– 1 –

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Daohe Global Group Limited道和環球集團有限公司

(Incorporated in Bermuda with limited liability)

(Stock Code: 915)

ANNOUNCEMENT OF FINAL RESULTSFOR THE EIGHT MONTHS ENDED 31 DECEMBER 2017

FINAL RESULTS HIGHLIGHTS:

• Revenue of the Group for the eight months ended 31 December 2017 wasapproximatelyUS$78.5million (yearended30April2017:approximatelyUS$90.5million).During theperiod, the tradingandsupplychainmanagement servicesandoperation of online social platform recorded revenueof approximatelyUS$63.7millionandapproximatelyUS$14.8millionrespectively,accountedforapproximately81.1%andapproximately18.8%oftheGroup’stotalrevenuerespectively.

• Loss for the eightmonths ended31December 2017 amounted to approximatelyUS$76.2million.The loss includednon-cash impairment lossesongoodwill andamortisationofintangibleassetsofapproximatelyUS$73.1millionandapproximatelyUS$7.6million respectively.Excludingnon-cash impairment lossesongoodwill,amortisationof intangibleassets,netofdeferred taxcreditofapproximatelyUS$1.9million, theGroup’sprofit for theperiodwouldbeapproximatelyUS$2.6million,representingan increaseofapproximatelyUS$2.3millionascompared toaprofitofapproximatelyUS$0.3millionfortheyearended30April2017.

• TheDirectorsdonotrecommendthepaymentofafinaldividendfortheeightmonthsended31December2017.

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FINAL RESULTS

Theboard(the“Board”)ofdirectors(the“Directors”)ofDaoheGlobalGroupLimited(the“Company”)announces thecondensedconsolidated financial informationof theCompanyand its subsidiaries (together, the“Group”) for theeightmonthsended31December2017,togetherwithcomparativefiguresforthepreviousyear,asfollows:

CONDENSED CONSOLIDATED FINANCIAL INFORMATION

Condensed Consolidated Statement of Profit or Loss

Eight monthsended

31 December2017

Yearended30April

2017Note US$’000 US$’000

(Restated)

REVENUE 2 78,527 90,470Costofsales (60,282) (68,851)

Grossprofit 18,245 21,619Otherincome 543 288Sellingandmarketingexpenses (8,638) –Generalandadministrativeexpenses (14,931) (20,910)Gainondisposalofasubsidiary – 62Expensesinrelationtoaproposedacquisition – (638)Shareoflossofajointventure (1) –Impairmentlossesongoodwill 8 (73,098) –

(LOSS)/PROFIT BEFORE TAX 3 (77,880) 421Incometaxcredit/(expense) 4 1,690 (167)

(LOSS)/PROFIT FOR THE PERIOD/YEAR (76,190) 254

ATTRIBUTABLE TO: OwnersoftheCompany (76,187) 290 Non-controllinginterests (3) (36)

(76,190) 254

(LOSS)/EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANY (expressedinUScents) 6 Basic(Note) (5.24) 0.03

Diluted(Note) (5.24) 0.03

Note:

AdjustedfortheeffectofsharesubdivisionoftheCompanywitheffectfrom10August2017.

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Condensed Consolidated Statement of Comprehensive Income

Eight monthsended

31 December2017

Yearended30April

2017US$’000 US$’000

(LOSS)/PROFIT FOR THE PERIOD/YEAR (76,190) 254

OTHER COMPREHENSIVE INCOME/(LOSS)

Othercomprehensiveincome/(loss)tobereclassified subsequentlytoprofitorloss: Exchangedifferences: Translationofforeignoperations 6,740 (126) Reclassificationadjustment –disposalofasubsidiary – (4)

Othercomprehensiveincome/(loss)tobereclassified subsequentlytoprofitorloss 6,740 (130)

Othercomprehensiveincome/(loss)nottobereclassified subsequentlytoprofitorloss: Remeasurementsfromdefinedbenefitplan 20 (27)

OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE PERIOD/YEAR 6,760 (157)

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD/YEAR (69,430) 97

ATTRIBUTABLE TO: OwnersoftheCompany (69,427) 131 Non-controllinginterests (3) (34)

TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE PERIOD/YEAR (69,430) 97

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Condensed Consolidated Statement of Financial Position

31 December2017

30April2017

Note US$’000 US$’000

NON-CURRENT ASSETSProperty,plantandequipment 7 595 269Goodwill 8 68,531 26,373Otherintangibleassets 7 54,565 –Available-for-salefinancialasset 229 229Investmentinajointventure 9 10Depositforacquisitionofsubsidiaries – 2,571Deposits 349 303Deferredtaxasset 12 12

Totalnon-currentassets 124,290 29,767

CURRENT ASSETSInventories 55 52Available-for-salefinancialasset 765 –Loanreceivable – 6,000Tradereceivables 9 8,578 5,390Prepayments,depositsandotherreceivables 4,653 3,360Cashandcashequivalents 13,278 14,797

Totalcurrentassets 27,329 29,599

CURRENT LIABILITIESTradepayables 10 5,384 4,659Accruals,provisionsandotherpayables 11,691 9,786Deferredrevenue 1,172 –Taxpayable 2,487 2,480

Totalcurrentliabilities 20,734 16,925

NET CURRENT ASSETS 6,595 12,674

TOTAL ASSETS LESS CURRENT LIABILITIES 130,885 42,441

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31 December2017

30April2017

Note US$’000 US$’000

NON-CURRENT LIABILITIESDeferredtaxliabilities 13,659 –Loanfromadirector 12(b) 3,856 –Post-employmentbenefits 474 553Provisions 1,405 1,228

Totalnon-currentliabilities 19,394 1,781

NET ASSETS 111,491 40,660

EQUITYSharecapital 20,128 14,128Reserves 91,371 26,537

EquityattributabletoownersoftheCompany 111,499 40,665Non-controllinginterests (8) (5)

TOTAL EQUITY 111,491 40,660

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Notes:

1. BASIS OF PREPARATION

Thecondensedconsolidated financial statementsof theGroup for theeightmonthsended31December2017havebeenprepared in accordancewithHongKongFinancialReportingStandards (“HKFRSs”)(which includeallHKFRSs,HongKongAccountingStandards (“HKASs”)and Interpretations) issuedbytheHongKong InstituteofCertifiedPublicAccountants (“HKICPA”),accountingprinciplesgenerallyaccepted inHongKongand thedisclosure requirementsof theHongKongCompaniesOrdinance.Theyhavebeenpreparedunderhistoricalcostconvention,except foravailable-for-sale financialassetswhichhavebeenmeasuredatfairvalue.ThesefinancialstatementsarepresentedinUnitedStatesdollars(“US$”)andallvaluesareroundedtothenearestthousandexceptwhenotherwiseindicated.

