Beiren Printing Machinery Holdings Ltd : ANNOUNCEMENT ON WITHDRAWING OF OTHER RISK WARNINGSON THE TRADING OF A SHARES OF THE COMPANY
08/21/2012| 09:11am US/Eastern
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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.
(Stock Code: 0187)
ANNOUNCEMENT ON WITHDRAWING OF OTHER RISK WARNINGS ON THE
TRADING OF A SHARES OF THE COMPANY
The Board of Directors and all members of the Board of
Directors of the Company warrant that this announcement does
not contain any false information, misleading statements or
material omission and severally and jointly accept full
responsibility for the truthfulness, accuracy and
completeness of the contents herein contained.
1. BASIC OVERVIEW
Due to the audited annual net profits of the Company were
negative for the two consecutive years in 2008 and 2009, the
stock of the Company was imposed delisting risk warning since
22 March
2010 and the stock short name was changed to "*ST Beiren".
The 2010 financial statements of the Company were audited by
ShineWing Certified Public Accountants and SHINEWING (HK) CPA
Limited and they issued a standard unqualified audit report.
The report confirmed the net profit attributable to
shareholders of the Company for 2010 amounted to
RMB22,279,400, the net profit after deduction of
extraordinary items was RMB-166,002,800. The Company applied
for the withdrawal of the delisting risk warning to the
Shanghai Stock Exchange (the "Shanghai Stock Exchange") on 17
March 2011 pursuant to the relevant provisions. Pursuant to
the Rules Governing the Listing of Stocks on the Shanghai
Stock Exchange (revised 2008), the delisting risk warning on
the stock of the Company was removed since 27 May 2011 and
other special treatments were
implemented, with the A shares stock short name of the
Company was changed to "ST Beiren".
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According to the 2011 standard unqualified audit report
issued by ShineWing Certified Public Accountants
(XYZH/2011A4028), the net profit attributable to shareholders
of the Company amounted to RMB11,382,900, the net profit
after deduction of extraordinary items was RMB
-30,853,100, the owner's equity attributable to shareholders
of the Company amounted to RMB
756,382,300.
The unaudited owner's equity attributable to shareholders of
the Company for the first half of 2012 of the Company
amounted to RMB-31,968,700, the net profit after deduction of
extraordinary items was RMB-33,398,000 and the owner's equity
attributable to shareholders of the Company amounted to
RMB724,413,600.
The main operations of the Company included development,
design, sale, maintenance and installation of printing
machinery and others. For 2011, the Company recorded a sales
revenue of RMB803,873,900, representing a decrease of 2.13%
from the previous year and the revenue from main operations
of RMB784,850,100, representing a decrease of 2.57% from the
previous year. For the first half of 2012, the Company
recorded a sales revenue of RMB377,942,400, representing a
decrease of 11.09% from last year and the revenue from main
operations of RMB369,969,900, representing a decrease of
10.99% from last year. The main operations of the Company are
currently operating normally.
The production business activities of the Company are
currently normal; none of its bank accounts was frozen; board
meetings were normally held and decisions were made; no
appropriation of funds on a non-recurring basis by the
controlling shareholder or its related parties was found and
no external guarantees violating regular decision making
procedure were made. The board of directors of the Company
considered that the Company was not involved in situations
relating to delisting risk warning and other risk warnings
pursuant to the provision of the Rules Governing the Listing
of Stocks on the Shanghai Stock Exchange (revised 2012).
2. THE COMPANY COMPLIED WITH THE REQUIREMENT OF WITHDRAWING
OTHER RISK WARNINGS
Pursuant to the provision of Rule 13.2.1 of the Rules
Governing the Listing of Stocks on the Shanghai Stock
Exchange (revised 2012) and basing on the disclosed 2011
annual report of the Company, indicators such as net profits,
net assets and sales revenue of the Company had not triggered
the conditions of delisting risk warning and other conditions
under the provision of such Rule. Pursuant to the provision
of Rule 13.3.1 of the Rules Governing the Listing of Stocks
on the Shanghai Stock Exchange (revised 2012), the Company
had not triggered the conditions of other risk warnings.
Thus, the trading of the Company's A shares complied with the
conditions of withdrawing other risk warnings.
2
Pursuant to relevant provisions of the Rules Governing the
Listing of Stocks on the Shanghai Stock Exchange (revised
2012), as the Company was not involved in situations relating
to other risk warnings, the Company applied for withdrawing
other risk warnings imposed on the trading of A shares of the
Company. Upon approval from the Shanghai Stock Exchange, the
shares of the Company will suspend from trading for one day
on 22 August 2012 and resume trading on 23
August 2012, and the stock short name will change from "ST
Beiren" to "Beiren Printing" with the stock code "600860"
remain unchanged and the limitation on daily price
fluctuation of A shares of the Company will be restored to
10%.
3. RISK WARNING
The audited net profits of the Company for 2011 were
positive, but were negative after deduction of extraordinary
items. The unaudited net profits for the first half of 2012
were negative and also negative after deduction of
extraordinary items. The Company is taking various measures
to improve the profitability of its main operation and the
Company is undergoing major assets reorganization at the same
time. Investors are advised to take note of the risk
associated with the investment in the shares of the Company.
The Board of Directors of
Beiren Printing Machinery Holdings Limited
Beijing, the PRC
21 August 2012
As at the date of this announcement, the board of directors
of the Company comprises Mr. Zhang Peiwu, Mr. Chen Bangshe
and Ms. Jiang Chi as executive directors, Mr. Teng Mingzhi,
Ms. Wu Dongbo, Mr. Li Shenggao and Ms. Wei Li as
non-executive directors and Mr. Zhang Shuangru, Ms. Wang Hui,
Mr. Xie Bingguang and Mr. Wang Deyu as independent
non-executive directors.
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