Min Xin : ANNOUNCEMENT PURSUANT TO RULE 13.18 OF THE LISTING RULES

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ANNOUNCEMENT PURSUANT TO

RULE 13.18 OF THE LISTING RULES

This announcement is made by Min Xin Holdings Limited (the "Company") in compliance with the disclosure requirements under Rule 13.18 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

On 10 February 2020, the Company as borrower accepted a facility letter (the "Facility Letter") issued by a bank (the "Bank") offering for the grant of an uncommitted revolving loan facility of up to US$15,000,000 or equivalent Hong Kong Dollars (the "Facility"). The Bank may at any time modify, terminate, cancel or suspend the Facility or vary the terms applicable to the Facility, and declare all outstanding balances to be due and payable on demand at any time.

Pursuant to the Facility Letter, amongst other things, the Company undertakes to procure Fujian Investment & Development Group Co., Ltd. ("FIDG"), the controlling shareholder of the Company, shall beneficially own (whether directly or indirectly) not less than 35% of the issued share capital of the Company and have the power to exercise (whether directly or indirectly) management control over the Company during the term of the Facility Letter. Breach of such undertakings will constitute an event of default and all amounts (including principal and interest) due and owing by the Company to the Bank under the Facility Letter shall become immediately due and payable.

As at the date of this announcement, FIDG is beneficially interested in approximately 59.53% of the issued share capital of the Company.

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By Order of the Board

Min Xin Holdings Limited

CHEN Yu

Executive Director and General Manager

Hong Kong, 10 February 2020

As at the date of this announcement, the executive directors of the Company are Messrs YAN Zheng (Chairman), WANG Fei (Vice Chairman) and CHEN Yu; the non-executive directors are Messrs YANG Jingchao and HON Hau Chit; the independent non-executive directors are Messrs IP Kai Ming, CHEUNG Man Hoi and LEUNG Chong Shun.

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