For the year ended 30April 2017, theGroup prepared its financial statements in accordancewithInternationalFinancialReportingStandardswhichcomprisestandardsandinterpretationsapprovedbytheInternationalAccountingStandardsBoard.Theeightmonthsended31December2017 is the firstperiodtheGroup prepared its condensed consolidated financial statements in accordancewithHKFRSs.Accordingly, theGrouphasprepared thecomparativeperioddata for theyear ended30April2017 inaccordancewithHKFRSs.Inpreparingthesefinancialstatements,theGroup’sdateoftransitiontoHKFRSswas1May2016.The transition toHKFRSsdidnothaveany impacton theaccountingpolicies,and thefinancialpositionof theGroupasat1May2016and30April2017and its financialperformancefor theyearended30April2017,sothereconciliationsasrequiredunderHKFRS1“FirstTimeAdoptionofHongKongFinancialReportingStandards”arenotpresented.

Change of financial year end date

PursuanttotheresolutionoftheboardofdirectorsoftheCompanydated21September2017,theGroup’sfinancialyearenddatehasbeenchangedfrom30Aprilto31December(the“Change”)commencingfromthe financialperiodended31December2017.TheChange is toalign the financialyearenddateof theCompanywith theoperatingsubsidiariesestablished in thePRC.This facilitates thepreparationof theconsolidatedfinancialstatementsoftheGroupandforthebenefitoftheoveralldevelopmentoftheGroupinthelongrun.

Accordingly,thecondensedconsolidatedfinancialstatementsandtherelatednotespresentedforthecurrentperiodcoveredaneight-monthperiod from1May2017 to31December2017while thecorrespondingcomparativeamounts shownfor these financial statementsand the relatednotescovereda twelve-monthperiodfrom1May2016to30April2017,which,asaresult,maynotbecomparablewithamountsshownforthecurrentperiod.

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2. OPERATING SEGMENT INFORMATION

Formanagementpurposes,theGroupisorganisedintobusinessunitsbasedontheirnatureofbusinessandhasthreereportableoperatingsegmentsasfollows:

(a) tradingandsupplychainmanagementservices(Note);

(b) operationofonlinesocialplatform;and

(c) moneylendingbusiness.

Managementmonitors theresultsof theGroup’soperatingsegmentsseparatelyfor thepurposeofmakingdecisionsaboutresourcesallocationandperformanceassessment.Segmentperformanceisevaluatedbasedon reportable segment (loss)/profit,which isameasureofadjusted (loss)/profitbefore tax.Theadjusted(loss)/profitbeforetaxismeasuredconsistentlywiththeGroup’s(loss)/profitbeforetaxexceptthatinterestincome,gainondisposalofasubsidiary,expensesinrelationtoaproposedacquisition,shareof lossofajointventureaswellascorporateandotherunallocatedexpensesareexcludedfromsuchmeasurement.

Intersegment salesand transfersare transactedwith reference to thesellingpricesused for salesmade tothirdpartiesatthethenprevailingmarketprices.

Note:

FollowingtheacquisitionoftheoperationofonlinesocialplatformandthechangeintheinternalstructureoftheGroup,managementoftheGrouphasdecidedtoconsolidatethesegmentsof“Salesofmerchandise”and“Provisionofservices”into“Tradingandsupplychainmanagementservices”consideringthattheyareoperatedunder thesamemanagement team.Thesegment informationforearlierperiodshasbeenrestatedtoconformwiththesechanges.

Eight months ended 31 December 2017

Trading andsupply chainmanagement

services

Operation ofonline social

platform

Moneylending

business TotalUS$’000 US$’000 US$’000 US$’000

Segment revenue:Revenuefromexternalcustomers 63,682 14,750 95 78,527

Segment results (9,927) (65,981) 32 (75,876)

Interestincome 9Shareoflossofajointventure (1)Corporateandotherunallocatedexpenses (2,012)

Lossbeforetax (77,880)Incometaxcredit 1,690

Lossfortheperiod (76,190)

Other segment information:Impairmentlossesongoodwill 13,600 59,458 40 73,098Amortisationofintangibleassets – 7,641 – 7,641Depreciation 111 98 – 209Capitalexpenditures 152 267 – 419Impairmentoftradereceivables 171 – – 171

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Yearended30April2017

Tradingandsupplychainmanagement

servicesMoneylending

business TotalUS$’000 US$’000 US$’000(Restated)

Segment revenue:Revenuefromexternalcustomers 90,242 228 90,470

Segment results 2,767 129 2,896

Interestincome 16Gainondisposalofasubsidiary 62Expensesinrelationtoaproposed acquisition (638)Corporateandotherunallocatedexpenses (1,915)

Profitbeforetax 421Incometaxexpense (167)

Profitfortheyear 254

Other segment information:Depreciation 282 – 282Capitalexpenditures 138 – 138Impairmentoftradereceivables 155 – 155

Geographical information

(a) Revenue from external customers

Eight monthsended

31 December2017

Yearended30April

2017US$’000 US$’000

(Restated)

Australia 25,296 34,939NorthAmerica 19,183 28,221People’sRepublicofChina(the“PRC”) 17,350 3,558Africa 10,383 16,995Europe 5,109 4,880Others 1,206 1,877

78,527 90,470

Therevenueinformationaboveisbasedonthelocationofthecustomers.

–9–

(b) Non-current assets

31 December2017

30April2017

US$’000 US$’000(Restated)

PRC 110,499 35HongKong 13,467 29,407Others 83 84

124,049 29,526

Thenon-currentassetinformationaboveisbasedonthelocationofassetsandexcludesanavailable-for-salefinancialassetanddeferredtaxassets.

