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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  GCL New Energy Holdings Limited    451   BMG3775G1380

GCL NEW ENERGY HOLDINGS LIMITED

(451)
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GCL New Energy : MONTHLY PROGRESS UPDATE PURSUANT TO RULE 3.7 OF THE TAKEOVERS CODE

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11/04/2019 | 05:40am EDT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint 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 joint announcement.

GCL-Poly Energy Holdings Limited

GCL New Energy Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

(Incorporated in Bermuda with limited liability)

(Stock code: 3800)

(Stock code: 451)

MONTHLY PROGRESS UPDATE PURSUANT TO RULE 3.7 OF THE

TAKEOVERS CODE

This joint announcement is made by the respective board of directors of GCL-Poly Energy Holdings Limited ("GCL-Poly") and GCL New Energy Holdings Limited ("GNE") pursuant to Rule 3.7 of The Code on Takeovers and Mergers (the "Takeovers Code"), Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong).

Reference is made to the joint announcements of GCL-Poly and GNE dated 4 June 2019, 4 July 2019, 5 August 2019, 4 September 2019 and 4 October 2019 (the "Announcements"). Unless otherwise stated, capitalized terms used herein shall have the same meanings as those defined in the Announcements.

The respective boards of directors of GCL-Poly and GNE wish to update their respective shareholders and potential investors that, as at the date of this joint announcement, Elite Time and Potential Purchaser are still negotiating the terms of Possible Transaction and are exploring other possible options with China Huaneng Group Co., Ltd. and its subsidiaries.

In accordance with Rule 3.7 of the Takeovers Code, monthly announcement(s) will be made until announcement of firm intention to make an offer under Rule 3.5 of the Takeovers Code or of a decision not to proceed with an offer is made. Further announcement(s) will be made by GCL-Poly and GNE as and when appropriate or required in accordance with the Listing Rules and the Takeovers Code.

WARNINGS: There is no assurance that the Possible Transaction will materialize or eventually be consummated, and may or may not lead to a general offer under Rule 26.1 of the Takeovers Code. The Possible Transaction may or may not proceed. Shareholders and potential investors

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of GCL-Poly and GNE should exercise caution when dealing in securities of GCL-Poly or GNE, and if they are in any doubt about their position, they should consult their professional adviser(s).

By order of the GCL-Poly Board

By order of the GNE Board

GCL-Poly Energy Holdings Limited

GCL New Energy Holdings Limited

保利協鑫能源控股有限公司

協鑫新能源控股有限公司

Zhu Gongshan

Zhu Yufeng

Chairman

Chairman

Hong Kong, 4 November 2019

As at the date of this joint announcement, the board of directors of GCL-Poly comprises Mr. Zhu Gongshan (Chairman), Mr. Zhu Zhanjun, Mr. Zhu Yufeng, Ms. Sun Wei, Mr. Yeung Man Chung, Charles, Mr. Jiang Wenwu and Mr. Zheng Xiongjiu as executive directors of GCL-Poly; Ir. Dr. Ho Chung Tai, Raymond, Mr. Yip Tai Him, Dr. Shen Wenzhong and Mr. Wong Man Chung, Francis as independent non-executive directors of GCL-Poly.

All directors of GCL-Poly jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this joint announcement have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement, the omission of which would make any statement in this joint announcement misleading.

As at the date of this joint announcement, the board of directors of GNE comprises Mr. Zhu Yufeng (Chairman), Mr. Sun Xingping and Ms. Hu Xiaoyan as executive directors of GNE; Ms. Sun Wei, Mr. Sha Hongqiu, Mr. Yeung Man Chung, Charles and Mr. He Deyong as non-executive directors of GNE; and Mr. Wang Bohua, Mr. Xu Songda, Mr. Lee Conway Kong Wai, Mr. Wang Yanguo and Dr. Chen Ying as independent non-executive directors of GNE.

All directors of GNE jointly and severally accept full responsibility for the accuracy of the information contained in this joint announcement (other than that relating to GCL-Poly and the Potential Purchaser) and confirm, having made all reasonable enquiries, that to the best of their knowledge, opinions expressed in this joint announcement (other than those expressed by the directors of GCL-Poly) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement, the omission of which would make any statement in this joint announcement misleading.

- 2 -

Disclaimer

GCL New Energy Holdings Ltd. published this content on 04 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2019 10:39:13 UTC

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Sales 2020 5 551 M 786 M 786 M
Net income 2020 394 M 55,8 M 55,8 M
Net Debt 2020 34 887 M 4 938 M 4 938 M
P/E ratio 2020 4,82x
Yield 2020 -
Capitalization 1 878 M 266 M 266 M
EV / Sales 2019
EV / Sales 2020 6,62x
Nbr of Employees 1 460
Free-Float 27,7%
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Number of Analysts 5
Average target price 0,12 CNY
Last Close Price 0,10 CNY
Spread / Highest target 82,5%
Spread / Average Target 17,7%
Spread / Lowest Target -45,2%
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NameTitle
Ji Cai Mo President & Executive Director
Yu Feng Zhu Chairman
Xiao Yan Hu Executive Director
Wei Sun Non-Executive Director
Bo Hua Wang Independent Non-Executive Director
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