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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Zhong An Group Limited    672   KYG9898N1161

ZHONG AN GROUP LIMITED

(672)
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Zhong An : DISCLOSEABLE TRANSACTION - ACQUISITION OF EQUITY INTEREST - FORMATION OF JOINT VENTURE

08/12/2020 | 10:43am EST

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.

眾 安 集 團 有 限 公 司

Zhong An Group Limited

(incorporated in the Cayman Islands with limited liability)

(Stock code: 672)

DISCLOSEABLE TRANSACTION

ACQUISITION OF EQUITY INTEREST

FORMATION OF JOINT VENTURE

The Company is pleased to announce that on 12 August 2020, JV Partner A (which is a 90%-owned subsidiary of the Company), JV Partner B and JV Partner C entered into the Shares Transfer Agreement and the JV Agreement, pursuant to which:

  1. JV Partner A and JV Partner B shall severally acquire the Tranche A Sale Share and the Tranche B Sale Share from JV Partner C, whereupon the JV Company will be owned as to 40% by JV Partner A, 30 % by JV Partner B and 30% by JV Partner C immediately after the Completion;
  2. the JV Partners will form a joint venture in respect of the JV Company for the property development project in respect of the New Land;
  3. certain management and corporate affairs of the JV Company shall be bounded by the terms of the JV Agreement; and
  4. the total capital commitment of JV Partner A in respect of the JV Company is expected to be not more than RMB331.2 million (approximately HK$368.0 million) inclusive of the Tranche A Selling Price payable by JV Partner A.

As the highest Applicable Percentage Ratio for the Shares Transfer Agreement and the JV Agreement as a whole is more than 5% but less than 25%, the entering into the Shares Transfer Agreement and the JV Agreement as a whole constitutes a disclosable transaction for the Company under Chapter 14 of the Listing Rules and is therefore subject to the notification and publication requirements under Chapter 14 of the Listing Rules.

- 1 -

The Company is pleased to announce that on 12 August 2020, JV Partner A (which is a 90%-owned subsidiary of the Company) entered into the Shares Transfer Agreement and the JV Agreement for the acquisition of the Tranche A Sale Share and the formation of a joint venture for the property development project in respect of the New Land based on the principal terms set out in this announcement.

THE SHARES TRANSFER AGREEMENT

Date:

12 August 2020

Parties:

JV Partner A, as one of the purchasers

JV Partner B, as one of the purchasers

JV Partner C, as the seller

Subject matter:

the Total Sale Shares, representing a total of 70% of the

registered capital of the JV Company amounting to RMB21

million (approximately HK$23.3 million):

(i) JV Partner A shall purchase the Tranche A Sale Share,

representing 40% of the registered capital of the JV

Company amounting to RMB12 million (approximately

HK$13.3 million); and

(ii) JV Partner B shall purchase the Tranche B Sale Share,

representing 30% of the registered capital of the JV

Company amounting to RMB9 million (approximately

HK$10 million).

The obligations of JV Partner A and JV Partner B under the

Shares Transfer Agreement are several so that JV Partner A

and JV Partner B are not liable to the default of each other

under the Shares Transfer Agreement.

Consideration:

The Total Selling Price (subject to adjustment as mentioned

below) for the acquisition of the Total Sale Shares shall be

determined in accordance with the following formula:

Total Selling Price = (NAV + Land Value) x 70% - Z + Land

Adjustment

- 2 -

Note:

NAV means the net asset value of the Project Company as at Completion, which shall be determined based on the audited accounts of the Project Company as at Completion to be prepared by JV Partner A or its advisers provided that there shall not be any re-valuation of the properties and assets owned by the Project Company.

Land Value means the valuation of the Original Lands agreed upon by the JV Partners, being RMB688 million (approximately HK$764.4 million).

