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.

China Yongda Automobiles Services Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 03669)

ANNOUNCEMENT

COMPLETION OF THE ACQUISITION OF THE ENTIRE

ISSUED SHARES OF THE TARGET COMPANY

Reference is made to the announcement of China Yongda Automobiles Services Holdings Limited (the "Company") dated 2 October 2019 (the "Announcement") in relation to the acquisition by the Company of the entire issued shares of Inchcape Asia Pacific Limited (the "Target Company") pursuant to the Sale and Purchase Agreement. Unless the context requires otherwise, capitalised terms used herein shall have the same meaning as those defined in the Announcement.

The Board is pleased to announce that all conditions precedent in the Sale and Purchase Agreement have been satisfied and Completion took place on 12 December 2019.

Upon Completion, the Target Company has become a direct wholly-owned subsidiary of the Company and the financial results of the Target Company will be consolidated into the Company's consolidated financial statements.

At Completion, the Company paid the Seller an amount equal to the Initial Consideration in the amount of RMB818.5 million less the Deposit Amount and the Escrow Amount, and has deposited the Escrow Amount into the Escrow Account pursuant to the terms of the Sale and Purchase Agreement. The Initial Consideration in the amount of RMB818.5 million is the sum of the consolidated net assets of the Target Group estimated by the Seller at Completion ("Estimated Net Assets") of RMB579.4 million and an acquisition premium of RMB239.1 million. The Estimated Net Assets of RMB579.4 million include approximately RMB309.7 million of cash and cash equivalents and there is no borrowing from financial institutions. As the Target Group paid the

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agreed amount of compensations to its employees at Completion, the Estimated Net Assets were slightly lower than the adjusted consolidated net assets of the Target Group as at 30 April 2019 of RMB590.9 million.

As disclosed in the Announcement, the consideration for the Acquisition is subject to adjustments post Completion. The aggregate amount of the adjustments to the consideration will only be finalised after Completion. In any event, the applicable percentage ratios (as defined under the Listing Rules) in respect of the aggregate consideration for the Acquisition will not exceed 25%.

By order of the Board

China Yongda Automobiles Services Holdings Limited

Cheung Tak On

Chairman

The PRC, 12 December 2019

As at the date of this announcement, the Board comprises (i) five executive directors, namely Mr. Cheung Tak On, Mr. Cai Yingjie, Mr. Wang Zhigao, Mr. Xu Yue and Ms. Chen Yi; (ii) one non-executive director, namely Mr. Wang Liqun; and (iii) three independent non-executive directors, namely Mr. Lyu Wei, Mr. Mu Binrui and Ms. Zhu Anna Dezhen.

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China Yongda Automobiles Services Holdings Ltd. published this content on 12 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 December 2019 11:25:01 UTC