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PegBio Co., Ltd. — Capital/Financing Update 2015
Aug 18, 2015
50676_rns_2015-08-18_5ad4d4b3-3124-4bf9-8805-583229e04493.pdf
Capital/Financing Update
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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.
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----- Start of picture text ----- (Incorporated in Bermuda with limited liability)(Stock Code: 1141)----- End of picture text -----
BUSINESS UPDATES
This announcement is made by Mission Capital Holdings Limited (the “Company”, together with its subsidiaries, the “Group”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).
The Board of Directors of the Company (the “Board”) would like to provide a business update with the objective of informing its shareholders and potential investors of the Group’s operation progress and performance.
Securities investment
Since April 2015, the stock market in Hong Kong was adversely affected by a number of factors, all of which are out of the control of the Company. Under such circumstances, the proprietary trading team of the Company has decided to temporarily downsize the Company’s securities portfolio and to realize most of the Group’s then existing securities investment in tandem with the unattractive market sentiment prevailing in the past few months.
- For identification purpose only
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As at 31 March 2015, the Group has investments at fair value through profit or loss of approximately HK$2,203 million. Up to the date of this announcement, the Group recorded an unaudited net loss of approximately HK$185 million from realizing substantially all of those investments at fair value through profit or loss. The net proceeds from disposal of securities investment was substantially used in enhancing the Company’s business of provision of finance and in a subscription of shares (as disclosed in the Company’s announcement dated 2 July 2015).
As at the date of this announcement, the Group holds investments at fair value through profit or loss of approximately HK$622 million and the Group intends to continue to hold this investment for a longer term. The Group’s securities investment constituted of listed equity securities in mining and resources company and finance services company. The securities investment is intended to remain as a principal line of business for the Company and the Company will continue to closely monitor the equities market for future opportunities.
Supply and procurement
During the past few months, despite strenuous effort that the management placed into the supply and procurement segment, no contract is successfully negotiated. This is mainly due to regional decrease in demand for building materials following the slowdown of the property sector in the People’s of Republic of China. With such poor trading environment potentially profitable business opportunities have not arisen. The Group will continuously put effort in the supply and procurement segment as this remains an integral part of the Company’s principal line of business. However, the Group will be vigilant and will regularly review this sector with respect to its profitability and contribution to the Company.
Financial service
As disclosed in the announcements of the Company dated 11 May 2015 and 15 June 2015, the Company is acquiring Skyway Securities Investment Limited and Skyway Futures Limited (“Skyway”). The principal businesses of Skyway are provision of brokerage services, securities margin financing to clients, provision of futures and options contracts dealing services to clients. The intention is to extend the Group’s financial services businesses. The acquisition is subject to the approval of the shareholders of the Company at the special general meeting. The Company will make further announcement(s) as and when appropriate.
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Other
The information contained in this announcement has not been confirmed, audited nor reviewed by the Company’s auditors. The actual amount of the net gains or losses from the sale of investments at fair value through profit or loss may subject to necessary adjustments.
Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.
By Order of the Board Mission Capital Holdings Limited Suen Yick Lun Philip Acting Chairman and Managing Director
Hong Kong, 17 August 2015
As at the date of this announcement, the Directors are as follows:
Executive Directors Independent Non-executive Directors Mr. Suen Yick Lun Philip Dr. Leung Shiu Ki Albert (Acting Chairman and Managing Director) Mr. Man Wai Chuen Mr. Tam Tak Wah Mr. Siu Siu Ling Robert Mr. Ng Kwok Leung Mr. Chan Kwan Pak Mr. Siu Gee Tai
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