Land Adjustment means the increase or decrease in the Total Selling Price. If the total saleable construction area of the New Land exceeds or is less than 720,113 sq.m., the Land Adjustment shall be determined in the following manners:

  1. if exceeding 720,113 sq.m., RMB668.74 per extra square meter shall be added to the Total Selling Price; or
  2. if falling below 720,113 sq.m., meter, RMB668.74 per square meter of shortfall shall be deducted from the Total Selling Price.

The Land Adjustment amount is subject to a cap of RMB80 million (approximately HK$88.9 million).

Z means the Loan from JV Partner C as at Completion. As at 31 March 2020, the Loan from JV Partner C amounting to approximately RMB420.9 million (approximately HK$467.7 million) according to the unaudited accounts of the Project Company.

The Tranche A Selling Price and the Tranche B Selling Price equal to 57.14% (being 40% out of 70%) and 42.86% (being 30% out of 70%) of the Total Selling Price respectively. 57.14% and 42.86% represent the relative proportion of the Tranche A Sale Share and the Tranche B Sale Share to the Total Sale Shares, respectively.

- 3 -

The Total Selling Price was determined after arm's length

negotiation between the JV Partners with reference to the

financial position and business prospects of the JV Company

and the development potential of the New Land. Under the

Shares Transfer Agreement, the Tranche A Selling Price,

the Loan from JV Partner A and operating expenses to be

reimbursed by JV Partner A (as mentioned below) shall be

capped at RMB331.2 million (approximately HK$368.0

million).

Reimbursement of

JV Partner A and JV Partner B severally agree to reimburse

operating expenses:

the Project Company for its operating expenses from the date

of the Shares Transfer Agreement and up to the Completion

subject to a cap of approximately RMB1.14 million (being

57.14% of RMB2 million) and approximately RMB0.86

million (being 42.86% of RMB2 million) respectively. If the

Completion takes place later than 31 December 2020, the

amount to be reimbursed shall be subject to mutual agreement

by the JV Partners.

Shareholders' loans:

JV Partner A and JV Partner B shall respectively lend the

Loan from JV Partner A and the Loan from JV Partner B to

the Project Company to finance the repayment to JV Partner

C by the Project Company of the Loan from JV Partner C as

at Completion. The Loan from JV Partner A and the Loan

from JV Partner B represent 57.14% (being 40% out of 70%)

and 42.86% (being 30% out of 70%) of the Loan from JV

Partner C as at Completion. The Loan from JV Partner A

and the Loan from JV Partner B shall be paid to the Project

Company within seven working days after the Payment

Conditions (b) and (c) (as mentioned below in the paragraph

headed "Payment terms") are satisfied. Each of the Loan

from JV Partner A and the Loan from JV Partner B shall

be for a term of two years and interest bearing at an annual

interest rate based on the prevailing bank interest rate.

Conditions precedent:

Completion shall take place one day after the fulfilment

of the following conditions (or waiver of the following

conditions by JV Partner A):

(i) the completion of the registration of changes in

shareholding of the JV Company by the relevant

governmental authority and the obtaining of the renewed

business licence of the JV Company;

- 4 -

(ii)

all the representations and warranties given by JV

Partner C and the JV Company under the Shares

Transfer Agreement and other related transaction

documents are true, accurate and complete in all

material respects and JV Partner C and the JV Company

have not breached any terms of the Shares Transfer

Agreement; and

(iii)

the Land Exchange has been completed.

Land Exchange:

As at the date of this announcement, the Project Company

owns the Original Lands. With a view to obtaining land

with better quality, the Project Company intends to acquire

the New Land from Xiangtan Authority in consideration of

transferring the Original Lands to Xiangtan Authority by

way of Land Exchange. The New Land has a total site area

of 266,668 sq.m., and is situated near the Original Lands

and around the west of Binjiang Road, the south of Binjiang Garden Project and the north of Beijin College Project in

Xiangtan City of Hunan Province, the PRC(中 國 湖 南 省 湘 潭 市 濱 江 路 以 西、濱 江 花 園 項 目 以 南、北 津 學 院

項 目 以 北). The New Land has a land use right of 70 years for residential use. The New Land is expected to be of the same or more favourable development conditions (such as plot ratio), planning conditions and valuation as those of the Original Lands with a net site area not less than that of the Original Lands.