Information about major customers

Revenuefrommajorcustomers,whichindividuallyamountedto10%ormoreoftheGroup’srevenueissetoutbelow:

Operating segment

Eight monthsended

31 December2017

Yearended30April

2017US$’000 US$’000

CustomerA Tradingandsupplychain managementservices 24,298 34,449

CustomerB Tradingandsupplychain managementservices 13,696 20,425

CustomerC Tradingandsupplychain managementservices 10,383 16,973

48,377 71,847

3. (LOSS)/PROFIT BEFORE TAX

TheGroup’s(loss)/profitbeforetaxisarrivedataftercharging/(crediting):

Eight monthsended

31 December2017

Yearended30April

2017US$’000 US$’000

Depreciation 209 282Amortisationofintangibleassets 7,641 –Gainondisposalofasubsidiary – (62)Expensesinrelationtoaproposedacquisition – 638Gainondisposalofproperty,plantandequipment (22) (4)Impairmentlossesongoodwill 73,098 –Impairmentoftradereceivables 171 155

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4. INCOME TAX (CREDIT)/EXPENSE

HongKongprofits taxhasbeenprovidedat the rateof16.5%(yearended30April2017:16.5%)on theestimatedassessableprofitsarising inHongKongduring theperiod.TaxesonprofitsassessableoutsideHongKonghavebeencalculatedat the ratesof taxprevailing in the jurisdictions inwhich theGroupoperates.

Eight monthsended

31 December2017

Yearended30April

2017US$’000 US$’000

Current –HongKong 190 153 –OutsideHongKong 50 49Netoverprovisioninprioryears (37) (33)Deferred (1,893) (2)

Totaltax(credit)/expensefortheperiod/year (1,690) 167

At thedateof thisannouncement, theGroup receivedprotectiveassessmentsamounting toapproximatelyHK$188,000,000 (equivalent toUS$24,165,000) from the InlandRevenueDepartment inHongKong(the“IRD”)inrespectofqueriesonthemodusoperandioftheGroupandthechargeabilityoftheprofitsfortheyearsofassessmentfrom2003/2004to2011/2012(the“Case”).ObjectionshavebeenlodgedbytheGroupagainst theprotectiveassessments. In addition,TaxReserveCertificates amounting toHK$5,250,000(equivalent toUS$675,000)havebeenpurchasedby twosubsidiariesof theCompany inpursuitof theholdoveroftaxdemandedunderprotectiveassessmentsfortheseyears.

TheGroupsubmitteda settlementproposalaspartofnegotiationwith the IRD in relation to theCase inApril2015.Subsequent to thesubmission to the IRDwith theassistanceofanexternal taxspecialist, theGroupkeptclosedialoguewiththeIRDandunderstoodthattheIRDrequiredadditionalevidencefromtheGroup to furtherassess the taxposition.Asat thedateof this announcement, theCasewas stillundernegotiationwith the IRD.Despite theunknownoutcome, theGroup isof theview that sufficient taxprovisionshavebeenmadeinthefinancialstatementsbasedontheinformationavailable.

5. DIVIDEND

Eight monthsended

31 December2017

Yearended30April

2017US$’000 US$’000

Interim,paid,ofnil(yearended30April2017: 0.46HKcentperordinaryshare)(Note) – 626

TheDirectorsdonotrecommendthepaymentofafinaldividendfortheeightmonthsended31December2017.

Note:

Dividendfortheyearended30April2017wasadjustedfortheeffectofsharesubdivisionoftheCompanywitheffectfrom10August2017.

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6. (LOSS)/EARNINGS PER SHARE

Thecalculationofbasic(loss)/earningspershareisbasedonthe(loss)/profitfortheperiod/yearattributabletoownersoftheCompany,andtheweightedaveragenumberofordinarysharesinissueduringtheperiod/year,aftertakingintoaccountthesharesubdivisionoftheCompanywitheffectfrom10August2017.

TheGrouphadnodilutivepotentialordinarysharesinissuefortheperiod/year.

Thecalculationsofthebasicanddiluted(loss)/earningspershareareasfollows:

Eight monthsended

31 December2017

Yearended30April

2017(Restated)

(Loss)/earnings(Loss)/profitattributabletoownersoftheCompany(US$’000) (76,187) 290

Weighted average number of ordinary sharesWeightedaveragenumberofordinarysharesin issueduringtheperiod/year(‘000) (Note) 1,452,654 1,059,593

Note:

AdjustedfortheeffectofsharesubdivisionoftheCompanywitheffectfrom10August2017.

7. PROPERTY, PLANT AND EQUIPMENT AND OTHER INTANGIBLE ASSETS

Property,plant and

equipment

Otherintangible

assets TotalUS$’000 US$’000 US$’000

At1May2017,netofaccumulateddepreciation andamortisation 269 – 269Acquisitionofsubsidiaries 111 59,689 59,800Additions 419 – 419Disposals (3) – (3)Depreciationchargedfortheperiod (209) – (209)Amortisationchargedfortheperiod – (7,641) (7,641)Exchangerealignment 8 2,517 2,525

At31December2017,netofaccumulated depreciationandamortisation 595 54,565 55,160

US$’000 US$’000 US$’000

At1May2016,netofaccumulateddepreciation 416 – 416Additions 138 – 138Disposals (1) – (1)Depreciationchargedfortheyear (282) – (282)Exchangerealignment (2) – (2)

At30April2017,netofaccumulateddepreciation 269 – 269

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8. GOODWILL

US$’000

At1May2017,netofaccumulatedimpairment 26,373Acquisitionofsubsidiaries 110,297Impairmentchargedfortheperiod (73,098)Exchangerealignment 4,959

At31December2017,netofaccumulatedimpairment 68,531

At1May2016,netofaccumulatedimpairment 26,857Acquisitionofasubsidiary 40Disposalofasubsidiary (524)

At30April2017,netofaccumulatedimpairment 26,373

Impairment testing of goodwill

Goodwillhasbeenallocatedtothefollowingcash-generatingunitsforimpairmenttesting:

• Tradingandsupplychainmanagementservices;

• Operationofonlinesocialplatform;and

• Others

The recoverable amounts of the cash-generating units have been determined based on value in usecalculationusingcashflowprojectionsbasedonfinancialbudgetsapprovedbyseniormanagement.Thereareanumberofassumptionsandestimates involved in thepreparationofcash flowprojections for theperiodcoveredbytheapprovedbudget.Keyassumptionsincludetheexpectedgrowthinrevenueandgrossmargin, timingof future capital expenditures, long termgrowth rates and selectionofdiscount rates.Management prepares the financial budgets reflecting actual andprior year performance andmarketdevelopmentexpectations.Judgementisrequiredtodeterminethekeyassumptionsadoptedinthecashflowprojections and changes tokey assumptions can significantly affect these cash flowprojections.Thediscount rates applied to thecash flowprojections for tradingand supplychainmanagement services,operationofonlinesocialplatformandothersare12%(yearended30April2017:11%),28%(yearended30April2017:nil)and10%(yearended30April2017:10%), respectively.Theestimatedgrowth ratesusedtoextrapolatethecashflowprojectionsfortradingandsupplychainmanagementservices,operationofonlinesocialplatformandothersbeyond the five-yearperiodare0%(yearended30April2017:3%),2.6%(yearended30April2017:nil)and0%(yearended30April2017:0%),respectively.

