Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Thursday, 22 September 2016, 10:09 HKT/SGT
Share:
China Fortune Financial Group Limited (0290.HK) Issued Convertible Bonds

HONG KONG, Sept 22, 2016 - (ACN Newswire) - On 21 September 2016 (after trading hours), China Fortune Financial Group Limited (0290.HK) ("the Company") and Pacific Alliance Limited ("the Subscriber") entered into the Subscription Agreement, and the Subscriber conditionally agreed to subscribe for, the convertible bonds with an aggregate principal amount of HK$390,000,000 due three years from the date of issue of the convertible bonds at the conversion price of HK$0.06 per conversion share. Upon full conversion of the convertible bonds at the conversion price, a total of 6,500,000,000 conversion shares will be issued, representing approximately 65.53% of the issued share capital of the Company.

The Subscriber is owned as to 55% by Best Fortress Limited, and as to 45% by Riverhead Capital (International) Management Co., Ltd.. Best Fortress Limited is owned as to 90% by Mr. Yip Sum Yin and as to 10% by Mr. Chung Chi Shing. Riverhead Capital (International) Management Co., Ltd. is owned as to 80% by Mr. Xie Zhichun ("Mr. Xie") and as to 20% by Ms. Xie Juhan, who is the daughter of Mr. Xie.

Mr. Xie, aged 58, has extensive experience and high standing status in banking, securities and investment fields. Mr. Xie acted as a deputy general manager of China Investment Corporation ("CIC"), a state-owned company with registered capital of RMB 200 billion and an executive director and general manager of Central Huijin Investment Ltd., a subsidiary of CIC which makes equity investment in key state-owned financial institutions in the PRC, from 2014 to 2015. From 2008 to 2014, Mr. Xie acted as an executive director and deputy general manager of China Everbright Group Limited and chairman of the board of directors of Sun Life Everbright Life Insurance Co., Ltd. and chairman of the board of directors of Sun Life Everbright Asset Management Co., Ltd. From 2006 to 2008, he acted as the vice president and director of reorganisation and listing office of China Everbright Bank Company Limited. From 2001 to 2006, Mr. Xie acted as a director and president of Everbright Securities Company Limited, an executive director of China Everbright Group, an executive director of China Everbright Limited, a company listed on the Stock Exchange (Stock Code: 165), and a vice chairman (unattending) of Securities Association of China. From 1997 to 2001, he acted as an executive director and president of China Everbright Asia-Pacific Company Limited (a company listed on the Singapore Stock Exchange).

Before the full conversion of the convertible bonds becomes effective, Jadehero Limited (Note 1), Mankind Investment Limited (Note 2), the Subscriber, and other public shareholders holds approximately 23.40%, 14.63%, 0%, 61.97% of the issued shares respectively. Assuming the full conversion of the convertible bonds becomes effective, the Subscriber will be holding 3,250 (million) shares, which occupies approximately 65.53% of the issued shares. On the other hand, the percentage of shares that holds by Jadehero Limited, Mankind Investment Limited, and other public shareholders will become 8.07%, 5.04%, 21.36% respectively.

Notes:
1. Jadehero is owned as to 80% by Southlead Limited and as to 20% by Marvel Steed Limited. Southlead Limited is wholly owned by Wahen Investment Limited which is in turn wholly owned by Mr. Zhao Xu Guang. Mr. Wong Kam Fat Tony, who is the former chairman of the Company and the former executive Director, is the sole beneficial owner of the entire equity interests in Marvel Steed Limited.

2. MIL is wholly-owned by China Cinda (HK) Asset Management Co., Limited which is in turn wholly-owned by China Cinda (HK) Holdings Company Limited. China Cinda (HK) Holdings is wholly-owned by China Cinda Asset Management Co., Limited. For the purpose of the SFO, China Cinda (HK) Asset Management, China Cinda (HK) Holdings and China Cinda Asset Management are deemed or taken to be interested in the Shares held by MIL.

The Company intends to apply the net proceeds from the Subscription as follows:
- approximately HK$180,000,000 will be used to finance the expansion of its margin finance and underwriting businesses
- approximately HK$150,000,000 for expanding its money lending business
- approximately HK$12,000,000 for engaging in private equity investments
- approximately HK$5,000,000 for proprietary trading of securities under the asset management business
- approximately HK$2,000,000 for investment under its wealth management business
- approximately HK$2,000,000 for the corporate financing business
- approximately HK$39,000,000 for the general working capital of the Group which includes staff costs, rental, professional fee, marketing expenses etc..

About China Fortune Financial Group Limited
China Fortune Financial Group Limited is an investment holding group listed on the Hong Kong Stock Exchange. The principal activities include the provision of securities and insurance brokerage services, margin financing, wealth management, asset management and corporate finance services.

For further information, please browse the Company's website at: www.290.com.hk.

About Synergy Corporate Advisory Company Limited
Synergy develops and manages , with a particular focus on the investors relationship and the strategic development of the Hong Kong listed enterprises, to enhance the communication between the clients and the investors. Synergy integrates the financial analysis into the financial public relation as well as the strategic planning.

For media enquiries, please contact:
Synergy Corporate Advisory Company Limited
Eric Wong, General Manager
Tel: (852) 2636 9292 / 6018 0933
Email: ericwong.wf@scahk.com

Bonathan Cheung, Account Executive
Tel: (852) 2363 9292 / 5511 8832
Email: boncheung.wk@scahk.com




Sept 22, 2016 10:09 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2016 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.



Latest Press Releases
H.I.S. Reports Results for the Full Year Ended October 2016  
Dec 9, 2016 20:30 HKT/SGT
Hitachi Unveils First UK Built Intercity Express Train  
Dec 9, 2016 14:23 HKT/SGT
Hitachi Acquires Turkish Kurt & Kurt to Further Strengthen the Healthcare Business  
Dec 9, 2016 10:13 HKT/SGT
Gemalto to Acquire 3M's Identity Management Business  
Dec 9, 2016 09:30 HKT/SGT
Datacloud Asia 2017 Conference & Awards - Speakers Announced  
Dec 9, 2016 08:00 HKT/SGT
Dongfeng Honda to Build Third Automobile Production Plant in China  
Dec 8, 2016 11:40 HKT/SGT
Fujitsu Launches Digital Global Communication Service to Support Rapid Implementation of Communication Platforms   
Dec 8, 2016 11:01 HKT/SGT
Fujitsu Develops Technology for Measuring Magnetic Properties under Stress Using Piezoelectric Device  
Dec 8, 2016 10:42 HKT/SGT
Seizing Opportunities Offered by "One Belt, One Road"; Evershine Group Proactively Expands the Turkish Business  
Dec 8, 2016 10:23 HKT/SGT
NovogeneAIT Singapore and the Genome Institute of Singapore Forge Public-Private Partnership to Establish Whole Genome Sequencing Centre in Singapore  
Dec 8, 2016 09:00 HKT/SGT
More Press release >>
 News Alerts
Copyright © 2016 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 10 8405 3688 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 5791 1818

Connect With us: