488782 \ (Ronshine) \ 29/12/2017 \ X11 THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt about this circular or as to the action to be taken, you should consult a stockbroker or their registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser. If you have sold or transferred all your shares in Ronshine China Holdings Limited, you should at once hand this circular to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale was effected for transmission to the purchaser or transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. Ronshine China Holdings Limited 融信中國控股有限公司 (incorporated in the Cayman Islands with limited liability) (Stock Code: 3301) M A J O R TRANSACTION ACQUISITION OF EQUITY INTERESTS IN NINGBO HAILIANG AND ANHUI HAILIANG A letter from the Board is set out on pages 4 to 12 of this circular. 30 December 2017 488782 \ (Ronshine) \ 29/12/2017 \ X11 CONTENTS Pages Definitions ���������������������������������������������������������������������������������������������������������������������������������������� 1 Letter from the Board �������������������������������������������������������������������������������������������������������������������� 4 Appendix I — Financial Information of the Group ������������������������������������������������������������ I-1 Appendix II — Accountant’s Report of Ningbo Hailiang Group ���������������������������������������� II-1 Appendix III — Accountant’s Report of Anhui Hailiang Group ������������������������������������������ III-1 Appendix IV — Unaudited Pro Forma Financial Information of the Enlarged Group ������������������������������������������������������������������������������ IV-1 Appendix V — Management Discussion and Analysis on Ningbo Hailiang and Anhui Hailiang ������������������������������������������������������������������������������������ V-1 Appendix VI — Property Valuation Report �������������������������������������������������������������������������� VI-1 Appendix VII — General Information �������������������������������������������������������������������������������������� VII-1 — i — 488782 \ (Ronshine) \ 29/12/2017 \ X11 DEFINITIONS In this circular, unless the context otherwise requires, the following expressions shall have the following meanings: “Acquisitions” the Ningbo Hailiang Acquisition and the Anhui Hailiang Acquisition “Anhui Equity Transfer the equity transfer agreement dated 27 July 2017 entered into between Agreement” Shanghai Rongen and Hairao Investment in relation to the Anhui Hailiang Acquisition “Anhui Hailiang” Anhui Hailiang Property Company Limited* (安徽海亮房地產有限公 司), a limited liability company established in the PRC “Anhui Hailiang Acquisition” the acquisition of a 55% equity interest in Anhui Hailiang pursuant to the Anhui Equity Transfer Agreement “Announcement” the announcement of the Company dated 27 July 2017 in relation to, among other things, the Acquisitions “Board” the board of Directors “Business Day” any working day on which banks in the PRC are open for business, excluding Saturday, Sunday and statutory holidays of the PRC “Company” Ronshine China Holdings Limited, a company incorporated in the Cayman Islands with limited liability, the Shares of which are listed on the main board of the Stock Exchange “connected person” has the meaning ascribed to it under the Listing Rules “Dingxin” Dingxin Company Limited, a company incorporated in the British Virgin Islands with limited liability, which is a controlling Shareholder “Directors” directors of the Company “Enlarged Group” the Group as enlarged by the consolidation of Ningbo Hailiang and Anhui Hailiang as a result of the Acquisitions “Equity Transfer Agreements” the Ningbo Equity Transfer Agreements and the Anhui Equity Transfer Agreement “Group” the Company and its subsidiaries “Hailiang Charity” Zhejiang Hailiang Charity Foundation* (浙江海亮慈善基金會), a registered foundation established under the laws of the PRC and an Independent Third Party “Hailiang Investment” Zhejiang Hailiang Investment Company Limited* (浙江海亮投資股份 有限公司), a limited liability company established in the PRC and an Independent Third Party — 1 — 488782 \ (Ronshine) \ 29/12/2017 \ X11 DEFINITIONS “Hailiang Metal” Hailiang Metal Trading Group Company Limited* (海亮金屬貿易集團 有限公司), a limited liability company established in the PRC, and an Independent Third Party “Hairao Investment” Ningbo Hairao Investment Company Limited* (寧波海饒投資有 限公司), a limited liability company established in the PRC and an Independent Third Party “Independent Third Party(ies)” independent third