During the eightmonths ended 31December 2017, theGroup recognised impairment losses ofUS$13,600,000,US$59,458,000 andUS$40,000 in connectionwith goodwill allocated to the cash-generatingunitsoftradingandsupplychainmanagementservices,operationofonlinesocialplatformandothers, respectively.The impairment losses aremadebasedon the resultsof impairment tests for thegoodwillusingtheirvaluesinuseinaccordancewithHKAS36.TheimpairmentlossofUS$59,458,000inconnectionwiththegoodwillarisingfromtheacquisitionoftheonlinesocialplatformwasmainlyresultedfromtheincreaseinfairvalueofthe150,000,000sharesoftheCompanyallottedandissuedaspartoftheconsiderationfortheacquisition,fromthedateoftherelatedsharepurchaseagreementdated21February2017tothecompletiondateoftheacquisitionon1June2017asdetailedinnote11.

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Thecarryingamountofgoodwillallocatedtoeachofthecash-generatingunitsisasfollows:

Trading and supply chainmanagement services

Operation ofonline social platform Others Total

31 December2017

30April2017

31 December2017

30April2017

31 December2017

30April2017

31 December2017

30April2017

US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000

Goodwill 12,733 26,333 55,798 – – 40 68,531 26,373

9. TRADE RECEIVABLES

Thegeneralcredit termsgranted tocustomers range from30days to90days.Anageinganalysisof thetradereceivablesasattheendofthereportingperiod,basedontheinvoicedate,isasfollows:

31 December2017

30April2017

US$’000 US$’000

Within30days 4,704 2,74231to60days 2,501 95361to90days 456 32191to365days 1,218 1,622Over1year 251 132

9,130 5,770Impairment (552) (380)

8,578 5,390

Note:

The trade receivablesagedover90daysarebeingcarefullymonitoredbymanagement.ApproximatelyUS$552,000 (30April 2017: approximatelyUS$380,000) of these balanceswere covered by theimpairment.

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10. TRADE PAYABLES

Anageinganalysisofthetradepayablesasattheendofthereportingperiod,basedontheinvoicedate,isasfollows:

31 December2017

30April2017

US$’000 US$’000

Within30days 4,329 4,02231to60days 826 46861to90days 112 1191to365days 47 97Over1year 70 61

5,384 4,659

11. ACQUISITIONS OF SUBSIDIARIES

On21February2017,awholly-ownedsubsidiaryof theCompany,GlorySinoLimited (“Glory Sino”)enteredintoasharepurchaseagreement(the“SP Agreement”)withindependentthirdpartiestoacquiretheentire issued sharecapitalofLooveeHoldings Inc. (“Loovee”) at a considerationofHK$800,500,000(equivalenttoUS$102,892,000).

Loovee, through its subsidiary, isprincipallyengaged in thedevelopmentandoperationofonlinesocialplatform.

Pursuant to theSPAgreement, theconsiderationwas satisfiedby (i) theallotmentand issuanceof the150,000,000sharesof theCompanyatan issuepriceofHK$4.67perconsiderationshare;and (ii)acashconsiderationofHK$100,000,000 (equivalent toUS$12,853,000).Fordetailsof theacquisition,pleaserefertotheannouncementsoftheCompanydated21February2017and19April2017,andthecircularoftheCompanydated28April2017.

Theacquisitionwassubsequentlycompletedon1June2017.Theclosingsharepriceof theCompanyonthecompletiondate increased toHK$7.27and the fairvalueof thepurchaseconsideration forLooveeincreasedtoapproximatelyHK$1,190,500,000(equivalenttoUS$153,020,000)accordingly.

TheGroupincurredtransactioncostsofUS$638,000forthisacquisition.Thesetransactioncostshadbeenexpensedandwereincludedingeneralandadministrativeexpensesintheconsolidatedstatementofprofitorlossfortheyearended30April2017.Noneofthegoodwillrecognisedwasexpectedtobedeductibleforincometaxpurpose.

–15–

The fairvaluesof the identifiableassets and liabilitiesofLooveeasat thedateofacquisitionwereasfollows:

Note US$’000

Property,plantandequipment 7 111Otherintangibleassets 7 59,689Tradereceivables 637Prepayments,depositsandotherreceivables 66Cashandcashequivalents 1,308Accruals,provisionsandotherpayables (2,580)Deferredrevenue (1,585)Deferredtaxliabilities (14,923)

Totalidentifiablenetassetsatfairvalue 42,723

Fairvalueofpurchaseconsideration: Cash 12,853 Considerationshares 140,167

153,020

Goodwill 8 110,297

AnanalysisofthenetcashoutflowsinrespectoftheacquisitionCashconsideration 12,853Less:Depositpaidduringtheyearended30April2017 (2,571)Less:Cashandcashequivalentsacquired (1,308)

Netcashoutflowsduringtheperiod 8,974

12. RELATED PARTY TRANSACTIONS

(a) Inaddition to thebalancesand transactionsdetailedelsewhere, theGrouphadnosignificant relatedpartytransactionsduringtheeightmonthsended31December2017andyearended30April2017.

(b) Loanfromadirector

At31December2017,theloanfromadirectorisunsecured,non-interest-bearingandrepayableby22May2019.

(c) CompensationofkeymanagementpersonneloftheGroup:

Eight monthsended

31 December2017

Yearended30April

2017US$’000 US$’000

Shorttermemployeebenefits 910 1,225Post-employmentbenefits–definedcontributionplans 49 93

Totalcompensationpaidtokeymanagementpersonnel 959 1,318

–16–

MANAGEMENT DISCUSSION AND ANALYSIS

Business Review

Overview

ThefinancialyearenddateoftheCompanyhasbeenchangedfrom30Aprilto31Decemberstartingfromthefinancialyear2017inordertoalignwiththefinancialyearofitsoperatingsubsidiaries established in the PRC (the “PRC Operating Subsidiaries”), therebystreamliningand facilitating thepreparationof theconsolidated financial statementsof theGroup.Therefore, thecurrent financialperiodcoversaperiodofeightmonths from1May2017 to31December2017whichmaynotbeentirelycomparablewith lastyear’s resultscoveringaperiodoftwelvemonths.

