company;

– III-2 – APPENDIX III GENERAL INFORMATION OF THE OFFEROR

(f) there is no arrangement in relation to the shares of the Offeror or the Company and which may be material to the Offer (as referred to in Note 8 to Rule 22 of the Takeovers Code);

(g) no benefit (other than statutory compensation) had been or would be given to any Directors as compensation for loss of office or otherwise in connection with the Offer;

(h) save for the Irrevocable Undertakings as disclosed under the section headed “Irrevocable Undertakings” in the “Letter from Essence Corporate Finance” in this Composite Document, there is no agreement, arrangement or understanding (including any compensation arrangement) exists between the Offeror and parties acting in concert with it and any Directors, recent Directors, Shareholders or recent Shareholders having any connection with or dependence upon the Offer;

(i) save as disclosed in the paragraph headed “Financial resources available to the Offeror” under the section headed “The Offer” in the “Letter from Essence Corporate Finance” in this Composite Document on the charge over the Offer Shares, there is no agreement, arrangement or understanding which may result in the securities of the Company to be acquired in pursuance of the Offer being transferred, charged or pledged to any other persons;

(j) there is no arrangement of the kind referred to in the third paragraph of Note 8 to Rule 22 of the Takeovers Code which exists between the Offeror and parties acting in concert with it and any other person;

(k) other than the Offer Price under the Offer, there is no other consideration, compensation or benefit in whatever form paid or to be paid by the Offeror or parties acting in concert with it in connection with the Offer;

(l) save for the Irrevocable Undertakings as disclosed under the section headed “Irrevocable Undertakings” in the “Letter from Essence Corporate Finance” in this Composite Document, there is no understanding, arrangement, agreement or special deal (under Rule 25 of the Takeovers Code) between the Offeror or parties acting in concert with it on the one hand, and the Relevant Shareholders or parties acting in concert with them on the other hand; and

(m) save for the Irrevocable Undertakings as disclosed under the section headed “Irrevocable Undertakings” in the “Letter from Essence Corporate Finance” in this Composite Document, there is no understanding, arrangement or agreement or special deal (as defined under Rule 25 of the Takeovers Code) between (1) any Shareholder; and (2)(a) the Offeror or parties acting in concert with it or (b) the Company, its subsidiaries or associated companies.

– III-3 – APPENDIX III GENERAL INFORMATION OF THE OFFEROR

As at the Latest Practicable Date, China Merchants Bank Co., Ltd., Hong Kong Branch does not hold any securities of the Company.

The 573,118,781 Undertaken Shares held by the Relevant Shareholders are set out as follow:

Approximate % of the total Name of the Shareholders No. of Shares issued Shares

Mr. Patrick Ng 47,108,037 5.78 Mr. Ng HW 29,200,037 3.59 Ms. Ng BB 10,125,002 1.24 Ms. Jane Ng 10,559,502 1.30 Shares jointly held by Mr. Ng HW, Ms. Ng BB and Ms. Jane Ng 191,250,000 23.48 BOS Trustee Limited (Note 1) 207,000,000 25.42 Total of the Ng Family 495,242,578 60.81

Petroships (Note 2) 77,876,203 9.56

Notes:

1. 207,000,000 Shares were held by BOS Trustee Limited on trust for Mr. Ng HW, Ms. Jane Ng and Ms. Ng BB.

2. Petroships is owned as to 90% by Mr. Alan Chan Hong Joo, who had retired as a non-executive Director on 28 May 2019 and 10% by Madam Ng Thiam Eng, respectively.

As confirmed by the Ng Family and Petroships, save for entering into the Irrevocable Undertakings, none of the Relevant Shareholders had dealt in any Shares, options, derivatives, warrants or other relevant securities (as defined in Note 4 to Rule 22 of the Takeovers Code) convertible into Shares during the Relevant Period.

5. EXPERTS AND CONSENTS

The following are the names and the qualifications of the professional advisers to the Offeror whose letter, opinion or advice are contained or referred to in this Composite Document:

Name Qualification

Essence Corporate Finance a licensed corporation to carry out type 1 (dealing in securities) and type 6 (advising on corporate finance) regulated activities under the SFO

– III-4 – APPENDIX III GENERAL INFORMATION OF THE OFFEROR

Name Qualification

Essence International Securities a licensed corporation to carry out type 1 (dealing in securities) and type 4 (advising on securities) regulated activities under the SFO

Each of Essence Corporate Finance and Essence International Securities has given and has not withdrawn its written consent to the issue of this Composite Document with the inclusion of its advice, letter/report, and/or references to its name and logo in the form and context in which it appears.

6. MISCELLANEOUS

(a) The Offeror is Zhuhai Port (Hong Kong) Co., Limited and is a company incorporated in Hong Kong and a directly wholly-owned subsidiary of Zhuhai Port which is held as to approximately 29.64% by Zhuhai Port Holdings. Zhuhai Port Holdings is wholly owned by the Zhuhai SASAC.

The principal members of the Offeror’s concert group are the Offeror, Zhuhai Port, Zhuhai Port Holdings and the Zhuhai SASAC.

(b) The registered office of the Offeror is 12/F., San Toi Building, 137-139 Connaught Road Central, Hong Kong.

(c) The correspondence address of the Offeror is Room 202, No. 278 Lover’s South Road, Xiangzhou District, Zhuhai City, Guangdong Province, the People’s Republic of China.

(d) The directors of the Offeror are Madam Chen Hong, Mr. He Yanchen and Mr. Luo Dun.

(e) The registered address of Zhuhai Port is Unit 2001-2, No. 16 Rongwan Road, Nanshui Town, Zhuhai City, Guangdong Province, the People’s Republic of China.

(f) The correspondence address of Zhuhai Port is No. 278 Lover’s South Road, Xiangzhou District, Zhuhai City, Guangdong Province, the People’s Republic of China.

(g) The directors of Zhuhai Port are Mr. Ou Huisheng, Mr. Huang Zhihua, Mr. Li Shaoshan, Madam Zhou Juan, Mr. Zou Junshan, Mr. Tian Qiusheng, Mr. Zhang Wenjing and Madam Lu Xiaoyan.

– III-5 – APPENDIX III GENERAL INFORMATION OF THE OFFEROR

(h) The registered office of Zhuhai Port Holdings is Unit 2401, 24/F., Gaolan Port Building, No. 16 Rongwan Road, Nanshui Town, Zhuhai City, Guangdong Province, the People’s Republic of China.

(i) The correspondence address of Zhuhai Port Holdings is No. 278 Lover’s South Road, Xiangzhou District, Zhuhai City, Guangdong Province, the People’s Republic of China.

(j) The directors of Zhuhai Port Holdings are Mr. Ou Huisheng, Mr. Zhen Honglun, Mr. Li Ming, Madam Zhou Juan and Mr. Wu Shengbao.

(k) The registered address of the Zhuhai SASAC is No. 362 Meihua East Road, Xiangzhou District, Zhuhai City, Guangdong Province, the People’s Republic of China.

(l) Essence International Securities is making the Offer for and on behalf of the Offeror and Essence Corporate Finance is the financial adviser to the Offeror relating to the Offer.

(m) The registered office and correspondence address of each of Essence International Securities and Essence Corporate Finance is 39/F., One Exchange Square, Central, Hong Kong.

(n) In the event of inconsistency, the English text of this Composite Document and the accompanying the Form of Acceptance shall prevail over the Chinese text.

– III-6 – APPENDIX IV GENERAL INFORMATION OF THE COMPANY

1. RESPONSIBILITY STATEMENT

This Composite Document includes particulars disclosed in compliance with the Takeovers Code for the purpose of giving information with regard to the Group.

The board of directors of the Company jointly and severally accept full responsibility for the accuracy of the information contained in this Composite Document relating to the Group, and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this Composite Document (other than those expressed by the directors of the Offeror) have been arrived at after due and careful consideration and there are no other facts not contained in this Composite Document, the omission of which would make any statement in this Composite Document misleading.

In respect of the “Letter from the Independent Financial Adviser”, the sole responsibility of the board of directors of the Company has been to ensure that the facts stated therein relating to the Group are fair and accurate in all material respects.

2. SHARE CAPITAL

The Company is a company incorporated in the Republic of Singapore pursuant to the Singapore Companies Act, and there is no concept of authorised share capital under the Singapore Companies Act. As at the Latest Practicable Date:

(a) the issued and paid-up share capital of the Company was S$122,253,371 comprising 814,412,028 Shares in issue;

(b) all of the Shares ranked pari passu in all respects as regards rights to capital, dividends, and voting;

(c) there were no outstanding instruments convertible into, rights to subscribe for, or options in respect of, the Shares or securities which carry voting rights affecting the Shares; and

(d) the Company had not issued any Shares since 31 December 2019 (being the date on which the latest published audited financial statements of the Group were made up).

3. DISCLOSURE OF INTERESTS

For the purpose of this section, “interested” has the same meaning as ascribed to that term in Part XV of the SFO.

– IV-1 – APPENDIX IV GENERAL INFORMATION OF THE COMPANY

3.1 Long Position in the Shares

As at the Latest Practicable Date, each of the following directors held a long position in respect of the Shares, the particulars of which are as follows:

Approximate Total percentage Number number of of interest in of Shares Shares the issued Capacity/Nature interested interested Shares Name of Director of interest or held or held (note 1)

Patrick Ng Bee Soon Beneficial owner 47,108,039 47,108,037 5.78% Kor Tor Khoon Beneficial owner 5,133,800 5,158,800 0.63% Interest of spouse 25,000 Jane Kimberly Ng Bee Kiok Beneficial owner 10,559,502 408,809,502 50.20% Interests held jointly with 191,250,000 other persons (note 2) Beneficiary of a trust (other 207,000,000 than a discretionary interest) (note 3) Lee Cheong Seng Beneficial owner 3,100,000 3,100,000 0.38% Tan Chian Khong Beneficial owner 100,000 100,000 0.01% Ting Yian Ann Beneficial owner 100,000 100,000 0.01%

Notes:

1. The percentage represents the total number of the Shares and the number of underlying Shares interested divided by the number of issued Shares of 814,412,028 as at the Latest Practicable Date.

2. 191,250,000 Shares were held by Ms. Jane Ng as beneficial owner jointly with Mr. Ng Han Whatt and Ms. Ng Bee Bee.

3. 207,000,000 Shares were held by BOS Trustee Limited on trust for Mr. Ng Han Whatt, Ms. Jane Ng, and Ms. Ng Bee Bee.

3.2 Confirmations

Except as disclosed in the section headed “Disclosure of Interests-Long Position in the Shares” above in this Appendix IV, as at the Latest Practicable Date:

(a) the Company did not own any shares of the Offeror or any convertible securities, warrants, options, or derivatives in respect of the shares of the Offeror;

(b) none of the directors of the Company was interested in any shares of the Offeror or any convertible securities, warrants, options, or derivatives in respect of the shares of the Offeror;

– IV-2 – APPENDIX IV GENERAL INFORMATION OF THE COMPANY

(c) none of the directors of the Company was interested in any Shares, securities which carry voting rights in the Company, or any convertible securities, warrants, options, or derivatives in respect of the Shares or in respect of other securities which carry voting rights in the Company;

(d) no subsidiary of the Company, or pension fund of the Company or of any other member of the Group, or person who is presumed to be acting in concert with the Company by virtue of class (5) of the definition of “acting in concert” under the Takeovers Code, or person who is an associate of the Company by virtue of class (2) of the definition of “associate” under the Takeovers Code (but excluding exempt principal traders and exempt fund managers), owned or controlled any Shares or any convertible securities, warrants, options, or derivatives in respect of the Shares;

(e) no person who has an arrangement of the kind referred to in Note 8 to Rule 22 of the Takeovers Code with the Company or with any person who is presumed to be acting in concert with the Company by virtue of classes (1), (2), (3), or (5) of the definition of “acting in concert” under the Takeovers Code, or who is an associate of the Company by virtue of classes (2), (3), or (4) of the definition of “associate” under the Takeovers Code, owned or controlled any Shares or any convertible securities, warrants, options, or derivatives in respect of the Shares;

(f) none of the non-exempt discretionary fund managers connected with the Company owned, controlled, or managed any Shares or any convertible securities, warrants, options, or derivatives in respect of the Shares;

(g) neither the Company nor any of the directors of the Company had borrowed or lent any Shares or any convertible securities, warrants, options, or derivatives in respect of the Shares; and

(h) each director of the Company (to the extent that he/she is a Shareholder) had indicated his/her intention to accept the Offer.

4. DEALINGS IN THE SHARES

(a) Save for entering into the Irrevocable Undertakings entered into by Mr. Patrick Ng and Ms. Jane Ng (among others), during the period beginning six months prior to the Offer Period and ending with the Latest Practicable Date, none of the directors of the Company dealt for value in any Shares, securities which carry voting rights in the Company, or convertible securities, warrants, options, or derivatives in respect of the Shares or in respect of other securities which carry voting rights in the Company.

– IV-3 – APPENDIX IV GENERAL INFORMATION OF THE COMPANY

(b) During the Offer Period and up to the Latest Practicable Date, no subsidiary of the Company, or pension fund of the Company or of any other member of the Group, or person who is presumed to be acting in concert with the Company by virtue of class (5) of the definition of “acting in concert”, or person who is an associate of the Company by virtue of class (2) of the definition of “associate” under the Takeovers Code (but excluding exempt principal traders and exempt fund managers), dealt for value in any Shares or any convertible securities, warrants, options, or derivatives in respect of the Shares.

(c) During the Offer Period and up to the Latest Practicable Date, no person who has an arrangement of the kind referred to in Note 8 to Rule 22 of the Takeovers Code with the Company or with any person who is presumed to be acting in concert with the Company by virtue of classes (1), (2), (3), or (5) of the definition of “acting in concert” under the Takeovers Code, or person who is an associate of the Company by virtue of classes (2), (3), or (4) of the definition of “associate” under the Takeovers Code, dealt for value in any Shares or any convertible securities, warrants, options, or derivatives in respect of the Shares.

(d) During the Offer Period and up to the Latest Practicable Date, none of the non-exempt discretionary fund managers connected with the Company dealt for value in any Shares or any convertible securities, warrants, options, or derivatives in respect of the Shares.

5. DEALINGS IN THE OFFEROR’S SHARES

During the period beginning six months prior to the Offer Period and ending with the Latest Practicable Date, neither the Company nor any of the directors of the Company had dealt for value in any shares of the Offeror or any convertible securities, warrants, options, or derivatives in respect of the shares of the Offeror.

6. DIRECTORS’ SERVICE CONTRACTS

Save for Mr. Kor Tor Khoon’s service contract commencing on 1 October 2019 and expiring on 30 September 2021 under which he is entitled to a fixed remuneration of S$22,000 per month and variable remuneration in the form of a discretionary year-end bonus to be decided by the board of directors of the Company, as at the Latest Practicable Date, none of the directors or proposed directors of the Company had entered into any service contracts with the Company or any of its subsidiaries or associated companies (i) which are fixed term contracts with more than 12 months to run irrespective of notice period; (ii) which (including both continuous and fixed term contracts) have been entered into or amended during the Relevant Period; or (iii) which are continuous contracts with a notice period of 12 months or more.

– IV-4 – APPENDIX IV GENERAL INFORMATION OF THE COMPANY

7. MATERIAL LITIGATION

As at the Latest Practicable Date, (i) none of the members of the Group was engaged in any litigation, arbitration, or claim of material importance; and (ii) no litigation, arbitration, or claim of material importance was known to the board of directors of the Company to be pending or threatened by or against any member of the Group.

8. MATERIAL CONTRACTS

The Group did not enter into any material contract (not being contracts entered into in the ordinary course of business) during the period beginning on 29 July 2018 (i.e. two years before the commencement of the Offer Period) up to and including the Latest Practicable Date.

9. MISCELLANEOUS CONFIRMATIONS

(a) As at the Latest Practicable Date, none of the directors of the Company had been or will be given any benefit as compensation for loss of office or otherwise in connection with the Offer.

(b) Save for the Irrevocable Undertakings entered into by Mr. Patrick Ng and Ms. Jane Ng (among others), as at the Latest Practicable Date, there was no agreement or arrangement between any director of the Company and any other person which is conditional on or dependent upon the outcome of the Offer or otherwise connected with the Offer.

(c) Save for the Irrevocable Undertakings entered into by Mr. Patrick Ng and Ms. Jane Ng (among others), as at the Latest Practicable Date, there was no material contract entered into by the Offeror in which any of the directors of the Company had a material personal interest.

10. QUALIFICATIONS AND CONSENTS OF PROFESSIONAL ADVISERS

The following are the qualifications of each of the professional advisers to the Company who have been named in this Composite Document or who have given their opinion or advice, which is contained in this Composite Document (in alphabetical order):

Name Qualification

CMB International Capital a corporation licensed by the SFC to carry out type 1 Limited (dealing in securities) and type 6 (advising on corporate finance) regulated activities under the SFO

Donvex Capital Limited a corporation licensed by the SFC to carry out and type 6 (advising on corporate finance) regulated activity under the SFO

– IV-5 – APPENDIX IV GENERAL INFORMATION OF THE COMPANY

Each of the professional advisers named in above has given and has not withdrawn its written consents to the issue of this Composite Document with the inclusion therein of its recommendations, opinions, reports, and/or letters and/or the references to its name and/or recommendations, opinions, reports, and/or letters in the form and context in which they respectively appear.

– IV-6 – APPENDIX V DOCUMENTS AVAILABLE FOR INSPECTION

DOCUMENTS AVAILABLE FOR INSPECTION

Copies of the following documents will be available for inspection on (i) the website of the Company at http://www.xinghuaport.com; and (ii) the website of the SFC at www.sfc.hk from the date of this Composite Document until the end of the Offer Period:

(a) the constitution of the Company;

(b) the memorandum and articles of association of the Offeror;

(d) the interim results announcement of the Company for the six months ended 30 June 2020;

(e) the “Letter from Essence Corporate Finance”, the text of which is set out on pages 8 to 25 of this Composite Document;

(f) the “Letter from the Board”, the text of which is set out on pages 26 to 30 of this Composite Document;

(g) the “Letter from the Independent Board Committee”, the text of which is set out on pages 31 to 32 of this Composite Document;

(h) the “Letter from the Independent Financial Adviser”, the text of which is set out on pages 33 to 57 of this Composite Document;

(i) the Irrevocable Undertakings;

(j) Mr. Kor Tor Khoon’s service contract as referred to in the section headed “6. Directors’ Service Contracts” in Appendix IV to this Composite Document;

(k) the written consents referred to in the sections headed “5. Experts and Consents” in Appendix III and “10. Qualifications and Consents of Professional Advisers” in Appendix IV to this Composite Document; and

(l) a copy of this Composite Document.

