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.
Sheen Tai Holdings Group Company Limited順泰控股集團有限公司
(incorporated in the Cayman Islands with limited liability)
(Stock code: 01335) FURTHER CLARIFICATION ANNOUNCEMENT DISCLOSEABLE TRANSACTION SUBSCRIPTION OF WEALTH MANAGEMENT PRODUCTSReference is made to the clarification announcement (the "Announcement") of Sheen Tai Holdings Group Company Limited (the "Company", together with its subsidiaries, the "Group") dated 8 May 2017. Unless otherwise defined, capitalised terms used in this announcement shall have the same meanings as defined in the Announcement.
In addition to the information disclosed in the Announcement, the Company would like to clarify and provide further information in respect of the unlisted financial products/wealth management products as follows:
First Wealth Management AgreementDate of agreement: 8 June 2016 Minimum investment amount: RMB100,000 Maturity date of the Wealth 18 March 2020
Management Product:
Redemption of the Xuzhou New Advantage can select either full redemption or Wealth Management Product: partial redemption of the Wealth Management Product before
the maturity date as long as the minimum holding period of 20 days is passed.
Expected rate of return: The number of deposit days of the Wealth Management Product
is accumulated according to the unit of each subscription/ application of the Company. When the products are redeemed by the Company, the wealth management income of the Company is calculated based on the number of actual deposit days of redeemed shares and corresponding actual annualized return as follows:
Expected annual Number of deposit days rate of returnFirst 20 days (Minimum holding period) 3.5%
From 21 days onwards 2.5%
Income calculation: Calculation of wealth management income commences from
the date when the subscription application is confirmed up to the redemption/ termination date.
Custody fee: 0.05% per annum payable on daily basis.
Second Wealth Management Agreement Date of agreement: 13 July 2016 Minimum investment amount: RMB50,000Maturity date of the Wealth 25 June 2020 Management Product:
Redemption of Xuzhou New Advantage can select either full redemption or Wealth Management Product: partial redemption of the Wealth Management Product before
the maturity date as long as the minimum holding period is passed.
Expected rate of return: The number of deposit days of Wealth Management Product
is accumulated according to the unit of each subscription/ application of the Company. When the products are redeemed by the Company, the wealth management income of the Company is calculated based on the number of actual deposit days of redeemed shares and corresponding actual annualized return as follows:
Number of deposit days Expected annual rate of returnFirst 1 -7 days 2.3%
8 days (inclusive) to 14 days 2.4%
15 days (inclusive) to 30 days 2.8%
31 days (inclusive) to 60 days 3.15%
61 days (inclusive) to 90 days 3.35%
91 days or more 3.55%
Income calculation: Calculation of wealth management income commences from
the date when the subscription application is confirmed up to the redemption/ termination date.
Custody fee: 0.05% per annum payable on daily basis.
Xuzhou New Advantage shall have no obligation to purchase the Wealth Management Products under each of the Wealth Management Agreements.
There is no cap stipulated under each of the Wealth Management Agreements. The cap was determined and approved by the board of directors of the Company by passing the board resolution on 30 March 2016 in respect of the total amount of subscriptions by the Company for the low risk financial products in banking institutions of the PRC.
Xuzhou New Advantage made repeated subscriptions and redemptions between 8 June 2016 and 12 January 2017 for the Wealth Management Product under the First Wealth Management Agreement and between 13 July 2016 and 3 January 2017 for the Wealth Management Product under the Second Wealth Management Agreement (the "Periods"), following the signing of the respective Wealth Management Agreements. The actual maximum amount of the Subscriptions made during the Periods falls within the proposed cap of RMB200,000,000 (equivalent to approximately HK$232,558,139).
The purchases of the Wealth Management Products by Xuzhou New Advantage under the Wealth Management Agreements which triggered the threshold for discloseable transaction under Chapter 14 of the Listing Rules are set out as follows:
Type(s) of Wealth Management Products | Subscription date | Redemption date | Investment amount | Interest gained from redemption |
"An Xin Ling Dong 20 Days" and "An Xin Kuai Xian Bubugao" | 2016.7.13 | 2016.8.2 ("An Xin Ling Dong 20 Days")/ | RMB98,000,000 | RMB462,794.52 |
2016.10.10
("An Xin Kuai Xian Bubugao")
"An Xin Ling Dong 20 Days" | 2016.8.3 | 2016.8.23 | RMB100,000,000 | RMB186,301.37 |
"An Xin Ling Dong 20 Days" | 2016.8.24 | 2016.9.13 | RMB115,000,000 | RMB222,123.28 |
"An Xin Ling Dong 20 Days" | 2016.9.14 | 2016.10.04 | RMB115,000,000 | RMB234,726.03 |
"An Xin Ling Dong 20 Days" | 2016.10.11 | 2016.10.31 | RMB189,000,000 | RMB359,876.71 |
"An Xin Ling Dong 20 Days" | 2016.11.11 | 2016.11.30 | RMB100,000,000 | RMB190,410.96 |
"An Xin Ling Dong 20 Days" | 2016.12.1 | 2016.12.21 | RMB100,000,000 | RMB183,561.64 |
"An Xin Ling Dong 20 Days" | 2016.12.22 | 2017.1.12 | RMB100,000,000 | RMB219,178.08 |
"An Xin Kuai Xian Bubugao" | 2016.11.14 | 2016.11.28 | RMB98,000,000 | RMB186,408.22 |
The Company had not complied with the notification and announcement requirements under Rule
14.34 of the Listing Rules in respect of each of the purchases mentioned above.
For the purpose of this announcement, the exchange rate of HK$1 = RMB0.86 has been used for currency conversions. This is for the purpose of illustration only and does not constitute a representation that any amounts in RMB or HK$ have been, could have been or may be converted at such rate or any other exchange rate.
In this announcement, the English names of the PRC entities are translation of their Chinese names, and are included herein for identification purpose only. In the event of any inconsistency, the Chinese names shall prevail.
By order of the Board
Sheen Tai Holdings Group Company Limited Guo YuminChairman
Hong Kong, 26 June 2017
As at the date of this announcement, the executive Directors are Mr. Guo Yumin, Ms. Xia Yu, Mr. Guo Cheng and Mr. Zeng Xiangyang and the independent non-executive Directors are Ms. Fan Qing, Mr. Fong Wo, Felix and Mr. Lo Wa Kei, Roy.
Sheen Tai Holdings Group Company Limited published this content on 26 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 June 2017 14:39:03 UTC.
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