As at the date hereof, one of the parcel of the Original Lands, namely the Original Land No. 1, is mortgaged to the Lender under a mortgage (the "Existing Mortgage") to secure the repayment of loans to the Lender totalled at RMB155 million (approximately HK$172.2 million) (the "Mortgaged Loan"). The Mortgaged Loans were lent to the Borrowers.

Prior to the consummation of the Land Exchange, the

Existing Mortgage has to be released. Under the Shares

Transfer Agreement:

- 5 -

(i)

JV Partner A, the Company and Mr Shi (collectively the

"Guarantors") are required to give a guarantee to the

Lender (the "Guarantee") to guarantee the repayment

of the Mortgaged Loan to the Lender so as to facilitate

the release of the Existing Mortgage by the Lender. The

maximum liability under the Guarantee is capped at

RMB155 million (approximately HK$172.2 million);

(ii)

JV Partner C shall provide counter-guarantee in favour

of the Guarantors to indemnify the Guarantors all their

costs, damages and liabilities under the Guarantee; and

(iii)

the affiliate of the JV Partners, namely Yibang, shall

provide mortgage of certain land to be acquired by it in

favour of the Lender so as to facilitate the release of the

Guarantee by the Lender.

The Group is not required to furnish any considerations

for Mr. Shi's giving of the Guarantee, nor to furnish any

consideration to Yibang for its provision of the aforesaid

mortgage.

Under the Shares Transfer Agreement, the release of the

Guarantee is one of the Payment Conditions to be fullfilled

before payment of the second installment payment of the

Total Selling Price (as mentioned below in the paragraph

headed "Payment terms"). If the Guarantors have incurred

any obligations, liabilities and/or expenses (the "Incurred

Amount") under the Guarantee, JV Partner C shall reimburse

the Guarantors the Incurred Amount forthwith. JV Partner A

is entitled to set off the Incurred Amount against the second

installment payment of the Tranche A Selling Price payable

by JV Partner A to JV Partner C and to require JV Partner B

to pay any portion of the second installment payment of the

Tranche B Selling Price to JV Partner A instead of JV Partner

C to the extent that the Incurred Amount can be reimbursed

in full.

Payment terms:

The Total Selling Price shall be paid in cash in the following

two installments:

(i)

First installment

- 6 -

The first installment payment shall be equal to the net assets value of the Project Company as at 31 March 2020 as shown in its unaudited accounts, which amounted to approximately RMB22.8 million (approximately HK$25.3 million) (the "Total First Installment"). JV Partner A shall pay an amount equal to 57.14% (equals to 40% out of 70%) of the Total First Installment amounting to approximately RMB13.0 million (approximately HK$14.4 million). JV Partner B shall pay an amount equal to 42.86% (being 30% out of 70%) of the Total First Installment amounting to approximately RMB9.8 million (approximately HK$10.9 million). The Total First Installment is payable within seven working days after the Land Exchange has been completed.

  1. Second installment
    The second installment payment (the "Total Second Installment") shall be the Total Selling Price as finally determined minus the Total First Installment, which is payable within seven working days after the fulfilment of the following conditions (the "Payment Conditions"):
    1. the Guarantors have been released from the Guarantee;
    2. the Completion has taken place; and
    3. the Land Exchange has been completed.

JV Partner A shall pay an amount equal to 57.14% (equals to 40% out of 70%) of the Total Second Installment. JV Partner B shall pay an amount equal to 42.86% (being 30% out of 70%) of the Total Second Installment.

