Strong shareholder support secured for business expansion and diversification

HONG KONG, CHINA -  Media OutReach  - 4 July 2019 - Amber Energy Limited ("Amber Energy" or the "Company",together with its subsidiaries, the "Group"; stock code: 00090), a leadingclean energy provider in Zhejiang Province, is pleased to announce that theproposed change the Company's name to "Puxing Clean Energy Limited (普星潔能有限公司)" ("Puxing Clean Energy") has been approved by nearly 100% ofits shareholders at an extraordinary general meeting held on 4 July 2019. Thenew name will take effect after it is approved by the Registrar of Companies inthe Cayman Islands. The Company's stock code "00090" will remain unchanged.

The change of name better reflects the Group's strategic directionand business focus in the future. It also shows the relationship between theCompany and its controlling shareholder, Shanghai Pu-Xing Energy Limited("Puxing Energy"). Puxing Energy is an integrated energy company jointly ownedby China Wanxiang Holding Co., Ltd. ("China Wanxiang") and Minsheng LifeInsurance Co., Ltd. ("Minsheng Life Insurance") with focus on investing, developingand operating of clean energy and renewable energy businesses. Leveraging itsshareholders' expertise in the clean energy sector and immense financialcapital, Puxing Energy devotes in a wide range of businesses in the energy sectorcovering construction of wind farms, operating natural gas-fired power plant, anddesigning and building of energy storage power stations. It also adopts anddevelops frontier technologies in the energy sector. Puxing Energy has a 230 megawatts(MW) natural gas-fired power plant, a total installed capacity of 51MW's windpower plants, and a number of energy storage projects and charging stations. AmberEnergy is the only offshore listing vehicle of Puxing Energy that can tap the internationalcapital markets.

Mr. Wei Junyong, Chairman of Amber Energy, said, "We renameour company to show investors the background and strengths of its shareholdersand to reflect the direction of its business development. We thank theshareholders for their support and votes for the change of the company's name. Ourcontrolling shareholder, Puxing Energy, is an energy investment company that can leverage ChinaWanxiang's valuable experience in the clean energy industry and Minsheng LifeInsurance's immense financial capital. Its advantages will enable the Group toexpand its installed capacity for power generation and to explore possibilitiesfor branching out into other types of clean energy in the future. The new namewill also give the Company a distinct corporate identity, which will be beneficialto the Group's future business development. Building on its clean energybusiness, the Group will seek to extend the scope of its businesses along thevalue chain of the industry to auxiliary power services, energy contractmanagement and energy storage under the concept of 'Energy + Technology'. Thiswill add new impetus to the Group's business, thus maximizing returns to its shareholders."

About Amber Energy

Amber Energy is a leading clean energy provider in ZhejiangProvince. It is mainly engaged in development, operation and management of naturalgas-fired power plants. Presently, the Group owns four natural gas-fired powerplants with a total installed capacity of approximately 458MW (including 578 kWrooftop photovoltaic power generation facilities installed in 2018) and aheating capacity of approximately 160 tonnes per hour.