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: 1096)
MEMORANDUM OF UNDERSTANDING
This announcement is made by Sino Energy International Holdings Group Limited (the "Company", together with its subsidiaries the "Group") on a voluntary basis to provide its shareholders and potential investors with updated information in relation to the latest business development of the Group.
Strategic cooperation memorandum of understanding
The Board (the "Board") of Directors (the "Directors") of the Company is pleased to announce that on 12 December 2019 (after trading hours), the Company and Australian National Digital Asset Exchange Pty Ltd ("Australian National Digital Asset Exchange") entered into a strategic cooperation memorandum of understanding (the "MOU"). Pursuant to the MOU, the Company and Australian National Digital Asset Exchange intend to cooperate in the development of crypto-asset issuance and transaction management, financial technology industry, blockchain, artificial intelligence, big data industry investment and new energy industry investment related projects.
Information of Australian National Digital Asset Exchange
Australian National Digital Asset Exchange is a company incorporated in Australia and is principally engaged in the issuance of crypto asset transactions, provision of crypto asset management solutions, digital banking, financial technology industry investment, blockchain, artificial intelligence and investments in big data related industries, new energy industry and general aviation industry etc.
To the best of the Directors' knowledge, information and belief, having made all reasonable enquiries, Australian National Digital Asset Exchange and its ultimate beneficial owners are third parties independent of the Company and its connected persons (as defined under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules")) as at the date of this announcement.
Reasons for and benefits of the MOU
The Company's principal business is manufacturing and sales of casual footwear, apparel and related accessories in the PRC. The Company also engages in operating gas stations.
To diversify the business of the Group and to increase the Group's source of revenue, the Company has been seeking various development opportunities. The Board is optimistic for the prospects of industries related to crypto asset, financial technology, blockchain, artificial intelligence, big data and new energy. The Board is of the view that the MOU enables the Company the opportunities to develop the above industries by leveraging on Australian National Digital Asset Exchange's strength, resources and expertise to build a stable and mutually-beneficial strategic relationship for the development of the projects related to such industries. Further, with strong support from the Australian government, the Board believes that the MOU offers a good opportunity to the Group to diversify its business into the above industries and to broaden the Group's revenue base in the future.
Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.
By order of the board of
Sino Energy International Holdings Group Limited
Hong Kong, 12 December 2019
As at the date of this announcement, the executive Directors are Mr. Chen Jianbao, Ms. Cai Xiuman, Mr. Zhang Wenbin, Mr. Wang Qingshan and Mr. Zhu Tianxiang; and the independent non-executive Directors are Mr. Chen Jinzhong, Roy, Mr. Wang Xianzhang and Mr. Chai Chung Wai.
Sino Energy International Holdings Group 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 11:05:04 UTC