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.
CAPITAL INCREASE AGREEMENT OF A JOINT VENTURE CAPITAL INCREASE AGREEMENT
The Board is pleased to announce that on 17 January 2014, Upmove, an indirect wholly-owned subsidiary of the Company, entered into the Capital Increase Agreement with the JV Partner, pursuant to which each of Upmove and the JV Partner has agreed to make the Capital Increase in an amount of RMB50 million each to the JV Company to increase the JV Company's registered capital from RMB330 million to RMB430 million. The amounts of the Capital Increase will be used for the terminal construction and general working capital of the JV Company.
As at the date of this announcement, the JV Company is held as to 50% each by Upmove and the JV Partner. The amounts to be contributed by Upmove and the JV Partner in the Capital Increase are based on their respective equity holdings in the JV Company. Upon completion of the Capital Increase, their respective equity holdings in the JV Company will remain the same, and the JV Company will remain accounted for as a joint venture of the Group.
