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.
UNITED STRENGTH POWER HOLDINGS LIMITED
眾 誠 能 源 控 股 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 2337)
SUPPLEMENTAL ANNOUNCEMENT
IN RELATION TO ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
Reference is made to the 2019 annual report of United Strength Power Holdings Limited (the "Company") published on 17 April 2020 (the "2019 Annual Report"). Capitalised terms used in this announcement shall have the same meanings as those defined in the 2019 Annual Report.
USE OF PROCEEDS FROM THE LISTING
After deduction of all related listing expenses and commissions, the net proceeds from the Listing amounted to approximately HK$115.6 million. Details of the proposed use of such net proceeds are disclosed in the section headed "Future Plans and Use of Proceeds" of the prospectus of the Company dated 29 September 2017 and subsequently revised in the announcements issued by the Company dated 27 November 2018 and 31 January 2019.
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In addition to the information disclosed in the section headed "Management Discussion and Analysis" in the 2019 Annual Report, the Board would like to provide further information pursuant to paragraph 11(8)(b) of Appendix 16 to the Listing Rules in relation to the use of net proceeds as follows:
Utilisation | Remaining | Expected | ||||||
balance | timeline for full | |||||||
Original | Revised | as at | as at | utilisation of | ||||
31 December | 31 December | the remaining | ||||||
Intended use of proceeds | Allocation | Allocation | 2019 | 2019 | proceeds(Note) | |||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | |||||
Finance the expansion of the | ||||||||
CNG refuelling station network | 104,000 | 19,500 | 19,015 | 485 | By the end of 2020 | |||
Strengthen the marketing and promotion | ||||||||
strategies | 5,800 | 5,800 | 1,706 | 4,094 | By the end of 2021 | |||
General working capital | 5,800 | 5,800 | 5,800 | - | - | |||
Establishment of an industry merger and | ||||||||
acquisition fund | - | 50,000 | - | 50,000 | By the end of 2021 | |||
Acquisition of Silver Spring and | ||||||||
assignment of the shareholder's loan | - | 34,500 | 34,500 | - | - | |||
Total | 115,600 | 115,600 | 61,021 | 54,579 | ||||
Note: The expected timeline for full utilisation of the remaining proceeds is made based on the best estimation of the Group taking into account, among others, the prevailing and future market conditions and business developments and need, and therefore is subject to change.
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OTHER OPERATING EXPENSES | |
31 December | |
2019 | |
RMB'000 | |
Utilities expenses | 2,628 |
Repairment expenses | 6,611 |
Inspection expenses | 1,587 |
Entertainment expenses | 311 |
Administrative expenses | 2,819 |
Travelling expenses | 357 |
Other taxation | 2,862 |
Third party service fees(1) | 7,376 |
RTO expenses(2) | 16,069 |
Labour insurance and heating fee | 348 |
Transportation and communication expenses | 142 |
Business marketing expenses | 297 |
Property insurance expenses | 2,818 |
Impairment losses | 39 |
Others | 1,241 |
Other operating expenses | 45,505 |
Notes:
- Third party service fees represent the professional fees incurred in connection with the Group's annual audit services and proposed very substantial acquisition in January 2019 which led to the Group's reverse takeover in connection with the acquisition of the entire issued share capital of Eternal Global. For details, please refer to the Company's circular dated 30 June 2020.
- RTO expenses represent the professional fees and other expenses incurred in connection with the Group's reverse takeover in connection with the acquisition of the entire issued share capital of Eternal Global. For details, please refer to the Company's circular dated 30 June 2020.
The Company confirms that, save as supplemented above, all other contents in the 2019 Annual Report are correct and remain unchanged. This announcement is supplemental to the 2019 Annual Report and should be read in conjunction with other contents in the 2019 Annual Report.
By order of the Board
United Strength Power Holdings Limited
Mr. Zhao Jinmin
Chairman
Hong Kong, 5 August 2020
As at the date of this announcement, the Board comprises four executive Directors, being Mr. Zhao Jinmin, Mr. Liu Yingwu, Mr. Xu Huilin and Mr. Yuan Limin and three independent non-executive Directors, being Ms. Su Dan, Mr. Lau Ying Kit and Mr. Zhang Zhifeng.
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United Strength Power Holdings Ltd. published this content on 05 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2020 08:51:10 UTC