THE JV AGREEMENT

Date:

12 August 2020

Parties:

JV Partner A, as a joint venture partner

JV Partner B, as a joint venture partner

- 7 -

JV Partner C, as a joint venture partner

Scope of business of

The JV Company and its wholly owned subsidiary (namely

the JV Company:

the Project Company) (collectively the "JV Group") shall be

principally engaged in the property development project in

respect of the New Land. The New Land is expected to have

a total site area of around 266,668 sq.m. with a total saleable

construction area of around 720,113 sq.m., and a land use

right of 70 years for residential use.

Funding Requirements:

As at the date of this announcement, the registered capital

of the JV Company is RMB30 million, which has been fully

paid up. Upon Completion, the said registered capital will

be owned as to 40% by JV Partner A, 30% by JV Partner

B and 30% by JV Partner C. It is expected that apart from

the loans from JV Partner A and JV Partner B mentioned

above, the JV Group will meet the funding need for the

property development project in respect of the New Land

by its internal resources and external borrowing. Hence,

the Company expects that apart from its Loans to the JV

Company as mentioned above, it is not required to make any

capital contribution nor financial assistance to the JV Group.

Corporate Governance:

The board of directors of the JV Company (the "JV Board")

will comprise three directors (the "JV Directors"). JV

Partner A shall have the right to nominate one JV Director,

who shall also act as chairman of the JV Board. JV Partner

B have the right to nominate one JV Director. JV Partner C

have the right to nominate one JV Director, who shall also

act as vice chairman of the JV Board. Each JV Director has

the same voting power at meeting of the JV Board. Apart

from certain important corporate matters (such as (i) changes

in business or investment plan, or the articles of association

of the JV Company, (ii) approval of annual budget, dividend

distribution, connected transactions between the JV

Company and its shareholders, major acquisition, giving of

guarantee, financing plan, project cost budget or repayment

of shareholder's loan, (iii) increase or decrease of registered

capital, (iv) merger, amalgamation, demerger or dissolution

of the JV Company, and etc.) requiring the unanimous

approval of all the JV Directors, approvals at the meeting of

the JV Board shall be obtained based on the simple majority

of the votes cast by the JV Directors.

- 8 -

The voting power of the shareholders of the JV Company

shall be proportional to their respective shareholding

interests in the JV Company. Apart from certain important

corporate matters (such as (i) changes in business strategies,

investment plan, directors or the articles of association of

the JV Company, (ii) approval of annual budget, dividend

distribution, (iii) increase or decrease of registered capital,

(iv) merger, amalgamation, demerger or dissolution of the

JV Company, and etc.) requiring the unanimous approval

of all the shareholders of the JV Company, approvals at

shareholders' meeting of the JV Company shall be obtained

based on the two-third majority of the votes cast by the

shareholders of the JV Company.

Restrictions on transfer

If any shareholder of the JV Company proposes to transfer its

and pledging:

shareholding interest to any third party, the other shareholders

of the JV Company shall have the pre-emptive right to

acquire such shareholding interest. None of the shareholders

of the JV Company is allowed to pledge or otherwise create

any encumbrance in respect of its shareholding interests

in the JV Company without the prior consents of all other

shareholders.

INFORMATION OF THE JV GROUP

The JV Company was established on 25 May 2020. The Project company was established on 18 November 2009. The unaudited net asset value of the JV Company as at 31 July 2020 is approximately RMB22.5 million. The unaudited net profit before and after taxation of the JV Company for the seven months ended 31 July 2020 were approximately RMB8.5 million and RMB8.5 million respectively, which was mainly arising from the receipt of governmental compensation for land development.

The JV Company and its wholly owned subsidiary, namely the Project Company, (collectively the "JV Group") are principally engaged in property development. As at the date of this announcement, the Project Company holds the Original Lands. The JV Group have not commenced any substantive business operation apart from the holding of the Original Lands. The Project Company intends to acquire the New Land from Xiangtan Authority in consideration of transferring the Original Lands to Xiangtan Authority by way of Land Exchange. After the obtaining of the New Land, the JV Group will carry out a property development project in respect of the New Land.