TotalrevenueoftheGroupfortheeightmonthsended31December2017wasapproximatelyUS$78.5million(yearended30April2017:approximatelyUS$90.5million),whichincludedrevenueofapproximatelyUS$14.8millionfromthenewlyacquiredonlinesocialplatforminthePRC.ThebusinessoftradingandsupplychainmanagementservicesrecordedrevenueofapproximatelyUS$63.7millionduringtheeightmonthsended31December2017,itremainedthe largest business segmentof theGroup and representing approximately81.1%of theGroup’stotalrevenue.

GrossprofitwasapproximatelyUS$18.2million for theeightmonthsended31December2017 (yearended30April2017:approximatelyUS$21.6million),ofwhichapproximatelyUS$3millionwascontributedbythenewlyacquiredonlinesocialplatform.

The operating expenses for the eightmonths ended 31December 2017 amounted toapproximatelyUS$23.6million(yearended30April2017:approximatelyUS$20.9million).Theincreasewasmainlyattributabletothecost inrelationtothenewonlinesocialplatformbusinessofUS$9.6million.

Loss for theeightmonthsended31December2017amounted to approximatelyUS$76.2million.The loss included thenon-cash impairment lossesongoodwillandamortisationofintangible assets of approximatelyUS$73.1million and approximatelyUS$7.6millionrespectively.Excluding the impairment lossesongoodwill andamortisationof intangibleassets,netofdeferred taxcreditofapproximatelyUS$1.9million, theGroup’sprofit for theperiodunder reviewwouldbeapproximatelyUS$2.6million, representingan increaseofapproximatelyUS$2.3millionascomparedwithaprofitofapproximatelyUS$0.3millionfortheyearended30April2017.

–17–

Segmental Analysis

Operating Segment

TheGroup’s business comprises three operating segments: (i) trading and supply chainmanagement services; (ii) operationofonline social platform; and (iii) amoney lendingbusiness.

(i) Trading and supply chain management services

Duringtheperiodunderreview,shipmentvaluefortradingandsupplychainmanagementserviceswasapproximatelyUS$145.5million(yearended30April2017:approximatelyUS$199.3million).Shipmentvalueforprovisionofservicesandtradingofmerchandiseaccounted forapproximately62%and38%(yearended30April2017:approximately60.5%and39.5%respectively)oftheGroup’stotalshipmentvaluerespectively.

GeographicalAnalysis

Shipment valueEight months

ended31 December

2017Yearended

30April2017US$’ million US$’ million

NorthAmerica 74.5 104.4Europe 34.4 40.1Others 36.6 54.8

Total 145.5 199.3

During the period under review, shipments toNorthAmericawere approximatelyUS$74.5million,contributingapproximately51.2%ofthetotalshipmentvalue.

Shipments to Europe were approximately US$34.4mil l ion and accounted forapproximately23.6%ofthetotalshipmentvalue.

Shipments grouped under “Others”, comprisingmainly shipments to the southernhemisphererepresentedapproximately25.2%ofthetotalshipmentvalue.

Revenuefor tradingandsupplychainmanagementserviceswasapproximatelyUS$63.7million for theperiodunder review(yearended30April2017:approximatelyUS$90.2million),representingapproximately81.1%oftheGroup’stotalrevenue.

–18–

(ii) Operation of online social platform

On1June2017, theGroupacquired theentire issuedsharecapitalofLooveewhich isprincipallyengaged in thedevelopmentandoperationof對面 (“Duimian”) in thePRC.Duimiantargetsyoungerusergroupswithmostuserscurrentlyresidinginfirst-tiercitiesin thePRC.After thecompletionof theacquisitionofLoovee, thebusinessgeneratedrevenueofapproximatelyUS$14.8million,contributingaround18.8%of theGroup’stotalrevenue.

(iii) Money lending business

On15November2016,TingoConsultingCompanyLimited (“Tingo”),a subsidiaryoftheCompany,enteredintoaloanagreement(the“Loan Agreement”)with鄭聯軍(ZhengLianjun*)(the“Borrower”),abusinessman,andXinKaiHeTradingCo.,Limited(beingtheguarantoroftheloanandwhoseequityiswholly-ownedbytheBorrower),acompanyincorporatedinHongKong.Pursuant totheLoanAgreement,Tingoagreedtoprovidealoan in theprincipalamountofUS$6million to theBorrower, subject toandupon thetermsandconditionsthereof.Theloanhadbeenfullysettledasat30June2017.Savefortheabove,therewasnoloangrantedornonewborrowerduringtheperiodunderreview.

Impairment Losses on Goodwill

During theeightmonthsended31December2017, theGrouphas recognised impairmentlosses ofUS$13,600,000,US$59,458,000 andUS$40,000 in connectionwith goodwillallocated to the tradingandsupplychainmanagement services,operationofonline socialplatformandothers, respectively.The impairment lossesaremadebasedon the resultsofimpairmenttestsforthegoodwillusingtheirvaluesinuseinaccordancewithHKAS36.

The impairment lossofUS$13,600,000 in connectionwith thegoodwill allocated to thetradingand supplychainmanagement serviceswasmainlya resultof anexpected futuredeclineinrevenueduetoachallengingbusinessenvironment.

The impairment lossofUS$59,458,000 in connectionwith thegoodwill arising from theacquisitionoftheonlinesocialplatformwasmainlyresultedfromtheincreaseinfairvalueofthe150,000,000sharesoftheCompanyallottedandissuedaspartoftheconsiderationfortheacquisition,fromthedateoftherelatedsharepurchaseagreementdated21February2017tothecompletiondateoftheacquisitionofLooveeon1June2017.

TheimpairmentlossofUS$40,000wasrecognisedtoothersasnomoneylendingbusinessisexpectedinthefuture.

Detailsofthegoodwillandacquisitionsofsubsidiariesaresetoutinnote8andnote11ofthisannouncementrespectively.

* For identification purposes only

–19–

Hong Kong Tax Case

Asatthedateofthisannouncement,theGroupreceivedprotectiveassessmentsamountingtoapproximatelyHK$188,000,000 (equivalent toUS$24,165,000) from the IRD in respectofqueries on themodusoperandi of theGroup and the chargeability of theprofits for theassessment years from2003/2004 to 2011/2012 (the “Case”).TheGrouphas lodged anobjectionagainsttheprotectiveassessments.Inaddition,TaxReserveCertificatesamountingtoHK$5,250,000(equivalenttoUS$675,000)havebeenpurchasedbytwosubsidiariesoftheCompany inpursuitof theholdoverof taxdemandedunder theprotectiveassessments forthoseyears.