– V-1 – 此綜合文件乃要件請即處理

閣下如對要約、本綜合文件及╱或隨附接納表格之任何方面或應採取之行動有任何疑問，應諮詢持牌證券交易商或註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。

閣下如已售出或轉讓名下之所有興華港口控股有限公司股份，應立即將本綜合文件及隨附接納表格交予買主或承讓人，或送交經手買賣或轉讓之持牌證券交易商或註冊證券機構或其他代理商，以便轉交買主或承讓人。

香港交易及結算所有限公司及香港聯合交易所有限公司對本綜合文件及隨附接納表格之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本綜合文件及隨附接納表格全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。

本綜合文件應與隨附接納表格一併閱覽，有關內容構成當中所載要約之條款及條件之一部分。

XINGHUA PORT HOLDINGS LTD. 珠海港香港有限公司興華港口控股有限公司* （於香港註冊成立之有限公司）（於新加坡共和國註冊成立之有限公司）（股份代號：01990）

有關(1)安信國際證券（香港）有限公司為及代表珠海港香港有限公司提呈收購興華港口控股有限公司之全部已發行股份之自願性有條件全面現金要約；及 (2)建議撤銷興華港口控股有限公司之上市地位之綜合文件

本公司之財務顧問要約人之財務顧問

獨立董事委員會之獨立財務顧問

本封面所用詞彙與本綜合文件「釋義」一節所界定者具有相同涵義。

載有（其中包括）要約主要條款及該條件之安信融資函件載於本綜合文件第8至25頁。董事會函件載於本綜合文件第26 至30頁。載有獨立董事委員會就要約致要約股東之推薦建議之獨立董事委員會函件載於本綜合文件第31至32頁。載有獨立財務顧問就要約向獨立董事委員會所提供意見之獨立財務顧問函件載於本綜合文件第33至57頁。

要約之接納及結算手續及其他相關資料載於本綜合文件附錄一及隨附接納表格內。要約之接納應盡快且無論如何不遲於二零二零年九月十六日（星期三）下午四時正（或根據收購守則在獲執行人員同意下要約人可能釐定以及要約人及本公司可能聯合公告之有關較後時間及╱或日期前）送達登記處的香港或新加坡地址。

將會或另行有意將本綜合文件及╱或隨附接納表格轉送往香港境外任何司法權區之任何人士（包括但不限於託管人、代名人及受託人）於採取任何行動前，務請細閱本綜合文件所載之「重要通告」一節、「安信融資函件」內「要約」一節項下「海外股東」一段及本綜合文件附錄一之「7. 海外股東」一節所載有關此方面之詳情。有意接納要約之各海外股東有責任自行全面遵守相關司法權區與此相關之法律及法規，包括取得有關司法權區可能需要之任何政府、外匯管制或其他同意，並遵守其他必要之正式手續或法律規定，以及支付任何應付的轉讓或其他稅項。海外股東於決定是否接納要約時，務請尋求專業意見。

本綜合文件將於要約可供接納期間刊載於聯交所網站http://www.hkexnews.hk 及本公司網站http://www.xinghuaport.com 。

* 僅供識別二零二零年八月二十六日目錄

頁次

預期時間表...... ii

重要通告...... v

釋義 ...... 1

安信融資函件 ...... 8

董事會函件...... 26

獨立董事委員會函件 ...... 31

獨立財務顧問函件 ...... 33

附錄一－要約之其他條款及接納手續 ...... I-1

附錄二－本集團之財務資料 ...... II-1

附錄三－要約人之一般資料 ...... III-1

附錄四－本公司之一般資料 ...... IV-1

附錄五－備查文件 ...... V-1

隨附文件－接納表格

– i – 預期時間表

下文所載之預期時間表僅屬指標性質，或會出現變動。倘時間表有任何變動，將於適當時候另作公告。

事件時間及日期二零二零年

本綜合文件及隨附接納表格之寄發日期以及要約開始日期（附註1）...... 八月二十六日（星期三）

要約開始日期 ...... 八月二十六日（星期三）

於首個截止日期接納要約的最後日期及時間（附註2及4） ...... 九月十六日（星期三）下午四時正

首個截止日期（附註2及4）...... 九月十六日（星期三）

於首個截止日期公佈要約結果（附註2）...... 不遲於九月十六日（星期三）下午七時正

於首個截止日期下午四時正或之前就根據要約接獲之有效接納寄發股款之最後日期（假設要約於首個截止日期在所有方面成為或宣佈為無條件）（附註3及4） ...... 九月二十五日（星期五）

於最後截止日期要約維持公開可供接納之最後時間及日期（假設要約於首個截止日期在所有方面成為或宣佈為無條件）（附註4及5）...... 九月三十日（星期三）下午四時正

最後截止日期（假設要約於首個截止日期在所有方面成為或宣佈為無條件）（附註5）...... 九月三十日（星期三）

於最後截止日期公佈要約結果（假設要約於首個截止日期在所有方面成為或宣佈為無條件）（附註5） ...... 不遲於九月三十日（星期三）下午七時正

– ii – 預期時間表

於首個截止日期後但於二零二零年九月三十日（星期三）下午四時正或之前就接獲之有效接納寄發股款之最後日期（假設要約於首個截止日期在所有方面成為或宣佈為無條件）（附註3及4） ...... 十月十三日（星期二）

就接納而言要約可成為或宣佈為無條件之最後時間及日期（附註6）...... 十月二十七日（星期二）下午七時正

附註：

1. 要約為有條件，於二零二零年八月二十六日（星期三）（即本綜合文件日期）作出，自該日起直至截止日期止可供接納，惟要約人按收購守則修訂或延長要約除外。除本綜合文件附錄一「6. 撤回權利」一節所載情況外，要約一經接納後不可撤銷及不得撤回。

2. 根據收購守則，要約初步須於本綜合文件寄發日期後最少二十一(21)日內可供接納。接納要約的最後時間為首個截止日期下午四時正，惟要約人按收購守則修訂或延長要約除外。本公司與要約人將會於不遲於首個截止日期下午七時正前於聯交所網站及本公司網站聯合刊發公告，說明要約是否已獲修訂或延長或已成為或宣佈為無條件。根據收購守則，倘要約於首個截止日期成為無條件，要約須於其後不少於十四(14)日內維持可供接納。除非要約在所有方面成為或宣佈為無條件，否則要約不會於本綜合文件寄發日期後第60日之前截止。因此，根據收購守則，倘要約於首個截止日期或之前並無成為無條件，要約將被延長。倘要約被延長，要約人將刊發公告，當中列明下一個截止日期或載明要約將維持可供接納直至另行通知為止，在此情況下，要約人將於截止日期前至少十四 (14)日向尚未接納要約的要約股東發出書面通知。

於中央結算系統以投資者戶口持有人身份直接持有要約股份或透過經紀或託管商參與者間接持有要約股份的要約股份實益擁有人，應留意促使向中央結算系統作出指示的時間規定。有關此方面的進一步詳情載於本綜合文件附錄一。

3. 待要約成為無條件後，就要約股份應付之現金代價（經扣除賣方從價印花稅）之股款，將盡快但無論如何須於(i)登記處根據收購守則規則30.2註釋1收訖已填妥及簽署的接納表格及所有有關文件以使有關接納為完整及有效之日或(ii)要約在所有方面成為或宣佈為無條件之日（以較後者為準）後七 (7)個營業日內，以平郵方式寄發予接納要約之要約股東，郵誤風險概由彼自行承擔。倘要約於首個截止日期就接納而言並未成為無條件，則接納人有權於首個截止日期後二十一(21)日內撤回其要約接納。然而，此項撤回權利僅可行使至要約就接納而言成為或宣佈為無條件為止。有關可撤回接納之情況之進一步資料，請參閱本綜合文件附錄一「6. 撤回權利」一節。

– iii – 預期時間表

4. 倘於以下時間，香港懸掛八號或以上熱帶氣旋警告信號或黑色暴雨警告生效或因超強颱風引致「極端情況」，則接納要約之最後時間及日期以及寄發根據要約就有效接納應付股款之最後日期將會改變：

i. 於接納要約之最後日期及寄發根據要約就有效接納應付股款之最後日期香港本地時間中午十二時正前任何時間生效但於中午十二時正後取消，於該等情況下，接納要約及寄發股款之最後時間（視情況而定）將仍為同一營業日下午四時正；或

ii. 於接納要約之最後日期及寄發根據要約就有效接納應付股款之最後日期香港本地時間中午十二時正至下午四時正期間任何時間生效，於該等情況下，接納要約及寄發股款之最後時間（視情況而定）將改為下一個營業日（上午九時正至下午四時正之間的任何時間並無生效該等警告的日期）下午四時正或執行人員可能批准的相關其他日期。

5. 根據收購守則，倘要約在各方面成為或宣佈為無條件，要約須於其後不少於十四(14)日內維持可供接納。在收購守則規限下，要約人有權根據收購守則將要約延長至要約人可能釐定或執行人員允許的有關日期。要約人將刊發有關延長要約的公告，當中將列明下一個截止日期，倘要約已成為或於當時為無條件，則將列明要約將維持可供接納直至另行通知為止。在此情況下，要約人須於要約截止前發出至少十四(14)日書面通知。

要約人將於截止日期下午七時正前刊發要約結果公告，並於聯交所網站刊登。有關公告將遵守收購守則規則19.1項下的披露規定，並將載有（其中包括）要約結果。

6. 根據收購守則，除非獲執行人員同意，否則於本綜合文件寄發當日後第60日下午七時正後，要約就接納而言或不會成為或宣佈為無條件。倘收購守則規定的期間最後一日並非營業日，則該期間將延長至下一個營業日。因此，除非要約之前已就接納而言成為無條件，由於本綜合文件寄發當日後第60日為二零二零年十月二十五日（星期日）（並非營業日）以及二零二零年十月二十六日（星期一）（屬公眾假期），因此要約將於二零二零年十月二十七日（星期二）下午七時正後失效，惟獲執行人員同意延長則除外。

除上文所述者外，倘接納要約之最後時間並無於上述日期及時間生效，則上文所述其他日期或會受到影響。倘預期時間表有任何變動，則要約人及本公司將在實際可行情況下盡快作出聯合公告知會要約股東。

除另有明確指明外，本綜合文件及接納表格提述之所有時間及日期均指香港時間及日期。

– iv – 重要通告

致海外股東之通告

向登記地址屬香港境外司法權區之人士作出要約可能受相關司法權區之法律所禁止或影響。倘海外股東為香港境外司法權區之公民或居民或國民，彼等應自行了解及遵守任何適用法律或監管規定。任何有意接納要約之人士有責任自行全面遵守相關司法權區與此有關之法律及法規，包括取得有關司法權區可能需要之任何政府、外匯管制或其他同意，或遵守其他必要之正式手續及監管或法律規定，以及支付任何應付的轉讓或其他稅項或其他規定款項。要約人、其一致行動人士、安信融資、安信國際證券、登記處及彼等各自之最終實益擁有人、董事、高級職員、顧問、代理及聯繫人以及參與要約之任何其他人士有權就有關人士可能須支付之任何稅項獲得有關人士提供之全面彌償及毋須就有關稅項承擔任何責任。有關進一步資料請參閱本綜合文件內「安信融資函件」中「要約」一節項下「海外股東」一段及附錄一「7. 海外股東」一節。

有關前瞻性陳述之警示附註

本綜合文件載有前瞻性陳述。前瞻性陳述包括使用「相信」、「預期」、「預計」、「擬」、「計劃」、「尋求」、「估計」、「將」、「將會」或具有類似涵義之詞彙，涉及風險、不確定因素及假設。歷史事實陳述以外之所有陳述均可視作前瞻性陳述。除根據適用法律或法規（包括但不限於上市規則及╱或收購守則）所規定外，要約人及本公司概不承擔責任及無意更新該等前瞻性陳述。

– v – 釋義

於本綜合文件內，除文義另有所指外，以下詞彙應具有下列涵義：

「一致行動」指具有收購守則賦予該詞之涵義

「聯繫人」指具有收購守則賦予該詞之涵義

「董事會」指董事會

「營業日」指聯交所開門進行業務交易之日子

「中央結算系統」指香港結算設立及營運的中央結算及交收系統

「截止日期」指要約之截止日期（即登載本綜合文件日期後第 21個曆日）或如要約延長，任何可能由要約人決定，並由要約人及本公司聯合公告，並且根據收購守則獲執行人員同意之其後截止日期。為避免疑問，除非要約已於所有方面成為或被宣告為無條件，否則要約於寄發本綜合文件後第60日前不會結束

「本公司」指興華港口控股有限公司，於新加坡共和國註冊成立之有限公司，其股份於聯交所主板上市（股份代號：01990）

「綜合文件」指就要約根據收購守則由要約人發出之要約文件及由本公司發出之受要約公司董事會通函所構成之本綜合要約及回應文件（連同接納表格）

「強制收購有效期」指本綜合文件日期起至本綜合文件日期後滿四(4)個月當日（或執行人員為使要約人進行強制收購所需的接納水平而可能允許的較後日期）止期間

– 1 – 釋義

「該條件」指本綜合文件「要約條件」一節所載要約的條件

「董事」指本公司董事

「無利害關係股份」指就新加坡公司法而言，要約人、其關聯法團或彼等各自代名人所持股份以外的股份。於最後實際可行日期，要約人、其關聯法團或彼等各自的代名人並無擁有任何股份，且無利害關係股份包括已發行的全部814,412,028股股份。為避免疑問，就新加坡公司法而言，黃氏家族、BOS Trustee Limited及Petroships之股權利益並非由要約人、其關聯法團或彼等各自代名人持有。因此，就新加坡公司法而言，此等股權利益被視為「無利害關係股份」

「股息調整」指倘在聯合公告日期後及於截止日期或之前作出或支付有關股份的任何股息、分派及╱或資本回報（視情況而定），要約人將從要約價中扣除相當於該等股息、分派及╱或資本回報的金額或價值的全部或任何部分的金額，在這種情況下，聯合公告、本綜合文件或任何其他公告或文件中對要約價的任何提述，將被視為提述如此經扣除的要約價

「安信融資」指安信融資（香港）有限公司，根據證券及期貨條例可進行第1類（證券交易）及第6類（就機構融資提供意見）受規管活動之持牌法團，就要約擔任要約人之財務顧問

「安信國際證券」指安信國際證券（香港）有限公司，根據證券及期貨條例可進行第1類（證券交易）及第4類（就證券提供意見）受規管活動之持牌法團，為代表要約人提出要約之代理人

「執行人員」指證監會企業融資部不時之執行董事及有關執行董事之任何授權代表

– 2 – 釋義

「首個截止日期」指二零二零年九月十六日（即要約之首個截止日期，為登載本綜合文件日期後第21個曆日）

「接納表格」指本綜合文件隨附與要約有關之要約股份接納及過戶表格

「本集團」指本公司及其附屬公司

「港元」指香港法定貨幣港元

「香港結算」指香港中央結算有限公司

「香港」指中華人民共和國香港特別行政區

「獨立財務顧問委任公告」指本公司所刊發日期為二零二零年七月三十一日之公告，內容有關委任獨立財務顧問及關於一名董事所持有若干股份的澄清

「獨立董事委員會」指由全體非執行董事（即陳前康先生、蘇一鳴先生、陳言安先生及李鍾生先生）組成之獨立董事委員會

「獨立財務顧問」指富域資本有限公司，根據證券及期貨條例可進行第6類（就機構融資提供意見）受規管活動之持牌法團，獲本公司委任為獨立財務顧問，以就要約向獨立董事委員會提供意見

「不可撤銷承諾」指有關股東與要約人於二零二零年七月二十九日所作出及簽立的不可撤銷承諾契據，據此，有關股東各自對要約人作出不可撤銷承諾（其中包括）接受要約，要約人亦對各有關股東作出不可撤銷承諾（其中包括）提出價格不得低於2.597港元之要約

– 3 – 釋義

「聯合公告」指要約人及本公司所刊發日期為二零二零年七月二十九日之聯合公告，內容有關（其中包括）要約及本公司擬撤回上市

「最後完整交易日」指二零二零年七月二十三日，即緊接股份短暫停牌以待發佈聯合公告前股份於聯交所之最後完整交易日

「最後交易日」指二零二零年七月二十四日，即緊接股份短暫停牌以待發佈聯合公告前股份於聯交所之最後交易日

「最後實際可行日期」指二零二零年八月二十四日，即本綜合文件付印前為確定本綜合文件所載若干資料的最後實際可行日期

「上市規則」指聯交所證券上市規則

「黃漢發先生」指黃漢發先生，為黃健華先生、黃美玉女士及黃美美女士之兄長或弟弟

「黃健華先生」指黃健華先生，為董事會主席以及黃漢發先生、黃美玉女士及黃美美女士的兄長或弟弟

「黃美玉女士」指黃美玉女士，為執行董事以及黃漢發先生、黃健華先生及黃美美女士的姐姐或妹妹

「黃美美女士」指黃美美女士，為黃漢發先生、黃健華先生及黃美玉女士的姐姐或妹妹

「黃氏家族」指黃漢發先生、黃健華先生、黃美玉女士及黃美美女士

「未接納股東」指不接納要約的股東

「未接納股份」指要約人未根據要約收購的未接納股東持有的要約股份

– 4 – 釋義

「強制收購通知」指要約人就行使強制收購權利向未接納股東發出的通知

「要約」指安信國際證券為及代表要約人提呈之自願性有條件全面現金要約，以收購全部已發行股份

「要約期」指具有收購守則賦予該詞之涵義，即由二零二零年七月二十九日（聯合公告日期）起計直至截止日期（或要約人可能根據收購守則決定以延長要約之其他時間或日期或要約失效之日）止期間

「要約價」指以現金提呈要約之每股要約股份的價格，即每股要約股份2.597港元，並扣除股息調整（如有）

「要約股份」指全部已發行之股份，不包括要約人或其一致行動人士擁有的股份，且與收購守則規則2.11所界定的「無利害關係股份」具有相同涵義。於最後實際可行日期，要約人及其一致行動人士並無擁有任何股份，且要約股份包括已發行的全部 814,412,028股股份。為避免疑問，就收購守則而言，黃氏家族、BOS Trustee Limited及Petroships 之股權利益並非由要約人及其一致行動人士持有。因此，就收購守則規則2.11而言，此等股權利益被視為「無利害關係股份」

「要約股東」指不包括要約人及其一致行動人士之股東

「要約人」指珠海港香港有限公司

「海外股東」指本公司股東名冊所示地址為香港以外地區之要約股東

– 5 – 釋義

「Petroships」指 Petroships Investment Pte. Ltd.，由曾繁如先生及 Ng Thiam Eng女士分別擁有90%及10%的權益

「登記處」指寶德隆證券登記有限公司，為本公司於香港的股份過戶登記分處及負責收取及處理就要約股份接納要約的接收代理。就接納要約而言，已妥為填寫及簽署的接納表格連同相關文件，可送交登記處的以下其中一個地址：

‧ 香港北角電氣道148號21樓2103B室；或

‧ 50 Raffles Place, #32-01 Singapore Land Tower, Singapore 048623

「有關當局」指任何政府、政府屬下、半政府、法定或監管機關、團體、組織、仲裁庭、法庭或機構

「有關期間」指自二零二零年一月三十日（即緊接二零二零年七月二十九日（即要約期開始當日）前六個月）起計直至及包括最後實際可行日期止期間

「有關股東」指黃氏家族、Petroships及曾繁如先生

「人民幣」指中華人民共和國法定貨幣人民幣

「新加坡元」指新加坡共和國法定貨幣新加坡元

「證監會」指香港證券及期貨事務監察委員會

「證券及期貨條例」指香港法例第571章《證券及期貨條例》，經不時修訂、補充或以其他方式修改

「股份」指本公司股本中的普通股

– 6 – 釋義

「股東」指股份持有人

「新加坡公司法」指《新加坡公司法》（第50章），經不時修訂、修改及補充

「聯交所」指香港聯合交易所有限公司

「收購守則」指證監會發佈的收購及合併守則

「承諾股份」指由黃氏家族、BOS Trustee Limited及Petroships直接及╱或實益持有的合共573,118,781股股份，相當於本公司已發行股本總額的約70.37%

「珠海港」指珠海港股份有限公司，要約人之母公司，於中華人民共和國註冊成立之股份有限公司，且其股份於深圳證券交易所上市（股份編號：000507）

「珠海港集團」指珠海港及其附屬公司（包括要約人）

「珠海港控股」指珠海港控股集團有限公司

「珠海市國資委」指珠海市人民政府國有資產監督管理委員會

「%」指百分比

– 7 – 安信融資函件

安信融資（香港）有限公司香港中環交易廣場一座39樓

敬啟者：

(1)安信國際證券（香港）有限公司為及代表珠海港香港有限公司提呈收購興華港口控股有限公司之全部已發行股份之自願性有條件全面現金要約；及 (2)建議撤銷興華港口控股有限公司之上市地位

緒言

茲提述聯合公告（據此，要約人與貴公司聯合宣佈，安信國際證券將代表要約人提呈自願性有條件全面現金要約，以收購全部已發行股份）、獨立財務顧問委任公告以及要約人與貴公司刊發的日期為二零二零年八月十九日的聯合公告（內容有關延遲寄發綜合文件）。

於最後實際可行日期，要約人及其一致行動人士並無持有、擁有或控制或指示任何投票權及對貴公司股份、可換股證券、認股權證、期權或衍生工具之權利。

於最後實際可行日期，貴公司之已發行股份為814,412,028股。貴公司並無任何可轉換或可交換為股份的任何尚未行使期權、衍生工具、認股權證或相關證券（定義見收購守則規則22註釋4），亦無就發行該等可轉換或可交換為股份之期權、衍生工具、認股權證或證券訂立任何協議。

本函件構成本綜合文件的一部分，載有（其中包括）要約之主要條款，連同有關要約人之資料以及要約人有關貴集團之意向。有關要約條款及接納程序的進一步詳情亦載於本綜合文件附錄一及隨附之接納表格。

– 8 – 安信融資函件

閣下於達致是否接納要約之決定前，亦應垂注董事會函件、獨立董事委員會函件、獨立財務顧問函件及本綜合文件附錄所載資料。

本綜合文件所用詞彙與本函件所用者具有相同涵義。

要約

要約之主要條款

安信國際證券將根據收購守則按以下條款為及代表要約人提出要約：

每股要約股份 ...... 現金2.597港元（扣除股息調整（如有））

根據收購守則，要約對象延伸至全體要約股東。將根據要約收購之要約股份須繳足股款，且不得附帶任何性質之一切留置權、押記、產權負擔、優先購買權及任何其他第三方權利及權益，且須連同其於截止日期後附帶之一切權利（包括但不限於截止日期之後宣派、作出或支付之任何股息、分派及╱或資本回報（視情況而定）之所有權利）。