- 9 -

REASONS FOR AND BENEFITS OF ENTERING INTO THE SHARES TRANSFER AGREEMENT AND THE JV AGREEMENT

The Directors consider that the New Land has attractive development potential. The Board considers that the terms of the Shares Transfer Agreement and the JV Agreement are normal commercial terms, fair and reasonable and in the interests of JV Partner A and the Shareholders as a whole.

INFORMATION ON THE GROUP AND OTHERS

The Company is an investment holding company. The Group is principally engaged in property development, leasing and hotel operation in the PRC.

JV Partner A is principally engaged in real estate development. JV Partner A is a 90%-owned subsidiary of the Company, and the remaining 10% interest in JV Partner A is owned by Hangzhou Xiaoshan Yunzhongxia Decoration Co. Limited ( 杭 州 蕭 山 雲中霞裝飾有限公司), which is in turn owned as to 40% by Chen Junmin (陳軍民) and as to 60% by Qi Xiaomin ( 戚 小 敏) ("Ms. Qi"). As Ms. Qi has control of 10% interest in JV Partner A, she is a connected person of the Company, but is at subsidiary level only.

JV Partner B is principally engaged in tourist resources development. JV Partner B is ultimately owned by Chen Dandan ( 陳 丹 丹) as to 50% and Dai Fangguo ( 戴 方 國) as to 50%.

JV Partner C is principally engaged in investment management, hotel management, financial management, and technical consulting and services. JV Partner C is ultimately owned by Li Shufu ( 李 書 福) as to 90% and Li Xingxing ( 李 星 星) as to 10%.

Xiangtan Authority is a governmental department of Xiangtan City of Hunan Province, the PRC ( 中 國 湖 南 省 湘 潭 市), which is authorised by the PRC government to disposes of state-owned lands. The Lender is principally engaged in financial services. The Lender is ultimately owned by the Ministry of Finance of the PRC. Borrower A is principally engaged in the sales of commercial and passenger vehicles, distribution of building and raw materials and etc. Borrower A is ultimately owned by Tong Jiangliang ( 童江亮) as to 90% and Lu Xingzhong ( 陸興忠 ) as to 10%. Borrower B is principally engaged in the production of electronics. Borrower B is ultimately owned by Hangzhou Xiaoshan Fuyuan Glassware Factory(杭 州 蕭 山 富 源 玻 璃 器 皿 廠) as to 84.55% and the Inter-American Trade Group(泛 美 貿 易 集 團)as to 15.45%. Yibang is principally engaged in real estate development. Yibang is ultimately owned as to 30% by JV Partner B, as to 30% by JV Partner C, and as to 40% by a company which is controlled by Ms. Qi and is collectively owned by Chen Junmin(陳 軍 民) and Ms. Qi.

- 10 -

To the best knowledge, information and belief of the Directors and having made all reasonable enquiries, as at the date of this announcement, and each of JV Partner B, JV Partner C, Xiangtan Authority, the Lender, the Borrowers and their ultimate beneficial owners are third party independent of, and not connected with, the Company and its connected persons.

LISTING RULES IMPLICATIONS

As the highest Applicable Percentage Ratio for the Shares Transfer Agreement and the JV Agreement as a whole is more than 5% but less than 25%, the entering into the Shares Transfer Agreement and the JV Agreement as a whole constitutes a disclosable transaction for the Company under Chapter 14 of the Listing Rules and is therefore subject to the notification and publication requirements under Chapter 14 of the Listing Rules.

