SHENZHEN INVESTMENT 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.
(Incorporated in Hong Kong with limited liability)
(Stock Code: 604) PROFIT ALERT
This announcement is made by Shenzhen Investment Limited (the "Company", and together with its subsidiaries, the "Group") pursuant to the requirements under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) concerning the disclosure of inside information and Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The board of directors (the "Board") of the Company wishes to inform the shareholders and potential investors of the Company that based on the preliminary review of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2014 (the "Management Accounts"), profits attributable to the shareholders of the Company for the six months ended 30 June 2014 are expected to decrease by approximately 40-odd per cent as compared with the corresponding period last year. Such expected decrease is mainly attributable to the downturn in properties market of China during the same period, and also the following: (i) a majority of the property projects of the Group are scheduled to be launched for sale, and the sale proceeds of sold properties will mainly be booked in the second half of 2014; (ii) the prohibition of sales of industrial property to individuals and the requirement for the payment to the Government of a proportion of the disposal gain from industrial property sales pursuant to the Management Measures for Industrial Building Transfer in Shenzhen (the "Measures") implemented during the period had negative impact on the sales arrangements of the industrial buildings of the Group located in Shenzhen (for example, Terra Building); however, the management expects that there will be positive adjustment to the Measures shortly, and the unsold premises in Terra Building are proposed to be launched for sale after such adjustment takes effect; and (iii) the other income and gains for the first half of this year are less than those for the corresponding period last year, which included a non-recurring bargain purchase gain of approximately HK$638 million during the corresponding period last year in relation to Shenzhen Silicon Valley (namely, the Shenzhen Kezhigu Project). On the other hand, the increase in fair value of investment properties included in the profits for the first half of 2014 is higher than that
for the corresponding period last year. Although the Group recorded a decrease in profits for the
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first half of 2014, the Board expects that the results of the Group for the full year of 2014 will remain stable as compared with the full year results of 2013.
As the Company is still in the process of finalising the unaudited interim results for the six months ended 30 June 2014, the information contained in this announcement is only based on the preliminary assessment of the Management Accounts currently available to the management of the Company. The Company anticipates that the interim results announcement of the Group for the six months ended 30 June 2014 will be published on 27 August 2014.
By Order of the Board Shenzhen Investment Limited LU Hua
Chairman
Hong Kong, 13 August 2014
As at the date of this announcement, the Board comprises 9 directors, of which Mr. LU Hua, Mr. GAO Shengyuan, Mr. MOU Yong and Mr. LIU Chong are the executive directors of the Company, Dr. WU Jiesi and Mr. HUANG Yige are the non-executive directors of the Company and Mr. WU Wai Chung, Michael, Mr. LI Wai Keung and Dr. WONG Yau Kar David are the independent non-executive directors of the Company
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