HONG KONG — Man Wah Holdings Limited (“Man Wah” or the “Group”, stock code: 1999) would like to point out that the content of the Muddy Waters report published today is similar to that of the Muddy Waters PPT published earlier and does not contain any new arguments.

The Group has already issued an announcement earlier in response to all the arguments Muddy Waters raised and would make further announcement should the Group have other supplementary information to provide.

The Group is highly confident of its business and financial performance and has repurchased shares of the Company at more than HK$130 million in the past few days and the shares will be cancelled later.

The Chairman of Man Wah does not rule out the possibility of increasing his stake in the Company when appropriate to demonstrate his confidence in the Group.