CHINA INNOVATIVE FINANCE GROUP LIMITED
CIFG to Receive Asset Injection on Financial Leasing from Shandong Hi-Speed Group
CIFG to Receive Asset Injection on Financial Leasing (HONG KONG, 25 April 2017) China Innovative Finance Group Limited (“CIFG” or the “Company” and together with its subsidiaries, the “Group”; stock code: 0412.HK) is pleased to announce that on 25 April 2017, the Company has entered into an agreement with Shandong International (Hong Kong) Limited (“Shandong International” or the “Seller”, a wholly-owned subsidiary of Shandong Hi-Speed Group Co., Ltd. (“SDHS”)) to acquire 40% of the issued share capital of Shandong Hi-Speed Global Finance and Leasing Company Limited (“SDHS Global Finance and Leasing”) at the consideration of HKD1,500 million. Following the introduction of SDHS, the largest enterprise in Shandong Province, as CIFG’s indirect largest shareholder, CIFG aspires to further develop into a comprehensive financial service provider leveraging resources of SDHS. With SDHS bringing a gain in reputation, synergy in businesses and introduction of human resources, CIFG strives to become one of the most professional institutions which provide financial services for “One Belt One Road” related countries. SDHS Global Finance and Leasing, established on 8 June 2012, was approved by the Department of Commerce of Shandong Province as a foreign-invested sole proprietorship company specialized in financing and leasing business within and out of the PRC. SDHS Global Finance and Leasing is engaged in various leasing businesses, such as direct leasing, finance leasing and operating leasing in the PRC, purchasing assets subject to a lease within and out of the PRC, selling of leased products with residual value and operating business and main businesses related to its factoring business in the PRC. Pursuant to the agreement, the consideration shall be satisfied by the allotment and issuance of 5,000 million consideration shares at the issue price of HK$0.3 per consideration share to Shandong International at completion. Upon completion of the acquisition, SDHS will indirectly hold approximately 10,459,648,350 shares, representing approximately 43.2 % of the issued share capital of the Company as enlarged by the issue of the consideration shares. Mr. Li Hang, Chairman of CIFG said, “The acquisition will facilitate the Group to obtain exposure in the ”One Belt, One Road” initiative under the national strategy of the PRC through its investment in SDHS Global Finance and Leasing, which will seek the potential investment opportunities in more than 60 countries along the ”Belt and Road”. The main investment areas include infrastructure construction (including financial and social infrastructure) and private equity. Other investment areas include logistics, industrial development, real estate development, public facilities construction, medical facilities and equipment, educational and cultural development, etc. All the investment areas need the participation of financial leasing companies in order to improve the utilization of capital. With industry resources and competitiveness of SDHS, we aim to fully seize the market opportunities by the infrastructure investment of ‘One Belt One Road’ Initiative, taking the advantage of resources of financing, talents and market etc. in Hong Kong as a financial center, to create a ‘unique, professional and all-round financial investment institution’ in Hong Kong financial market.” – END – Document: http://n.eqs.com/c/fncls.ssp?u=OGBRQPVFSM Document title: CIFG_Acquisition_Press Release_EN
26/04/2017 Dissemination of a Financial Press Release, transmitted by EQS Group. |