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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  China Oceanwide Holdings Limited    715   BMG2117K1045

CHINA OCEANWIDE HOLDINGS LIMITED

(715)
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China Oceanwide : VOLUNTARY ANNOUNCEMENT - PROVISION OF GUARANTEE

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03/06/2020 | 05:03am 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.

(Incorporated in Bermuda with limited liability)

(Stock Code: 715)

VOLUNTARY ANNOUNCEMENT

PROVISION OF GUARANTEE

This announcement is made by China Oceanwide Holdings Limited (the "Company") on a voluntary basis.

The board of directors (the "Board") of the Company hereby announces that, on 5 March 2020 (the United States time), the Company has entered into a parent company guarantee (the "Parent Company Guarantee") with Lendlease (US) Construction Inc. (the "Contractor"), pursuant to which the Company shall provide guarantee for the performance of payment obligations owed to the Contractor by Oceanwide Plaza LLC, a wholly-owned subsidiary of the Company (the "Project Company") in relation to a construction contract entered into between the Project Company and the Contractor for the construction of a large scale mixed use urban commercial complex project located in Los Angeles, the United States (the "Project"). The maximum liability of the Company under the Parent Company Guarantee will in no event exceed the lesser of the maximum liability of the Project Company under the construction contract or US$100 million (For the avoidance of doubt, the US$100 million will be reduced by the aggregate amount of the scheduled payments are made as specified in the Parent Company Guarantee). The liability of the Company under the Parent Company Guarantee shall cease until one of the following events occur: (i) all scheduled payments specified in the Parent Company Guarantee have been paid in full and the US$100 million has been reached; (ii) all scheduled payments specified in the Parent Company Guarantee have been paid in full and a construction loan for the construction of the Project has been obtained and notice of such loan has been provided to the Contractor; (iii) all scheduled payments specified in the Parent Company Guarantee have been paid in full and the Contractor has rights to payment of all remaining payments under the Parent

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Company Guarantee from a fully funded escrow; or (iii) the Contractor is the sole beneficiary of an irrevocable letter of credit in an amount sufficient to cover all obligations remaining under the Parent Company Guarantee, with all scheduled payments specified in the Parent Company Guarantee to be immediately drawn by the Contractor.

The Parent Company Guarantee provided by the Company to the Project Company does not constitute a notifiable transaction of the Company under Chapter 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") nor a connected transaction of the Company under Chapter 14A of the Listing Rules. The Board wishes to make a voluntary disclosure to inform its shareholders and potential investors in respect of the details of the Parent Company Guarantee.

By Order of the Board

China Oceanwide Holdings Limited

HAN Xiaosheng

Chairman

Hong Kong, 6 March 2020

As at the date of this announcement, the Board comprises:

Executive Directors:

Non-executive Director:

Mr. HAN Xiaosheng (Chairman)

Mr. ZHAO Yingwei

Mr. LIU Hongwei (Deputy Chairman)

Mr. LIU Bing

Independent Non-executive Directors:

Mr. ZHANG Xifang

Mr. LIU Jipeng

Mr. LIU Guosheng

Mr. YAN Fashan

Mr. LO Wa Kei, Roy

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Disclaimer

China Oceanwide Holdings Ltd. published this content on 06 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 March 2020 09:02:04 UTC


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Financials
Sales 2019 113 M 14,6 M 14,6 M
Net income 2019 -58,0 M -7,49 M -7,49 M
Net Debt 2019 12 181 M 1 571 M 1 571 M
P/E ratio 2019 -73,7x
Yield 2019 -
Capitalization 2 502 M 323 M 323 M
EV / Sales 2018 122x
EV / Sales 2019 146x
Nbr of Employees 88
Free-Float 25,0%
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Managers
NameTitle
Xiao Sheng Han Chairman & Chief Executive Officer
Wing Sze Wan Chief Financial Officer
Bing Liu Executive Director
Hong Wei Liu Vice Chairman
Guo Sheng Liu Executive Director