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 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

Attachments

  • Original document
  • Permalink

Disclaimer

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