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(incorporated in the Cayman Islands with limited liability)
(Stock Code: 01333)
ANNOUNCEMENT
UPDATE ON THE PROPOSED SPIN-OFF OF LIAONING ZHONGWANG GROUP
THROUGH ASSET RESTRUCTURING WITH CRED HOLDING
We refer to the announcements dated 20 March 2020 and 14 April 2020 (the ''Announcements'') of China Zhongwang Holdings Limited (the ''Company'') in relation to, among others, the proposed Zhongwang Asset Restructuring of the Company. Unless otherwise stated, the capitalized terms in this announcement shall have the same meaning as those used in the Announcements.
On 22 April 2020, the Company received a notice from CRED Holding that the transactions contemplated under the Asset Transfer Agreement (including the disposal of the Zhongwang Shares by Zhongwang Fabrication to CRED Holding, the acquisition of CRED Xinjiang Shares by Zhongwang Fabrication from CRED Holding and the Issuance of Zhongwang Consideration Shares) and the Compensation Agreement have been approved by shareholders of CRED Holding at its general meeting held on 22 April 2020.
Shareholders and potential investors of the Company are reminded to exercise caution when dealing in the securities of the Company.
By order of the Board
China Zhongwang Holdings Limited
Chairman
Lu Changqing
Hong Kong, 22 April 2020
As at the date of this announcement, the Board consists of:
Executive Directors
Mr. Lu Changqing and Ms. Ma Qingmei
Non-executive Directors
Mr. Chen Yan, Mr. Lin Jun and Mr. Wei Qiang
Independent Non-executive Directors
Mr. Wong Chun Wa, Mr. Wen Xianjun, Mr. Shi Ketong and Mr. Lo Wa Kei, Roy
- For identification purpose only
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China Zhongwang Holdings Ltd. published this content on 22 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 April 2020 11:32:05 UTC