Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Blockchain Group Company Limited    364   KYG117671035

BLOCKCHAIN GROUP COMPANY LIMITED

(364)
End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 11/19
0.091 HKD   +3.41%
02/18BLOCKCHAIN : Quarterly update on status of resumption
PU
2019BLOCKCHAIN : Exclusivity agreement
PU
2019BLOCKCHAIN : Resignation of Auditor
PU
SummaryChartsNewsCalendarCompany 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news
The feature you requested does not exist. However, we suggest the following feature:

Blockchain : QUARTERLY UPDATE ON STATUS OF RESUMPTION

share with twitter share with LinkedIn share with facebook
share via e-mail
02/18/2020 | 05:05am EST
_

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.

BLOCKCHAIN GROUP COMPANY LIMITED

區 塊 鏈 集 團 有 限 公 司

(IN LIQUIDATION)

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 364)

QUARTERLY UPDATE ON STATUS OF RESUMPTION

This announcement is made by Blockchain Group Company Limited (In Liquidation) (the "Company", together with its subsidiaries, the "Group") pursuant to Rule 13.24A of the Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange"), and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). References are made to the announcements of the Company dated 26 November 2018, 19 February 2019, 12 March 2019, 29 March 2019, 23 May 2019, 19 June 2019, 23 August 2019, 21 October 2019, 28 October 2019, 18 November 2019 and 13 January 2020 (collectively, the "Announcements"). Unless otherwise specified, capitalised terms shall have the same meanings as those defined in the Announcements.

UPDATE ON THE BUSINESS OPERATIONS OF THE GROUP

The Group is principally engaged in the manufacture and sale of raw teas,refined teas and other related products. The Group has been conducting its business operation and generating revenue in the People's Republic of China (the "PRC").

As disclosed in the announcement of the Company dated 23 August and 18 November 2019, the Liquidators have gained access to limited financial information of certain subsidiaries of the Group in the PRC. According to the information currently made available to the Liquidators, the Group has continued to maintain its business operations and there is no update in this respect further to the relevant disclosure made in the quarterly update announcement of the Company dated 18 November 2019.

The Liquidators are currently taking steps to ascertain the latest affairs of the Group. Further announcement(s) will be made by the Company to provide updates on its business operations as and when appropriate.

UPDATE ON THE RESUMPTION PLAN

Reference is made to the announcement of the Company dated 18 November 2019 which, among other things, disclosed that the Investor, the Company and the Liquidators (together the "Parties") had been in negotiations on the definitive terms and conditions to enter into a legally binding definitive agreement (the "Definitive Agreement") in respect of the Proposed Restructuring that is subject to the approval of the relevant court(s) and/ or relevant authorities (if necessary).

The negotiations between the Parties with respect to the Definitive Agreement is continuing and further announcements will be made by the Company in respect of the resumption plan as and when appropriate.

FURTHER DELAY IN PUBLICATION OF 2018 ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2018 AND INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019 AND POSSIBLE DELAY IN PUBLICATION OF ANNUAL RESULTS AND DESPATCH OF THE ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2019

Reference is made to the announcement of the Company dated 23 August 2019 in relation to, among other things, the delay in publications of 2018 Annual Results, 2018 Annual Report, 2019 Interim Results and 2019 Interim Report and the announcements of the Company dated 21 October 2019 and 13 January 2020 in relation to the appointment of Crowe (HK) CPA Limited as the auditor of the Company to fill the casual vacancy following the resignation of PKF.

As a result of the outbreak of novel coronavirus pneumonia in the PRC and in Hong Kong, the progress of the Company's audit has been affected, mainly attributable to the travel restrictions and quarantine measures imposed by the relevant authorities. The Company expects extra time to complete the audit work and hence there might be possible delays in the publication of the announcement of the annual results of the Group for the year ended 31 December 2019 (the "2019 Annual Results") and the despatch of the annual report for the year ended 31 December 2019 (the "2019 Annual Report") will be delayed. Such delay constitutes a breach of Rules 13.49(1) and Rule 13.46(2)(a) of the Listing Rules, which require the Company to publish the 2019 Annual Results on or before 31 March 2020, and to despatch the 2019 Annual Report to the shareholders of the Company on or before 30 April 2020 respectively.

The Company will work out an achievable and realistic audit schedule with the auditors and make further announcement on the revised target date for the publication of the 2018 Annual Results, 2019 Interim Results and 2019 Annual Results and the despatch of the corresponding 2018 Annual Report, 2019 Interim Report and 2019 Annual Report.

CONTINUED SUSPENSION OF TRADING

Trading in the shares of the Company on the Stock Exchange has been suspended since 1:00 p.m. on Monday, 19 November 2018. Trading in the shares of the Company will remain suspended until further notice.

Shareholders and potential investors are advised to exercise caution when dealing with the shares of the Company.

For and on behalf of

Blockchain Group Company Limited

(In Liquidation)

Lai Kar Yan (Derek)

Yip Wa Ming (Ben)

Joint and Several Liquidators

acting as agents of the Company only and without personal liability

Hong Kong, [18] February 2020

As at the date of this announcement, the executive directors of the Company are Mr. Cai Zhenrong, Mr. Liu Yong, Mr. Cai Zhenyao, Mr. Cai Zhenying, Mr. Cai Yangbo, Mr. Guan Shaofeng and Mr. Sun Zhe. The non-executive director of the Company is Ms. Ling Qin. The independent non-executive directors of the Company are Dr. Li Mow Ming Sonny, Mr. Huang Jianwei, Mr. Dai Rongchang and Ms. Xu Liqin.

The affairs, business and property of the Company are being managed by the Joint and Several Liquidators who act as agents of the Company only and without personal liability.

Disclaimer

Blockchain Group Co. Ltd. published this content on 18 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2020 10:04:06 UTC

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on BLOCKCHAIN GROUP COMPANY L
02/18BLOCKCHAIN : Quarterly update on status of resumption
PU
2019BLOCKCHAIN : Exclusivity agreement
PU
2019BLOCKCHAIN : Resignation of Auditor
PU
2018Swiss blockchain firm Smart Valor wins regulator's approval
RE
2018Facebook Shuffles Management Team -- Update
DJ
2018FACEBOOK : Shuffles Management Team
DJ
2017Hyperledger releases its first production ready blockchain
RE
2017Fidelity becomes first asset manager to join blockchain group IC3
RE
2017Hyperledger nears release of its first production-ready blockchain
RE
2016NEWS HIGHLIGHTS : Top Equities Stories Of The Day
DJ
More news
Chart BLOCKCHAIN GROUP COMPANY LIMITED
Duration : Period :
Blockchain Group Company Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Managers
NameTitle
Yang Bo Cai Managing Director & Executive Director
Zhen Rong Cai Joint Chairman
Yong Liu Joint Chairman
Zhen Yao Cai Director-Finance & Executive Director
Zhen Ying Cai Executive Director & Director-Marketing
Sector and Competitors