TheGroupsubmittedasettlementproposalaspartofanegotiationwiththeIRDinrelationtotheCase inApril2015.Subsequent to thesubmission to the IRDwith theassistanceofanexternaltaxspecialist,theGrouphasmaintainedaclosedialoguewiththeIRDandunderstoodthattheIRDrequiredadditionalevidencefromtheGrouptofurtherassessthetaxposition.Asat thedateof thisannouncement, theCasewasstillundernegotiationwith the IRD.Despitetheunresolvedoutcome, theGroup isof theview that sufficient taxprovisionshavebeenmadeinthefinancialstatementsbasedontheinformationavailable.

Financial Review

Financial Resources and Liquidity

TheGroup’s financial position remained healthywith cash and cash equivalents ofapproximatelyUS$13.3millionasat31December2017. Inaddition, theGrouphad totalbanking facilities of approximatelyUS$10.3million including borrowing facilities ofapproximatelyUS$0.1millionasat31December2017.

TheGrouphadacurrent ratioofapproximately1.3andagearingratioofzero,basedonnointerest-bearingborrowingsand total equityof approximatelyUS$111.5millionas at31December2017.TherehasnotbeenanymaterialchangeintheGroup’sborrowingssince31December2017.

On21March2017,theGroupenteredintoaloanagreementwithadirectoroftheCompany,pursuant towhich thedirectoragreed toprovidea loanfacility to theGroup inanaggregateamount of US$10million to finance the acquisition of Loovee and possible futureacquisitions.The loan isunsecured,non-interest-bearingand repayableby22May2018,whichwasextendedtoberepayableby22May2019.Duringtheperiodunderreview,aloanofapproximatelyUS$3.9millionwasdrawndownbytheGroup.

Trade receivables increased fromapproximatelyUS$5.4million as at 30April 2017 toapproximatelyUS$8.6millionasat31December2017.Grosstradereceivablesagedover90dayswhichamounted toapproximatelyUS$1.5million, arebeingcarefullymonitoredbymanagementandsufficientprovisionhasbeenmade.

TheGroup’snetassetvaluerecordedwasapproximatelyUS$111.5millionasat31December2017.

–20–

ThemajorityoftheGroup’stransactionsduringtheperiodunderreviewweredenominatedinUSdollars,HongKongdollarsandRenminbi.Tominimiseforeignexchangerisks,salesandpurchasesaregenerallytransactedinthesamecurrency.

Asat31December2017, theGrouphadnomaterialcontingent liabilitiesorguarantees,orchargesonanygroupassets.

Corporate Events During the Reporting Period

Acquisition of a gamified mobile social networking platform in the PRC

On21February2017,awholly-ownedsubsidiaryoftheCompany,GlorySinoenteredintotheSPAgreementwithindependentthirdpartyvendorstoacquiretheentireissuedsharecapitalofLooveeataconsiderationofHK$800,500,000(equivalent toUS$102,892,000).Loovee isprincipallyengagedinthedevelopmentandoperationofamobilesocialnetworkingplatform“Duimian”inthePRC.

Pursuant to theSPAgreement, theconsiderationshallbesatisfiedby (i) theallotmentandissuanceof150,000,000considerationsharesof theCompanyatan issuepriceofHK$4.67perconsiderationsharepursuanttothespecificmandatetobeapprovedbytheShareholdersatthe specialgeneralmeetingof theCompany (the “SGM”); and (ii) cashconsiderationofHK$100,000,000(equivalenttoUS$12,853,000).

FurtherdetailsoftheacquisitionweresetoutintheannouncementsoftheCompanydated21February2017and19April2017,andthecircularoftheCompanydated28April2017.

Theacquisitionwassubsequentlycompletedon1 June2017and150,000,000shareswereallottedandissuedtotheindependentthirdpartyvendorsaspartoftheconsiderationfortheacquisitionpursuant to theSPAgreement.Theclosingsharepriceof theCompanyon thecompletiondate increased toHK$7.27and the fairvalueof thepurchaseconsideration forLoovee increased to approximatelyHK$1,190,500,000 (equivalent toUS$153,020,000)accordingly.

Loovee, isprincipallyengaged in thedevelopmentandoperationofDuimian through theoperating company深圳市樂唯科技開發有限公司 (Loovee Science and TechnologyDevelopmentCo.Ltd.*) (the“OPCO”)and its subsidiaries.Assuch, it isconsidered tobeengaged in theprovisionofvalue-added telecommunications servicesand internetculturalbusiness,a restrictedandprohibitedbusiness respectively for foreign investorspursuant to《外商投資產業指導目錄(2015年修訂）》(TheGuidanceCatalogueofIndustriesforForeignInvestment(2015Amended)*)(the“Catalogue”).

As theCompanyand its subsidiariesdonotpossess the requiredqualificationsunder theCatalogue,LooveeasaforeigninvestorcannotdirectlyorindirectlyholdtheequityinterestintheOPCO.

* For identification purposes only

–21–

Inorder tocomplywith theapplicablePRC lawsand regulations,樂唯科技(深圳)有限公司 (LooveeScienceandTechnology (Shenzhen)Co.,Ltd.*),which is acompanyestablishedunderthelawsofthePRCandanindirectwholly-ownedenterprisesubsidiaryofLoovee,theOPCOand theequityownersof theOPCOnominatedby theCompanyentered intocertainstructuredcontractsinrelationtoaseriesofcontractualarrangements.

Share subdivision

TheissuedandunissuedsharesofUS$0.04inthesharecapitaloftheCompanyweredividedintothree(3)shareswithaparvalueofoneandonethirdUScentseachwitheffectfrom10August2017(the“Share Subdivision”).Therewasnochange to theboard lotsizeafter theShareSubdivision.Please refer to the sectionbelowheaded“CapitalStructure—ShareSubdivision”fordetails.

Change of financial year end date

TheBoard issuedanannouncementon21September2017 tochange the financialyearenddateoftheCompanyfrom30Aprilto31December(the“Change”).Accordingly,thecurrentfinancialyearenddateoftheCompanyis31December2017.

TheChange is intended to facilitate the futuredevelopmentdirectionof theGroup,whosemedium-to-longtermplanistocontinuetomakestrategicinvestmentsinthePRC.