DEFINITIONS

In this announcement, the following expressions have the following meanings unless the context otherwise requires:

"Applicable Percentage

have the meanings ascribed to them under the Listing

Ratio", and "connected

Rules;

person(s)"

"Board"

the board of Directors;

"Borrower A"

Zhejiang Zhongyu (Holding) Group Co. Limited ( 浙 江

中 譽( 控 股) 集 團 有 限 公 司), a company established

in the PRC with limited liability;

"Borrower B"

Hangzhou Zhenqi Electric Co. Limited ( 杭 州 珍 琪 電

器 有 限 公 司), a company established in the PRC with

limited liability;

"Borrowers"

Borrower A and Borrower B;

"Company"

Zhong An Group Limited ( 眾 安 集 團 有 限 公 司),

a company incorporated with limited liability in the

Cayman Islands and the ordinary shares of which are

listed on the Main Board of the Stock Exchange;

- 11 -

"Completion"

the completion of the Shares Transfer Agreement;

"Director(s)"

the director(s) of the Company;

"Group"

the Company and its subsidiaries;

"HK$"

Hong Kong dollars, the lawful currency of Hong Kong;

"Hong Kong"

the Hong Kong Special Administrative Region of the

PRC;

"JV Agreement"

the cooperation and development agreement dated

12 August 2020 entered into among the JV Partners

governing the management and corporate affairs of the

JV Company and the Project Company;

"JV Company"

Shanghai Mingji Yuxing Enterprise Management Co.,

Limited ( 上 海 銘 極 與 星 企 業 管 理 有 限 公 司), a

company established in the PRC with limited liability;

"JV Partner A"

Zhong An Group Co., Limited ( 衆 安 集 團 有 限 公 司),

a company established in the PRC with limited liability

and a 90%-owned subsidiary of the Company;

"JV Partner B"

Taizhou Huangyan Yibang Travel Development Co.

Limited ( 台 州 市 黃 岩 億 邦 文 旅 發 展 有 限 公 司), a

company established in the PRC with limited liability;

"JV Partner C"

Ming-tai Investment development Group Co. Limited

( 銘 泰 投 資 發 展 集 團 有 限 公 司), a company

established in the PRC with limited liability;

"JV Partners"

JV Partner A, JV Partner B and JV Partner C;

"Lender"

Zhejiang Branch of China Huarong Asset Management

Co. Limited ( 中 國 華 融 資 產 管 理 股 份 有 限 公 司 浙

江 省 分 公 司), a company established in the PRC with

limited liability;

"Listing Rules"

Rules Governing the Listing of Securities on the Stock

Exchange;

"Loan from JV Partner A"

the shareholder's loan to be lent by JV Partner A to the

Project Company under the Shares Transfer Agreement;

- 12 -

"Loan from JV Partner B"

"Loan from JV Partner C"

"Mr. Shi"

"New Land"

"Original Land No.1"

"Original Lands"

"PRC"

"Project Company"

"RMB"

"Shareholders"

the shareholder's loan to be lent by JV Partner B to the Project Company under the Shares Transfer Agreement;

the shareholder's loan from JV Partner C to the Project Company from time to time prior to the Completion;

Mr. Shi Kancheng (alias Shi Zhongan) is the Director of the Company and the Chairman of the Board, and indirectly holds a 57.97% interest in the Company and is a connected person of the Company;

the land parcel with a total site area of around 266,668 sq.m. situated at or around the West of Binjiang Road, the south of Binjiang Garden Project and the north

of Beijin College Project in Xiangtan City of Hunan Province, the PRC (中國湖南省湘潭市濱江路以西、 濱 江 花 園 項 目 以 南、北 津 學 院 項 目 以 北);

the land parcel with a total site area of 135,123 sq.m. situated at Jiuhua demonstration area, the west of Xiangjiang River and the north of Planning Road,

Xiangtan City of Hunan Province, the PRC ( 中 國 湖 南 省湘潭市九華示範區湘江以西,規劃道路以北);

the four land parcels with a total site area of 266,668 sq.m. situated at Economic Development Area, the west of Binjiang Road and the north of Chuanxingshan Road,

Xiangtan City of Hunan Province, the PRC ( 中 國 湖 南 省 湘 潭 市 經 濟 開 發 區 濱 江 路 以 西,船 形 山 路 以

), which include Original Land No.1;

People's Republic of China, which, for the purposes of this announcement, excludes Hong Kong, the Macau Special Administrative Region and Taiwan;

