MIN XIN HOLDINGS LIMITED 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.
MIN XIN HOLDINGS LIMITED
閩信集團有限公司
(Incorporated in Hong Kong with limited liability)
(Stock Code: 222)
PROPOSED CAPITAL INCREASE BY XIAMEN INTERNATIONAL BANK CO., LTD.
The Company has been informed on 7 July 2015 that the China Banking Regulatory Commission Xiamen Office has approved the Share Issue on 16 June 2015 and XIB is in the process of completing the relevant requirements. The Company's shareholding in XIB will be diluted to about 10.6289% upon completion of the Share Issue.
Shareholders and potential investors should exercise caution when dealing in the securities of the Company.
Min Xin Holdings Limited (the "Company") has been informed on 7 July 2015 that the China Banking Regulatory Commission Xiamen Office has approved a proposal by Xiamen International Bank Co., Ltd. ("XIB") to enlarge its share capital from RMB2,293,130,000 to RMB3,193,130,000 by issuing new shares to existing domestic investors and third parties (the "Share Issue") on 16 June 2015 and XIB is in the process of completing the relevant requirements. The Company's shareholding in XIB will be diluted to about 10.6289% upon completion of the Share Issue.
Regarding the potential financial impacts of the dilution of the shareholding of the Company in XIB upon completion of the Share Issue, there may be a gain on dilution of approximately HK$80 million to be recorded by the Company as a result of the Share Issue but such amount of such gain on dilution could only be determined on the basis of the financials of XIB available at completion of the Share Issue. In addition, the Company has evaluated the applicable accounting treatment in respect of its remaining shareholding in XIB upon completion of the Share Issue and considered that the Company will continue to have the ability to exercise significant influence over the financial and operating policy decisions of XIB in accordance with the terms of the constitutional documents of XIB. Accordingly, the Company considers that XIB will continue to be classified as an associate and accounted for using equity method in accordance with the Hong Kong Financial Reporting Standards.
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The Company will issue further announcement(s) as and when appropriate if there shall be any significant development in accordance with the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. Shareholders of the Company and potential investors should exercise caution when dealing in the securities of the Company.
By Order of the Board Min Xin Holdings Limited Liu Cheng
Executive Director and General Manager
Hong Kong, 9 July 2015
As at the date of this announcement, the Executive Directors of the Company are Messrs Weng Ruo Tong (Chairman), Wang Fei (Vice Chairman), Liu Cheng, Li Jin Hua; the Non-executive Director is Mr Yang Fang; the Independent Non-executive Directors are Messrs Ip Kai Ming, Sze Robert
Tsai To and So Hop Shing.
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