Proposed Change of Company Name to Better Reflect Business Expansion Entering the Space of Bioscience with Renowned Science and Finance Expert on Board

Proposed Change of Company Name to Better Reflect Business Expansion

Entering the Space of Bioscience with Renowned Science and Finance Expert on Board

(18 August 2020, Hong Kong) Hao Tian Development Group Limited (the "Company" or "Hao Tian Development", together with its subsidiaries, the "Group", SEHK stock code: 00474) proposes that the English name of the Company to be changed from "Hao Tian Development Group Limited" to "Aceso Life Science Group Limited" and the Chinese name of the Company from "昊天發展集團有限公司" to "信銘生命科技集團有限公司" (hereinafter referred to as the "Change of Company Name").

Update on the Bioscience Business

Promethera Biosciences S.A/N.V. ("Promethera Biosciences") completed its first round of fund raising and has establishd a joint venture with Aceso-Promethera Asia Company Limited (the "JV Company").

The JV Company has obtained the exclusive right to engage in the development, commercialisation, sell and distribution of cell-based and biological therapies for the treatment of liver diseases including Acute-on-Chronic Liver Failure (ACLF), Non-alcoholic Steatohepatitis (NASH) and Urea Cycle Disorder (UCD), autoimmune diseases and various types of cancer based on the applications and development of the IP of Promethera Biosciences in Asia (including the PRC).

The JV Company will commence joint study with Itochu Corporation on the therapeutic use of certain IP and proceed with collaboration distribution, licensing and sales of the certain products in Asia.

The Group intend to expand into the business of bioscience and is in the process to recruit a team of life science executives with significant bioscience asset development experience in China and South East Asia to cope with the new initiatives.

New Board Members

Dr. Wang Yu (王宇博士) (''Dr. Wang'') and Dr. Li Yao (李耀博士) (''Dr. Li'') have been appointed as non-executive Directors of the Company on 18 August 2020.

Dr. Wang, a highly recognized scholar who has extensive connection and possesses decades of experience in the healthcare space in the PRC and previously the director of Institute of Hepatology, Peking University Health Science Center ("PUHSC") (北京大學醫學部肝病研究所所長), vice president of PUHSC, deputy director of China National Center for Biotechnology Development (CNCBD) (中國生物技術發展中心副主任) and deputy director of the Department of Social Development, Ministry of Science and Technology of the PRC (中國科學技術部社會發展司副司長). Dr. Wang served as director general of the Chinese Centre for Disease Control and Prevention (中國疾病預防控制中心主任) from June 2004 to August 2017.

Dr. Wang is currently managing director of Chinese Medical Association (中華醫學會常務理事), and committee member of the Global Commission for the Certification of Poliomyelitis Eradication (Western Pacific Region) (世界衛生組織全球消滅脊髓炎質炎西太醫區專家委 員會委員).  Dr. Wang earned his doctorate degree in medicine from PUHSC and Ph.D. from Jichi Medical School of Japan. Dr. Wang will also act as the chairman of the Scientific Advisory Committee of Aceso Life Science Holding, our subsidiary principally engaged in the bioscience business.

Dr. Li has over 25 years of experience in financial industry. He has been working for International Finance Corporate (''IFC'') of World Bank Group since 1999 and he is currently the Regional Chief Investment Officer for East Asia and Pacific of IFC. Dr. Li also serves as an independent director of 21Vianet Group, Inc, a company listed on NASDAQ, since May 2018. During 2011 to 2015, he was the Chief Executive Officer of China-ASEAN Investment Cooperation Fund and the Chairman of the Investment Committee of its investment manager. From 2015 to 2016, he also acted as the Vice General Manager of China Ping An Trust Co Ltd. (平安信託有限責任公司) overseeing the private equity business. Dr. Li holds a PhD in Economics from Renmin University of China.

Mr. Eric Fok, Executive Director of Hao Tian Development said, "Further to the establishment of Aceso Life Science Holding Limited with Co-High Investment Management Limited in June 2020, the Group formed a joint venture with Promethera Biosciences with IP rights to its products in Asia. Concurrently, we are honoured to have Dr. Wang Yu and Dr. Li Yao, both renowned and reputable in bioscience and finance, on Board. The change of Company's name to Aceso Life Science Group Limited shall better reflect its intention to expand its business into the bioscience industry. The Group is committed to becoming a leading global life science platform.

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About Hao Tian Development

At present, Hao Tian Development Group Limited is a Hong Kong-based investment holding company and the Group is principally engaged in (i) money lending; (ii) securities investment; (iii) provision of commodities and securities brokerage service; (iv) asset management; (v) property leasing; and (vi) rental and trading of construction machinery The Company intends to expand its business into bioscience industry and has been endeavouring in identifying and locating acquisition targets.

About Aceso Life Science Holding

Aceso Life Science Holding is held as to 51% and 49% by the Group and Co-High, respectively. It is the Group's vehicle for the business of development, manufacture, sale and distribution of therapeutic and diagnostic assets in the Greater China and South East Asia.

About Co-High

Co-High is a private equity firm primarily focused on investing in the next generation of life science companies with clear scientific edges which target to solve global major unmet medical needs. Co-High possesses extensive resources and connections to the global life science ecosystem. Co-High is owned by Atlantis Capital Group Holdings Limited ("Atlantis Capital") and Mr. Dong Zimeng as to 60% and 40% respectively. Atlantis Capital is wholly-owned by Ms. Liu Yang.

About Promethera Biosciences

Promethera Biosciences S.A/N.V., Belgium, was founded in 2009 by Professor Etienne Sokal, a member of the Belgian Royal Academy of Medicine and Professor at UCLouvain, together with the UCLouvain TTO Sopartec SA. Promethera Biosciences is a global innovator in liver therapeutics whose mission is to deliver to patients'life-saving treatments in order to reduce the need for liver transplantation. Promethera Biosciences'lead product, HepaStem, is a next-generation cell therapy designed to leverage immuno-modulatory and anti-fibrotic properties to treat patients. In addition to its cell-based therapy product pipeline (HepaStem and H2Stem), Promethera is also developing the antibody asset Atrosimab to complement and diversify its liver focused pipeline.

HepaStem is a human allogenic liver-derived progenitor/mesenchymal type cell that isobtained from healthy, ethically donated human livers, isolated, expanded and pharmaceutically produced in qualified cGMP Promethera Biosciences'manufacturing factories. HepaStem is being or has been applied to Acute-on-Chronic Liver Failure (ACLF), Non-Alcoholic Steatohepatitis (NASH) and Urea Cycle Disorder (UCD).

HepaStem's phase 2a clinical trial for ACLF had been completed and the data was recognised as a late-breaking data presentation at the 2019 European Association for the Study of Liver (EASL). HepaStem is currently part of a potentially pivotal phase 2b clinical study in Europe in ACLF patients. In addition, Promethera Biosciences is preparing to file an Investigational New Drug Application (IND) for HepaStem, for the treatment of COVID-19-associated Acute Respiratory Distress Syndrome in Europe. Promethera Biosciences'other assets include; (1) H2Stem, a next-generation regenerative medicine derived from hepatobiliary type progenitor cells, (2) Novotarg, a pre-clinical stage CD95/CD20 bispecific antibody for the treatment of solid tumors and (3) Atrosimab, a preclinical stage TNF Receptor 1 antagonistic monovalent antibody which will be deployed for the treatment of liver indications and other inflammatory autoimmune diseases.

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