Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 8207)
PROFIT ALERT
This announcement is made by Credit China Holdings Limited (the "Company", and together with its subsidiaries, collectively the "Group") pursuant to Rule 17.10(2)(a) of the Rules Governing the Listing of securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited (the "GEM Listing Rules") and the Inside Information Provisions (as defined in GEM Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong).
The board of directors (the "Board") of the Company would like to inform the shareholders of the Company (the "Shareholders") and potential investors that, based on information currently available, although the Company's internet financing businesses (including third party payment services and P2P loan consultancy services) brought encouraging contributions to the Group, the Group expects to record a material decrease of approximately 56% in its profit attributable to owners of the Company for the year ended 31 December 2014 as compared with the corresponding period in
2013. Such expected decrease was mainly due to factors from non-operating items and discontinued business set out below:
(1) A one-off significant appreciation of approximately RMB76 million in fair value for Shanghai property investment occurred for the year ended 31 December 2013. The Company expects to record only an increase of approximately RMB10 million in fair value for the same property investment for the year ended 31 December
2014;
(2) The reversal of a contingent consideration receivable of approximately RMB8 million recognized for the acquisition of a third-party payment company ("UCF Pay") in November 2013. In 2014, UCF Pay delivered profits beyond the guarantee level and therefore the contingent consideration receivable recognized in 2013 needs to be reversed; and
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(3) A technical provision for bad debts of approximately RMB26 million (2013: NIL) made for microloan business in Chongqing for the year ended 31 December
2014. The disposal of the microloan business in Chongqing was completed on 18
December 2014.
The Board would like to emphasize that the Company is still in the process of finalising the consolidated results of the Group for the year ended 31 December 2014, and at the date of this announcement, it cannot reasonably ascertain the total amount of the profit attributable to owners of the Company. The information contained in this announcement is only based on the Company's preliminary assessment of the unaudited consolidated management accounts of the Group for the year ended 31 December 2014 and is not based on any figure or information which has been audited or reviewed by the Company's auditors and the audit committee of the Company. Further adjustments and finalization in the Group's 2014 financial results may be required. Details of the Group's financial information and performance for 2014 will be disclosed in the 2014 annual results announcement to be published in March 2015. The Company will announce the date of board meeting for approval the annual results in due course.
By order of the Board
Credit China Holdings Limited Phang Yew KiatVice Chairman, Executive Director and
Chief Executive Officer
Hong Kong, 30 January 2015
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As at the date of this announcement, the Directors are as follows:
Executive Directors:
Mr. Phang Yew Kiat (Vice-Chairman and Chief Executive Officer)
Mr. Chng Swee Ho
Mr. Sheng Jia
Ms. Shen Li
Non-executive Directors:
Mr. Li Mingshan (Chairman)
Mr. Li Gang
Mr. Wong Sai Hung
Independent Non-executive Directors:
Mr. Ge Ming
Mr. Peter Z Kuk
Mr. Wang Wei
This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief, the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.
This announcement will remain on the "Latest Company Announcements" page of the GEM website (www.hkgem.com) for at least 7 days from the date of its publication. This announcement will also be published on the website of the Company at (www. creditchina.hk).
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