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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Hong Kong Exchanges and Clearing Limited    0388   HK0388045442

HONG KONG EXCHANGES AND CLEARING LIMITED

(0388)
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Hong Kong Exchanges and Clearing : SUPPLEMENTAL AGREEMENT TO THE ACQUISITION OF EQUITY INTEREST AND CAPITAL INJECTION

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08/16/2019 | 07:57am EDT

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.

NEW CONCEPTS HOLDINGS LIMITED

創 業 集 團( 控 股 )有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2221)

SUPPLEMENTAL AGREEMENT TO THE ACQUISITION OF

EQUITY INTEREST AND CAPITAL INJECTION

Reference is made to the announcement of New Concepts Holdings Limited (the ''Company'') dated 23 January 2017 (the ''Announcement'') in relation to, among others, the acquisition of 80% equity interest and capital injection in Hefei Feifan Bio Technology Co., Ltd. (''Hefei Feifan''). Capitalised terms used herein shall have the same meanings as those defined in the Announcement unless otherwise stated.

Revenue Guarantee

Pursuant to the Acquisition Agreement and the Capital Injection Agreement, the Vendor undertook and guaranteed to the Purchaser that the revenue from the sales of organic fertilizer of Hefei Feifan shall not be less than RMB6,205,000 and RMB12,410,000 for the first two years upon completion of the up-grading of the building and construction works of Hefei Feifan, and not less than RMB17,063,800 per year thereafter until expiration of its right to operate in its business (the ''Guaranteed Revenue''). Should the actual revenue from the sales of organic fertilizer of Hefei Feifan falls short of the Guaranteed Revenue of a particular year, the Vendor and the Creditor will make up the difference from the dividends they entitled in Hefei Feifan.

On 16 August 2019, the parties to the Acquisition Agreement and the Capital Injection Agreement entered into a supplemental agreement, pursuant to which, among others, all the parties agreed and confirmed the completion of the up-grading of the building and construction works of Hefei Feifan should refer to the date when the following conditions are fulfilled: (i) the normal production capacity of Hefei Feifan reaches 200 tons/day, and (ii) the amount of the underwritten production output meets with the national requirements set for the relevant organic fertilizers. The Guaranteed Revenue

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for the first year upon completion of the up-grading of the building and construction works fo Hefei Feifan shall be revised to not less than RMB5,950,000, while the Guaranteed Revenues for the second year and the years after remain unchanged.

Save as disclosed above, all the other terms and conditions of the Acquisition Agreement and Capital Injection Agreement shall remain unchanged and continue in full force and effect.

By Order of the Board

New Concepts Holdings Limited

Cai Jianwen

Executive Director

Hong Kong, 16 August 2019

As at the date of this announcement, the executive Directors are Mr. Zhu Yongjun, Ms. Qin Shulan, Mr. Cai Jianwen and Mr. Lee Tsi Fun Nicholas; the non-executive Director is Dr. Zhang Lihui; and the independent non-executive Directors are Mr. Lo Chun Chiu, Adrian, Dr. Tong Ka Lok and Mr. Choy Wai Shek, Raymond, MH, JP.

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Disclaimer

HKEx - Hong Kong Exchanges and Clearing Ltd. published this content on 16 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2019 11:56:04 UTC

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Financials (HKD)
Sales 2019 16 670 M
EBIT 2019 11 513 M
Net income 2019 9 824 M
Finance 2019 60 704 M
Yield 2019 2,78%
P/E ratio 2019 32,1x
P/E ratio 2020 29,3x
EV / Sales2019 15,4x
EV / Sales2020 11,9x
Capitalization 317 B
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 278,41  HKD
Last Close Price 252,40  HKD
Spread / Highest target 34,7%
Spread / Average Target 10,3%
Spread / Lowest Target -14,8%
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Charles Xiaojia Li CEO & Ex-Officio Executive Director
May Lung Cha Chairman
Chi Kin Tai Joint Chief Operating Officer & Head-Clearing
Kwok Keung Lee Joint Chief Operating Officer
John F. Killian Chief Financial Officer
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