倘於聯合公告日期後及於截止日期或之前作出或支付有關股份的任何股息、分派及╱或資本回報（視情況而定），要約人將從要約價中扣除相當於該等股息、分派及╱ 或資本回報的全部或任何部分金額或價值，於此情況下，聯合公告、本綜合文件或任何其他公告或文件中對要約價的任何提述，將被視為提述此經扣除的要約價。要約股東無權獲得於截止日期後宣派、作出或支付的任何股息、分派或資本回報。

本綜合文件第27頁「董事會函件」內「3.要約」一節載述，於最後實際可行日期， (i)自支付貴公司二零一九年年報所披露截至二零一九年十二月三十一日止年度的中期股息起，貴公司並無公告、宣派或支付股息、分派或資本回報；及(ii)董事會無意建議於截止日期或之前宣派或支付任何股息、分派或資本回報。

要約人不會提高上文所述要約之要約價。貴公司股東及潛在投資者務請注意，在作出本聲明後，要約人將不獲允許提高要約價，且要約人不保留提高要約價的權利。

– 9 – 安信融資函件

要約價

要約價每股要約股份2.597港元（並無考慮任何股息調整的影響）較：

(i) 股份於二零二零年八月二十四日（最後實際可行日期）於聯交所所報收市價每股2.510港元溢價約3.47%；

(ii) 股份於二零二零年七月二十四日（最後交易日）於聯交所所報收市價每股 2.100港元溢價約23.67%；

(iii) 股份於二零二零年七月二十三日（最後完整交易日）於聯交所所報收市價每股2.000港元溢價約29.85%；

(iv) 股份於截至最後完整交易日（包括該日）止最後五個連續交易日於聯交所所報平均收市價約每股1.974港元溢價約31.56%；

(v) 股份於截至最後完整交易日（包括該日）止最後10個連續交易日於聯交所所報平均收市價約每股2.030港元溢價約27.93%；

(vi) 股份於截至最後完整交易日（包括該日）止最後30個連續交易日於聯交所所報平均收市價約每股1.640港元溢價約58.35%；

(vii) 股份於截至最後完整交易日（包括該日）止最後90個連續交易日於聯交所所報平均收市價約每股1.141港元溢價約1.28倍；

(viii) 股份於二零一九年十二月三十一日之每股經審核綜合資產淨值約1.287港元（按最後實際可行日期之已發行股份總數814,412,028股及貴公司日期為二零二零年四月二日之年報所披露貴集團於二零一九年十二月三十一日之經審核綜合資產淨值人民幣939,076,000元以及中國人民銀行於二零一九年十二月三十一日所報匯率人民幣0.89578元兌1港元計算）溢價約1.02倍；及

(ix) 股份於二零二零年六月三十日之每股未經審核綜合資產淨值約1.283港元（按最後實際可行日期之已發行股份總數814,412,028股及貴公司日期為二零二零年七月二十八日之中期業績所披露貴集團於二零二零年六月三十日之未經審核綜合資產淨值人民幣954,448,000元以及中國人民銀行於二零二零年六月三十日所報匯率人民幣0.91344元兌1港元計算）溢價約1.02 倍。

– 10 – 安信融資函件

股份最高及最低價

於有關期間：

(a) 於二零二零年八月二十日，股份於聯交所所報最高收市價為每股2.53港元；及

(b) 於二零二零年三月三十日，股份於聯交所所報最低收市價為每股0.68港元。

要約條件

要約僅受該條件約束，該條件為於截止日期下午四時正（或要約人在收購守則的規限下可能決定的較後時間或日期）前收到相關數目的要約股份的有效要約接納（且在允許之情況下並無撤回），將導致要約人持有至少90%的要約股份，並另外附帶條件訂明，於所持股權中，要約人亦將持有至少90%的無利害關係股份。

於最後實際可行日期，要約股份及無利害關係股份包括已發行的全部814,412,028 股股份。股東及潛在投資者務請注意，要約股份及無利害關係股份的數量於最後實際可行日期之後將受限於(i)要約人及其一致行動人士；及(ii)要約人、其關聯法團或彼等各自的代名人對任何股份交易作出的變動。

該條件並不可豁免。倘該條件不能於截止日期前達成，要約將會失效。

於最後實際可行日期，該條件仍未達成。

倘要約作出修訂、延長或失效，或者該條件達成，則要約人將按照收購守則及上市規則發出公告。如收購守則所訂明期間之截止日並非營業日，則順延至下一個營業日。要約人可宣佈要約就接納而言成為無條件之最後時限為寄發綜合文件後第60天（或執行人員可能同意之較後日期）後的下一個營業日（即二零二零年十月二十七日（星期二））下午七時正。

根據收購守則規則15.3的註釋，要約人須於要約就接納而言成為無條件時，及在要約在所有方面均成為無條件時刊發公告。此外，根據收購守則規則15.3，要約亦須於要約在所有方面成為無條件當日起計最少十四(14)日內維持可供接納。謹請要約股東注意，要約人並無任何義務維持要約可供接納至超過該14日期間。

– 11 – 安信融資函件

要約總價值

於最後實際可行日期，貴公司之已發行股份為814,412,028股。

假設於最後實際可行日期貴公司已發行股本概無變動且並無進行股息調整，按要約價每股要約股份2.597港元計算，貴公司之已發行股本總額之價值為 2,115,028,036.716港元。因此，基於814,412,028股要約股份須進行要約並假設並無進行股息調整，要約人的應付總代價將為2,115,028,036.716港元。

要約人可獲得之財務資源

要約人擬以招商銀行股份有限公司香港分行發放的貸款撥付及償付要約項下之應付代價，該代價乃以（其中包括）要約人根據要約將予收購的所有要約股份押記作抵押。要約人確認，並無訂立與貸款融資有關的安排，據此，任何負債（或有或其他）的利息付款、還款或擔保在很大程度上將取決於貴公司的業務。

安信融資（即要約人之財務顧問）信納，要約人可動用之財務資源足以應付因要約獲悉數接納而應付之代價。

償付代價

一旦要約在所有方面成為或宣佈為無條件後，有關接納要約之代價將盡快但無論如何須於以下日期（以較遲者為準）起七(7)個營業日內償付：(i)要約在所有方面成為或宣佈為無條件之日；或(ii)要約人或代其行事之代理人接獲妥為填妥的接納要約及就有關接納相關所有權文件，以使有關接納為完整及有效當日。

金額不足一仙之款項將毋須支付，而須向接納要約之要約股東支付之現金代價金額將向上湊整至最接近之仙位。

退回文件

倘要約於收購守則准許之時限內在各方面並未成為或宣佈為無條件，則登記處位於香港或新加坡的地址接獲之股票及╱或過戶收據及╱或其他所有權文件（及╱或就此所須之任何獲信納之彌償保證），將以平郵方式盡快（惟無論如何須於要約失去時效後十(10)日內）退回接納要約之要約股東，郵誤風險概由要約股東自行承擔。

– 12 – 安信融資函件

接納要約之影響

於達成該條件的前提下，只要有效之接納表格及相關證書及╱或其他所有權文件（及╱或就此所須之任何獲信納之彌償保證）為完整備妥，並且已由登記處位於香港或新加坡的地址收取，則透過接納要約，要約股東將向要約人出售彼等交出之要約股份，不附帶任何性質的一切留置權、押記、產權負擔、優先購買權及任何其他第三方權利及權益，且須連同其於截止日期之後附帶之一切權利（包括但不限於截止日期之後宣派、作出或支付之任何股息、分派及╱或資本回報（視情況而定）之所有權利）。

接納要約將為不可撤銷及不可撤回，惟收購守則項下允許者除外。

香港印花稅

就接納要約令賣方產生之香港從價印花稅將由接納要約之要約股東支付，稅率相等於(i)要約人就相關接納要約事宜應支付之代價；或(ii)要約股份市值（以較高者為準）之0.1%計算，將於要約獲接納時由要約人應向有關要約股東支付之現金金額中扣除。

要約人將代表接納要約之要約股東安排繳納賣方香港從價印花稅，並將根據香港法例第117章印花稅條例就接納要約及轉讓要約股份繳納買方香港從價印花稅。

稅務意見

要約股東如對接納或拒絕要約之稅務影響有任何疑問，應諮詢其自身之專業顧問。要約人、其一致行動人士、安信融資、安信國際證券、登記處及彼等各自之最終實益擁有人、董事、高級職員、顧問、代理人或聯繫人或參與要約之任何其他人士，概不就任何人士因接納或拒絕要約而產生之任何稅務影響或負債承擔任何責任。

海外股東

要約人擬向所有要約股東（包括居於香港以外地區之人士）提呈要約。向並非香港居民之人士或登記地址位於香港以外地區之人士提呈要約，可能受相關司法權區之適用法律及法規影響。身為香港以外司法權區之公民、居民或國民之海外股東，應遵守其本身司法權區之適用法律或監管規定，並於必要時諮詢彼等自身之專業顧問。有

– 13 – 安信融資函件

意接納要約之海外股東有責任自行完全遵守相關司法權區有關接納要約之法律及法規（包括取得可能需要之任何政府、外匯管制或其他同意或辦理其他必要手續以及監管或法律規定，以及支付有關海外股東就有關司法權區應付之任何轉讓或其他稅項或其他規定款項）。

任何要約股東以及要約股份之實益擁有人作出之任何接納將被視為構成有關要約股東向要約人作出聲明及保證，表示彼等已遵守當地法律及規定。如有疑問，海外股東應諮詢本身之專業顧問。

不可撤銷承諾

不可撤銷承諾之主要條款

日期：二零二零年七月二十九日

訂約方： (1) 要約人； (2) 黃漢發先生； (3) 黃健華先生； (4) 黃美玉女士； (5) 黃美美女士； (6) Petroships；及 (7) 曾繁如先生

於最後實際可行日期，黃氏家族（包括由BOS Trustee Limited持有的股份）及 Petroships分別持有495,242,578股股份及77,876,203股股份，相當於貴公司全部已發行股本約60.81%及9.56%。

有關股東及要約人承諾

受與下列責任及義務有關的條款所規限，各有關股東已不可撤銷地向要約人作出下列承諾：

(i) 有關股東將於寄發本綜合文件起計三(3)個營業日內，接納或促使接納有關承諾股份之要約，以按照本綜合文件的條款構成要約之有效接納；

(ii) 儘管有關股東可能有權根據法律或根據要約的條款撤回任何相關接納，但有關股東不得撤回相關接納；

– 14 – 安信融資函件

(iii) 有關股東於要約截止、失效或遭撤回之前將不會出售、轉讓、處置、出借、質押、抵押或以其他方式設立產權負擔或授出任何期權或其他權利或以其他方式處置任何承諾股份或其中任何權益（無論有條件或無條件），惟就接納要約而作出者除外；

(iv) 有關股東於要約截止、失效或遭撤回之前將以下列方式行使承諾股份所附帶的所有投票權：(a)使要約獲得批准；及(b)反對貴公司採取可能導致要約的任何條件無法達成的任何行動，且擔任貴公司董事的有關股東將履行彼等作為貴公司董事的受信責任，不會採取可能在任何重大方面阻礙要約成功進行的任何行動；

(v) 於要約截止、失效或遭撤回之前，除根據不可撤銷承諾接納要約外，有關股東將不會購買、出售或以其他方式處置任何股份或其中任何權益；

(vi) 於要約截止、失效或遭撤回之前，有關股東將不會招攬、鼓勵、接受、同意接受或表示有意接受要約人以外的任何第三方就任何或全部承諾股份提出之任何有條件或無條件要約（無論以何種方式實施）；

(vii) 於要約截止、失效或遭撤回之前，有關股東將促使貴公司，未經要約人事先書面同意，不向股東宣派、授權、作出或支付任何股息或其他分派（無論以現金、股票或實物）；

(viii) 於要約截止、失效或遭撤回之前，有關股東將不會與任何人士有條件或無條件地訂立任何協議或安排，以進行上述(iii)至(vi)項所禁止的任何行為；及

(ix) 待要約成為無條件時，有關股東成員（Petroships除外）將：

(a) 倘有關股東為貴公司或其附屬公司的董事，根據其作為貴公司或其附屬公司（視情況而定）董事的受信責任，就批准委任要約人可能提名的有關人士擔任貴公司或其附屬公司董事的任何董事會決議案進行投票；

– 15 – 安信融資函件

(b) 於收購守則及適用法律所允許的最早日期辭任貴公司及其附屬公司的董事職務（其須為有關附屬公司的董事）；及

要約人已不可撤回地向有關股東承諾：

(i) 在簽署不可撤銷承諾並獲執行人員及聯交所批准發佈聯合公告後，在合理可行的範圍內盡快根據收購守則發佈聯合公告，並自行承擔所需費用；

(ii) 在不遲於收購守則規則8.2規定的寄發本綜合文件之日期（或於執行人員同意豁免嚴格遵守收購守則規則8.2規定的較晚日期）將有關要約的本綜合文件根據收購守則寄發予股東，並自行承擔所需費用；

(iii) 提出價格不得低於2.597港元之要約；

(iv) 不會於寄發本綜合文件後第60日之前完成要約，除非要約已在所有方面已成為或被宣佈為無條件；

(v) 根據收購守則提出並進行要約，包括遵守收購守則一般原則1，所有股東均須獲得公平待遇，而貴公司內股份屬於同一類別的股東必須獲得類似的待遇；及

(vi) 從任何有關當局、任何股東或要約人之股東、董事、債權人及任何有關當局所要求的任何第三方取得所有允許、批准、牌照、同意、授權、豁免（包括透過任何適用的法定時段或等待期屆滿而將視為獲得的允許）及許可，據要約人董事所深知，其已(i)就要約、刊發聯合公告及寄發本綜合文件獲得珠海港董事會、要約人董事會及要約人唯一股東的批准；(ii)就刊發聯合公告及寄發本綜合文件獲得執行人員的批准；及(iii)就寄發本綜合文件獲得聯交所的批准。

– 16 – 安信融資函件

於最後實際可行日期，要約人已(i)就要約及刊發聯合公告以及寄發本綜合文件獲得珠海港董事會、要約人董事會及要約人唯一股東的相關批准；(ii)就刊發聯合公告及寄發本綜合文件獲得執行人員的批准；及(iii)就寄發本綜合文件獲得聯交所的批准。

有關股東與要約人於不可撤銷承諾項下的所有義務及責任均將失效並終止：

(i) 如聯合公告未於二零二零年八月四日之前發佈；

(ii) 本綜合文件未於收購守則規則8.2規定的寄發本綜合文件之日期（或於執行人員同意豁免嚴格遵守收購守則規則8.2規定的較晚日期）寄發；

(iii) 要約並無根據上述要約人的承諾提出；或

(iv) 撤回要約或要約失去時效時。

可能提出強制性收購之權利及撤回股份上市

根據新加坡公司法第215(1)條，倘要約人根據要約接獲不少於無利害關係股份 90%的有效接納（或以其他方式於要約可供接納期間收購股份），要約人將有權按要約所提呈的相同條款強制收購未接納股份。於最後實際可行日期，要約人、其關聯法團及彼等各自的代名人並無擁有任何股份，且無利害關係股份包括已發行的全部 814,412,028股股份。

根據收購守則規則2.11，除非執行人員同意，任何人士如尋求以要約及運用強制性收購權利的方式收購一家公司或將一家公司私有化，除符合法律所施加的任何規定外，該等權利僅可在因要約獲接納以及要約人及其一致行動人士於強制收購有效期內進行購買而得到的股份（於各種情況下均指無利害關係股份）的總數達到要約股份的 90%的情況下方可獲行使。於最後實際可行日期，要約人及其一致行動人士並無擁有任何股份，且要約股份包括已發行的全部814,412,028股股份。

– 17 – 安信融資函件

根據收購守則規則15.6，凡要約人已在綜合文件內聲明其有意為本身求取任何強制收購權，要約由本綜合文件寄發日期起計四(4)個月後不可繼續供接納，但如該要約人當時已經有權行使該等強制收購權則除外，而在該情況下，要約人必須行使該等權力，不得延誤。

在符合新加坡公司法及收購守則規則2.11項下規定的情況下，要約人計劃透過行使新加坡公司法的權利並根據收購守則規則2.11，強制收購未接納股份，將貴公司私有化。如要約人決定行使此權利並完成強制性收購，則貴公司將成為要約人之全資直接擁有附屬公司，且貴公司將根據上市規則第6.15(1)條提出撤回股份於聯交所上市之申請。

倘於截止日期要約接納水平達致新加坡公司法規定強制性收購的規定水平及收購守則規則2.11的要求獲滿足，自截止日期起至根據上市規則第6.15條從聯交所撤回股份上市期間，股份將暫停買賣。

儘管要約人有意將貴公司私有化，但要約人能否就要約股份行使強制性收購權利視乎要約接納水平是否達致新加坡公司法項下的規定水平及收購守則規則2.11的要求是否獲滿足而定。倘於截止日期根據要約有效提呈接納的要約股份少於要約股份的 90%（就收購守則規則2.11的規定而言）及少於無利害關係股份的90%（就新加坡公司法的規定而言），則要約將不會成為無條件並將告失效，而股份將維持於聯交所上市。

根據新加坡公司法行使強制收購權的程序

倘要約人根據新加坡公司法行使其強制收購權利，要約人須按新加坡公司法規定的方式向未接納股東發出強制收購通知，告知彼等要約人有意於要約接納水平達到新加坡公司法規定須強制收購的規定水平當日起計兩(2)個月內任何時間根據其強制收購權利收購要約股份。要約人根據新加坡公司法行使強制收購權利後，將由要約人按相

– 18 – 安信融資函件

同代價每股股份2.597港元強制收購未接納股份（倘如下文所述未接納股東提出申請反對強制收購，則須受新加坡法院作出的判決規限），收購時間以下列較遲者為準：

• 要約人發出強制收購通知當日起計一(1)個月屆滿後；

• 倘未接納股東如下文所述要求提供未接納股東名單，則為提供未接納股東名單當日起計十四(14)日；或

• 倘未接納股東如下文所述向新加坡法院申請駁回該強制收購，則於該申請獲新加坡法院裁決（經司法常務官於內庭聽審或法官於法庭公開審理）後。

倘要約人根據新加坡公司法通過發出強制收購通知行使其強制收購權利，則未接納股東有權：

• 要求提供未接納股東名單：

未接納股東有權於發出強制收購通知當日起計一(1)個月內，通過向貴公司送達書面需求要求貴公司向未接納股東提供一份載有如貴公司股東名冊所示的所有其他未接納股東的姓名及地址的書面聲明，而要約人無權或無須於提供未接納股東名單後十四(14)日內或於下文所述法院申請（如有）獲新加坡法院裁決前（以較遲者為準）收購未接納股東之未接納股份；及╱或

• 向新加坡法院提出申請：

未接納股東有權以根據法院規則提交誓章支持的原訴傳票方式向新加坡法院申請駁回該強制收購，而該未接納股東須於發出強制收購通知當日起計一(1)個月或提供未接納股東名單當日起計十四(14)日（如上文所述，以較遲者為準）內提出該申請，及於該情況下，於該申請獲新加坡法院裁決（經司法常務官於內庭聽審或法官於法庭公開審理）前，要約人不得收購任何未接納股東（無論該未接納股東

– 19 – 安信融資函件

有否向新加坡法院申請駁回該強制收購）所持未接納股份。於向新加坡法院提出任何相關申請時，未接納股東須載明其尋求救濟的實質原因，並負有舉證責任，向法院證明其反對的理據。

根據新加坡公司法，新加坡法院擁有全權酌情權確定是否在任何有關申請中給予救濟，以及將給予的救濟類型。於評估任何有關申請以及將給予的救濟（如有）時，新加坡法院會考慮（其中包括）根據要約作出的強制收購須遵守收購守則、獨立財務顧問的意見以及要約人因給予任何救濟而可能面臨的損害及法律影響（包括與根據收購守則於要約截止後按高於要約價的價格進行任何收購有關的限制）。鑒於(i)要約價較每股股份經審核綜合資產淨值及股份平均收市價有所溢價；(ii)獨立財務顧問及獨立董事委員會認為要約就股東接納要約而言屬公平合理；及(iii)要約人表示其不會抬升要約價，故新加坡法院授出呈請以高於要約價的價格進行收購的救助的可能性較低。倘收購事項須按高於要約價的價格進行，則有關較高價格將適用於所有接納要約股東及未接納股東。

警告

鑒於上文所述，倘要約人根據新加坡公司法行使其強制收購權利，無論任何未接納股東有否要求提供未接納股東名單或向新加坡法院申請駁回該強制收購，未接納股東較接納要約及要約成為無條件後股東收取代價所需時間更長。

