HIDILI INDUSTRY INTERNATIONAL DEVELOPMENT LIMITED 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.
恒鼎實業國際發展有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 01393)This Announcement is made by the Company pursuant to Rule 13.09(2) and Rule 13.19 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO").
The Company has not repaid a long term secured loan (the "Long Term Loan") from an offshore bank (the "Offshore Bank") which fell due on 4 January 2016 and has not paid the accrued interest thereon. The principal amount outstanding and the interest accrued for the period from 20 October 2015 to 4 January 2016 under the Long Term Loan was approximately USD134 million and approximately USD0.66 million respectively. The Long Term Loan was secured by a standby letter of credit of RMB858 million (the "Standby Letter of Credit") issued by an onshore bank (the "Onshore Bank"). As at the date of this announcement, the Offshore Bank has enforced their right over the Standby Letter of Credit to repay the outstanding principal.
Upon the enforcement of the Standby Letter of Credit by the Offshore Bank, the Onshore Bank has demanded a settlement of approximately RMB600 million (after deducting the security deposit of RMB258 million). The Company has been in discussions with the Onshore Bank regarding an extension of the settlement. There can be no assurance that any extension will in fact be obtained. As of the date of this Announcement the Onshore Bank has not taken any enforcement action.
The Company will issue further announcement(s) to keep its shareholders and creditors posted for any update in this regard as and when required in according with the Listing Rules.
By Order of the Board
Hidili Industry International Development Limited Xian YangChairman
Hong Kong
8 January 2016
As at the date of this announcement, the executive directors of the Company are Mr. Xian Yang (Chairman) and Mr. Sun Jiankun, Cheng Yuanyun and Zhuang Xianwei and the independent non- executive directors of the Company are Mr. Huang Rongsheng, Mr. Sin Yuen Ko Terence and Ms. Xu Manzhen.
Hidili Industry International Development Limited issued this content on 2016-01-08 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-09 01:04:08 UTC
Original Document: http://www.hidili.com.cn/en/upload/files/20160108 E.pdf
