IDG Energy Investment Sets Foot in New Mobility Industry for Broader and Diverse Return

For Immediate Release November 25, 2019IDG ENERGY INVESTMENT LIMITED IDG 能源投資有限公司*(Stock code: 650.HK)

IDG Energy Investment Sets Foot in New Mobility Industry for Broader and Diverse Return

(November 25, 2019 - Hong Kong)IDG Energy Investment Limited ("IDG Energy Investment" or the "Company", stock code: 650.HK) is pleased to announce that on 15 November 2019, its wholly-owned subsidiary, Triple Talents Limited ("Triple Talents") entered into a series of agreements with Weipin (Cayman) Holding Limited (the "Target") and its affiliates, pursuant to which Triple Talents has agreed to subscribe for certain shares in the Target, which constitutes 35% of the total share capital of the Target upon completion of such subscription. Upon completion of the transaction contemplated under agreements ("Transaction") with a total investment of approximately RMB200 million, the Company has become the controlling shareholder of the Target.The Target will become the holding company of the online ride-hailing services platform business ("Mobility Services Platform") upon completion of restructuring.

The Mobility Services Platform will be one of the focal businesses to develop for the Company, and the Company expects to closely engage in the operation and supervision of this new business to ensure its commercial development, sound financial performance, and the realization of the synergetic value to be created between the Target and the Company along with its energy industry expertise and strategic partners.

In China, the new mobility industry represents a fast growing and underpenetrated market opportunity, with an annual transaction volume of more than RMB300 billion that is expected to reach RMB500 billion in 2022. Currently there are more than 10 billion ride orders recorded per year.

Mobility Services Platform manages hundreds of thousands of drivers and vehicles to supply ride services to online ride-hailing companies including but not limited to Didi. The Target aims to resolve the need of both consumers and relevant regulatory agencies to improve the quality and safety of online ride-hailing services. With the Mobility Services Platform, the Target will charge a take rate from the gross merchandise value (GMV) of every ride it supplies. Value will be created through efficient drivers and fleets management.

Mr. LIU Zhihai, Executive Director & President of IDG Energy Investment, commented: "The Target is an optimal quality investment opportunity which can diversify income stream and maximise returns for shareholders. The Transaction will enable us to capture development opportunities in the new mobility industry and increase the efficiency of its fund utilisation. In addition, the Company will also be able to provide fuel cost optimization for the fleet of the Target."

"We believe that the Target is well positioned to rapidly scale up and we will positively benefit from this new venture through its cash-generating capability, operational sustainability and business scalability."

- End -About IDG Energy Investment (Stock Code: 650.HK) IDG Energy Investment Limited is an investment holding company mainly engaged in global energy and other assets investment and management.

The Company has invested in various energy related portfolio companies, both in China and abroad, which include Hongbo Mining, Stonehold, GNL Quebec, LNGL, JOVO, and JUSDA Energy, etc., covering investments in upstream crude oil assets and strategic investments throughout LNG value chain.

The Company will broaden its income stream and achieve sustainable growth through unyielding pursuit of attractive investment returns with determination to unleash value-creating projects in high-growth sectors.

For further information, please refer to IDG Energy Investment's website:www.idgenergyinv.com

This press release is disseminated by Financial PR (HK) Limited on behalf of IDG Energy Investment Limited.IDG Energy Investment Media Contact: Ms. Lydia Zhong Email: lydia_zhong@idgenergy.com Tel: (852) 3903 1325Financial PR (HK) Limited