股東如對其於新加坡公司法項下的處境有任何疑問，應尋求其自身的獨立法律意見。

未接納股東謹請留意，彼等直至強制收購完成後方會收到未接納股份的代價。

要約人須就向貴公司收購未接納股份而支付代價，且貴公司應設立一個獨立銀行賬戶，並以信託方式代有權獲得已分別收取的未接納股份的未接納股東持有已收取的任何該等款項及任何其他代價。要約人將須就其正收購的未接納股份向貴公司支付每股未接納股份2.597港元的代價（即與要約相同的條款）。貴公司將通過有關銀行賬戶與未接納股東結清未接納股份的代價。

– 20 – 安信融資函件

倘未接納股東向新加坡法院提呈申請或未接納股東的所有相關申請均已被駁回，則要約人或會於發出強制收購通知之日起一(1)個月或獲提供未接納股東名單之日起十四(14)天（以較晚者為準）內，於貴公司向要約人傳輸相關文件並支付相關代價後要求貴公司將要約人登記為未接納股份的持有人。倘未接納股東向新加坡法院呈請的申請未決，則有關申請須於要約人或會被登記為未接納股份持有人之前優先處理。於將要約人登記為全部未接納股份持有人完成後，要約人應在實際可行情況下盡快促使貴公司根據登記處所持記錄所示的郵寄地址以平郵方式將該銀行賬戶的支票（減去賣方從價印花稅）寄發予未接納股東，郵誤風險概由彼等自行承擔。

公眾持股量

根據上市規則，於要約截止後，倘公眾人士所持有的已發行股份低於25%或倘聯交所認為：

(i) 股份買賣存在或可能存在虛假市場；或

(ii) 公眾人士所持有的股份不足以維持有序市場，

則聯交所將考慮行使其酌情權，暫停股份買賣，直至達致充足公眾持股量為止。

在符合新加坡公司法及收購守則規則2.11項下規定的情況下，要約人計劃透過行使新加坡公司法的權利並根據收購守則規則2.11，強制收購未接納股份，將貴公司私有化。

要約人董事已共同及個別地，及將獲委任加入貴公司董事會之新董事（倘適用）將共同及個別地向聯交所承諾採取適當措施，以確保股份有足夠的公眾持股量，倘要約人無權行使或決定不行使本綜合文件所述的強制收購權。

– 21 – 安信融資函件

貴公司證券之買賣及權益

於有關期間，要約人及其一致行動人士並無買賣任何股份、期權、衍生工具、認股權證或可轉換為股份的其他相關證券（定義見收購守則規則22註釋4）。

要約人確認，於最後實際可行日期，要約人及其一致行動人士並無持有、擁有或控制或指示任何投票權及對貴公司股份、可換股證券、認股權證、期權或衍生工具之權利。

有關要約人之資料

要約人為一家於二零一三年在香港註冊成立的有限公司。要約人主要從事貿易、信息諮詢、物流服務和股權投資。

要約人是珠海港的全資附屬公司，而珠海港是一家在中華人民共和國註冊成立的股份有限公司，其股份在深圳證券交易所上市（股票編號：000507）。珠海港及其附屬公司主要從事(i)港口和航運管理；(ii)物流和供應鏈管理；(iii)能源和環境保護；及(iv) 港口附屬設施的發展。

於最後實際可行日期，珠海港由珠海港控股持有約29.64%，而珠海港控股持有珠海港股份的表決權對珠海港股東大會的決議有重大影響。珠海港控股是一家在中華人民共和國成立的國有企業，並由珠海市國資委全資擁有。

有關貴集團之資料

有關貴集團之資料詳情載於本綜合文件「董事會函件」內「9.有關貴集團之資料」一節。

要約之理由及裨益

要約人董事會之觀點

珠海港集團在中華人民共和國擁有超過10年的港口及航運管理經驗，截至二零一九年十二月三十一日，直接或間接管理及運營六(6)個港口，二零一九年總貨物吞吐量超過3,000萬噸。珠海港集團及其債務於二零一九年六月二十六日獲中誠信證券評估有限公司評為AA+級。

– 22 – 安信融資函件

倘要約人成功收購貴公司，珠海港集團可(i)強化珠江三角洲、香港及中華人民共和國澳門特別行政區之現有國際、內陸及沿海地區航運網絡的優勢；(ii)加強與長江三角洲地區港口、航運和物流企業的合作；(iii)促進港口、航運和物流業務的擴張和發展，實現珠海港集團在長江三角洲和珠江三角洲業務的協同效應；及(iv)加快實現珠海港集團在中國南方建設國際樞紐的企業願景。

要約人認為，要約為珠海港集團帶來的好處是：(a)符合政策方向和珠海港集團的發展戰略；(b)擴大發展能力，為現有企業開發新的增長來源；(c)產生協同效應，提高綜合業務能力；及(d)對珠海港集團的財務指標產生積極影響。

要約價乃經參考(a)股份的現行股價；(b)19家在深圳或上海證券交易所上市並主要從事港口業務的公司之平均企業價值與除利息、稅項、折舊及攤銷前盈利的比率； (c) 貴集團的經營業績、地理優勢和綜合競爭力；及(d) 貴集團的控制權溢價而釐定。

要約人有關貴集團之意向

要約人有意於要約完成後讓貴集團繼續經營現有主要業務。視乎貴集團的業務需求及現時市況，要約人可能探索業務機會以發展貴集團的現有業務。

於最後實際可行日期，董事會由三名執行董事（即黃健華先生、辜卓群先生及黃美玉女士）、一名非執行董事（即李鍾生先生）及三名獨立非執行董事（即陳前康先生、蘇一鳴先生及陳言安先生）組成。

要約人及全體董事的意圖為，在要約成為或宣佈為無條件後，所有現任董事，即黃健華先生、辜卓群先生、黃美玉女士、李鍾生先生、陳前康先生、蘇一鳴先生及陳言安先生，應辭任董事會職務，生效日期為收購守則或其他適用法律所允許的最早日期（以較晚者為準）。

除與上述要約人有關貴集團之意向及上述有意辭任相關外，於最後實際可行日期，要約人無意(i)於要約完成後對貴集團現有營運及業務帶來任何重大變動；(ii) 終止聘用貴集團任何僱員；或(iii)出售或重新調動貴公司的固定資產（於其一般及

– 23 – 安信融資函件

日常業務過程中進行者則除外）。要約人將繼續確保有良好企業管治、不時監察和審視貴集團的業務及營運，並採取其認為必要或合適的行動優化貴集團的價值。

接納及結算

謹請閣下垂注要約的其他條款，包括本綜合文件附錄一及隨附接納表格所載有關要約的接納及結算程序及接納期。

一般資料

為確保全體要約股東獲平等待遇，以代名人身份代表超過一名實益擁有人持有任何股份的該等登記要約股東，務請在切實可行情況下盡量獨立處理各實益擁有人所持股份。為令以代名人的名義登記其投資的股份實益擁有人接納要約，其務必就其對要約的意向向其代名人提供指示。

謹請海外股東垂注本綜合文件所載「重要通告」一節及本綜合文件附錄一「7.海外股東」一節。

所有文件及股款將以平郵方式寄發予要約股東，郵遞風險概由彼等自行承擔。該等文件及股款將按要約股東於貴公司股東名冊所示之地址寄予彼等，或如屬聯名要約股東，則寄予於貴公司股東名冊上名列首位之要約股東。要約人及其一致行動人士、安信融資、安信國際證券、登記處及彼等各自之最終實益擁有人、董事、高級職員、顧問、代理或聯繫人或參與要約之任何其他人士概不對任何匯款遺失或延誤或可能因此而引致之任何其他責任負責。進一步詳情載於本綜合文件附錄一及隨附接納表格。

警告

股東及潛在投資者務請留意，要約須待該條件達成後，方告作實。因此，要約未必會成為無條件。貴公司股東及潛在投資者於買賣股份時務請審慎行事。對彼等狀況存有任何疑問之貴公司股東及潛在投資者，應諮詢彼等的持牌證券交易商或註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。

其他資料

謹請閣下垂注本綜合文件附錄及隨附接納表格（其為本綜合文件之一部分）所載之其他資料。此外，亦謹請閣下垂注本綜合文件第26至30頁「董事會函件」、本綜

– 24 – 安信融資函件

合文件第31至32頁「獨立董事委員會函件」及本綜合文件第33至57頁「獨立財務顧問函件」（內容有關彼等各自就要約作出之推薦建議及意見），方決定是否接納要約。

此致

列位要約股東台照

代表安信融資（香港）有限公司董事總經理董事謝源章陳敏思謹啟

二零二零年八月二十六日

– 25 – 董事會函件

XINGHUA PORT HOLDINGS LTD. 興華港口控股有限公司* （於新加坡共和國註冊成立之有限公司）（香港股份代號：01990）

執行董事：註冊辦事處及新加坡總部：黃健華 7 Temasek Boulevard 辜卓群 #16-01 黃美玉 Suntec Tower One Singapore 038987 非執行董事：李鍾生香港主要營業地點：香港獨立非執行董事：北角陳前康電氣道148號31樓蘇一鳴陳言安中國內地主要營業地點：中國江蘇省常熟市新港鎮興華港區一路1號

敬啟者：

為及代表珠海港香港有限公司提呈收購興華港口控股有限公司之全部已發行股份之自願性有條件全面現金要約及建議撤銷興華港口控股有限公司之上市地位

1. 緒言

茲提述要約人與本公司所發佈日期為二零二零年七月二十九日之聯合公告，宣佈安信國際證券代表要約人有意提呈自願性有條件全面現金要約，以收購全部已發行股份。

* 僅供識別

– 26 – 董事會函件

本綜合文件（本函件為其中一部分）旨在向閣下提供（其中包括）：(i)與本集團、要約人及要約相關的資料；(ii)載有（其中包括）要約詳情的安信融資函件；(iii)載有獨立董事委員會就要約致股東之推薦建議函件；及(iv)載有獨立財務顧問就要約致獨立董事委員會之意見及推薦建議函件。

2. 獨立董事委員會及獨立財務顧問

本公司董事會已成立獨立董事委員會，成員包括全體獨立非執行董事陳前康先生、蘇一鳴先生及陳言安先生，以及非執行董事李鍾生先生，以就要約是否公平合理以及就接納要約事宜向股東提出推薦建議。

根據收購守則規則2.8，獨立董事委員會成員均為於要約中並無擁有任何直接或間接權益（彼等於股份中的權益（如有）除外）的非執行董事。

經獨立董事委員會批准後，富域資本有限公司已獲本公司委任為獨立財務顧問，以就要約以及要約條款是否公平合理以及就接納要約事宜向獨立董事委員會提供意見。

3. 要約

誠如本綜合文件「安信融資函件」所述，安信國際證券正代表要約人作出要約。接納要約的股東將以現金方式收到要約價每股股份2.597港元。要約對象延伸至全體股東。

本綜合文件「安信融資函件」載述，倘於聯合公告日期後及於截止日期或之前作出或支付有關股份的任何股息、分派或資本回報，要約人將從要約價中扣除相當於該等股息、分派或資本回報的全部或任何部分金額或價值。於最後實際可行日期，(i)自支付本公司二零一九年年報所披露截至二零一九年十二月三十一日止年度的中期股息起，本公司並無公告、宣派或支付任何股息、分派或資本回報；及(ii)董事會無意建議於截止日期或之前宣派或支付任何股息、分派或資本回報。

– 27 – 董事會函件

要約的進一步詳情可參閱本綜合文件內的「安信融資函件」及「附錄一－要約之其他條款及接納手續」及隨附接納表格，該等文件載有要約的條款及條件以及若干相關資料。

4. 要約條件

敬請閣下垂注本綜合文件「安信融資函件」內「要約條件」一節，當中載列要約條件。

5. 可能強制收購及撤回上市

強制收購之條件

根據新加坡公司法第215(1)條，倘要約人根據要約接獲不少於無利害關係股份 90%的有效接納（或以其他方式於要約可供接納期間收購股份），要約人將有權按要約所提呈的相同條款向不接納要約的股東強制收購全部剩餘要約股份。

根據收購守則規則2.11，除非執行人員同意，任何人如尋求以要約及運用強制性收購權利的方式收購一家公司或將一家公司私有化，除符合法律所施加的任何規定外，要約人及與其一致行動的人士在最初的要約文件發出後的四個月內所接納要約及購買的股份（就要約人或與其一致行動的人士所擁有的股份以外的股份而言）的總數達到除要約人或與其一致行動的人士所擁有的股份以外的股份的90%，要約人方可行使該等權利。

要約人有意將本公司私有化

在符合新加坡公司法及香港收購守則項下的上述規定的情況下，本公司知悉要約人計劃透過行使其權利，強制收購要約項下未由要約人收購的要約股份，將本公司私有化。如要約人決定行使此權利並完成強制性收購，則本公司將成為要約人之全資直接擁有附屬公司，並將根據上市規則第6.15(1)條提出從聯交所撤回股份上市之申請。

倘於截止日期要約接納水平達致新加坡公司法規定強制性收購的規定水平及香港收購守則規則2.11的要求獲滿足，自截止日期起至根據上市規則第6.15條從聯交所撤回股份上市期間，股份將暫停於聯交所買賣。

– 28 – 董事會函件

要約人能否就要約股份行使強制性收購權利視乎要約接納水平是否達致新加坡公司法項下的規定水平及收購守則規則2.11的要求是否獲滿足而定。

6. 要約人有關本集團之意向

敬請閣下垂注本綜合文件「安信融資函件」內「要約人有關貴集團之意向」一節，當中載列要約人對本集團的意向。本公司董事會已知悉有關意向。本公司董事會認為要約人對本集團及其僱員的意向將不會對本集團的現有業務產生重大影響。

7. 要約之理由及裨益

謹請閣下垂注本綜合文件「安信融資函件」內「要約之理由及裨益」一節，當中載列要約的理由及對股東、本公司、要約人及要約人股東之裨益。

8. 有關要約人之資料

有關要約人之資料，謹請閣下垂注本綜合文件「安信融資函件」內「有關要約人之資料」一節及「附錄三－要約人之一般資料」所載要約人之一般資料。

9. 有關本集團之資料

本公司是一家投資控股公司，通過其附屬公司在中華人民共和國擁有並經營位於江蘇省常熟市兩個交通便利的多用途港口，即常熟興華港口（由常熟興華港口控股有限公司經營）及位於隔鄰的常熟長江港務港口（由常熟長江港務有限公司經營）。

謹請閣下亦垂注本綜合文件「附錄二－本集團之財務資料」及「附錄四－本公司之一般資料」所載本集團的其他資料。

– 29 – 董事會函件

10. 其他資料

有關要約及要約之接納及結算程序的資料，務請閣下閱讀本綜合文件「安信融資函件」及「附錄一－要約之其他條款及接納手續」以及隨附接納表格。謹請閣下亦垂注本綜合文件各附錄所載其他資料。

11. 推薦建議

獨立財務顧問已向獨立董事委員會提供意見，認為要約條款對股東而言屬公平合理，因此其建議獨立董事委員會推薦股東接納要約。獨立董事委員會聽取建議後認為要約條款對股東而言屬公平合理，因此推薦股東接納要約。

獨立財務顧問及獨立董事委員會在作出推薦建議的同時提醒股東（特別是擬接納要約的股東）留意近期的股價波動。概不能保證要約期及之後股份當時市價將會或不會維持及將會或不會高於要約價。擬接納要約的股東務請密切監察要約接納期間股份的市價及流動性，如出售股份的所得款項淨額將高於根據要約應收款項，應在考慮自身情況及投資目標後在公開市場上出售股份，而不接納要約。彼等亦應留意到要約須待該條件達成後方可作實，包括要約人接獲要約股份的有效接納，其將導致要約人持有至少90%的要約股份，並另外附帶條件訂明，於所持股權中，要約人亦將持有至少 90%的無利害關係股份。因此，要約未必會成為無條件。

獨立董事委員會致股東的函件全文載於本綜合文件第31至32頁。獨立財務顧問致股東的函件全文載於本綜合文件第33至57頁。閣下就要約採取任何行動前務請仔細閱讀本綜合文件所載兩份函件及其他資料。

建議股東就接納要約可能產生的稅務影響諮詢彼等各自的專業顧問。

此致列位股東台照

代表董事會興華港口控股有限公司主席兼執行董事黃健華謹啟

二零二零年八月二十六日

– 30 – 獨立董事委員會函件

XINGHUA PORT HOLDINGS LTD. 興華港口控股有限公司* （於新加坡共和國註冊成立之有限公司）（香港股份代號：01990）

敬啟者：

1. 緒言

吾等已獲本公司董事會委任組成獨立董事委員會，以就要約的條款及條件對股東而言是否公平合理（以吾等的觀點而言）及是否接納要約向閣下提供推薦建議。

吾等作為獨立董事委員會成員，謹此聲明吾等具有獨立地位且並無涉及要約的任何利益衝突，故能夠考慮要約的條款並向股東提供推薦建議。

富域資本有限公司經吾等同意已獲委任為獨立財務顧問，以就要約條款及條件以及是否接納要約向吾等提供意見及推薦建議。其意見及推薦建議的詳情及達致其推薦建議所考慮的主要因素載於綜合文件的「獨立財務顧問函件」。

* 僅供識別

– 31 – 獨立董事委員會函件

吾等亦請閣下垂注載列於綜合文件的「安信融資函件」、「董事會函件」及其他資料，包括綜合文件附錄以及隨附之接納表格。

2. 推薦建議

考慮到獨立財務顧問的意見及推薦建議，特別是「獨立財務顧問函件」所載的因素、原因及推薦建議，吾等同意其意見，並認為要約條款對股東而言公平合理，並建議股東接納要約。

股東（特別是擬接納要約的股東）務請留意近期的股價波動。概不能保證要約期及之後股份當時市價將會或不會維持及將會或不會高於要約價。擬接納要約的股東務請密切監察要約接納期間股份的市價及流動性，如出售股份的所得款項淨額將高於根據要約應收款項，應在考慮自身情況及投資目標後在公開市場上出售股份，而不接納要約。彼等亦應留意到要約須待該條件達成後方可作實，包括要約人接獲要約股份的有效接納，其將導致要約人持有至少90%的要約股份，並另外附帶條件訂明，於所持股權中，要約人亦將持有至少90%的無利害關係股份。因此，要約未必會成為無條件。

儘管吾等已提出推薦建議，務請股東因應彼等本身的個別情況及投資目標而決定變現或持有於本公司的投資。若有疑問，務請股東諮詢彼等之專業顧問以取得專業意見。

此致

列位股東台照

興華港口控股有限公司獨立董事委員會

李鍾生陳前康蘇一鳴陳言安

謹啟

二零二零年八月二十六日

– 32 – 獨立財務顧問函件

以下為獨立財務顧問富域資本有限公司就要約向獨立董事委員會發出之意見函件全文，乃供載入本綜合文件而編製。

香港中環擺花街18-20號嘉寶商業大廈 25樓2502室

敬啟者：

安信國際證券（香港）有限公司為及代表珠海港香港有限公司提呈收購興華港口控股有限公司之全部股份之自願性有條件全面現金要約（不包括珠海港香港有限公司及其一致行動人士已擁有或同意將收購的股份）

緒言

謹此提述吾等獲委聘為獨立財務顧問，以就要約向獨立董事委員會提供意見，有關詳情載於貴公司與要約人所聯合刊發日期為二零二零年八月二十六日致要約股東之綜合文件（「綜合文件」）所載之董事會函件（「董事會函件」），而本函件為其中一部分。除另有說明者外，本函件所用詞彙與綜合文件所界定者具有相同涵義。

誠如董事會函件所述，於二零二零年七月二十九日，要約人與貴公司聯合宣佈，安信國際證券將為及代表要約人提呈自願性有條件全面現金要約，以收購全部要約股份。

貴公司已成立獨立董事委員會，由概無於要約中擁有任何直接或間接權益（不包括彼等於股份之權益（倘有））之全體獨立非執行董事陳前康先生、蘇一鳴先生及陳言安先生以及非執行董事之李鍾生先生組成，以就要約條款對要約股東而言是否屬公平

– 33 – 獨立財務顧問函件

合理及是否接納要約向要約股東提供意見。身為獨立財務顧問，吾等之角色為就要約條款是否屬公平合理及是否接納要約向獨立董事委員會提供獨立意見及推薦建議。

獨立性

吾等與貴公司、要約人、彼等各自主要股東及財務或其他專業顧問或任何一致行動或推定與任何彼等一致行動人士均無聯繫或關連。

於要約期開始前最近兩年，貴集團或要約人（一方）與我們（另一方）並無訂約或關連。除就是次獲委任而應付予吾等的一般專業費用外，概不存在任何安排令吾等可自貴公司、要約人、彼等各自主要股東及財務或其他專業顧問或任何一致行動或推定與任何彼等一致行動人士收取任何費用或利益。

