HONG KONG, CHINA - Media OutReach - 30 September 2020 - Puxing Energy Limited ("Puxing Energy" or the"Company", together with its subsidiaries, the "Group"; stock code: 00090), theleading clean energy provider in Zhejiang Province, is pleased to announce that,with reference to the share purchase agreement ("Share Purchase Agreement") enteredinto between Zhejiang Puxing Deneng Natural Gas Power Co., Ltd. ("Deneng PowerPlant"), an indirect wholly-owned subsidiary of the Company, and ShanghaiPu-Xing Energy Limited in relation to the acquisition of 100% of the equityinterests of Quzhou Puxing Gas Turbine Thermal Power Co., Ltd. ("Quzhou Puxing")at a consideration of RMB333,398,965.29 (subject to adjustment) dated 6 May2020, which such acquisition had been approved by the shareholders of theCompany on 30 July 2020, all the conditions precedent set out in the SharePurchase Agreement had been fulfilled and the completion took place on 30 September 2020.

Upon the completion,the Company holds 100% of the equity interests in Quzhou Puxing and QuzhouPuxing becomes an indirect wholly-owned subsidiary of the Company. Accordingly,the financial information of Quzhou Puxing will be consolidated into theaccounts of the Group.

Asdisclosed in the circular of the Company dated 24 June 2020, the final amountof the consideration for the acquisition is subject to adjustment based on thenet asset value of Quzhou Puxing in the completion audit report issued within30 days after the completion date, minus the accumulated undistributed profitof Quzhou Puxing as at 31 December 2019 (the "Adjusted Consideration"). Furtherannouncement will be issued by the Company uponconfirmation of the Adjusted Consideration.

Mr. Wei Junyong, Chairman ofPuxing Energy,concluded, "As an enterprise mainly engaging in development, operation andmanagement of natural gas-fired power plants in China, the completion of theacquisition of Quzhou Puxing takes a solid step for Puxing Energy to expand andstrengthen its existing clean energy business, not only further expand its installedand heating capacities, but also strengthen the Group's presence and businessoperation in Zhejiang Province, China, in order to boost its businessperformance. In the future, the Group will continue to uphold the concept of 'Energy+Technology'on one hand and will keep on following up andparticipating in the power market reforms in Zhejiang Province on the otherhand, so as to actively explore business development opportunities. The Group is dedicated to transforminginto an integrated energy supplier, enhancing growth potential in the long runand maximizing benefits and returns to shareholders."

About Puxing Energy

PuxingEnergy is a leading clean energy provider in Zhejiang Province. It is mainlyengaged in development, operation and management of natural gas-fired powerplants. Upon completion of the acquisition of Quzhou Puxing, the Group owns fivenatural gas-fired power plants with a total installed capacity of approximately688MW (including 731kW rooftop photovoltaic power generation facilities) and amaximum heating capacity of approximately 360 tons per hour.