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.
Xinyuan Property Management Service (Cayman) Ltd.
鑫 苑 物 業 服 務 集 團 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 1895)
- DELAY IN PUBLICATION OF THE 2020 ANNUAL RESULTS AND DESPATCH OF 2020 ANNUAL REPORT;
- UNAUDITED FINANCIAL INFORMATION FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020;
- POSTPONEMENT OF BOARD MEETING; AND
(IV) SUSPENSION IN TRADING OF SHARES
This announcement is made by Xinyuan Property Management Service (Cayman) Ltd. (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.49(3) of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange").
DELAY IN PUBLICATION OF ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020
Pursuant to Rule 13.49(1) of the Listing Rules, the Company is required to publish the announcement for the financial results of the Group for the year ended 31 December 2020 (the "2020 Annual Results") on a date not later than three months after the end of the financial year of the Company, i.e. on or before 31 March 2021. Under Rule 13.49(2) of the Listing Rules, the preliminary announcement in relation to the 2020 Annual Results shall be based on the Company's financial statements for the year ended 31 December 2020 which shall have been agreed with the Company's auditor.
The board (the "Board") of directors (the "Directors") of the Company announces that the Company is not able to publish the announcement for the 2020 Annual Results on or before 31 March 2021 as the Company requires more time to ascertain the affairs relating to certain connected transactions and consider any implication, if any, on its financial statements and provide the Company's auditor, Ernst & Young (the "Auditor"), with further information with respect to the above.
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The expected date of the publication of the 2020 Annual Results will need to be further agreed with the Auditor and will be announced as and when appropriate. Based on the information currently available to the Company, the Company estimates that the 2020 Annual Results will be published on or before 31 May 2021. However, this estimate may be subject to further changes and the Company shall keep the shareholders of the Company (the "Shareholders") informed about the latest developments in the publication of the 2020 Annual Results. The Company strives to publish the 2020 Annual Results as soon as practicable.
In addition, given the delay in the announcement of the 2020 Annual Results, it is expected that the annual report of the Company for the year ended 31 December 2020 (the "2020 Annual Report") will not be ready for despatch by 30 April 2021.
UNAUDITED FINANCIAL INFORMATION OF THE GROUP FOR THE YEAR ENDED 31 DECEMBER 2020
Rule 13.49(3) of the Listing Rules provides that where an issuer is unable to publish its preliminary results based on its financial statements in accordance with Rules 13.49(1) and 13.49(2) of the Listing Rules, it must announce, so far as the information is available, its results for the financial year based on financial results which have yet to be agreed with the auditor.
The following sets out the unaudited consolidated financial information of the Group for the year ended 31 December 2020, which has not been reviewed by the audit committee of the Company.
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C O N S O L I D A T E D S T A T E M E N T O F P R O F I T O R L O S S A N D O T H E R COMPREHENSIVE INCOME (UNAUDITED)
Unaudited | ||||||
Year ended 31 December | ||||||
2020 | 2019 | |||||
RMB'000 | RMB'000 | |||||
REVENUE | 660,074 | 533,954 | ||||
Cost of sales | (396,030) | (332,165) | ||||
Gross profit | 264,044 | 201,789 | ||||
Other income and gains | 11,990 | 5,907 | ||||
Administrative expenses | (56,593) | (68,640) | ||||
Impairment losses on financial and contract assets | (7,532) | (3,373) | ||||
Finance costs | (123) | - | ||||
Other expenses | (8,196) | (1,105) | ||||
Impairment of investment in a joint venture | (2,949) | (2,995) | ||||
Share of loss of: | ||||||
A joint venture | (1,922) | (4,350) | ||||
Associates | (28) | - | ||||
PROFIT BEFORE TAX | 198,691 | 127,233 | ||||
Income tax expense | (60,464) | (45,308) | ||||
PROFIT AND TOTAL COMPREHENSIVE INCOME | ||||||
FOR THE YEAR | 138,227 | 81,925 | ||||
Attributable to: | ||||||
Owners of the parent | 137,524 | 81,319 | ||||
Non-controlling interests | 703 | 606 | ||||
138,227 | 81,925 | |||||
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
Unaudited | |||||
As at 31 December | |||||
2020 | 2019 | ||||
RMB'000 | RMB'000 | ||||
NON-CURRENT ASSETS | |||||
Property, plant and equipment | 8,888 | 4,505 | |||
