BILLION INDUSTRIAL HOLDINGS LIMITED 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.
BILLION INDUSTRIAL HOLDINGS LIMITED百宏實業控股有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 2299) BUSINESS UPDATE FINANCIAL RESOURCES OF THE GROUP FINANCIAL RESOURCES OF THE GROUPReference is made to the announcement of the Company dated 14 December 2016 (the "Announcement"). Unless otherwise stated, terms defined in the Announcement shall have the same meanings when used in this announcement.
To enable shareholders of the Company and potential investors to appreciate the financial resources of the Group, the Company announces that since the date of the Announcement, the Company has further increased its subscription of wealth management products subscribed with China Merchants Bank（ 招商銀行）(the "CMB Wealth Management Product") by a total principal amount of RMB150,000,000. Accordingly, as at the date of this announcement, financial assets owned by the Company included the following:
Amount (RMB) | |
Fixed deposits with maturity over three months with Fujian Jinjian Rural Commercial Bank（ 福建晉江農村商業銀行）1 | 150,000,000 |
Restricted Bank Deposits with Industrial Bank Co., Ltd.（ 興業銀行）2 | 200,000,000 |
The CMB Wealth Management Products 3 | 350,000,000 |
Wealth management products subscribed with China Construction Bank （ 建設銀行）4 (the "CCB Wealth Management Product") | 1,000,000,000 |
Total | 1,700,000,000 |
Notes:
The fixed deposits bear interest rates ranging from 4.25% to 4.30% per annum and are expected to expire on 27 June 2017 (RMB10,000,000), 10 October 2017 (RMB90,000,000) and 13 October 2017 (RMB50,000,000), respectively. To the best of the Directors' knowledge, information and belief having made all reasonable enquiry, Fujian Jinjian Rural Commercial Bank and its ultimate beneficial owners are Independent Third Parties.
The fixed deposits bear interest rate of 3.60% per annum and are expected to mature on 14 February 2017. To the best of the Directors' knowledge, information and benefit having made all reasonable enquiry, Industrial Bank Co., Ltd. and its ultimate beneficial owners are Independent Third Parties.
The CMB Wealth Management Products were established on 22 September 2016 (RMB50,000,000), 30 March 2015 (RMB50,000,000), 27 October 2016 (RMB100,000,000), 22 December 2016 (RMB50,000,000) and 5 January 2017 (RMB100,000,000) with a maturity date of 16 March 2017,
30 March 2025, 20 April 2017, 22 November 2017 and 6 July 2017, respectively with expected annualized return of 3.50%, 3.56%, 3.45%, 4.10% and 4.20%, respectively as at the date of subscription. The Company plans to redeem these subscriptions within one year from the respective date of each subscriptions. To the best of the Directors' knowledge, information and belief having made all reasonable enquiry, China Merchants Bank and its ultimate beneficial owners are Independent Third Parties.
The CCB Wealth Management Products were established on 29 April 2016 (RMB750,000,000), 7 December 2016 (RMB150,000,000) and 9 December 2016 (RMB100,000,000), with a maturity date of 28 April 2026, 6 December 2017 and 7 December 2017, respectively with expected annualized return of 3.85% as at the date of subscription. The Company plans to redeem these subscriptions within one year from the respective date of each subscriptions. To the best of the Directors' knowledge, information and belief having made all reasonable enquiry, China Construction Bank and its ultimate beneficial owners are Independent Third Parties.
By Order of the Board
Billion Industrial Holdings Limited Sze Tin YauChairman
Hong Kong, 26 January 2017
As at the date of this announcement, the Board comprises Mr. Sze Tin Yau, Mr. Wu Jinbiao, Mr. Wang Li and Mr. Xue Mangmang as executive directors, Mr. Zeng Wu and Mr. Wu Zhongqin as non-executive directors and Mr. Chan Shek Chi, Mr. Ma Yuliang and Mr. Lin Jian Ming as independent non-executive directors.
Billion Industrial Holdings Limited published this content on 26 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 January 2017 13:38:12 UTC.
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