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: 8087)
PROFIT WARNING
This announcement is made by China 33 Media Group Limited (the ''Company'' and together with its subsidiaries, the ''Group'') pursuant to Rule 17.10 of the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited (the ''GEM Listing Rules'') and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
The board (the ''Board'') of directors (the ''Directors'') of the Company wishes to inform the shareholders of the Company and potential investors that based on the preliminary assessment by the Board of the financial information of the Company currently available and the unaudited consolidated management accounts of the Group for the year ended 31 December 2015, which has neither been reviewed by the audit committee of the Company nor audited by the auditors of the Company, the Group is expected to record a loss for the year ended 31 December 2015.
The Board believes that the loss was mainly attributable to the drop in revenue and increase in cost of sales. Reasons contributing to the reduction in revenue include: (i) termination of
advertisings on some loss making railway stations for magazine ''都市生活'' (City Life) and
billboards and LEDs installed at certain selected train stations; and (ii) cessation of periodical ''上海鐵道'' (Shanghai Railway) since September 2014. With early termination of
advertising on billboards and LEDs installed at certain selected train stations, those construction and installations cost of billboards and LEDs which are supposed to be used till expiry of rental period in 2018, are fully impaired this year, resulting an increase in cost of sales.
The Board wishes to state that the information contained in this announcement is only a preliminary assessment by the Board based on the information currently available to the Company and the unaudited consolidated management accounts of the Group for the year ended 31 December 2015. Detailed information regarding the Group's results for the year ended 31 December 2015 will be set out in the annual results announcement in compliance with the GEM Listing Rules.
Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company and read the announcement of the annual results of the Company for the year ended 31 December 2015 carefully when it is published.
By Order of the Board
China 33 Media Group Limited Ruan Deqing
Chairman and Executive Director
Hong Kong, 25 January 2016
As at the date of this announcement, the executive Directors are Mr. Ruan Deqing, Mr. Peng Lichun and Mr. Ma Pun Fai; the non-executive Director is Mr. Wang Fuqing; and the independent non-executive Directors are Ms. Tay Sheve Li, Ms. Yu Shun Yan Verda and Mr. Yau Kit Yu.
This announcement, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this announcement misleading.
This announcement will remain on the ''Latest Company Announcements'' page of the GEM website at www.hkgem.com for at least seven days from the date of its posting and the Company's website at www.china33media.com.
China 33 Media Group Limited issued this content on 2016-01-25 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-25 09:13:20 UTC
Original Document: http://www.china33media.com/attachment/201601251647010000268_en.pdf
