Amber Energy Limited Renamed as “Puxing Clean Energy Limited” With Shareholders’ Approval

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 leading
clean energy provider in Zhejiang Province, is pleased to announce that the
proposed change the Company’s name to “Puxing Clean Energy Limited (????????)” (“Puxing Clean Energy”) has been approved by nearly 100% of
its shareholders at an extraordinary general meeting held on 4 July 2019. The
new name will take effect after it is approved by the Registrar of Companies in
the Cayman Islands. The Company’s stock code “00090” will remain unchanged.

The change of name better reflects the Group’s strategic direction
and business focus in the future. It also shows the relationship between the
Company and its controlling shareholder, Shanghai Pu-Xing Energy Limited
(“Puxing Energy”). Puxing Energy is an integrated energy company jointly owned
by China Wanxiang Holding Co., Ltd. (“China Wanxiang”) and Minsheng Life
Insurance Co., Ltd. (“Minsheng Life Insurance”) with focus on investing, developing
and operating of clean energy and renewable energy businesses. Leveraging its
shareholders’ expertise in the clean energy sector and immense financial
capital, Puxing Energy devotes in a wide range of businesses in the energy sector
covering construction of wind farms, operating natural gas-fired power plant, and
designing and building of energy storage power stations. It also adopts and
develops 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 wind
power plants, and a number of energy storage projects and charging stations. Amber
Energy is the only offshore listing vehicle of Puxing Energy that can tap the international
capital markets.

Mr. Wei Junyong, Chairman of Amber Energy, said, “We rename
our company to show investors the background and strengths of its shareholders
and to reflect the direction of its business development. We thank the
shareholders for their support and votes for the change of the company’s name. Our
controlling shareholder, Puxing Energy, is an energy investment company that can leverage China
Wanxiang’s valuable experience in the clean energy industry and Minsheng Life
Insurance’s immense financial capital. Its advantages will enable the Group to
expand its installed capacity for power generation and to explore possibilities
for branching out into other types of clean energy in the future. The new name
will also give the Company a distinct corporate identity, which will be beneficial
to the Group’s future business development. Building on its clean energy
business, the Group will seek to extend the scope of its businesses along the
value chain of the industry to auxiliary power services, energy contract
management and energy storage under the concept of ‘Energy + Technology’. This
will 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 Zhejiang
Province. It is mainly engaged in development, operation and management of natural
gas-fired power plants. Presently, the Group owns four natural gas-fired power
plants with a total installed capacity of approximately 458MW (including 578 kW
rooftop photovoltaic power generation facilities installed in 2018) and a
heating capacity of approximately 160 tonnes per hour.