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.
Tian Ge Interactive Holdings Limited
天 鴿 互 動 控 股 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1980)
DISCLOSEABLE TRANSACTION
SUBSCRIPTION OF WEALTH MANAGEMENT PRODUCT
SUBSCRIPTION OF CHINA LIFE WEALTH MANAGEMENT PRODUCT
The Board announces that on 31 March 2021, HuaGe, a wholly-owned subsidiary of the Company, subscribed for wealth management product offered by China Life Insurance (Overseas) Company Limited, namely, the China Life Wealth Management Product, in an aggregate subscription amount of USD9,650,001.72.
LISTING RULES IMPLICATIONS
As the highest applicable percentage ratio (as defined under the Listing Rules) in respect of the Subscription exceeds 5% but is less than 25%, the Subscription constitutes a discloseable transaction under the Listing Rules and is subject to reporting and announcement requirements under Chapter 14 of the Listing Rules.
SUBSCRIPTION OF CHINA LIFE WEALTH MANAGEMENT PRODUCT
The Board announces that on 31 March 2021, HuaGe subscribed for wealth management product offered by China Life Insurance (Overseas) Company Limited, namely the China Life Wealth Management Product.
Principal terms of the China Life Wealth Management Product are set out below:
Date of subscription | 31 March 2021 |
Name of the wealth | (C370) MyHarvest Wealth Planner (USD) |
management product | |
Total actual subscription amount | USD9,650,001.72 |
Total notional subscription amount | USD10,399,922 |
Note that HuaGe received a discount on the subscription | |
amount as an additional incentive from China Life Insurance | |
(Overseas) Company Limited. |
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Subscription period | Expire after 96 years of the date of Subscription. |
Investment portfolio | The amount of subscription fund will be managed by |
China Life Insurance (Overseas) Company Limited at its | |
discretion, and distributed to HuaGe through guaranteed | |
returns and non-guaranteed returns. | |
Expected investment return | The China Life Wealth Management Product is offered |
by an insurance company and the savings element is more | |
prominent than the insurance element. The policy serves | |
to primarily satisfy the saving needs of HuaGe and the | |
investment returns consist of guaranteed returns and non- | |
guaranteed returns. | |
If HuaGe surrenders during the first year of Subscription | |
to the fifth year of Subscription, it will only receive | |
a guaranteed cash, which is less than HuaGe's actual | |
subscription amount. The China Life Wealth Management | |
Product will start to generate guaranteed positive returns | |
from the sixth year of Subscription. At the end of the sixth | |
year, the guaranteed benefit will be USD10,004,724, which | |
will in turn generate investment return of USD354,722.28. | |
At the end of the tenth year, the guaranteed benefit will | |
be USD11,075,916. At the end of the fifteenth year, the | |
guaranteed benefit will be USD11,767,824. At the end | |
of the twentieth year, the guaranteed benefit will be | |
USD12,502,890. | |
The non-guaranteed returns (if any) are paid in the form of | |
terminal dividends, depending on the performance of the | |
investment portfolio. The China Life Wealth Management | |
Product will start to distribute terminal dividends from the | |
third year of Subscription. | |
Surrender | HuaGe may surrender the China Life Wealth Management |
Product in full or in part at any time. | |
Loan | Upon written request by HuaGe, China Life Insurance |
(Overseas) Company Limited will loan an amount up to a | |
specified percentage of the guaranteed cash value, subject | |
to the administration rules as determined by China Life | |
Insurance (Overseas) Company Limited from time to time. |
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REASONS FOR AND BENEFITS OF SUBSCRIBING FOR THE CHINA LIFE WEALTH MANAGEMENT PRODUCT
The Company's operations have generated significant capital reserves. In line with the Company's treasury policy, the Company has the option of placing such funds into fixed term time deposits or similar form of wealth accrual instruments. For a long period of time, the Company has been utilizing its idle funds to subscribe for wealth management product through Internet banking from commercial banks in order to earn interests. Having considered that the China Life Wealth Management Product has low investment risk and is highly flexible in terms of withdrawal and loan, which offers leverage to the Subscription, the Board considers that placement of idle funds into such product was on normal commercial terms, in the ordinary course of the Company's business and in the interest of the Company and its Shareholders as a whole.
INFORMATION ABOUT THE PARTIES
The Company
The Company is principally engaged in the operating of live social video platforms and other services in the PRC. HuaGe is a wholly-owned subsidiary of the Company and is engaged in the investment and investment management business.
China Life Insurance (Overseas) Company Limited
China Life Insurance (Overseas) Company Limited is a company incorporated in Hong Kong with limited liability which principally engaged in insurance business in Hong Kong. Its ultimate beneficiary owner is China Life Insurance (Group) Company, which is a company incorporated in the PRC whose principal business is insurance business. To the best of their knowledge, information and belief and having made all reasonable enquiries, the Directors confirm that China Life Insurance (Overseas) Company Limited and its ultimate beneficial owner(s) are third parties independent of the Group and its connected persons.
LISTING RULES IMPLICATIONS
As the highest applicable percentage ratio (as defined under the Listing Rules) in respect of the Subscription exceeds 5% but is less than 25%, the Subscription constitutes a discloseable transaction under the Listing Rules and is subject to reporting and announcement requirements under Chapter 14 of the Listing Rules.
DEFINITIONS
In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings:
"Board" | the board of Directors |
"China Life Wealth | the wealth management product offered by China Life Insurance |
Management Product" | (Overseas) Company Limited |
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"Company"Tian Ge Interactive Holdings Limited, a company incorporated in the Cayman Islands with limited liability and the issued shares of which are listed on the Main Board of the Stock Exchange
"Director(s)"
"HuaGe"
"Hong Kong"
"Listing Rules"
"PRC"
"Shareholder(s)"
"Stock Exchange"
"Subscription"
"USD"
"%"
Hong Kong, 31 March 2021
the director(s) of the Company
a company incorporated in the British Virgin Islands, which is a wholly-owned subsidiary of the Company
the Hong Kong Special Administrative Region of the PRC
the Rules Governing the Listing of Securities on the Stock Exchange
the People's Republic of China, and for the purpose of this announcement, excluding Hong Kong, Macau and Taiwan
holder(s) of the Share(s)
The Stock Exchange of Hong Kong Limited
the subscription of the China Life Wealth Management Product in an aggregate amount of USD9,650,001.72
US dollars, the lawful currency of the United States of America
per cent
By order of the Board
Tian Ge Interactive Holdings Limited
Fu Zhengjun
Chairman
As of the date of this announcement, the executive Directors are Mr. Fu Zhengjun and Mr. Mai Shi'en; the non-executive Directors are Mr. Xiong Xiangdong and Ms. Cao Fei; and the independent non-executive Directors are Mr. Lam Yiu Por, Mr. Yang Wenbin and Mr. Chan Wing Yuen Hubert.
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Tian Ge Interactive Holdings Ltd. published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2021 09:15:06 UTC.