因此，根據上市規則第13.84條及收購守則規則2，吾等被視為合資格向獨立董事委員會發表獨立意見。

意見基準

於達致吾等之意見及建議時，吾等倚賴(i)本綜合文件所載或提述的資料及事實； (ii)董事及貴集團管理層所提供的資料；(iii)由董事及貴集團管理層所表達之意見及陳述；及(iv)吾等就相關公開資料之審閱。吾等已假設吾等獲提供的一切資料，以及向吾等表達或本綜合文件所載或提述的陳述及意見於本綜合文件日期在各重大方面均屬真實、準確及完整，並可加以倚賴。吾等亦已假設本綜合文件所載之所有聲明及作出或提述之陳述於作出時在所有重大方面皆屬真實，且於最後實際可行日期在所有重大方面仍屬真實，而董事及貴集團管理層之所有信念、意見及意向聲明以及本綜合文件所載或提述之該等聲明乃經審慎周詳查詢後合理作出。吾等並無理由懷疑董事及貴集團管理層提供的有關資料及陳述之真實性、準確性及完整性。

要約人及珠海港之各董事願就本綜合文件所載資料（不包括任何有關貴集團之資料）之準確性共同及個別承擔全部責任，並在作出一切合理查詢後確認，就彼等所深知，於本綜合文件內表達之意見（不包括董事所表達之意見）乃經審慎周詳考慮後達致，且本綜合文件並無遺漏其他事實，致使本綜合文件所載任何陳述產生誤導。貴公司董事會願就本綜合文件所載有關貴集團之資料之準確性共同及個別承擔全部責

– 34 – 獨立財務顧問函件

任，並在作出一切合理查詢後確認，就彼等所深知，於本綜合文件內表達之意見（不包括要約人董事所表達之意見）乃經審慎周詳考慮後達致，且本綜合文件並無遺漏其他事實，致使本綜合文件所載任何陳述產生誤導。

倘於要約期本綜合文件所披露資料有任何重大變動，貴公司及我們將盡快知會要約股東，在此情況下我們將考慮是否有必要修訂我們的意見及相應通知獨立董事委員會及要約股東。

我們認為，我們已審閱現時可獲得之足夠資料以達致知情見解，並可倚賴本綜合文件所載資料之準確性，為我們的推薦建議提供合理基礎。然而，我們並無對董事及貴集團管理層所提供的資料、作出之陳述或表達之意見進行任何獨立核實，亦未就貴公司或其任何附屬公司及聯營公司之業務、事務、營運、財務狀況或未來前景進行任何形式之深入調查。

吾等並無考慮收購要約股東因接納或不接納要約建議而面對之稅務影響（如有），因此，吾等不會就要約股東可能因要約而引起之任何稅務影響或負債承擔責任。具體而言，須承擔有關證券買賣之海外稅務或香港稅務之要約股東，務請就稅務狀況尋求彼等本身之專業意見。

要約之主要條款

根據綜合文件，安信國際證券為及代表要約人按下列基準提出要約：

每股要約股份 ...... 現金2.597港元，並扣除股息調整（如有）

要約價將不會提升，而要約人並無保留提升要約價之權利。

於最後實際可行日期，貴公司已發行股份為814,412,028股。假設貴公司已發行股本自最後實際可行日期起概無變動且並無進行股息調整，按要約價每股要約股份 2.597港元計算，貴公司之已發行股本總額之價值為2,115,028,036.716港元。

– 35 – 獨立財務顧問函件

所考慮主要因素及理由

1. 貴集團之財務資料

貴集團主要於中國從事兩個港口之營運及相關服務。

下表載列貴公司截至二零二零年六月三十日止六個月及截至二零一九年十二月三十一日止三個年度的綜合財務資料概要，乃分別摘錄自貴公司截至二零二零年六月三十日止六個月的中期業績（「二零二零年中期業績」），及貴公司截至二零一九年十二月三十一日止年度的年報（「二零一九年年報」）及截至二零一八年十二月三十一日止年度的年報（「二零一八年年報」）：

截至十二月三十一日止年度截至六月三十日止六個月二零一七年二零一八年二零一九年二零一九年二零二零年人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元（經審核）（經審核）（經審核）（未經審核）（未經審核）

收益 481,242 404,102 397,096 194,403 229,212 包括：裝卸收入 426,648 332,796 313,154 155,300 182,264 儲存收入 47,785 63,949 79,800 36,904 45,343 租金收入 2,611 1,778 1,775 940 913 其他收入 4,198 5,579 2,367 1,259 692 除稅後溢利 86,952 51,742 83,772 36,499 55,610

於於十二月三十一日六月三十日二零一七年二零一八年二零一九年二零二零年人民幣千元人民幣千元人民幣千元人民幣千元（經審核）（經審核）（經審核）（未經審核）

物業、廠房及設備 1,037,300 1,006,361 1,070,116 1,061,290 資產總值 1,668,593 1,622,577 1,695,286 1,710,050 負債總值 840,192 733,027 756,210 755,602 資產淨值 828,401 889,550 939,076 954,448

– 36 – 獨立財務顧問函件

收益

貴集團之收益由截至二零一七年十二月三十一日止年度（「二零一七財政年度」）約為人民幣481.2百萬元下跌至截至二零一八年十二月三十一日止年度（「二零一八財政年度」）約為人民幣404.1百萬元，且於二零一九年十二月三十一日止年度（「二零一九財政年度」）進一步下跌至約為人民幣397.1百萬元，主要由於(a)二零一八財政年度之事故導致貴集團之兩個港口暫停營運；及(b)建造新貨倉及升級八座貨倉的系統，令貴集團港口受到用作儲存的露天堆場面積較小所限制，導致於二零一九財政年度內貴集團處理的工程設備貨量減少所致。

貴集團之收益由截至二零一九年六月三十日止六個月（「二零一九年上半年」）約為人民幣194.4百萬元增加至截至二零二零年六月三十日止六個月（「二零二零年上半年」）約為人民幣229.2百萬元，主要由於上述新貨倉的完成及八座貨倉系統的升級，從而騰出更多堆場空間，令二零二零年上半年內處理的貨量較二零一九年上半年有所增加所致。

除稅後溢利

貴集團之除稅後溢利由二零一七財政年度約為人民幣87.0百萬元下跌至二零一八財政年度約為人民幣51.7百萬元，主要由於二零一八財政年度之上述事故導致貴集團之兩個港口停止營運所致。

貴集團之除稅後溢利由二零一八財政年度約為人民幣51.7百萬元增加至二零一九財政年度約為人民幣83.8百萬元，主要由於(a)於二零一九財政年度較低的分包叉車司機費用；(b)減少租用設備及外間儲存面積減少；及(c)維修成本、保險費、法律費用、安全相關開支及差旅費用下降所致。

貴集團之除稅後溢利由二零一九年上半年約為人民幣36.5百萬元增加至二零二零年上半年約為人民幣55.6百萬元，主要由於二零二零年上半年內貴集團處理的貨量較上文所論述之二零一九年上半年有所增加所致。

資產淨值

於二零一七年、二零一八年及二零一九年十二月三十一日以及二零二零年六月三十日，貴集團之資產淨值分別約為人民幣828.4百萬元、人民幣889.6百萬元、人民幣 939.1百萬元及人民幣954.4百萬元。該增長乃主要由於自二零一七財政年度至二零二零年上半年期間所產生之除稅後溢利所致。

– 37 – 獨立財務顧問函件

2. 貴集團之前景

貴集團於中國江蘇省常熟市經營兩個港口。下表載列常熟港截至二零一九年十二月三十一日止五年及二零二零年上半年的總貨物吞吐量。常熟港包括常熟市的26個港口，包括但不限於貴集團所經營的兩個港口：

年度╱期間總貨物吞吐量千噸

二零一五年 85,071 二零一六年 86,647 二零一七年 88,280 二零一八年 69,697 二零一九年 70,755 二零二零年上半年 38,304

資料來源：常熟市政府網站

如上表所示，常熟港的總貨物吞吐量於二零一五年至二零一七年期間保持穩定，即約85.0百萬噸，並於二零一八年及二零一九年分別大幅減少至約69.7百萬噸及70.8百萬噸，主要歸因於內需疲軟以及中美之間的貿易衝突致使中國二零一八年及二零一九年的經濟增速放緩。

下表載列二零一九年財政年度中國最大的20個港口（就總貨物吞吐量而言）：

排名港口名稱總貨物吞吐量千噸

1 寧波－舟山港 1,120,090 2 上海港 718,770 3 唐山港 656,740 4 廣州港 606,160 5 青島港 577,360 6 蘇州港（附註） 522,750 7 天津港 492,200 8 日照港 463,770 9 煙台港 386,320 10 大連港 366,410 11 南通港 336,200 12 鎮江港 329,160 13 黃驊港 287,610 14 泰州港 282,430

– 38 – 獨立財務顧問函件

排名港口名稱總貨物吞吐量千噸

15 深圳港 257,850 16 南京港 256,890 17 北部灣港 255,680 18 營港 238,180 19 連雲港港 234,560 20 江陰港 223,930 不適用常熟港 70,755

資料來源：中華航運網（www1 .chineseshipping.com.cn），一個經中華人民共和國交通部批准並由上海航運交易所主辦的專業航運網站

附註：蘇州港包括太倉港、張家港港及常熟港。

如上表所示，常熟港僅佔蘇州港總貨物吞吐量約13.5%。此外，常熟港的總貨物吞吐量遠低於江陰港，江陰港在上表中排名第20，遠低於江蘇省的其他主要港口，如南通港（排名11）、鎮江港（排名12）、泰州港（排名14）、南京港（排名16）及連雲港港（排名19）。因此，長遠而言，吾等認為常熟港可能會面臨與江蘇省其他主要港的激烈競爭。

鑒於上文所述，由於

(i) 長遠而言，常熟港可能面臨與江蘇省其他主要港口之間的激烈競爭；

(ii) 中美之間的長期貿易戰已造成並將繼續造成全球供應鏈中斷，其將對物流業產生不利影響；

(iii) 儘管新倉庫近期完工可使貴集團提高紙漿及紙卷的處理能力，這有助於增加截至二零二零年六月三十日止六個月的收入，但有關收入可能難以維持增加趨勢，此乃由於因港口停靠能力增加而對額外泊位的建設受限於地理及環境因素（包括但不限於(1)鄰近河水的港口長度；(2)用於經營堆場、倉庫及其他配套設施的港口土地總規模；(3)港口對應的水深；及(4)通航水道入口），致使貴集團運營港口的長期發展或會受限。

吾等認為，長遠而言，貴集團的業務發展及規模或會受限。

– 39 – 獨立財務顧問函件

3. 有關要約人之背景資料

要約人為一家於二零一三年在香港註冊成立的有限公司。要約人主要從事一般貿易、信息諮詢、物流服務和股權投資。

於最後實際可行日期，珠海港由珠海港控股（珠海港的最大股東）持有約 29.64%，而珠海港控股持有珠海港股份的表決權對珠海港股東大會的決議有重大影響。珠海港控股是一家在中華人民共和國成立的國有企業，並由珠海市國資委全資擁有。

4. 要約人之意向

如綜合文件所載的安信融資函件（「安信融資函件」）所披露，要約人有意於要約完成後讓貴集團繼續經營現有主要業務。視乎貴集團的業務需求及現時市況，要約人可能探索業務機會以發展貴集團的現有業務。

除安信融資函件所詳述的要約人有關貴集團之意向及董事有意辭任外，於最後實際可行日期，要約人無意(i)於要約完成後對貴集團現有營運及業務帶來任何重大變動；(ii)終止聘用貴集團任何僱員；或(iii)出售或重新調動貴公司的固定資產（於其一般及日常業務過程中進行者則除外）。要約人將繼續確保有良好企業管治、不時監察及審視貴集團的業務及營運，並採取其認為必要或合適的行動優化貴集團的價值。

由於要約人在中國從事港口經營，故要約人經營的港口可能與貴集團經營的港口產生協同效應，其乃取決於要約人或會就貴集團實施的任何計劃。

倘於截止日期根據要約有效提呈接納的要約股份少於要約股份的90%（就收購守則規則2.11的規定而言）及少於無利害關係股份的90%（就新加坡公司法的規定而言），則要約將不會成為無條件並將告失效，而股份將維持於聯交所上市。要約人將不會成為貴公司的股東，故不會產生協同效應。

– 40 – 獨立財務顧問函件

倘該條件達成且要約成為無條件，則如安信融資函件所披露，要約人計劃透過行使新加坡公司法的權利並根據收購守則規則2.11，強制收購要約項下未由要約人收購的所有要約股份，將貴公司私有化。如要約人決定行使此權利並完成強制性收購，則貴公司將成為要約人之全資直接擁有附屬公司，且要約股東概不會享有可能產生的協同效應。

5. 有關要約價之分析

(a) 要約價比較

要約價每股要約股份2.597港元（並無考慮任何股息調整的影響）較：

(i) 股份於二零二零年八月二十四日（即最後實際可行日期）在聯交所所報收市價每股約2.51港元溢價約3.47%；

(ii) 股份於最後交易日於聯交所所報收市價每股2.100港元溢價約 23.67%；

(iii) 股份於最後完整交易日於聯交所所報收市價每股2.000港元溢價約 29.85%；

(iv) 股份於截至最後完整交易日（包括該日）止最後連續五個交易日於聯交所所報平均收市價約每股1.974港元溢價約31.56%；

(v) 股份於截至最後完整交易日（包括該日）止最後連續10個交易日於聯交所所報平均收市價約每股2.030港元溢價約27.93%；

(vi) 股份於截至最後完整交易日（包括該日）止最後連續30個交易日於聯交所所報平均收市價約每股1.640港元溢價約58.35%；

(vii) 股份於截至最後完整交易日（包括該日）止最後連續90個交易日於聯交所所報平均收市價約每股1.141港元溢價約127.61%；

– 41 – 獨立財務顧問函件

(viii) 股份於二零一九年十二月三十一日之每股經審核綜合資產淨值約 1.287港元（按最後實際可行日期之已發行股份總數814,412,028股及貴公司二零一九年年報所披露貴集團於二零一九年十二月三十一日之經審核綜合資產淨值人民幣939,076,000元以及中國人民銀行於二零一九年十二月三十一日所報匯率人民幣0.89578元兌1港元計算）溢價約101.79%；及

(ix) 股份於二零二零年六月三十日之每股未經審核綜合資產淨值約1.283 港元（按最後實際可行日期之已發行股份總數814,412,028股及貴公司二零二零年中期業績所披露貴集團於二零二零年六月三十日之未經審核綜合資產淨值人民幣954,448,000元以及中國人民銀行於二零二零年六月三十日所報匯率人民幣0.91344元兌1港元計算）溢價約 102.42%。

(b) 過往股份價格之表現

下圖顯示於二零一九年七月二十四日（即最後交易日前一年之日）直至最後交易日（包括該日）止期間（「回顧期間」）之股份收市價變動，吾等認為具有合理足夠之時間，以說明股份收市價之過往趨勢及變動水平。

3.000

2.500

2.000

1.500

1.000

0.500

0.000 /07/22 /07/31 /08/09 /08/20 /08/29 /09/09 /09/18 /09/27 /10/10 /10/21 /10/30 /11/08 /11/19 /11/28 /12/09 /12/18 /12/31 /01/10 /01/21 /02/03 /02/12 /02/21 /03/03 /03/12 /03/23 /04/01 /04/14 /04/23 /05/06 /05/15 /05/26 /06/04 /06/15 /06/24 /07/07 /07/16 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20

收市價要約價

資料來源：聯交所網站

如上圖所示，於二零一九年七月二十四日至二零二零年六月十九日止期間，股份之收市價波動介乎0.680港元至1.240港元，且股份平均每日收市價約為 0.976港元。

– 42 – 獨立財務顧問函件

於二零二零年六月二十二日，股份收市價飆升至1.40港元。自上述日期起一直持續該上升趨勢，且股份之收市價於最後交易日達至2.10港元。根據公開可得資料，股份於二零二零年六月二十二日之收市價大幅上升，可能由於有關該等股份潛在交易的某些媒體報導所致。除貴公司於二零二零年六月二十三日發佈內容有關不尋常股份價格波動及成交量之公告外，貴公司於回顧期間並未刊發其他可能與自二零二零年六月二十二日以來股份價格變動相關之公告。

要約價較：

(i) 股份於回顧期間之最高收市價每股2.100港元溢價約23.08%；及

(ii) 股份於回顧期間之最低收市價每股0.680港元溢價約281.91%。

下表載列股份於回顧期間之平均每日成交量（按月呈列）以及股份平均每日成交量佔(i)已發行股份總數；及(ii)公眾股東持有的已發行股份的總數之相應百分比：

平均每日平均每日成交量成交量佔公眾股東佔於月╱ 於月╱ 期末已期末已股份發行股份發行股份交易日股份平均每日總數之總數之期間數目總成交量成交量百分比百分比股份數目股份數目 % （附註）%

二零一九年七月（自二零一九年七月二十四日起） 6 624,800 104,133 0.0128 0.0359 二零一九年八月 22 1,849,550 84,070 0.0103 0.0290 二零一九年九月 21 4,559,775 217,132 0.0267 0.0751 二零一九年十月 21 3,266,720 155,558 0.0191 0.0544 二零一九年十一月 21 2,540,400 120,971 0.0149 0.0426

– 43 – 獨立財務顧問函件

二零一九年十二月 20 1,508,610 75,431 0.0093 0.0267 二零二零年一月 20 2,857,850 142,893 0.0175 0.0506 二零二零年二月 20 1,810,700 90,535 0.0111 0.0320 二零二零年三月 22 1,474,250 67,011 0.0082 0.0237 二零二零年四月 19 1,871,100 98,479 0.0121 0.0349 二零二零年五月 20 8,893,300 444,665 0.0546 0.1574 二零二零年六月 21 30,631,605 1,458,648 0.1791 0.5164 二零二零年七月（直至最後交易日） 17 35,374,000 2,080,824 0.2555 0.7366 回顧期間 250 97,262,660 389,051 0.0478 0.1377

資料來源：聯交所網站

附註：公眾股東持有的股份數目乃根據Petroships及其他公眾股東於各月╱期末持有的股份計算。

如上表所述，股份成交量自二零二零年五月至二零二零年七月（直至最後交易日）大幅上升，乃可能由於有關該等股份潛在交易的某些媒體報導所致。除貴公司於二零二零年六月二十三日發佈內容有關不尋常價格波動及成交量之公告外，貴公司於回顧期間並未刊發其他可能與自二零二零年五月以來股份成交量波動相關之公告。

於回顧期間，股份流通性普遍偏低，且平均每日成交量佔公眾股東持有的已發行股份總數之百分比介乎約0.0237%至0.7366%。股份於回顧期間之平均每日成交量約為389,051股，佔公眾股東於最後實際可行日期持有的已發行股份總數約0.1377%。

– 44 – 獨立財務顧問函件

鑒於上文所述，吾等認為股份於回顧期間之成交量淡薄。

(d) 可資比較公司及可資比較要約分析

(i) 選擇估值方法

市盈率倍數（「市盈率倍數」）、市淨率倍數（「市淨率倍數」）及市銷率倍數（「市銷率倍數」）為公司估值中最常用的三種基準。

市盈率倍數通常為盈利公司所用基準。

市淨率倍數通常用於評估資產負債表上持有足夠有形資產之公司。

市銷率倍數適用於評估盈利或虧損出現波動而收入相對穩定之公司。

經計及(a) 貴集團於二零一七年財政年度、二零一八年財政年度、二零一九年財政年度及二零二零年上半年已產生淨利潤；及(b) 貴集團持有足夠有形資產，乃由於其於二零一七年、二零一八年及二零一九年十二月三十一日以及二零二零年六月三十日維持逾人民幣1,000百萬元的高價值物業、廠房及設備（佔貴集團總資產的60%以上），吾等認為市盈率倍數及市淨率倍數（統稱「倍數」）更適合用於評估股份之估值。

下表載列要約倍數之計算：

市盈率倍數（倍）

基準：市盈率倍數乃按(a) 貴公司根據每股要約價得出之隱含市值約2,115.0百萬港元；及(b) 貴集團於二零一九年財政年度之經審核稅後利潤約人民幣83.8百萬元（相當於約94.6百萬港元）計算。

計算：隱含市值於二零一九年財政年度之經審核稅後利潤

比率： 22.37

市淨率倍數（倍）

– 45 – 獨立財務顧問函件

基準：市淨率倍數乃按(a) 貴公司根據每股要約價得出之隱含市值約2,115.0百萬港元；及(b) 貴集團於二零一九年十二月三十一日之經審核資產淨值約人民幣 939.1百萬元（相當於約1,048.3百萬港元）計算。