party(ies) who is/are not connected person(s) (has the meaning ascribed to it under the Listing Rules) of the Company and is/are independent of and not connected with the Company and directors, chief executive, controlling shareholders and substantial shareholders of the Company or any of its subsidiaries or their respective associates “Kaiyin Enterprise” Shanghai Kaiyin Enterprise Company Limited* (上海愷胤實業有限公 司), a limited liability company established in the PRC and an indirect wholly-owned subsidiary of the Company “Latest Practicable Date” 29 December 2017, being the latest practicable date prior to the printing of this circular for ascertaining certain information contained herein “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange “Mr. Feng” Mr. Feng Hailiang (馮海良), an Independent Third Party “Mr. Tang” Mr. Tang Lu (唐魯), an Independent Third Party “Ningbo Equity Transfer the five equity transfer agreements dated 27 July 2017 and entered into Agreements” between Kaiyin Enterprise and each of Hairao Investment, Mr. Feng, Hailiang Investment, Mr. Tang and Hailiang Charity in relation to the Ningbo Hailiang Acquisition “Ningbo Hailiang” Ningbo Hailiang Property Investment Company Limited* (寧波海亮房地 產投資有限公司), a limited liability company established in the PRC “Ningbo Hailiang Acquisition” the acquisition of a 55% equity interest in Ningbo Hailiang pursuant to the Ningbo Equity Transfer Agreements “PRC” the People’s Republic of China “Prospectus” the prospectus of the Company dated 31 December 2015 “RMB” Renminbi, the lawful currency of the PRC “Rongxin Investment” Rongxin (Fujian) Investment Company Limited* (融信(福建)投資集團 有限公司), a limited liability company established in the PRC, and an indirect wholly-owned subsidiary of the Company — 2 — 488782 \ (Ronshine) \ 29/12/2017 \ X11 DEFINITIONS “Shanghai Rongen” Shanghai Rongen Property Development Company Limited* (上海融恩 房地產開發有限公司), a limited liability company established in the PRC and an indirect wholly-owned subsidiary of the Company “Shares” ordinary shares of HK$0.00001 each in the share capital of the Company “Shareholders” holders of the Shares “Stock Exchange” The Stock Exchange of Hong Kong Limited “%” per cent. For the purpose of this circular, the exchange rate of RMB1 = HK$1.18 has been used for currency conversions. This is for the purpose of illustration only and does not constitute a representation that any amounts in RMB or HK$ have been, could have been or may be converted at such rate or any other exchange rate. In this circular, the English names of the PRC entities are translation of their Chinese names and are included herein for identification purpose only. In the event of any inconsistency, the Chinese names shall prevail. — 3 — 488782 \ (Ronshine) \ 29/12/2017 \ X11 LETTER FROM THE BOARD Ronshine China Holdings Limited 融信中國控股有限公司 (incorporated in the Cayman Islands with limited liability) (Stock Code: 3301) Executive Directors Registered office: Mr. Ou Zonghong Cricket Square Mr. Wu Jian Hutchins Drive Mr. Lin Junling P.O. Box 2681 Ms. Zeng Feiyan Grand Cayman, KY1-1111 Cayman Islands Independent Non-executive Directors Mr. Lo Wing Yan William Principal place of business in Mr. Ren Yunan Hong Kong: Mr. Qu Wenzhou 18/F., Tesbury Centre 28 Queen’s Road East Wanchai Hong Kong 30 December 2017 To the Shareholders Dear Sir or Madam MAJOR TRANSACTION ACQUISITION OF EQUITY INTEREST IN NINGBO HAILIANG AND ANHUI HAILIANG INTRODUCTION The purpose of this circular is to provide the Shareholders with information in respect of, among other things, (i) the details of the Equity Transfer Agreements; (ii) the financial information of the Group; (iii) the financial information of Ningbo Hailiang; (iv) the financial information of Anhui Hailiang; (v) the unaudited pro forma financial information of the Enlarged Group; and (vi) the property valuation report of Ningbo Hailiang and Anhui Hailiang. — 4 — 488782 \ (Ronshine) \ 29/12/2017 \ X11 LETTER FROM THE BOARD THE NINGBO HAILIANG ACQUISITION As disclosed in the Announcement, on 27 July 2017 (after trading hours), Kaiyin Enterprise, an indirect wholly-owned subsidiary of the Company, entered into the Ningbo Equity Transfer Agreements with each of Hairao Investment, Mr. Feng, Hailiang Investment, Mr. Tang and Hailiang Charity, pursuant to which Kaiyin Enterprise has agreed to acquire in aggregate a 55% equity interest in Ningbo Hailiang from Hairao Investment, Mr. Feng, Hailiang Investment, Mr. Tang and Hailiang Charity at a total consideration of RMB2,264,023,700 (equivalent to HK$2,626,267,492).