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Wednesday, 16 September 2009, 11:28 HKT/SGT

Source: China Zhongwang Holdings Limited
China Zhongwang Holding Limited Press Statement

HONG KONG, Sept 16, 2009 - (ACN Newswire) - With regard to a press article ("Press Article") published by a PRC based media The Economic Observer (the "Newspaper") on 14 September 2009 related to China Zhongwang Holdings Limited ("China Zhongwang" or the "Company", together with its subsidiaries the "Group", stock code: 1333) which allegedly against the accuracy of the information set out in the Company's prospectus dated 24 April 2009 (the "Prospectus") relating to the Company's major customers and states that it has not been able to verify the truth and accuracy of the relevant information, the Company would like to make the following statements:

1) The Board wishes to state that the allegations made in the Press Articles are false and the Newspaper does not have any form of communication or confirmation with the Company. The Board strenuously denies all such allegations. As it was stated in the Press Article itself, the Newspaper has not been able to verify the truth and accuracy of the relevant information received by it. The Board of Directors expressed disappointment to such ungrounded allegation and report.

2) The Company and the Directors reaffirm that they accept full responsibility for the accuracy of the information contained in the prospectus. The Company also confirms it has made all reasonable enquiries, that to the extent of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statements in this announcement misleading.

About China Zhongwang Holdings Limited

China Zhongwang was listed on the Stock Exchange of Hong Kong Limited on 8 May 2009 and it is the largest aluminum extrusion products manufacturer in Asia and China, with a particular focus on the transportation, machinery and equipment and infrastructure sectors for its industrial aluminum extrusion products, and has strong research and development capabilities. According to CRU Strategies Limited (CRU), China Zhongwang was the world's third largest and Asia's and China's largest aluminum extrusion products manufacturer in terms of production capacity in 2007. The Company possesses 64 extrusion production lines, including a 125MN oil-driven dual action extrusion press which is currently the largest of its kind in China and the most advanced extrusion press in the world, which enable the Company to produce plain, sizable, large-section and high-precision industrial aluminum extrusion products tailored to its customers. These products are widely used as components for end products of the transportation sector such as railway, metropolitan railway, aviation, vessels, automobiles and machinery equipments. The Company has been appointed by the Ministry of Railway as one of a few qualified suppliers for manufacturing carriages of wagon and passenger trains and subway conductor rail. By the end of 2008, the Company's designated production capacity and production volume reach over 535,000 tons and 419,000 tons respectively.

Issued by Porda International (Finance) PR Group for and on behalf of China Zhongwang Holdings Limited.

Porda International (Finance) PR Group

Ms. Harriet Lau
Tel: (852) 3150 6761

Ms. Alman Loong
Tel: (852) 3150 6731

Ms. Ada Leung
Tel: (852) 3150 6732

Fax: (852) 3150 6728

Sept 16, 2009 11:28 HKT/SGT
Source: China Zhongwang Holdings Limited

Topic: Corporate Announcement
Sectors: Metals/Mining
From the Asia Corporate News Network

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