For immediate release

波司登國際控股有限公司
Bosideng International Holdings Limited

ITOCHU and CITIC Securities' joint venture to buy 13.99% indirect equity stake in Bosideng

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The Deal will bring global experience to Bosideng and
strengthen its global competitiveness

(April 24, 2015 - Hong Kong) - Bosideng International Holdings Limited ("Bosideng", or the "Company", stock code: 3998, which together with its subsidiaries is collectively referred to as the "Group"), the largest down apparel company in mainland China, is pleased to announce that a joint venture between ITOCHU Corporation (the third largest trading firm in Japan) and Goldstone Investment, the investment arm of CITIC Securities has reached an agreement to invest in Bosideng. ITC SPC, the joint venture, will do so by investing in New Surplus International Investment Limited ("New Surplus"), which is presently indirectly wholly-owned by Bosideng's Chairman, Mr. Gao Dekang. New Surplus, in turn, will subscribe for approximately 1,302.50 million new shares of Bosideng at HK$1.19 per share for a consideration of HK$1,549.98 million. The share subscription price enjoyed a premium of approximately 25.26% over the average closing price of HK$0.95 per share for the last 30 consecutive trading days immediately prior to the date of subscription agreement.

The subscription shares represent approximately 16.27% of the existing issued share capital of Bosideng and approximately 13.99% of its enlarged issued share capital following the share subscription. The net proceeds from the share subscription will be HK$1,544.97 million. The capital raised will not only strengthen its financial position and financing capabilities; Bosideng will also utilize the proceeds to further develop its core businesses and introduced new brands to strengthen non-down business. Besides, the Group also intends to invest in opportunities that well match the Group's development together with ITOCHU Corporation.

Upon the completion of the subscription, New Surplus will assign representative from ITOCHU Corporation to be Bosideng's executive director.
Mr. Shuichi Koseki, Managing Executive Officer of ITOCHU Corporation and President of its Textile Company said, "We are very honoured to form a long-term strategic alliance with Bosideng. I've known Mr. Gao for a long time and have since admired his entrepreneurship and vision. Currently Bosideng's performance is undergoing some fluctuation due to industry headwinds. However, with Bosideng's brand recognition and market influence, coupled with ITOCHU's diversified industry experience and global resources, we can complement to each other and further enhance Bosideng's market leadership and competitiveness in the international market. We look forward to join hands with Bosideng to explore market potential and create value for shareholders."

Mr. Wang Dongming, Chairman of CITIC Securities commented, "Bosideng is a leading operator of down apparel in China with a well-renowned brand. With its solid operation and financials, it is in line with CITIC Securities' strategic direction to invest in companies with great development prospects. By collaborating closely with ITOCHU Corporation and together with CITIC Securities' strength in the international equity markets, we believe Bosideng has huge room for growth. We are honoured to be part of this investment with strategic meaning."

Mr. Gao said "The subscription will bring in ITOCHU Corporation and CITIC Securities such two strong investors to the Group, it demonstrates their recognition towards Bosideng's operation and future prospects. The subscription will bring in global experiences and expertise from ITOCHU Corporation and CITIC Securities to the Group. Leveraging ITOCHU Corporation's experience in apparel wholesale and retailing, we believe Bosideng will be able to enhance its overall management capabilities. Moreover, the transaction will also allow the Group, ITOCHU Corporation and CITIC Securities to leverage on respective strengths, and sharing of resources to explore potential strategic cooperation and investment opportunities in the future to facilitate mutual business success."

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About Bosideng International Holdings Limited:

Bosideng International Holdings Limited (the "Company", together with its subsidiaries is collectively referred to as the "Group") is the largest down apparel company in the PRC. Its top four down apparel brands, namely Bosideng, Snow Flying, Combo and Bengen accounted for 37.8% of the PRC down apparel market^# in 2013. According to China Industrial Information Issuing Center and the National Bureau of Statistics of China, Bosideng has been the leading PRC down apparel brand for 19 consecutive years from 1995 to 2013.

Leveraging its outstanding brand value and extensive sales network, the Group is actively exploring opportunities to acquire non-down apparel brands with high potential for development and good reputation. Currently, key non-down apparel brands of the Group include Bosideng MAN, JESSIE ladies' wear and Mogao casual wear.

^# Among the 30 largest down apparel brands

About ITOCHU Corporation:
ITOCHU (8001: TYO, website : http://www.itochu.co.jp/) is one of the leading trading companies in the world. The history of ITOCHU dates back to 1858 when the Company's founder Chubei Itoh commenced linen trading operations. Since then, ITOCHU has evolved and grown for over 150 years. With approximately 350 branches, subsidiaries and affiliates in 65 countries, ITOCHU, as one of the leading sogo shoshas, actively engages in domestic and international trading of various products such as textile, machinery, metals, minerals, energy, chemicals, food, information and communications technology, realty, general products, insurance, logistics services, construction, and finance, as well as business investment worldwide.

About CITIC Securities:
Headquartered in Shenzhen, CITIC Securities was established in October 1995 with its A shares (SSE: 600030) listed on the Shanghai Stock Exchange and H shares (SEHK: 6030) listed on the Main Board of the Stock Exchange. CITIC Securities is top-ranked in its principal businesses of securities brokerage, investment banking and asset management on China's capital market. CITIC Securities offers a wide range of financial services and products to a large and diverse client base that includes corporations, financial institutions, governments and individuals.

For further information, please contact:
Bosideng International
Carol Mak
Tel: (852) 2866 6956
Email: carol.mak@bosideng.com

iPR Ogilvy Ltd.
Aven Yu/ Karen Tse/ Callis Lau
Tel: (852) 2136 6176/ 2136 6950/ 2136 6952
Fax: (852) 3170 6606
Email: bosideng@iprogilvy.com