Goodwill | 3,090 | - | |||
Right-of-use assets | 3,189 | - | |||
Other intangible assets | 982 | 906 | |||
Investment in a joint venture | 5,737 | 10,608 | |||
Investment in associates | 1,357 | - | |||
Prepayments | 89,073 | 89,073 | |||
Deferred tax assets | 3,918 | 1,700 | |||
Total non-current assets | 116,234 | 106,792 | |||
CURRENT ASSETS | |||||
Trade and bills receivables | 238,829 | 182,008 | |||
Contract assets | 30,052 | - | |||
Prepayments and other receivables | 22,823 | 8,974 | |||
Cash and cash equivalents | 849,140 | 606,552 | |||
Total current assets | 1,140,844 | 797,534 | |||
CURRENT LIABILITIES | |||||
Trade payables | 44,035 | 37,067 | |||
Other payables and accruals | 337,682 | 262,477 | |||
Lease liabilities | 1,364 | - | |||
Tax payable | 59,482 | 38,497 | |||
Total current liabilities | 442,563 | 338,041 | |||
NET CURRENT ASSETS | 698,281 | 459,493 | |||
TOTAL ASSETS LESS CURRENT | |||||
LIABILITIES | 814,515 | 566,285 | |||
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Unaudited | ||||
As at 31 December | ||||
2020 | 2019 | |||
RMB'000 | RMB'000 | |||
NON-CURRENT LIABILITIES | ||||
Lease liabilities | 2,136 | - | ||
Deferred tax liabilities | 8,121 | 3,198 | ||
Total non-current liabilities | 10,257 | 3,198 | ||
Net assets | 804,258 | 563,087 | ||
EQUITY | ||||
Share capital | 5 | 4 | ||
Reserves | 802,399 | 561,932 | ||
802,404 | 561,936 | |||
Non-controlling interests | 1,854 | 1,151 | ||
Total equity | 804,258 | 563,087 | ||
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The Board wishes to emphasize that the unaudited financial information of the Company set out above is extracted directly from the latest unaudited management accounts of the Company for the year ended 31 December 2020 (which is prepared in accordance with International Financial Reporting Standards). The unaudited financial information of the Group sets out above has not been reviewed or audited by the Auditor, and is therefore subject to potential adjustments and finalisation pending the completion of the audit by the Auditor.
POSTPONEMENT OF BOARD MEETING
Reference is made to the announcement of the Company dated 19 March 2021 in relation to the Board meeting (the "Board Meeting") scheduled to be held on 31 March 2021, for the purposes of, among other matters, approving the 2020 Annual Results. As a result of the delay in the publication of the 2020 Annual Results, the Board Meeting is postponed to another date to be fixed and announced by the Board.
SUSPENSION IN TRADING OF SHARES
Pursuant to Rules 13.49(1) and 13.46(2)(a) of the Listing Rules, the Company is required to publish the 2020 Annual Results on or before 31 March 2021, and to despatch the 2020 Annual Report to the Shareholders on or before 30 April 2021. The delay in publication of the 2020 Annual Results and possible delay in despatch of the 2020 Annual Report (if materialised), constitutes and/or will constitute non-compliance of Rules 13.49(1) and 13.46(2)(a) of the Listing Rules, respectively.
Pursuant to Rule 13.50 of the Listing Rules, the Stock Exchange will normally require suspension of trading in an issuer's securities if an issuer fails to publish periodic financial information in accordance with the Listing Rules. As such, at the request of the Company, trading in the Company's shares on the Stock Exchange will be suspended with effect from 9:00 a.m. on 1 April 2021 pending the publication of the Company's audited 2020 Annual Results.
The Company will issue further announcement(s) in relation to the audited results for the year ended 31 December 2020 as agreed with the Auditor and explanations about the material differences (if any) as compared with the unaudited annual results contained herein once available. The Company will also make further announcement(s) as and when appropriate.
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Shareholders and potential investors are reminded not to rely on the unaudited financial information of the Company set out above and should exercise caution when dealing in the securities of the Company.
By Order of the Board
Xinyuan Property Management Service (Cayman) Ltd.
ZHANG Yong
Chairman and Non-Executive Director
Hong Kong, 31 March 2021
As at the date of this announcement, the Board comprises Ms. WANG Yanbo and Mr. HUANG Bo as executive Directors; Mr. ZHANG Yong and Ms. YANG Yuyan as non-executive Directors; and Mr. LUO Ji, Mr. LI Yifan and Mr. WANG Peng as independent non-executive Directors.
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Xinyuan Property Management Service (Cayman) Ltd. published this content on 01 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2021 01:25:04 UTC.