By 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.
This announcement is made by the Company pursuant to Part XIVA of the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong and Rule 13.09(2) of the Listing Rules.
The Board wishes to inform the Shareholders and potential investors that the Group is expected to record a substantial loss for the year ended 31 December 2012.
This announcement is made by 21 Holdings Limited (the "Company") pursuant to Part XIVA of the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong and Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
The board of directors of the Company (the "Board") wishes to inform the shareholders of the Company (the "Shareholders") and potential investors that based on the management's preliminary assessment of the management accounts and information currently available, the Company and its subsidiaries (the "Group") is expected to record a substantial loss for the year ended 31 December 2012. The Board considers that the loss is principally due to the possible impairment loss on goodwill and intangible assets mainly relating the real estate agency business in the People's Republic of China (the "PRC") as a result of the downward revision of financial budget.
The real estate agency business in the PRC has continued to operate within a relatively slow real estate industry environment due to project delays and softness in land transaction. The Board considers that the unfavorable operating environment and the factors causing significant decline in the property sales as disclosed in the interim report would continue to adversely affect the performance to its real estate agency business in the PRC. Thus, the growth rate of revenue in this business sector in the following years would have to be revised downward as compared to those previously expected.
* for identification purpose only
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The information in this announcement is based on the preliminary assessment by the management of the Company after reviewing and considering the unaudited management accounts of the Group. The audited consolidated results of the Group for the year ended 31
December 2012 have not been finalised and are subject to review by the auditors of the Company and thus the Board is not in a position to assess the exact financial implication at this stage. The annual results announcement of the Company is expected to be published on or before 31 March 2013.
By Order of the Board
21 Holdings Limited Ng Kai Man ChairmanHong Kong, 15 January 2013
As at the date of this announcement, the Board comprises Mr. Ng Kai Man (Chairman) and Mr. Cheng Yuk Wo as executive Directors and Mr. Lui Siu Tsuen, Richard, Mr. Ding Chung Keung and Ms. Cheung Sze Man as independent non-executive Directors.
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