計算：隱含市值於二零一九年十二月三十一日之經審核資產淨值

比率： 2.02

就評估要約價之公平性及合理性而言，吾等已得出要約之倍數並將其與於香港上市、市值相若且與貴集團有類似業務營運之公司（「可資比較公司」）之倍數進行比較。

(ii) 選擇可資比較公司

吾等在選擇可資比較公司時已制定以下標準：(a)彼等主要從事中國港口的運營；(b)彼等於聯交所上市；及(c)彼等的市值與貴集團相若，即介乎10億港元至50億港元，貴集團的理論市值乃根據要約價並經參考貴公司於最後實際可行日期的已發行股份總數計算約為21億港元。根據上述選擇標準，吾等已確定3家可資比較公司的詳盡清單。

鑒於可資比較公司的數量有限，儘管滿足上述標準(a)及(b)的其他公司的市值範圍較廣，但吾等決定擴展選擇標準，囊括市值不同但滿足上述選擇標準(a)及(b)的所有公司，以進行比較。根據有關選擇標準，吾等已確定11家公司的詳盡清單（「經擴大可資比較公司」）。

– 46 – 獨立財務顧問函件

下表載列經擴大可資比較公司倍數之概要：

於最後交易日市盈率市淨率公司股份代號的市值倍數倍數（附註1）（附註2）（附註3）百萬港元倍倍

可資比較公司 1 中國通商集團有限公司 1719.HK 1,587 48.52 1.89 2 廈門國際港務股份有限公司 3378.HK 1,936 2.56 0.20 3 日照港裕廊股份有限公司 6117.HK 1,112 6.98 0.47

經擴大可資比較公司 4 招商局港口控股有限公司 0144.HK 30,558 3.31 0.32 5 中遠海運港口有限公司 1199.HK 12,964 4.74 0.29 6 中遠海運控股股份有限公司 1919.HK 33,101 2.88 0.74 7 大連港股份有限公司 2880.HK 8,897 8.81 0.37 8 秦皇島港股份有限公司 3369.HK 6,705 7.17 0.41 9 天源集團控股有限公司 6119.HK 225 9.27 1.65 10 青島港國際股份有限公司 6198.HK 29,794 6.39 0.66 11 遠航港口發展有限公司 8502.HK 187 2.76 0.27

可資比較公司最高 48.52 1.89 最低 2.56 0.20 平均數 19.35 0.85 中位數 6.98 0.47

經擴大可資比較公司最高 48.52 1.89 最低 2.56 0.20 平均數 9.40 0.66 中位數 6.39 0.41

貴公司 2,115 22.37 2.02 （附註4）

資料來源：聯交所網站及各經擴大可資比較公司最近期年度業績

附註1：各經擴大可資比較公司的市值乃根據相關股份於最後交易日的收市價並參考各經擴大可資比較公司於最後交易日的已發行股份總數計算。

附註2：各經擴大可資比較公司之市盈率倍數乃按各自於最後交易日之相關股份收市價除以相關最近期年度業績所披露於各最近期財政年度之每股基本盈利計算。

附註3：各經擴大可資比較公司之市淨率倍數乃按各自於最後交易日之相關股份收市價除以最近期經審核每股資產淨值（乃按最近期經審核資產淨值除以

– 47 – 獨立財務顧問函件

各經擴大可資比較公司之相關最近期年度業績及相關最近期股份發行人的證券變動月報表所披露已發行股份數目計算）計算。

附註4：貴公司的理論市值乃根據發售價並參考貴公司於最後實際可行日期的已發行股份總數計算。

如上表所示，(i)可資比較公司；及(ii)經擴大可資比較公司之市盈率倍數介乎約2.56至48.52。因此，要約之市盈率倍數處於(i)可資比較公司；及(ii)經擴大可資比較公司的市盈率倍數範圍內。

就可資比較公司之市淨率倍數而言，(i)可資比較公司；及(ii)經擴大可資比較公司之市淨率倍數介乎約0.20至1.89。因此，要約之市淨率倍數高於所有經擴大可資比較公司市淨率倍數。

(iii) 選擇私有化前例

吾等已將要約與自二零一九年一月一日起直至最後實際可行日期於聯交所上市的18家公司宣佈的私有化建議（不包括未獲或尚未批准（或（如適用）未達或尚未達規定接納水平）或不含現金註銷代價的私有化建議）（「私有化前例」）進行比較，其為吾等自聯交所網站所能找到且滿足上述篩選標準的私有化建議的詳盡清單。

儘管概無私有化先例從事可與貴集團相比較的業務，但吾等認為，將其各自的要約╱註銷價與當時的收市價進行比較，可為要約股東於考慮要約價在市場中就貴公司及要約股東而言是否屬公平合理時提供參考。

下表說明要約╱註銷價較該等私有化建議各自於(a)當時每股最新資產淨值；(b)最後交易日的收市價；(c)截至最後交易日（包括該日）前最後5 個交易日的平均收市價；(d)截至最後交易日（包括該日）前最後10個交易日的平均收市價；(e)截至最後交易日（包括該日）前最後30個交易日的平均收市價；及(f)截至最後交易日（包括該日）前最後90個交易日的平均收市價的溢價或折讓。吾等認為，儘管各公司的業務性質及規模不同且定價若干方面或為行業特定，以下私有化先例提供要約╱註銷價與成功私有化建議當時現行市價及每股資產淨值之間的比較。

– 48 – 獨立財務顧問函件

） % 個 1 39.0 截至 90 62.10 不適用交易日的（附註最後交易日平均收市價前最後（包括該日） % 個 52.0 39.1 截至 30 95.20 交易日的最後交易日平均收市價前最後（包括該日）

））） % 個 1 1 1 截至 10 不適用不適用不適用交易日的（附註（附註（附註最後交易日平均收市價前最後（包括該日）

） % 個 1 5 36.2 截至 157.70 不適用交易日的（附註前最後最後交易日平均收市價（包括該日）要約╱註銷價較以下價格的溢價╱（折讓） % 27.5 34.3 最後 150.00 收市價交易日的 % (5.5) 8.20 每股 (66.3) 資產淨值伏發電以及照明及家居有物業、投資控股、採購及物流飾品設計及供應鏈地產代理、提供管理及顧問服務、提供公司服務、借貸、金融服務及證券買賣、酒店業務、秘書服務光主要業務持消費品設計、開發以及 3966.HK 股份代號 0056.HK 0494.HK 有限公司有限公司中國寶豐（國際）貴公司聯合地產（香港）利豐有限公司六月二十一日四月二十日三月四日二零二零年初步公佈日期二零二零年二零二零年 1 2 3

– 49 – 獨立財務顧問函件

）） % 個 1 1 截至 90 47.92 72.49 43.90 不適用不適用交易日的（附註（附註最後交易日平均收市價前最後（包括該日） % 個 4.25 截至 30 42.45 53.17 45.20 82.17 交易日的最後交易日平均收市價前最後（包括該日）

）） % 個 1 1 7.57 截至 10 31.43 40.92 不適用不適用交易日的（附註（附註最後交易日平均收市價前最後（包括該日）

）） % 個 1 1 5 8.43 截至 49.10 91.26 不適用不適用交易日的（附註（附註前最後最後交易日平均收市價（包括該日）要約╱註銷價較以下價格的溢價╱（折讓） % 最後 52.20 91.78 34.07 12.50 16.28 收市價交易日的

） % 1 每股 44.30 19.91 198.34 111.58 不適用

資產淨值（附註合成產品、基因 DNA 配飾工程服務、生命科學研究耗材、蛋白質和抗體相關產品及服務易、小麥加工及啤酒原料物業投資銷售名牌時裝、化妝品及主要業務提供民辦教育服務提供油籽加工、大米加工及貿 0020.HK 0647.HK 股份代號 8105.HK 1035.HK 0606.HK 生命科學有限公司有限公司會德豐有限公司 Joyce Boutique Group Limited 貴公司皇岦國際教育企業集團 BBI 中國糧油控股有限公司二月二十七日十二月十二日一月二十九日一月二十日十一月二十七日二零二零年二零一九年初步公佈日期二零二零年二零二零年二零一九年 4 7 5 6 8

– 50 – 獨立財務顧問函件

） % 個 1 截至 90 53.20 54.17 51.28 不適用交易日的（附註最後交易日平均收市價前最後（包括該日） % 個截至 30 81.31 56.80 54.81 55.72 交易日的最後交易日平均收市價前最後（包括該日）

）） % 個 1 1 截至 10 58.09 64.40 不適用不適用交易日的（附註（附註最後交易日平均收市價前最後（包括該日）

） % 個 1 5 截至 37.55 50.95 43.82 不適用交易日的（附註前最後最後交易日平均收市價（包括該日）要約╱註銷價較以下價格的溢價╱（折讓） % 最後 63.10 37.55 18.73 29.12 收市價交易日的 % 4.62 每股 18.35 (18.10) (28.16) 資產淨值擁有廣泛的物流覆蓋網絡手錶的製造與銷售、國際工程及貿易物流業務、船舶建造及工程、採購及建設項目經營百貨店及超市亞洲區汽車及消費品分銷，主要業務發電平板顯示屏、印製電路板及 1700.HK 1828.HK 股份代號 0958.HK 0161.HK 有限公司華地國際控股有限公司大昌行集團有限公司貴公司華能新能源股份有限公司中航國際控股股份十一月一日十月二十日十月三日十月二日二零一九年二零一九年初步公佈日期二零一九年二零一九年 9 10 11 12

– 51 – 獨立財務顧問函件

） % 個 1 截至 90 26.50 56.52 不適用交易日的（附註最後交易日平均收市價前最後（包括該日） % 個截至 30 29.40 44.44 54.50 交易日的最後交易日平均收市價前最後（包括該日）

） % 個 1 截至 10 12.00 33.42 不適用交易日的（附註最後交易日平均收市價前最後（包括該日）

） % 個 1 5 截至 46.77 31.46 不適用交易日的（附註前最後最後交易日平均收市價（包括該日）要約╱註銷價較以下價格的溢價╱（折讓） % 最後 41.39 10.00 23.43 收市價交易日的 % 每股 52.80 10.01 (23.94) 資產淨值電話、平板電腦、影音產品以及原始設計製造服務業務的發展、製造、銷售及研究監視器、液晶電視、移動經營零售門店主要業務衛星轉發器能力供應 0903.HK 0121.HK 股份代號 1135.HK 冠捷科技有限公司卜蜂蓮花有限公司貴公司亞洲衛星控股有限公司八月十二日六月十八日六月二十七日二零一九年二零一九年初步公佈日期二零一九年 13 15 14

– 52 – 獨立財務顧問函件 % 個截至 90 46.63 24.38 101.90 交易日的最後交易日平均收市價前最後（包括該日） % 個截至 30 78.10 47.78 17.37 交易日的最後交易日平均收市價前最後（包括該日）

） % 個 1 截至 10 60.80 36.86 不適用交易日的（附註最後交易日平均收市價前最後（包括該日）

）） % 個 1 1 5 截至 54.83 不適用不適用交易日的（附註（附註前最後最後交易日平均收市價（包括該日）要約╱註銷價較以下價格的溢價╱（折讓） % 最後 23.97 10.62 41.90 收市價交易日的 % 每股 16.01 42.05 (35.10) 資產淨值緊急控制系統以及控制閥供應業務，及相關之維修保養及工程服務，以及醫院業務製造及銷售發展、建設、擁有、經營及管理石油化工行業的安全及玻璃纖維織物的設計、主要業務於中國從事清潔能源發電廠 0569.HK 1197.HK 股份代號 0735.HK 有限公司中國自動化集團有限公司中國恒石基業有限公司貴公司中國電力清潔能源發展六月十四日四月四日三月二十八日二零一九年二零一九年初步公佈日期二零一九年 16 17 18

– 53 – 獨立財務顧問函件

） % 個 2 截至 90 51.28 52.31 24.38 101.90 127.61 交易日的（附註最後交易日平均收市價前最後（包括該日）

） % 個 2 4.25 截至 30 52.59 51.88 95.20 58.35 交易日的（附註最後交易日平均收市價前最後（包括該日）

） % 個 2 7.57 截至 10 36.86 38.39 64.40 27.93 交易日的（附註最後交易日平均收市價前最後（包括該日）

） % 個 2 5 8.43 截至 31.56 46.77 55.28 157.70 交易日的（附註前最後最後交易日平均收市價（包括該日）要約╱註銷價較以下價格的溢價╱（折讓） % 最後 29.85 31.60 39.91 10.00 150.00 收市價個連續交易日的平均收市價的溢價。交易日的 90 % 個及每股 10.01 20.53 (66.30) 102.42 198.34 資產淨值個、 30 個、 10 5 貴公司中位數平均值最低值最高值主要業務股份代號貴公司各公司公告有關資料尚未披露於各公司公告。該數字指分別較貴公司股份於截至最後完整交易日（包括該日）前

初步公佈日期

：： 1 2

資料來源：附註附註

– 54 – 獨立財務顧問函件

如上表所示，發售價較(i)每股資產淨值；(ii)最後交易日的收市價；及(iii)股份於截至最後完整交易日（包括該日）前最後5日、10日及30日的平均收市價的溢價分別處於私有化前例的範圍內。此外，要約價較股份於截至最後完整交易日（包括該日）前最後90日的平均收市價的溢價超出所有私有化前例。

(e) 結論

據上文所述，經計及：

(i) 要約價較每股股份於二零二零年六月三十日的未經審核綜合資產淨值及每股股份於回顧期間的最高收市價有所溢價；

(ii) 要約的市盈率倍數處於(a)可資比較公司；及(b)經擴大可資比較公司的範圍內；

(iii) 要約的市賬率倍數高於(a)可資比較公司；及(b)經擴大可資比較公司；

(iv) 要約價較每股資產淨值、最後交易日的收市價以及貴公司股份截至最後完整交易日（包括該日）前最後5日、10日及30日的平均收市價的溢價分別處於私有化前例範圍內。此外，要約價較截至最後完整交易日（包括該日）前最後90日的平均收市價的溢價高於所有私有化前例；及

(v) 股份於回顧期間的成交量較為梳落，

吾等認為要約價就擬通過變現股份投資而退出的要約股東而言屬公平合理。

推薦建議

經考慮上述因素及原因，尤其是：

(i) 如上文「所考慮的主要因素及原因－2. 貴集團的前景」一節所述，長遠而言，貴集團的業務增長及規模或會受限；及

– 55 – 獨立財務顧問函件

(ii) 如上文「所考慮的主要因素及原因－5.要約價之分析－(e)結論」一節所述，要約價就擬通過變現股份投資而退出的要約股東而言屬公平合理，

吾等認為要約條款就要約股東而言屬公平合理。因此，吾等建議獨立董事委員會推薦要約股東接納要約。

要約股東（特別是擬接納要約的股東）應留意股份價格近期有所波動。概不保證股份現時市價於要約期內及之後將或將不會維持及將或將不會高於要約價。擬接納要約之要約股東應密切留意股份於接納要約期間內之市價及流通量，並考慮彼等自身之情況及投資目的以及在出售該等股份所得款項淨額可能高於根據要約收取之淨額情況下，於公開市場出售股份，而不接納要約。彼等亦應留意到要約須待該條件達成後方可作實，藉此要約方接獲要約股份的有效接納，其將導致要約人持有至少90%的要約股份，並另外附帶條件訂明，於所持股權中，要約人亦將持有至少90%的無利害關係股份。因此，要約可能不會成為無條件。

然而，如安信融資函件所載，倘要約人已於截止日期購買不少於90%的要約股份及不少於90%的無利害關係股份，其有意透過行使新加坡公司法的權利並根據收購守則規則2.11，強制收購要約項下未由要約人收購的所有要約股份，將貴公司私有化。如要約人決定行使此權利並完成強制性收購，則貴公司將成為要約人之直接全資附屬公司，並將根據上市規則第6.15條提出從聯交所撤回股份上市之申請。

由於不同股東將有不同投資準則、目標及╱或情況，故吾等建議任何需要就綜合文件任何方面或應採取的行動徵詢意見的股東，務請諮詢持牌證券交易商、銀行經理、律師、專業會計師、稅務顧問或其他專業顧問。

– 56 – 獨立財務顧問函件

要約股東如有意接納要約，應細閱綜合文件、綜合文件附錄及接納表格中所詳述接納要約的程序。

此致

興華港口控股有限公司之獨立董事委員會台照

代表富域資本有限公司董事施慧璇謹啟

二零二零年八月二十六日

施慧璇女士為根據證券及期貨條例可從事第6類（就機構融資提供意見）受規管活動之持牌人士，並為富域資本有限公司之負責人員，彼於企業融資行業擁有約18年經驗。

– 57 – 附錄一要約之其他條款及接納手續

1. 要約之接納手續

為接納要約，閣下須將隨附之接納表格按其上印備之指示填妥及簽署，該等指示構成要約條款之一部分。

(a) 倘閣下之股份之股票及╱或過戶收據及╱或任何其他所有權文件（及╱ 或就此所需任何令人信納之彌償保證）乃以閣下之名義登記，而閣下欲就閣下之股份接納要約，則閣下必須無論如何不遲於首個截止日期下午四時正或要約人在獲執行人員同意下遵照收購守則可能釐定及公佈之有關較後時間及╱或日期，通過郵寄或親身將已正式填妥及簽署之接納表格，連同相關股票及╱或過戶收據及╱或任何其他所有權文件（及╱或就此所需任何令人信納之彌償保證），一併送交登記處寶德隆證券登記有限公司的香港或新加坡地址，信封註明「興華港口控股有限公司－要約」。除非閣下位於新加坡，否則建議閣下將所需文件送交登記處的香港地址。

(b) 倘閣下之股份之股票及╱或過戶收據及╱或任何其他所有權文件（及╱ 或就此所需任何令人信納之彌償保證）乃以代名人公司名義或以閣下本身以外人士之名義登記，而閣下欲就閣下之全部或部分股份接納要約，則閣下必須：

(i) 將閣下之股票及╱或過戶收據及╱或任何其他所有權文件（及╱ 或就此所需任何令人信納之彌償保證）送交代名人公司或其他代名人，並作出指示授權其代表閣下接納要約，並要求其將已正式填妥及簽署之接納表格，連同相關股票及╱或過戶收據及╱或任何其他所有權文件（及╱或就此所需任何令人信納之彌償保證）一併送交登記處的香港或新加坡地址，信封註明「興華港口控股有限公司－要約」；或

– I-1 – 附錄一要約之其他條款及接納手續

(ii) 透過登記處的香港或新加坡地址安排本公司將股份登記於閣下名下，並將已正式填妥及簽署之接納表格，連同相關股票及╱或過戶收據及╱或任何其他所有權文件（及╱或就此所需任何令人信納之彌償保證）一併送交登記處的香港或新加坡地址，信封註明「興華港口控股有限公司－要約」；或

(iii) 倘閣下之股份已透過中央結算系統存放於閣下之持牌證券交易商╱註冊證券機構╱託管銀行，則應於香港中央結算（代理人）有限公司設定之期限或之前指示閣下之持牌證券交易商╱註冊證券機構╱託管銀行授權香港中央結算（代理人）有限公司代表閣下接納要約。為趕及香港中央結算（代理人）有限公司設定之期限，閣下應向閣下之持牌證券交易商╱註冊證券機構╱託管銀行查核處理閣下指示所需時間，並按閣下之持牌證券交易商╱註冊證券機構╱託管銀行之要求向彼等提交閣下之指示；或

(iv) 倘閣下之股份已存放於閣下於中央結算系統之投資者戶口持有人股份戶口，則於香港中央結算（代理人）有限公司設定之期限或之前透過「結算通」電話系統或中央結算系統互聯網系統授權閣下之指示。

(c) 倘閣下已將閣下任何股份之過戶文件以閣下名義送交登記，惟尚未收訖閣下之股票，而閣下欲就閣下之股份接納要約，則閣下亦應填妥及簽署接納表格，並連同閣下已正式簽署之過戶收據一併送交登記處的香港或新加坡地址，信封註明「興華港口控股有限公司－要約」。此舉將被視為向要約人及╱或安信國際證券及╱或彼等各自之代理作出之一項不可撤銷指示及授權，代表閣下在相關股票發出時在登記處的香港地址領取有關股票，並將有關股票送交登記處的香港地址，以及授權及指示登記處按照要約之條款及條件持有有關股票，猶如有關股票連同接納表格一併送交登記處的香港地址。

(d) 倘閣下未能即時交出或已遺失（視情況而定）有關閣下股份之股票及╱ 或過戶收據及╱或其他所有權文件（及╱或就此所需任何令人信納之彌償保證），而閣下欲就閣下之股份接納要約，則閣下亦應填妥及簽署接納表格，並連同聲明閣下已遺失或未能即時交出一份或多份有關閣下股份之股票及╱或過戶收據及╱或其他所有權文件（及╱或就此所需任何令人信納之彌償保證）之函件，一併送交登記處的香港或新加坡地址，