TheGroup’soperationsarecarriedout throughsomeof its subsidiariesestablished in thePRC,whicharestatutorilyrequiredtoclosetheiraccountsonthefinancialyearenddateof31December.SincethefinancialresultsofthePRCOperatingSubsidiariesaretobeconsolidatedintotheCompany’sconsolidatedaccountseachyear,theChangealignsthefinancialyearenddateoftheCompanywiththePRCOperatingSubsidiaries.ThisstreamlinesandfacilitatesthepreparationoftheconsolidatedfinancialstatementsoftheGroup.

Fortheabovereasons,theBoardbelievesthatitisintheCompany’sintereststhattheChangebeeffectuated.

Possible investment in a TV Drama

On24December2017, theGroupentered intoa frameworkagreement (the“Framework Agreement”)withHuoerguosiHanboCulture IndustryLimited*(霍爾果斯瀚泊文化產業股份有限公司) (the“Producer”) in relation to thepossiblecooperation in theproductionofaTVdrama series (the “TV Drama”)with a total investment amount of approximatelyRMB200million (the “Possible Investment”).Pursuant to the termsof theFrameworkAgreement,subjecttotheProducerhavingobtainedafilminglicencetobeissuedbytheStateAdministrationofPress,Publication,Radio,FilmandTelevisionofthePRC*(中國國家新聞出版廣電總局)andthepartieshavingenteredintoaformalcooperationagreementinrespectoftheTVDrama(the“Formal Agreement”),theGroupintendstoinvestintheproductionoftheTVDrama.

Savefortherelevantprovisionsrelatingtoconfidentiality,exclusivityanddisputeresolution,theFrameworkAgreementisnotlegallybinding.

* For identification purposes only

–22–

Uptothedateofthisannouncement,theGrouphasyettoenterintoanyFormalAgreementinrelationtothePossibleInvestment.

Furtherdetailsof thePossibleInvestmentweresetout in theannouncementof theCompanydated24December2017.

Save as disclosed in this announcement, there are no other important eventsmateriallyaffectingtheCompanyanditssubsidiarieswhichhaveoccurredsince31December2017.

Remuneration Policy and Staff Development Scheme

Asat31December2017,theGrouphad400employees(asat30April2017:345).TotalstaffcostsfortheperiodunderreviewamountedtoapproximatelyUS$10.8million(yearended30April2017:US$14.3million).

TheGroupoffers competitive remuneration schemes to its employeesbasedon industrypractices,performanceof the individual employeeand thatof theGroup. Inaddition, theCompanyhasadopteda shareoptionschemeforeligiblepersonsanddiscretionarybonusesarepayable to staffbasedonhisorher individualperformanceand thatof theGroupasawhole.

Prospects

Rapiddevelopmentof the Internethasnotonlydramaticallychangedall industries,buthasalso seen theemergenceofneweconomies, including thegamifiedmobile socialnetworkindustry in thePRC,which theGroupventured into in2017.According toa reportof theindependentmarketresearchfirmAnalysysInternational,thetotaluserpopulationinthePRCmobile social networkmarket is expected to reach880millionby2018, representing acompoundannualgrowthrateof147.1%between2014and2018.

Tocapture the enormousopportunitiespresentedby thegamifiedmobile social networkplatforminthePRC,inadditiontomajorcities,themanagementwillexplorethirdandfourth-tier citymarkets to help it broaden the user base ofDuimian. Furthermore, theGroupdevelopedaclawcranemobileonlinegameattheendof2017,whichgivesplayers“reallife”like in storeexperienceof thegameon theirmobiledevices. In justa fewmonthsafter itsdebut,thegamewonthefavorofusersinincreasingnumber.In2018,theGroupwillcontinuetodevelopandlaunchdifferentinnovativemobilegames.

FortheGroup’straditionalsourcingandsupplychainmanagementbusiness,themanagementexpects thebusinessenvironmentwill remainchallengingand impactbyweakeningdemandandpricepressurefromcustomers.Given theaforesaidconcerns, theGroupwillcontinue toexpanditsproductofferingsandprovidemorecomprehensivevalue-addedservicestofortifyitsrelationshipwithkeycustomers.Furthermore,theGroupwillactivelyembracetheinternetera bymaking good use of information technologies to bring positive changes to itsoperations.Also, inviewof the immensepotential that the retail industryholds in thePRC,theGroupwillexploreopportunities tooffer supplychainmanagement services todomesticcustomersinthePRC.

–23–

Looking forward, themanagementwill continue to look for acquisition and investmentopportunitieswithpromisingpotential, ensuring that theGroup’s resources areput intoprojectswiththebestdevelopmentprospect, initsbidtoensuretheGroupisabletocaptureopportunities in theever-changingmarketandcreate thebest returns to shareholdersof theCompany(the“Shareholders”).

CAPITAL STRUCTURE

Issue of Consideration Shares

On21February2017,GlorySino (the “Purchaser”), awholly-owned subsidiaryof theCompany, entered into the SPAgreementwithLeqian Investment Limited,MikeCaiInvestmentLimited,Mr.TsangChunHoAnthony,SA1Investments Inc.,Lemei InvestmentLimited,Letu InvestmentLimited,Leguang InvestmentLimited,Lehao InvestmentLimitedandLeming InvestmentLimited (together the“Vendors”),Mr.CongweiZhou,Mr.ShengqiCai,Mr.TsangChunHoAnthony,Mr.SungLeeMingAlfred,Ms.JinchunLai,Mr.YoumingZhang,Ms.XinZhang,Mr.QiFeng andMr. JinfengLiu (together the “Guarantors”).Pursuant to theSPAgreement, thePurchaserconditionallyagreed tobuyand theVendorsconditionally agreed to sell the entire issued share capital ofLoovee at the aggregateconsiderationofHK$800,500,000,whichwas tobe satisfiedby (i) cashconsiderationofHK$100,000,000;and (ii)allotmentand issuanceof150,000,000considerationshares inanaggregateamountofHK$700,500,000bytheCompanypursuanttothespecificmandatetobeapprovedbytheShareholdersattheSGM.Furtherdetailsoftheacquisitionweresetoutintheannouncementsof theCompanydated21February2017and19April2017,and thecircularoftheCompanydated28April2017.

