China Household Actively Responses to SFC's Request

Jul 17, 2017 19:16 JST

Strives to Improve Corporate Governance Standards And Seek Resumption of Trading

HONG KONG, Jul 17, 2017 - (ACN Newswire) - China Household Holdings Limited ("China Household" or the "Group"; stock code: 692) is actively responding to the request of The Securities and Futures Commission of Hong Kong (the "SFC") to suspend all dealings in the shares of the Group. China Household has immediately established an independent board committee ("IBC") to follow up on the issue and it has approved the engagement of Zhonghui Anda Risk Services Limited, an independent professional party, to conduct an investigation of the matter. The IBC will closely follow up the progress of the investigation report and proactively communicate with SFC and The Stock Exchange of Hong Kong, with a view to addressing and resolving SFC's concern and striving for the resumption of trading in the shares of the Group as soon as practicable.

On 14 July 2017, China Household announced the appointments of Mr. Luo Jianhua, Mr. Wong Hung Chiu and Mr. Zheng Jianhua as Board members. The new members have extensive experiences in business development, corporate governance and the judiciary area. After joining the Board, they will endeavor to improve corporate governance and internal control of the Group, including improving the Group's overall management system, financial reporting system and corporate governance and internal control system to ensure that all disclosure, trading and business operations are in line with the relevant regulations and the Listing Rules.

Mr. Luo Jianhua, Executive Director & Chairman of China Household said, "The Board understands the decisions of SFC in regards to the issue, to which we have responded in a timely manner, and an investigation led by the IBC, which is composed by all of our independent non-executive directors, is underway. We hope the historical issues will be clarified through the auditing process by a professional institution. Our new directors will work with the management to take this opportunity to reinforce our corporate governance standards, and to further improve on the Group's management systems, so as to lead our operations move forward to scientification, standardization and legalization. We will strive to relief any concern of the SFC, our shareholders and investors might have over the Group as soon as possible."

About China Household Holdings Limited (Stock Code: 692)
Listed on the Main Board of the Stock Exchange of Hong Kong in 2000, China Household Holdings Limited is a leading household solutions supplier in China. With the innovative OAO2C (Online And Offline To Customer) business model, the Group is principally engaged in the sale of wooden products and furniture, as well as exploration, development and exploitation of iron and titanium, and securities investment in China. In 2016, the Group is pleased to announce that it has entered into a cooperation agreement with Zhongheng Investment Limited (China Shenzhou Aerospace Park) in relation to the acquisition of the sale shares of Shenzhou Aerospace Town Holdings Company Limited, so as to develop the China Shenzhou Aerospace-Themed Park Tourism Township Project and to construct the first aerospace themed-park in China, further expanded its business scope to the cultural industry. For more information, please visit www.chh.hk.

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