– I-2 – 附錄一要約之其他條款及接納手續

信封註明「興華港口控股有限公司－要約」。閣下如尋獲或可提供該等文件，應於其後盡快將相關股票及╱或過戶收據及╱或任何其他所有權文件（及╱或就此所需任何令人信納之彌償保證）送交登記處的香港或新加坡地址。閣下如遺失閣下之股票及╱或過戶收據及╱或其他所有權文件（及╱或就此所需任何令人信納之彌償保證），亦應致函登記處的香港或新加坡地址索取彌償保證，依據其指示填妥及簽署後交回登記處的香港或新加坡地址。要約人有絕對酌情權決定是否接納未獲即時提供及╱或已遺失股票及╱或過戶收據及╱或任何其他所有權文件之任何股份。

(e) 除非要約人另有決定，否則僅待登記處的香港或新加坡地址不遲於截止日期下午四時正（或要約人在獲執行人員同意下遵照收購守則可能釐定及公佈之有關較後時間及╱或日期）收訖經正式填妥及簽署之接納表格，且登記處已記錄收購守則所規定的接納及相關文件已按此方式收訖並在下列情況下，有關要約之接納方會被視為有效：

(i) 隨附相關股票及╱或過戶收據及╱或其他所有權文件（及╱或就此所需任何令人信納之彌償保證），及倘該等股票及╱或過戶收據及╱ 或其他所有權文件（及╱或就此所需任何令人信納之彌償保證）並非以閣下名義登記，則須連同就確立閣下成為相關股份登記持有人權利之其他文件（例如由登記持有人簽立之相關股份妥為加蓋印花之轉讓文據）；或

(ii) 由登記要約股東或其遺產代理人發出（惟最多僅為登記持股數，並僅以並無根據本段(e)項下另一分段所計入之有關股份所涉及之接納為限）；或

(iii) 經由登記處或聯交所核證。

– I-3 – 附錄一要約之其他條款及接納手續

(f) 倘接納表格乃由登記要約股東以外之人士簽立，則必須出示獲登記處信納之適當授權證明文件。

(g) 概不會就任何接納表格、股票及╱或過戶收據及╱或任何其他所有權文件（及╱或就此所需任何令人信納之彌償保證）發出收據。

2. 結算

(a) 待要約成為或宣佈為無條件後及在接納表格及相關股票及╱或過戶收據及╱或任何其他所有權文件（及╱或就此所需任何令人信納之彌償保證）於各方面均屬有效、完備及齊整且不遲於截止日期下午四時正或要約人根據收購守則可能釐定及公佈之有關較後時間及╱或日期已獲登記處位於香港或新加坡的地址收訖之前提下，將盡快惟無論如何於(i)登記處根據收購守則規則30.2註釋1收訖使有關接納完備及有效之經正式填妥及簽署之接納表格及所有相關文件當日；或(ii)要約在各方面成為或宣佈為無條件之日（以較晚者為準）起計七(7)個營業日內，以支票結付代價（減去賣方從價印花稅）。所有支票均會以平郵方式寄發至相關要約股東之接納表格所示地址，郵誤風險概由彼等自行承擔。

(b) 任何接納要約之要約股東根據要約有權收取之代價將由要約人根據本綜合文件（包括本附錄）及隨附接納表格所載要約條款悉數結付（有關賣方從價印花稅付款除外），而不論是否存在要約人可能另外有權或聲稱有權向有關要約股東提出之任何留置權、抵銷權、反申索或其他類似權利。

3. 接納期及修訂

(a) 要約於二零二零年八月二十六日（星期三）（即寄發本綜合文件日期）提呈，並於該日或之後直至截止日期下午四時正止可供接納。

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(b) 除非要約過往曾在執行人員同意下遵照收購守則經修訂或獲延長，否則接納表格必須由登記處位於香港或新加坡的地址根據相關接納表格上印列之指示不遲於截止日期下午四時正前獲收訖，而要約將於截止日期結束。要約須待於截止日期下午四時正（或要約人在收購守則的規限下可能決定的較後時間或日期）前收到相關數目的要約股份的有效要約接納（且在允許之情況下並無撤回）後方可作實，其將導致要約人持有至少90%的要約股份，並另外附帶條件訂明，於所持股權中，要約人亦將持有至少90%的無利害關係股份。根據收購守則，要約將須於要約成為或宣佈為無條件當日起計最少十四(14)日內維持可供接納。要約人將於要約在各個方面成為無條件時作出公告。

(d) 倘要約人修訂要約條款，所有要約股東（不論彼等是否已接納要約）將有權享有經修訂條款。經修訂之要約必須於刊登經修訂要約文件當日後至少十四(14)日維持可供接納，且不得早於截止日期結束。

(e) 倘要約人延長要約，則將於接納要約之最後時間及日期前以公告方式向該等尚未接納要約之要約股東發出至少十四(14)日通知。

(f) 倘截止日期獲延長，則除文義另有所指外，本綜合文件及接納表格內任何對截止日期之提述將被視為提述如此獲延長之要約截止日期。

4. 公告

(a) 於首個截止日期下午六時正（或執行人員於特殊情況下可能准許之有關較後時間及╱或日期）之前，要約人須知會執行人員及聯交所有關其就要約之

– I-5 – 附錄一要約之其他條款及接納手續

修訂、延長或到期之決定。要約人須於首個截止日期下午七時正前於聯交所網站刊發公告，當中列明收購守則規則19.1所規定其他資料，及要約是否已經修訂、獲延長、到期或已成為或宣佈為無條件。

該公告須列明下列各項：

(i) 已收訖接納要約所涉及要約股份總數；

(ii) 要約人及其一致行動人士於要約期前持有、控制或指派之股份總數及股份權利；

(iii) 要約人及其一致行動人士於要約期內收購或同意收購之股份總數及股份權利；

(iv) 要約人或其一致行動人士已借入或借出之本公司任何有關證券（定義見收購守則規則22註釋4）詳情，惟已轉借或出售之任何借入股份除外；及

(v) 該等數目在本公司有關股本類別及表決權中所佔百分比。

(b) 計算接納所代表股份總數時，僅完備、齊整及符合收購守則規則30.2註釋1 且不遲於截止日期下午四時正（即接納要約之最後時間及日期）已獲登記處位於香港或新加坡的地址收訖之有效接納，方獲納入計算。

5. 代名人登記

為確保所有要約股東獲公平對待，作為代名人為超過一名實益擁有人持有任何要約股份之登記要約股東，應於實際可行情況下分開處理每名實益擁有人之股權。要約股份之實益擁有人（其投資以代名人名義登記）如接納要約，務必就其對要約之意向向其代名人提供指示。

– I-6 – 附錄一要約之其他條款及接納手續

6. 撤回權利

要約須待該條件達成後方可作實。要約股東提交之接納應屬不可撤銷及不得撤回，惟下文所載情況除外：

(a) 遵照收購守則規則17（該條規定倘要約於首個截止日期時並無就接納而言成為無條件，則任何要約接納人有權於該日期起計二十一(21)日後撤回其接納）的情況。要約接納人可透過向登記處的香港或新加坡地址發出由接納人簽署的書面通知（或其以書面正式委任的代理人簽署的通知，並連同有關通知出示委任證明）撤回其接納（就要約而言）。

(b) 倘要約人未能遵守本附錄「4.公告」一節所載規定，執行人員可根據收購守則規則19.2要求已提交要約接納之要約股東須按執行人員可予接納之條款獲授撤回權利，直至可符合收購守則規則19.2之規定為止。

在該情況下，當要約股東撤回接納時，要約人須盡快惟無論如何於十(10)日內以平郵方式向有關要約股東退回連同接納表格提交之股票及╱或過戶收據及╱或其他所有權文件（及╱或就此所需任何令人信納之彌償保證），郵誤風險概由彼等自行承擔。

除上述者外，要約接納將屬不可撤銷及不得撤回。

7. 海外股東

要約可提呈予全體股東（包括海外股東）。向非香港居民人士提呈要約可能受相關司法權區之適用法律及法規影響。向非香港居民或登記地址位於香港境外之人士提呈要約可能受相關司法權區之適用法律及法規影響。屬於香港境外司法權區公民、居民或國民之海外股東應自行遵守本身所屬司法權區之任何適用法律或監管規定，並於需

– I-7 – 附錄一要約之其他條款及接納手續

要時自行諮詢彼等之專業顧問。海外股東如欲接納要約，則有責任就接納要約自行全面遵守相關司法權區之法律及規例（包括取得相關司法權區可能需要之任何政府、匯兌管制或其他同意，或遵守其他必要正式手續及監管或法律規定，以及繳付有關海外股東應繳之任何轉讓或其他稅項或其他規定款項）。

海外股東接納要約，將構成有關人士作出聲明及保證，表示其已遵守當地法律及規定，以及有關人士根據所有適用法律獲准許接獲及接納要約及其任何修訂，而有關接納根據所有適用法律將屬有效及具約束力。海外股東如有任何疑問，應諮詢彼等之專業顧問。為免疑慮，香港結算或香港中央結算（代理人）有限公司均不會作出或受限於上述任何聲明及保證。

8. 印花稅

因接納要約而產生有關賣方之香港從價印花稅將須由接納要約之要約股東支付，稅率為(i)要約人就有關要約接納應付之代價；或(ii)要約股份之市場價值（以較高者為準）之 0.1%，並將從要約人於要約獲接納時應付有關要約股東之現金款項中扣除。要約人將根據香港法例第117章印花稅條例就接納要約及轉讓要約股份，安排代接納要約之要約股東支付有關賣方之香港從價印花稅，以及支付有關買方之香港從價印花稅。

9. 稅務意見

要約人、其一致行動人士、安信融資、安信國際證券、登記處及彼等各自之最終實益擁有人、董事、高級職員、顧問、代理或聯繫人或任何其他參與要約之人士，概無責任就其個人稅務影響向要約股東提供意見。要約股東謹請向彼等本身之專業顧問諮詢有關接納要約可能產生之稅務影響。要約人、其一致行動人士、安信融資、安信國際證券、登記處及彼等各自之最終實益擁有人、董事、高級職員、顧問、代理或聯繫人或任何其他參與要約之人士，概不就任何人士因接納或拒絕要約而產生之任何稅務影響或負債承擔任何責任。

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10. 一般事項

(a) 由要約股東交付或接收或發出之所有通訊、通告、接納表格、股票、過戶收據、其他所有權文件（及╱或就此所需任何令人信納之彌償保證）及股款將由彼等或其指定之代理以平郵方式交付或接收或發出，郵誤風險概由彼等自行承擔。有關通訊、通告、文件及股款將按照要約股東於有關接納表格所示地址發送予彼等。要約人、其一致行動人士、安信融資、安信國際證券、登記處及彼等各自之最終實益擁有人、董事、高級職員、顧問、代理或聯繫人或任何其他參與要約之人士，概不就任何匯款遺失或延誤或可能因此而引致之任何其他負債承擔任何責任。

(b) 倘接納表格並無列明股份數目，或接納人於接納表格列明之股份數目超過接納人名下作為持有人登記持有之股份數目或接納人向登記處的香港或新加坡地址提交之相關股票及╱或過戶收據及╱或其他所有權文件（及╱或就此所需任何令人信納之彌償保證）所代表之股份數目，則接納表格將被退回，以供接納人更正並重新提交。任何經更正之接納表格必須於接納要約之最後時間或之前重新提交並由登記處位於香港或新加坡的地址收訖，方會獲納作符合接納條件。

(d) 意外漏寄本綜合文件及╱或接納表格或其中任何一份文件予提呈要約之對象，將不會導致要約於任何方面失效。

(e) 要約受及所有接納將受香港法律規管並須按香港法律詮釋。

(f) 要約乃遵照收購守則提呈。

(g) 根據收購守則規則30.2註釋1正式簽立接納表格，將構成授權要約人、安信國際證券或其代理或要約人及╱或安信國際證券可能指派之人士代表接納要約之人士填妥、修訂及簽立以及採取任何其他可能屬必要或適宜之行動，以便將有關已接納要約人士之股份歸屬予要約人或其可能指派之人士。

– I-9 – 附錄一要約之其他條款及接納手續

(h) 要約股東接納要約，將被視為構成有關人士向要約人及安信國際證券保證，表示根據要約收購之要約股份乃由有關要約股東出售或提供，且免除任何性質的一切留置權、押記、產權負擔、優先購買權及任何其他第三方權利及權益，且須連同其於截止日期之後附帶之一切權利（包括但不限於截止日期之後宣派、作出或支付之任何股息、分派及╱或資本回報（視情況而定）之所有權利）。為免疑慮，香港結算或香港中央結算（代理人）有限公司均不會作出或受限於上述任何聲明及保證。

(i) 任何代名人接納要約，將被視為構成該代名人向要約人保證，表示其於接納表格指定之股份數目乃該代名人獲接納要約之實益擁有人授權代為持有之股份總數。

(j) 於本綜合文件及接納表格內提述之要約均包括其任何延長及╱或修訂。

(k) 任何接納要約之要約股東將須承擔支付其於任何有關司法權區應繳付之任何其他轉讓或註銷款項或其他稅務或稅項之責任。

(l) 除支付印花稅外，任何要約股東根據要約有權收取之代價將根據要約條款悉數落實結付，而不論是否存在要約人可能另外有權或聲稱有權向有關要約股東提出之任何留置權、抵銷權、反申索或其他類似權利。

(m) 就詮釋而言，本綜合文件及接納表格之中英文本如有歧義，概以英文本為準。

(n) 要約股東於作出決定時，必須自行評估要約人、本集團及要約之條款，包括所涉及裨益及風險。本綜合文件之內容（包括當中所載任何一般意見或推薦建議）連同接納表格不應被詮釋為要約人、安信融資、安信國際證券、登記處或彼等各自之專業顧問所提供之任何法律或商業意見。股東應自行諮詢彼等專業顧問之專業意見。

(o) 本綜合文件乃為遵守要約於香港適用之立法及監管規定以及聯交所之運作規則而編製。

– I-10 – 附錄二本集團之財務資料

1. 本集團之財務資料概要

下文載述本集團截至二零一七年、二零一八年及二零一九年十二月三十一日止年度之經審核綜合財務業績（摘錄自本公司二零一八年及二零一九年年報所載之本集團各經審核綜合財務報表）以及本集團截至二零二零年六月三十日止六個月之未經審核財務業績（摘錄自本公司日期為二零二零年七月二十八日的中期業績公告所載之綜合財務報表）概要：

截至二零二零年截至十二月三十一日止年度六月三十日二零一七年二零一八年二零一九年止六個月人民幣千元人民幣千元人民幣千元人民幣千元（未經審核）

收入 481,242 404,102 397,096 229,212 其他收入及收益 1,514 2,534 7,740 9,905 分包成本 (92,593) (65,100) (64,488) (39,582) 配送成本、已用消耗品及燃料 (50,681) (39,233) (28,392) (16,305) 僱員福利開支 (42,134) (54,794) (57,255) (32,660) 折舊及攤銷開支 (49,471) (60,641) (59,565) (28,208) 租賃成本 (20,217) (15,822) (9,046) (4,796) 其他經營開支 (50,466) (47,718) (40,385) (20,912) 其他開支 (31,674) (19,036) (9,046) (4,744) 融資成本 (36,238) (33,035) (30,671) (15,093) 應佔聯營公司利潤 11,884 8,156 10,744 6,121

稅前利潤 121,166 79,413 116,732 82,938 所得稅開支 (34,214) (27,671) (32,960) (27,328)

年╱期內利潤 86,952 51,742 83,772 55,610

以下人士應佔利潤：本公司權益持有人 70,768 50,663 78,585 51,768 非控股權益 16,184 1,079 5,187 3,842

86,952 51,742 83,772 55,610

– II-1 – 附錄二本集團之財務資料

以下人士應佔全面收益總額：本公司權益持有人 60,599 50,697 78,585 51,768 非控股權益 16,113 1,079 5,187 3,842

76,712 51,776 83,772 55,610

向股東派付股息 – 31,730 32,246 37,238 本公司權益持有人應佔每股盈利（人民幣分） 9.1 6.2 9.7 6.4 年度╱期間每股股息（港仙） 4.5 4.5 5.0 –

除上述經審核綜合財務業績概要所披露者外，本集團於截至二零一七年、二零一八年及二零一九年十二月三十一日止任何年度以及截至二零二零年六月三十日止六個月的綜合財務報表並無屬重大之收支項目。

本集團於截至二零一七年、二零一八年及二零一九年十二月三十一日止任何年度的核數師報告均不包含修訂意見、強調事項或與持續經營相關的重大不確定因素。

2. 以提述方式載列的資料

本集團於二零一九年十二月三十一日及截至該日止年度的其他財務資料已於報告內刊載如下：

(a) 本集團於截至二零一九年十二月三十一日止年度的綜合損益及其他全面收益表載於本公司截至二零一九年十二月三十一日止年度的年報第63頁，該年報刊載於本公司網站(https://files .services/fil es/401/2020/0414/20200414181501_87574262_en.pdf)。 – II-2 – 附錄二本集團之財務資料

(b) 本集團及本公司於二零一九年十二月三十一日的綜合財務狀況表載於本公司截至二零一九年十二月三十一日止年度的年報第64頁，該年報刊載於本公司網站(https://files .services/fil es/401/2020/0414/20200414181501_87574262_en.pdf)。

(c) 本集團及本公司於截至二零一九年十二月三十一日止年度的綜合權益變動表載於本公司截至二零一九年十二月三十一日止年度的年報第65至 66頁，該年報刊載於本公司網站(https://files .services/fil es/401/2020/0414/20200414181501_87574262_en.pdf)。

(d) 本集團於截至二零一九年十二月三十一日止年度的綜合現金流量表載於本公司截至二零一九年十二月三十一日止年度的年報第 67至 68頁，該年報刊載於本公司網站(https://files .services/fil es/401/2020/0414/20200414181501_87574262_en.pdf)。

3. 債務、或有開支及承擔

於二零二零年六月三十日：

(a) 本集團擁有以本集團的若干物業、廠房及設備（賬面值為人民幣691.6百萬元）以及本集團的預付土地租賃款項（賬面值為人民幣228.3百萬元）作為抵押的未償還貸款及借款約人民幣578,823,000元；及

(b) 本集團的資本承擔為人民幣18,000元及一年期以內的經營租賃承擔為人民幣131,000元。

除上文所披露外，及除一般業務過程中的集團內負債及一般貿易及其他應付款項外，於二零二零年六月三十日（即就本債務聲明而言的最後實際可行日期），本集團並無銀行透支或貸款或其他同類債務、按揭、押記或擔保或者其他重大或有負債。

4. 重大變動

本公司董事確認，截至最後實際可行日期，自二零一九年十二月三十一日（本集團最新公佈的經審核綜合財務報表的編製日期）以來直至最後實際可行日期（包括該日），本集團的財務或交易狀況或前景概無重大變化。

– II-3 – 附錄二本集團之財務資料

5. 重大會計政策

與本集團財務報表詮釋有重大關聯的重要會計政策（及隨附附註）之詳情載列於以下本公司刊發的文件：

(a) 本公司網站(https://files.services/files/401/2020/0728/20200728193002_ 27019465_en.pdf)公佈的本公司截至二零二零年六月三十日止六個月之中期業績公告第9頁；

(b) 本公司網站(https://files.services/files/401/2020/0414/20200414181501_ 87574262_en.pdf)公佈的本公司截至二零一九年十二月三十一日止年度之年報第73頁起；

(d) 本公司網站(https://files .services/files/401/2018/0427/20180427170100_ 69828973_en.pdf)公佈的本公司截至二零一七年十二月三十一日止年度之年報第73頁起。

6. 會計政策變動

除下文所披露者外，截至二零一七年、二零一八年及二零一九年十二月三十一日止年度，本集團的會計政策概無會導致其綜合財務報表中的數字在很大程度上不具有可比性的任何變動。

6.1 於二零一九年一月一日生效的新準則（國際財務報告準則第16號－租賃）

國際財務報告準則第16號取代國際會計準則第17號租賃、國際財務報告詮釋委員會詮釋第4號釐定安排是否包括租賃、準則詮釋委員會－詮釋第15號經營租賃－優惠及準則詮釋委員會－詮釋第27號評估涉及租賃法律形式之交易之內容。該準則載列確認、計量、呈列及披露租賃之原則，並要求承租人在財務狀況表內確認大部份租賃。

國際財務報告準則第16號大致沿用國際會計準則第17號的出租人會計處理方式。出租人繼續按國際會計準則第17號的相似原則將租賃分類為經營租賃或融資租賃。因此，國際財務報告準則第16號對本集團作為出租人的租賃不會產生任何影響。

