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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Jinmao (China) Hotel Investments and Management Limited    6139   HK0000204385

JINMAO (CHINA) HOTEL INVESTMENTS AND MAN

(6139)
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Jinmao China Hotel Investments and Management : ANNOUNCEMENT PROPOSED ISSUE OF SUPER & SHORT-TERM COMMERCIAL PAPER

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02/14/2020 | 03:39am 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.

Jinmao Hotel

金 茂 酒 店

(As constituted pursuant to a deed of trust on 13 June 2014 under the laws of Hong Kong,

the trustee of which is Jinmao (China) Investments Manager Limited)

and

Jinmao (China) Hotel Investments and Management Limited

金 茂( 中 國 )酒 店 投 資 管 理 有 限 公 司

(Registered in the Cayman Islands with limited liability)

(Stock Code: 06139)

ANNOUNCEMENT

PROPOSED ISSUE OF SUPER & SHORT-TERM COMMERCIAL PAPER

This announcement is made by Jinmao (China) Investments Manager Limited (the "Trustee-Manager", as trustee-manager of Jinmao Hotel) and Jinmao (China) Hotel Investments and Management Limited (the "Company") pursuant to Rule 13.09(2) 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 in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

The boards of directors of the Trustee-Manager and the Company (the "Boards") are pleased to announce that China Jin Mao (Group) Co., Ltd. ("China Jin Mao (Group)"), a wholly-owned subsidiary of the Company, based on the application approval notice (Reference No. Zhong Shi

Xie Zhu [2018] SCP31) issued by National Association of Financial Market Institutional Investors (中國銀行間市場交易商協會) (the "Association") in the People's Republic of China (the "PRC")

on 12 February 2018, has successfully registered its Super & Short-term Commercial Paper (the "SCP"). The registered amount of the SCP is RMB2 billion and shall be valid for a period of two years commencing from 12 February 2018. China Jin Mao (Group) may issue the SCP in multiple tranches on a rolling basis within the registration effective period. On 3 February 2020,

the Association issued the "Notice on further efforts to prevent and control the epidemic situation in the debt financing market services"( 關於進一步做好債券融資工具市場服務疫情防控工作的 通知》)(the "Notice") to ensure the steady operation of the PRC national inter-bank bond market

in view of the current 2019 novel coronavirus outbreak in the PRC. Pursuant to the Notice, the Association has permitted the registration effective period of all registered or recorded items which have expired or will expire in February or March 2020 to be extended to the end of March 2020, with the issue payment date no later than the end of March 2020. Accordingly, the registration effective period of the SCP has been extended to the end of March 2020.

On 14 February 2020, China Jin Mao (Group) proposes to issue the SCP in the national inter-bank market in the PRC, which is the first tranche issued in 2020. The total principal amount of the SCP is expected to be RMB0.8 billion and the coupon rate shall be determined through the centralised book-building process and subject to market conditions and indication of interest from investors. The proceeds raised from the SCP are intended to be used to supplement the working capital of China Jin Mao (Group).

1

In connection with the proposed issue of the SCP, China Jin Mao (Group) has published, among other things, an offering circular in the PRC on 14 February 2020 to provide national financial market institutional investors with certain information concerning the terms and conditions of the SCP, the credit rating of China Jin Mao (Group) and certain financial information of China Jin Mao (Group) for the years ended 31 December 2016, 2017 and 2018, the three months ended 31 March 2019 and the nine months ended 30 September 2019.

The documents relating to the issuance of the SCP have been published on the websites of Shanghai Clearing House and Chinamoney.com.cn at www.shclearing.com and www.chinamoney.com.cn, respectively.

The proposed issue of the SCP is subject to the market conditions and the satisfaction of certain conditions and it may or may not materialise. If the proposed issue of the SCP is materialised, further announcement(s) will be made by the Company in accordance with the Listing Rules if and when required. Holders of share stapled units jointly issued by Jinmao Hotel and the Company (the "Share Stapled Units") and potential investors of the Company are advised to exercise caution when dealing in the Share Stapled Units.

By Order of the Boards

Jinmao (China) Investments Manager Limited

and

Jinmao (China) Hotel Investments and Management Limited

LI Congrui

Chairman

Hong Kong, 14 February 2020

As at the date of this announcement, the directors of the Trustee-Manager and the Company are Mr. LI Congrui (Chairman), Mr. ZHANG Hui and Mr. JIANG Nan as non-executive directors; Mr. TANG Yong as executive director and Chief Executive Officer; and Dr. CHUNG Shui Ming Timpson, Dr. CHEN Jieping and Dr. XIN Tao as independent non-executive directors.

2

Disclaimer

Jinmao China Hotel Investments and Management Ltd. published this content on 14 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2020 08:38:08 UTC

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Financials (HKD)
Sales 2019 2 920 M
EBIT 2019 773 M
Net income 2019 262 M
Debt 2019 7 532 M
Yield 2019 8,85%
P/E ratio 2019 29,0x
P/E ratio 2020 26,9x
EV / Sales2019 5,09x
EV / Sales2020 4,91x
Capitalization 7 340 M
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Technical analysis trends JINMAO (CHINA) HOTEL INVES
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TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 4,93  HKD
Last Close Price 3,67  HKD
Spread / Highest target 47,1%
Spread / Average Target 34,2%
Spread / Lowest Target 22,6%
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Managers
NameTitle
Yong Tang Chief Executive Officer & Executive Director
Cong Rui Li Chairman
Run Hong Zhang Head-Finance
Hui Zhang Non-Executive Director
Nan Jiang Non-Executive Director