China NewCity (01321.HK) announced on September 13th that it has established an Independent Directors Committee ("Independent Directors Committee") in accordance with Article 2.1 and Article 2.8 of the acquisition code. The committee includes non-executive directors who have no direct or indirect interest in the share buyback, namely Mr. Chao Win, Mr. Lin Youyao, and Mr. Yuan Yuan, to provide advice and suggestions to shareholders who have no interest in the share buyback.

In addition, Force High Enterprise Financing Limited, a corporation licensed under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) to carry on Type 6 (advising on corporate finance) regulated activity, has been appointed as the independent financial advisor ("Independent Financial Advisor") to provide advice to the Independent Directors Committee on the share buyback. The Independent Directors Committee has approved the appointment in accordance with Article 2.1 of the acquisition code.