Hunan Xiangjiang Real Estate Development Co. Limited ( 湖 南 湘 江 房 地 產 開 發 有 限 公 司), a company established in the PRC with limited liability;

Renminbi, the lawful currency of the PRC;

holders of the ordinary share(s) in the share capital of the Company;

- 13 -

"Shares Transfer Agreement" the shares transfer agreement dated 12 August 2020 entered into amongst the JV Partners for the sale and purchase of the Total Sale Shares;

"sq.m."

square meters;

"Stock Exchange"

The Stock Exchange of Hong Kong Limited;

"Total Selling Price"

the Tranche A Selling Price and the Tranche B Selling

Price;

"Total Sale Shares"

the Tranche A Sale Share and the Tranche B Sale Share;

"Tranche A Sale Share"

the registered capital of the JV Company to be

purchased by JV Partner A under the Shares Transfer

Agreement;

"Tranche B Sale Share"

the registered capital of the JV Company to be

purchased by JV Partner B under the Shares Transfer

Agreement;

"Tranche A Selling Price"

the selling price payable by JV Partner A to JV Partner

C for the acquisition of the Tranche A Sale Share;

"Tranche B Selling Price"

the selling price payable by JV Partner B to JV Partner

C for the acquisition of the Tranche B Sale Share;

"Xiangtan Authority"

the relevant governmental department of Xiangtan City

of Hunan Province, the PRC ( 中 國 湖 南 省 湘 潭 市),

which is authorised by the PRC government to disposes

of state-owned lands;

"Yibang"

Taizhou Zhongan Yibang Real Estate Development Co.

Limited ( 台 州 眾 安 億 邦 房 地 產 開 發 有 限 公 司), a

company established in PRC with limited liability; and

"%"

per cent.

- 14 -

For the purposes of this announcement, an exchange rate of HK$1 = RMB0.90 has been used for currency translation, where applicable. Such exchange rate is for illustration purposes only and does not constitute representations that any amount in RMB or HK$ has been, could have been or may be converted at such rate.

By order of the Board

Zhong An Group Limited

Shi Kancheng

Chairman

The PRC, 12 August 2020

As at the date of this announcement, the Board comprises five executive directors, namely Mr Shi Kancheng (alias Shi Zhongan) (Chairman), Mr Zhang Jiangang (Chief Executive Officer), Ms Shen Tiaojuan, Ms Jin Ni and Ms Shi Jinfan; and three independent non-executive directors, namely Professor Pei Ker Wei, Dr Loke Yu (alias Loke Hoi Lam) and Mr Zhang Huaqiao.

  • for identification purposes only

- 15 -

Disclaimer

Zhong An Real Estate Limited published this content on 12 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2020 14:42:01 UTC


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2019ZHONG AN REAL ESTATE : Announcements and Notices - Poll Results for Annual Gener..
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2019ZHONG AN REAL ESTATE : Proposed Change of Company Name From “Zhong An Real..
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Financials
Sales 2019 6 205 M 944 M 944 M
Net income 2019 637 M 97,0 M 97,0 M
Net Debt 2019 4 429 M 674 M 674 M
P/E ratio 2019 1,93x
Yield 2019 8,44%
Capitalization 1 602 M 244 M 244 M
EV / Sales 2018 0,88x
EV / Sales 2019 0,91x
Nbr of Employees 4 153
Free-Float 41,5%
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Managers
NameTitle
Jian Gang Zhang Chief Executive Officer & Executive Director
Kan Cheng Shi Executive Chairman & President
De Feng You Chief Financial Officer
Tiao Juan Shen Executive Director & Vice President
Ker Wei Pei Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ZHONG AN GROUP LIMITED41.35%244
CHINA VANKE CO., LTD.-3.85%52 581
VONOVIA SE19.17%38 876
CHINA EVERGRANDE GROUP-25.28%27 923
DEUTSCHE WOHNEN SE13.48%17 273
CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE HOLDINGS CO., LTD.-28.38%17 250