Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited ("Stock Exchange") 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.

This announcement, for which the directors ("Directors") of China Technology Solar Power Holdings Limited ("Company", together with its subsidiaries, the "Group") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange ("GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.

CHINA TECHNOLOGY SOLAR POWER HOLDINGS LIMITED ʕ߅ΈཥછٰϞࠢʮ̡*

(Incorporated in the Cayman Islands with limited liability)

(stock code: 8111)

2018 INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE

GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange.

Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.

Given that the companies on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM.

*

For identification purpose only

INTERIM RESULTS HIGHLIGHTS

The loss attributable to owners of the Company for the six months ended 30 September 2018 was approximately HK$13.5 million (loss attributable to owners of the Company for the six months ended 30 September 2017 ("2017-1H"): approximately HK$1.4 million).

The revenue of the Group for the six months ended 30 September 2018 was approximately HK$31.5 million, representing a decrease of approximately 1.9 per cent. as compared with approximately HK$32.1 million recorded for 2017-1H.

Gross profit margin of the Group was approximately 22.9 per cent. for the six months ended 30

September 2018, as compared to approximately 36.4 per cent. for 2017-1H.

Basic loss per share for the six months ended 30 September 2018 was approximately HK0.9 cents (2017-1H: basic loss per share of approximately HK0.10 cents).

The Directors do not recommend the payment of a dividend for the six months ended 30 September 2018 (2017-1H: Nil).

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

From

From

From

From

1 July 2018 to

1 April 2018 to

1 July 2017 to

1 April 2017 to

30 September

30 September

30 September

30 September

2018

2018

2017

2017

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Notes

HK$'000

HK$'000

HK$'000

HK$'000

Revenue

3

30,400

31,519

14,519

32,122

Cost of sales

(23,564)

(24,300)

(11,281)

(20,427)

Gross profit

6,836

7,219

3,238

11,695

Other revenue

3

70

82

103

568

Selling expenses

(809)

(1,650)

(952)

(1,564)

Change in fair value of financial assets

at fair value through profit or loss

15

(140)

(1,404)

(109)

134

Administrative expenses

(3,356)

(7,982)

(3,129)

(6,445)

Finance costs

6

(1,428)

(3,109)

(1,578)

(3,124)

Profit (Loss) before taxation

5

1,173

(6,844)

(2,427)

1,264

Income tax

7

(914)

(4,351)

(41)

(861)

Profit (Loss) for the period

259

(11,195)

(2,468)

403

Other comprehensive (expense) income

Items that may be reclassified

subsequently to profit or loss:

Exchange differences arising on translation of

financial statements of foreign operations

(4,117)

(8,969)

2,076

3,336

Total comprehensive (expense) income

for the period

(3,858)

(20,164)

(392)

3,739

(Loss) Profit attributable to:

- Owners of the Company

(1,953)

(13,473)

(3,620)

(1,425)

- Non-controlling interests

2,212

2,278

1,152

1,828

Profit (Loss) for the period

259

(11,195)

(2,468)

403

Total comprehensive (expense) income

for the period attributable to:

- Owners of the Company

(5,450)

(21,710)

(290)

1,469

- Non-controlling interests

1,592

1,546

(102)

2,270

(3,858)

(20,164)

(392)

3,739

Dividend

24

-

-

-

-

Loss per share

- Basic (HK cents)

8

(0.12 cents)

(0.9 cents)

(0.25 cents)

(0.10 cents)

- Diluted

8

(0.12 cents)

(0.9 cents)

N/A

N/A

- 3 -

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

As at

30 September

31 March

2018

2018

(unaudited)

(audited)

Notes

HK$'000

HK$'000

Non-current assets

Property, plant and equipment

9

64

177

Available-for-sale financial assets

10

-

-

Goodwill

11

40,676

40,676

40,740

40,853

Current assets

Inventories

12

-

-

Accounts and bills receivables

13

94,583

82,077

Other receivables, deposits and prepayments

14

14,683

16,069

Financial assets at fair value through profit or loss

15

1,140

2,544

Bank balances and cash

16

16,415

29,723

126,821

130,413

Current liabilities

Accounts payables

17

28,194

19,103

Other payables and accruals

18

13,640

20,507

Other loans

19

9,340

26,840

Taxation

1,133

1,545

Receipt in advance

46

47

52,353

68,042

Net current assets

74,468

62,371

Total assets less current liabilities

115,208

103,224

Non-current liabilities

Convertible bonds

20

40,602

39,808

Deferred tax liabilities

1,798

2,760

42,400

42,568

Net assets

72,808

60,656

Capital and reserves

Share capital

21

172,601

143,001

Reserves

(114,294)

(95,300)

Equity attributable to owners of the Company

58,307

47,701

Non-controlling interests

14,501

12,955

Total equity

72,808

60,656

As at

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

Share capitalEquity attributable to owners of the Company Reserve

Total comprehensive (expense) income

Issue of shares on exercise of convertibleAt 1 April 2017

(Loss) Profit for the period Exchange differences arising on translation of financial statementsof foreign operations - - - 2,894

Total comprehensive income (expense)

for the period - - - 2,894

At 30 September 2017

At 1 April 2018

(Loss) Profit for the period Equity-settled share-based payments of the Company

Exchange differences arising on translation of financial statementsof foreign operations - - - (8,237)

for the period - - - (8,237)

bonds (Note (d))

Release of deferred tax liabilities on exercise of convertible bonds Issue of shares

Transaction cost on issue of sharesAt 30 September 2018

HK$'000

143,001

143,001

172,601

143,001

29,600

- 28,600 -

1,000

-

- -

premium reorganisation reserve

reserve

(Deficit)

(Note (a)) (Note (b))

HK$'000 HK$'000 HK$'000

HK$'000

HK$'000

27,997

(304,193)

-

(1,425)

-

-

-

(1,425)

27,997

(305,618)

27,997

(321,772)

-

(13,473)

-

-

-

-

-

(13,473)

(3,700)

-

825

-

-

-

-

-

(2,875)

-

25,122

(335,245)

215,968

arising Convertible Retained

Share-based

Non-

Share from Exchange bond profits

payment

controlling

reserve

Total

interests

Total

(Note (c))

HK$'000

HK$'000

HK$'000

HK$'000

-

56,693

7,767

64,460

-

(1,425)

1,828

403

-

2,894

442

3,336

-

1,469

2,270

3,739

-

58,162

10,037

68,199

-

47,701

12,955

60,656

-

(13,473)

2,278

(11,195)

2,382

2,382

-

2,382

-

(8,237)

(732)

(8,969)

2,382

(19,328)

1,546

(17,782)

-

1,300

-

1,300

-

825

-

825

-

28,600

-

28,600

-

(791)

-

(791)

-

29,934

-

29,934

2,382

58,307

14,501

72,808

(24,317)

(1,763)

-

-

-

  • 215,968 (24,317) 1,131

    215,968

  • (24,317) 6,824

- -

- -

3,209

4,000

- - (791)

- - - - -

  • 219,177 (24,317)

- -

- - - - -

(1,413)

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CTSP - China Technology Solar Power Holdings Ltd. published this content on 09 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 09 November 2018 15:18:03 UTC