本集團已透過採用經修訂的追溯採納法採納國際財務報告準則第16號，首次應用日期為二零一九年一月一日。根據該方法，追溯應用該準則將首次採納的累計影響於首次應用日期確認。本集團選擇過渡性實際權宜方法，不重估合約於二零一九年一月一日是否包含租賃。反而，本集團於首次應用日期僅對先前應用國際會計準則第17號及國際財務報告詮釋委員會第4號詮釋確定為租賃的合約應用該準則。

– II-4 – 附錄二本集團之財務資料

採納國際財務報告準則第16號對本集團截至二零一九年一月一日綜合財務狀況表的影響如下：

人民幣千元增加╱（減少）

資產使用權資產 270,519 預付土地租賃款項（流動） (7,983) 預付土地租賃款項及其他土地相關費用（非流動） (261,557)

總資產 979

負債租賃負債（流動） 465 租賃負債（非流動） 514

總負債 979

本集團擁有起重機租賃合約及預付土地租賃。於採納國際財務報告準則第16號前，本集團於開始日期將其各項租賃分類為融資租賃或經營租賃。有關二零一九年一月一日開始採納的會計政策，請參閱本公司截至二零一九年十二月三十一日止年度之年報第78至79頁附註5（租賃）。

於採納國際財務報告準則第16號後，本集團對所有租賃（短期租賃除外）採用單一確認和計量方法。有關二零一九年一月一日開始採納的會計政策，請參閱本公司截至二零一九年十二月三十一日止年度之年報第78至79頁附註5（租賃）。該準則提供具體的過渡要求及可行權宜方法，而本集團已應用。

(a) 先前已列為經營租賃的租賃

就所有先前分類為經營租賃的租賃，本集團確認使用權資產及租賃負債，惟短期租賃及低價值資產租賃除外。除最初採用之日起使用增量借款利率外，大多數租賃的使用權資產均按賬面價值確認，猶如已一直應用該標準。於若干租賃中，使用權資產根據與租賃負債相等的金額進行確認，並根據先前確認的任何相

– II-5 – 附錄二本集團之財務資料

關預付及應計租賃付款進行調整。租賃負債根據剩餘租賃付款額的現值進行確認，並使用首次應用日的增量借款利率進行折現。

本集團亦應用可供使用之實際權宜方法，其中本集團：

• 對租賃期於首次應用日期起計12個月內結束之租賃應用短期租賃豁免；及

• 合約載有延長或終止租賃的選擇權，則於事後釐定租期。

根據以上所述，於二零一九年一月一日：

• 人民幣270,519,000元之使用權資產已已於本集團的綜合財務狀況表中確認並單獨列示。其中包括土地使用權租賃費用人民幣269,540,000 元，從預付土地租賃款項及其他土地相關費用（非流動）及預付土地租賃款項（流動）中重新分類。

• 人民幣979,000元之租賃負債已於本集團的綜合財務狀況表中單獨確認。

於二零一九年一月一日的租賃負債可與截至二零一八年十二月三十一日的經營租賃承擔對賬，如下所示：

人民幣千元

於二零一八年十二月三十一日之經營租賃承擔 5,054 減：與短期租賃有關的承擔 3,614 與低價值資產租賃有關的承擔 413 加：於二零一九年一月一日開始的年度新租賃 1,092

於二零一九年一月一日之增量借款利率 5.15%

於二零一九年一月一日確認之租賃負債 979

– II-6 – 附錄三要約人之一般資料

1. 責任聲明

本綜合文件載有遵照收購守則之規定而向要約股東提供有關要約及要約人之資料。

要約人及珠海港之各董事願就本綜合文件所載資料（不包括任何有關本集團之資料）之準確性共同及個別承擔全部責任，並在作出一切合理查詢後確認，就彼等所深知，於本綜合文件內表達之意見（不包括董事所表達之意見）乃經審慎周詳考慮後達致，且本綜合文件並無遺漏其他事實，致使本綜合文件所載任何陳述產生誤導。

2. 市價

下表列示股份於(i)有關期間內各個曆月的最後交易日；(ii)最後交易日；(iii)最後完整交易日；及(iv)最後實際可行日期在聯交所所報的收市價。

日期每股股份收市價（港元）

二零二零年一月三十一日 0.97 二月二十八日 0.88 三月三十一日 0.70 四月二十九日 0.92 五月二十九日 1.07 六月三十日 1.60 七月二十三日（最後完整交易日） 2.00 七月二十四日（最後交易日） 2.10 七月三十一日 2.47 八月二十四日（最後實際可行日期） 2.51

附註：股份曾於二零二零年七月二十四日下午一時正暫停買賣，以待刊發聯合公告。

– III-1 – 附錄三要約人之一般資料

最高及最低股價

於有關期間，

(a) 於二零二零年八月二十日，股份在聯交所所報的最高收市價為每股2.53港元；及

(b) 於二零二零年三月三十日，股份在聯交所所報的最低收市價為每股0.68港元。

3. 要約人的權益披露

要約人確認，於最後實際可行日期，要約人及其一致行動人士並無持有、擁有或控制或指示任何投票權及對本公司股份、可換股證券、認股權證、期權或衍生工具之權利。

4. 其他權益及交易披露

要約人確認，於有關期間，要約人及其一致行動人士並無買賣本公司之任何股份、期權、衍生工具、認股權證或其他相關證券（定義見收購守則規則22註釋4）。

要約人確認，於最後實際可行日期：

(a) 除本綜合文件「安信融資函件」內「不可撤銷承諾」一節項下所披露之不可撤銷承諾外，概無要約人或其一致行動人士接獲有關接納或拒絕要約之任何不可撤銷承諾；

(b) 概無要約人或其一致行動人士訂立有關本公司證券之發行在外衍生工具；

(d) 要約人或其一致行動人士概無參與訂立有關可能會或可能不會援引或尋求援引要約條件之情況之協議或安排；

(e) 概無要約人或其一致行動人士借入或借出本公司之任何有關證券（定義見收購守則規則22註釋4）；

– III-2 – 附錄三要約人之一般資料

(f) 概無有關要約人或本公司股份而可能對要約具有重大影響（按收購守則規則 22註釋8所提述）之安排；

(g) 概無董事將會或已經獲得任何利益（法定賠償除外）以作為離職補償或其他與要約有關之補償；

(h) 除本綜合文件「安信融資函件」內「不可撤銷承諾」一節項下所披露之不可撤銷承諾外，要約人及其一致行動人士與任何董事、前任董事、股東或前股東之間概無訂立與要約有任何關連或取決於要約之協議、安排或諒解（包括任何賠償安排）；

(i) 除本綜合文件「安信融資函件」內「要約」一節項下「要約人可獲得之財務資源」一段有關要約股份押記之披露外，並無協議、安排或諒解可能導致根據要約將予收購的本公司證券轉讓、押記或抵押予任何其他人士；

(j) 要約人及其一致行動人士與任何其他人士之間，概不存在任何收購守則規則22註釋8第三段所提述之方式的安排；

(k) 除要約項下之要約價外，要約人或其一致行動人士並無支付或將不會支付有關要約之任何其他代價、補償或利益（不論任何形式）；

(l) 除本綜合文件「安信融資函件」內「不可撤銷承諾」一節項下所披露之不可撤銷承諾外，要約人或其一致行動人士（作為一方）與有關股東或彼等一致行動人士（作為另一方）之間概無任何諒解、安排、協議或特別交易（定義見收購守則規則25）；及

(m) 除本綜合文件「安信融資函件」內「不可撤銷承諾」一節項下所披露之不可撤銷承諾外，(1)任何股東；及(2)(a)要約人或其一致行動人士或(b)本公司、其附屬公司或聯營公司之間概無任何諒解、安排或協議或特別交易（定義見收購守則規則25）。

– III-3 – 附錄三要約人之一般資料

於最後實際可行日期，招商銀行股份有限公司香港分行並無持有本公司任何證券。

有關股東持有的573,118,781股承諾股份載列如下：

佔已發行股份總數的股東姓名╱名稱股份數量概約百分比

黃健華先生 47,108,037 5.78 黃漢發先生 29,200,037 3.59 黃美美女士 10,125,002 1.24 黃美玉女士 10,559,502 1.30 由黃漢發先生、黃美美女士及黃美玉女士共同持有的股份 191,250,000 23.48 BOS Trustee Limited（附註1） 207,000,000 25.42 黃氏家族總計 495,242,578 60.81

Petroships（附註2） 77,876,203 9.56

附註：

1. 207,000,000股股份由BOS Trustee Limited以信託形式分別代黃漢發先生、黃美玉女士及黃美美女士持有。

2. Petroships的90%及10%權益分別由曾繁如先生及Ng Thiam Eng女士擁有，曾繁如先生已於二零一九年五月二十八日退任非執行董事。

經黃氏家族及Petroships確認，除訂立不可撤銷承諾外，有關股東於有關期間並無買賣任何股份、期權、衍生工具、認股權證或可轉換為股份的其他相關證券（定義見收購守則規則22註釋4）。

5. 專家及同意書

以下為本綜合文件載有或提述向要約人提供函件、意見或建議之專業顧問之名稱及資格：

名稱資格

安信融資根據證券及期貨條例可進行第1類（證券交易）及第6類（就機構融資提供意見）受規管活動的持牌法團

– III-4 – 附錄三要約人之一般資料

名稱資格

安信國際證券根據證券及期貨條例可進行第1類（證券交易）及第4類（就證券提供意見）受規管活動的持牌法團

安信融資及安信國際證券各自已就刊發本綜合文件發出同意書，同意按本綜合文件所載形式及涵義載入其意見、函件╱報告及╱或引述其名稱及標誌，且迄今並無撤回有關同意書。

6. 其他事項

(a) 要約人為珠海港香港有限公司，其為於香港註冊成立之公司及珠海港之直接全資附屬公司。珠海港由珠海港控股持有約29.64%權益，而後者由珠海市國資委全資擁有。

要約人的一致行動集團主要成員為要約人、珠海港、珠海港控股及珠海市國資委。

(b) 要約人的註冊辦事處為香港干諾道中137-139號三台大廈12字樓全層。

(d) 要約人的董事為陳虹女士、賀艷臣先生及羅盾先生。

(e) 珠海港的註冊辦事處為中華人民共和國廣東省珠海市南水鎮榕灣路16號 2001-2號辦公。

(f) 珠海港的聯絡地址為中華人民共和國廣東省珠海市香洲區情侶南路278號。

(g) 珠海港的董事為歐輝生先生、黃志華先生、李少汕先生、周娟女士、鄒俊善先生、田秋生先生、張文京先生及路曉燕女士。

– III-5 – 附錄三要約人之一般資料

(h) 珠海港控股的註冊辦事處為中華人民共和國廣東省珠海市南水鎮榕灣路16 號高欄港大廈第24層2401號。

(i) 珠海港控股的聯絡地址為中華人民共和國廣東省珠海市香洲區情侶南路278 號。

(j) 珠海港控股的董事為歐輝生先生、甄紅倫先生、黎明先生、周娟女士及吳生保先生。

(k) 珠海市國資委的登記地址為中華人民共和國廣東省珠海市香洲區梅華東路 362號。

(l) 安信國際證券為及代表要約人提呈要約，且安信融資為要約人有關要約的財務顧問。

(m) 安信國際證券及安信融資各自的註冊辦事處及聯絡地址均為香港中環交易廣場一期39樓。

(n) 本綜合文件及隨附接納表格的中英文版本如有歧義，一概以英文版本為準。

– III-6 – 附錄四本公司之一般資料

1. 責任聲明

本綜合文件載有根據收購規則提供的有關本集團的資料詳情。

本公司之董事會願就本綜合文件所載有關本集團資料之準確性共同及個別承擔全部責任，並在作出一切合理查詢後確認，就彼等所深知，於本綜合文件內表達之意見（不包括要約人董事所表達之意見）乃經審慎周詳考慮後達致，且本綜合文件並無遺漏其他事實，致使本綜合文件所載任何陳述產生誤導。

就「獨立財務顧問函件」而言，本公司董事會的唯一責任為確保其中所述與本集團有關的事實在所有重大方面均屬公正且準確。

2. 股本

本公司為根據新加坡公司法於新加坡共和國註冊成立之公司，且新加坡公司法無法定股本概念。於最後實際可行日期：

(a) 本公司的已發行及繳足股本為122,253,371新加坡元，包括814,412,028股已發行股份；

(b) 所有股份在資本、股息及表決權利的所有方面均具有同等地位；

(d) 自二零一九年十二月三十一日起（即本集團最新公佈的經審核財務報表的編製日期），本公司並無發行任何股份。

3. 權益披露

就本節而言，「擁有權益」具有證券及期貨條例第XV部所賦予之相同涵義。

– IV-1 – 附錄四本公司之一般資料

3.1 於股份的好倉

於最後實際可行日期，以下各董事就股份持有好倉，其詳情如下：

持有持有佔已發行權益或權益或股份概約身份╱ 持有的持有的權益百分比董事姓名權益性質股份數目股份總數（附註1）

黃健華實益擁有人 47,108,039 47,108,037 5.78% 辜卓群實益擁有人 5,133,800 5,158,800 0.63% 配偶權益 25,000 黃美玉實益擁有人 10,559,502 408,809,502 50.20% 與其他人士共同持有的權益（附註2） 191,250,000 信託的受益人（一項酌情權益除外）（附註3） 207,000,000 李鍾生實益擁有人 3,100,000 3,100,000 0.38% 陳前康實益擁有人 100,000 100,000 0.01% 陳言安實益擁有人 100,000 100,000 0.01%

附註：

1. 該百分比乃所擁有權益的股份及相關股份總數除以於最後實際可行日期之已發行股份數目 814,412,028股。

2. 191,250,000股股份由黃美玉女士（作為實益擁有人）聯同黃漢發先生及黃美美女士共同持有。

3. 207,000,000股股份由BOS Trustee Limited以信託形式代黃漢發先生、黃美玉女士及黃美美女士持有。

3.2 確認

除上文本附錄四「權益披露－於股份的好倉」一節所披露者外，於最後實際可行日期：

(a) 本公司並不擁有要約人的任何股份，或與要約人股份有關的任何可換股證券、認股權證、期權或衍生工具；

(b) 本公司董事概無於任何要約人股份或任何與要約人股份有關之可換股證券、認股權證、購股權或衍生工具中擁有權益；

– IV-2 – 附錄四本公司之一般資料

(d) 本公司附屬公司、本公司或本集團任何其他成員公司之退休基金或根據收購守則「一致行動」定義第(5)類別被推定為與本公司一致行動之任何人士或根據收購守則「聯繫人」定義第(2)類別為本公司之聯繫人（獲豁免自營買賣商及獲豁免基金經理除外）之任何人士概不擁有或控制任何股份或任何與該等股份有關之可換股證券、認股權證、購股權或衍生工具；

(e) 概無任何與本公司或與收購守則內「一致行動」定義屬第(1)、(2)、(3)或(5) 類別的被推定為與本公司一致行動或身為收購守則內「聯繫人」定義屬第 (2)、(3)或(4)類別的本公司聯繫人的人士訂有收購守則規則22註釋8所指類別之任何安排之人士，擁有或控制任何股份或任何與該等股份有關之可換股證券、認股權證、期權或衍生工具；

(f) 概無與本公司有關連的非獲豁免全權委託基金經理擁有、控制或管理任何股份或任何與該等股份有關之可換股證券、認股權證、期權或衍生工具；

(g) 本公司及本公司任何董事概無借入或借出任何股份或任何與該等股份有關之可換股證券、認股權證、期權或衍生工具；及

(h) 本公司各董事（若其為股東）均已表明其有意接納要約。

4. 股份買賣

(a) 除黃健華先生及黃美玉女士（除其他簽署方外）簽定的不可撤銷承諾外，於要約期前六個月起至最後實際可行日期止期間內，本公司董事概無買賣任何股份、附帶於本公司表決權的證券或與股份或附帶於本公司表決權的其他證券相關的可換股證券、認股權證、期權或衍生工具以換取價值。

– IV-3 – 附錄四本公司之一般資料

(b) 於要約期及直至最後實際可行日期，概無本公司的任何附屬公司、或本公司或本集團的任何其他成員公司的任何退休金或根據收購守則下第(5)類「一致行動」定義被推定為與本公司一致行動或根據收購守則下第(2)類「聯繫人」的定義屬本公司聯繫人的人士（惟獲豁免自營買賣商及獲豁免基金經理除外）買賣任何股份或與股份相關的任何可換股證券、認股權證、期權或衍生工具以換取價值。

(c) 於要約期及直至最後實際可行日期，概無任何與本公司或與收購守則內「一致行動」定義屬第(1)、(2)、(3)或(5)類別的被推定為與本公司一致行動或身為收購守則內「聯繫人」定義屬第(2)、(3)或(4)類別的本公司聯繫人的人士訂有收購守則規則22註釋8所指類別之任何安排之人士，買賣任何股份或任何與該等股份有關之可換股證券、認股權證、期權或衍生工具以換取價值。

(d) 於要約期及直至最後實際可行日期，概無與本公司有關連的非獲豁免全權委託基金經理買賣任何股份或任何與該等股份有關之可換股證券、認股權證、期權或衍生工具以換取價值。

5. 要約人股份買賣

於自要約期前六個月起至最後實際可行日期止期間，本公司及本公司任何董事概無買賣任何要約人股份或與要約人股份相關的任何可換股證券、認股權證、期權或衍生工具以換取價值。

6. 董事服務合約

除辜卓群先生自二零一九年十月一日起至二零二一年九月三十日屆滿的服務合約（彼根據該合約有權收取固定月薪22,000新加坡元以及本公司董事會釐定的年終酌情花紅形式的非固定報酬）外，於最後實際可行日期，概無本公司董事或擬委任的董事與本公司或其任何附屬公司或聯營公司訂立任何(i)期限超過12個月的固定期限服務合約（不考慮通知期）；(ii)於有關期間訂立或修訂的服務合約（包括連續及固定年期合約）；或(iii)屬有12個月或以上通知期的持續性合約的服務合約。

– IV-4 – 附錄四本公司之一般資料

7. 重大訴訟

於最後實際可行日期，(i)概無本集團成員公司涉及任何重大訴訟、仲裁或申索；及(ii)本公司董事會不知悉本集團任何成員公司的任何待決或可能發起或面臨的重大訴訟、仲裁或申索。

8. 重大合約

於自二零一八年七月二十九日（即要約期開始前兩年）起直至最後實際可行日期（包括當日）止期間，本集團並未訂立任何重大合約（並非在一般業務過程中訂立的合約）。

9. 其他確認書

(a) 於最後實際可行日期，本公司董事概無獲給予任何利益，且將不會獲給予任何利益，以補償其失去職位或其他與要約有關的損失。

(b) 除黃健華先生及黃美玉女士（除其他簽署方外）簽定的不可撤銷承諾外，於最後實際可行日期，本公司任何董事並未與任何其他人士訂立以要約結果為條件或依據要約結果或與要約有其他關連的協議或安排。

10. 資格及專業顧問同意書

以下為本綜合文件所提及或給出載於本綜合文件內的意見或建議的本公司各專業顧問的資格（按英文字母排列）：

名稱資格

招銀國際融資有限公司一家獲證監會發牌可從事證券及期貨條例下第1類（證券交易）及第6類（就機構融資提供意見）受規管活動之法團

富域資本有限公司一家獲證監會發牌可從事證券及期貨條例下第6類（就機構融資提供意見）受規管活動之法團

– IV-5 – 附錄四本公司之一般資料

上文所列各專業顧問已經就刊發本綜合文件並在本綜合文件中以刊出的形式及內容載入其建議、意見、報告及╱或函件及╱或引用其名稱及╱或建議、意見、報告及╱或函件發出書面同意，且未撤回其書面同意。

– IV-6 – 附錄五備查文件

備查文件

下列文件可於本綜合文件日期起直至要約期結束在(i)本公司網站（http://www.xinghuaport.com）；及 (ii)證監會網站(www.sfc.hk)查閱：

(a) 本公司章程文件；

(b) 要約人的組織章程大綱及細則；

(d) 本公司截至二零二零年六月三十日止六個月的中期業績公告；

(e) 「安信融資函件」，其全文載於本綜合文件第8至25頁；

(f) 「董事會函件」，其全文載於本綜合文件第26至30頁；

(g) 「獨立董事委員會函件」，其全文載於本綜合文件第31至32頁；

(h) 「獨立財務顧問函件」，其全文載於本綜合文件第33至57頁；

(i) 不可撤銷承諾；

(j) 本綜合文件附錄四「6.董事服務合約」一節所提述之辜卓群先生的服務合約；

(k) 本綜合文件附錄三「5.專家及同意書」及附錄四「10.資格及專業顧問同意書」各節所提述之同意書；及

(l) 本綜合文件之副本。

– V-1 –