Theacquisitionand the specificmandate toallot and issueconsideration shareshadbeenapprovedby theShareholders at theSGMheldon23May2017.On1 June2017, uponcompletionof theacquisition, theCompanyallottedand issued150,000,000ordinarysharesunderthespecificmandateastheconsiderationsharestotheVendors.ThecashconsiderationpayableundertheSPAgreementhadbeenfullysettledinaccordancewiththetermoftheSPAgreementasatthedateofthisannouncement.

Share Subdivision

Pursuant toanordinary resolutionpassedat theSGMheldon9August2017,everyone (1)existingissuedandunissuedsharewithparvalueofUS$0.04eachinthesharecapitaloftheCompanywassubdivided into three (3) shareswithparvalueofoneandone thirdUScentseachwith effect from10August 2017.Upon completion of theShareSubdivision, theauthorised sharecapitalof theCompanywasUS$40,000,000,divided into3,000,000,000ordinarysharesofoneandone thirdUScentseach,ofwhich1,509,592,701ordinaryshareswere issuedandfullypaidorcreditedas fullypaid.Furtherdetailsof theShareSubdivisionweresetoutintheannouncementoftheCompanydated17July2017andthecircularoftheCompanydated24July2017.

–24–

DIVIDEND

TheDirectorsdonotrecommendthepaymentofafinaldividendfortheeightmonthsended31December2017.

CLOSURE OF REGISTER OF MEMBERS FOR ANNUAL GENERAL MEETING

Theannualgeneralmeeting(the“AGM”)oftheCompanywillbeheldonThursday,31May2018.For thepurposeofascertaining theShareholders’ rightsofattendingandvotingat theforthcomingAGM, the registerofmembersof theCompanywillbeclosed fromFriday,18May2018toThursday,24May2018,bothdaysinclusive.InordertobeentitledtoattendtheAGM,allcompleted transfer formsaccompaniedby the relevant sharecertificatesmustbelodgedwiththeHongKongbranchshareregistraroftheCompany,TricorStandardLimited,atLevel22,HopewellCentre,183Queen’sRoadEast,HongKongnotlaterthan4:30p.m.onThursday,17May2018.

PURCHASE, SALE OR REDEMPTION OF SHARES

Neither theCompanynor anyof its subsidiariespurchased, soldor redeemedanyof theCompany’ssharesduringtheeightmonthsended31December2017.

SCOPE OF WORK OF ERNST & YOUNG

ThefiguresinrespectoftheGroup’sresultsfortheeightmonthsended31December2017assetoutinthisannouncementhavebeenagreedbytheCompany’sauditor,Ernst&Young,totheamounts setout in theGroup’sconsolidated financial statements for theeightmonthsended31December2017.TheworkperformedbyErnst&Young in this respectdidnotconstituteanassuranceengagement inaccordancewithHongKongStandardsonAuditing,HongKongStandards onReviewEngagements orHongKongStandards onAssuranceEngagementandconsequentlynoassurancehasbeenexpressedbyErnst&Youngon thisannouncement.

AUDIT COMMITTEE

TheAuditCommitteeof theCompanycurrentlycomprises three IndependentNon-executiveDirectors,namelyMr.LauShuYan,Mr.WangArthurMinshiangandMr.ZhangHuijun.TheAuditCommitteehas reviewedwith themanagement theaccountingprinciplesandpracticesadoptedbytheGroupanddiscussedauditing,internalcontrol,riskmanagementandfinancialreportingmatters.Theauditedconsolidated financial statementsof theGroup for theeightmonthsended31December2017havebeenreviewedbytheAuditCommittee.

TheAuditCommitteehasalsoreviewedthetermsandconditionsofthecontinuingconnectedtransactionandconnectedtransactionoftheCompanythattookplaceduringtheeightmonthsended31December2017.

–25–

CORPORATE GOVERNANCE

Throughout theeightmonthsended31December2017, theCompanyhascompliedwithalltheapplicablecodeprovisions (the“Code Provisions”)of theCorporateGovernanceCode(the“CG Code”)assetout inAppendix14to theRulesGoverningtheListingofSecuritiesonTheStockExchangeofHongKongLimited(the“Listing Rules”),saveforthedeviationsasdescribedbelow:

CodeProvisionE.1.2oftheCGCoderequirestheChairmanoftheBoardtoattendtheAGMheld on 30August 2017 (the “2017 AGM”).Due to other business commitments,Mr.ZhouXijianwasnotable toattend the2017AGM.Mr.WongHingLin,Dennis,ExecutiveDirectorandPresidentoftheCompany,actedastheChairmanofthe2017AGMtoensureaneffectivecommunicationwascarriedoutwiththeShareholders.

Acorporategovernance reportof theCompanywithdetailsof thepoliciesandpracticesoncorporategovernancewill be set out in theCompany’s2017 annual report for the eightmonthsended31December2017.

MODEL CODE FOR SECURITIES TRANSACTIONS

TheCompanyhasadoptedtheModelCodeforSecuritiesTransactionsbyDirectorsofListedIssuers(the“Model Code”)setoutinAppendix10totheListingRulesasitsmodelcodeforsecurities transactions by theDirectors.TheCompany, havingmade specific enquiries,obtained confirmations fromall theDirectors that theyhave compliedwith the requiredstandardssetoutintheModelCodeduringtheeightmonthsended31December2017.

TheCompanyhasalsoestablishedwrittenguidelinesonnolessexactingtermsthantheModelCode (the “Employees Written Guidelines”) for securities transactions by relevantemployeeswho are likely to possess unpublished inside information in relation to theCompany or its securities.No incident of non-compliance of the EmployeesWrittenGuidelinesby the relevantemployeeswasnotedby theCompanyduring theeightmonthsended31December2017.

PUBLICATION OF THE FINAL RESULTS ANNOUNCEMENT AND ANNUAL REPORT

ThisannouncementispublishedonthewebsiteofTheStockExchangeofHongKongLimitedandtheCompany’swebsiteatwww.daoheglobal.com.hk.The2017annualreportfortheeightmonthsended31December2017willbedespatchedtotheShareholdersandavailableontheabovewebsitesinduecourse.

ByOrderoftheBoardDaohe Global Group Limited

ZHOU XijianChairman & Non-executive Director

HongKong,23March2018

As at the date of this announcement, the Non-executive Director of the Company is Mr. ZHOU Xijian, the Executive Directors are Mr. YU Lei, Mr. WONG Hing Lin, Dennis and Mr. HO Chi Kin, and the Independent Non-executive Directors are Mr. WANG Arthur Minshiang, Mr. LAU Shu Yan and Mr. ZHANG Huijun.