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China Household Proposes Name Change to Shenzhou Space Park
Building a New Corporate Image & Promoting the China Aerospace-Themed Tourism Township Project
HONG KONG, Aug 17, 2017 - (ACN Newswire) - The Board of China Household Holdings Limited ("China Household" or the "Group"; Stock Code: 692) announced today a proposition to change the name of the company from "China Household Holdings Limited" to "Shenzhou Space Park Group Limited" ("Shenzhou Space Park"), and its Chinese name from "China Household Holdings Limited" to "Shenzhou Space Park Group Limited" in order to better reflect its new business nature, to build up a new corporate image and to promote the development of the China Aerospace-Themed Tourism Township Project. The proposed name change is subject to the passing of a special resolution by the Shareholders at the Special General Meeting on 21 September 2017 and the completion of the acquisition of China Aerospace-Themed Tourism Township Project.
In late 2016, the Group announced to acquire the China Aerospace-Themed Tourism Township Project from Zhongheng Investment Holdings Limited (China Shenzhou Aerospace Park) at a total consideration of HK$1.35 billion. The State has been vigorously promoting the tourism and cultural industries, as one of the national key development projects, China Aerospace-Themed Tourism Township Project has attracted a number of central enterprises and large state-owned enterprises to actively negotiate and express their intention to participate in this project by various means. Located in Shenwan Town, Zhongshan City, Guangdong Province, with a total site area of 750,000 square meters, the project is intended to develop facilities such as Shenzhou Aerospace Park (Zhongshan) China, Outlets Town, Space Agricultural Park; thus emerging themed-tourism plaza, leisure and resort complex, car camping site, cultural and commercial estates all in one zone. It will also become an aerospace-theme park, which is the first of its kind in the PRC and the only one in Guangdong, a national 5A tourist spot and a whole-region aerospace intelligent tourism town.
In response to the national policy in promoting the development of tourism industry in China, the Group tapped into the industry through the acquisition of China Shenzhou Aerospace Park; thus diversify its business, expand income sources and further develop its business operations. Once the Project successfully linked up with the Group, it can attract more low-cost capital through its platform as a Hong Kong listed company for investing in the development and construction of the Project and in turn to support and complement the overall transformation and upgrading of the Group.
In addition to diversifying businesses, the Group also pays attention to corporate governance and internal control. Hence, in July this year, the Group appointed Mr. Luo Jianhua, Mr. Wong Hung Chiu and Mr. Zheng Jianhua as Executive Director & Chairman, Executive Director & Chief Executive Officer and Executive Director respectively. Among them, Mr. Wong Hung Chiu is responsible for managing and overseeing the entire China Aerospace-Themed Tourism Township Project; this demonstrates the Group's confidence in developing its new business segment. With rich experience of the new Board members in business development, corporate management and legal affairs, along with the cooperation from other members within the Board, the Group will strive to further enhance corporate governance standards and internal control, which includes improving its overall management system, financial reporting system and corporate governance and internal control system.
Mr. Luo Jianhua, Executive Director & Chairman of China Household said, "The changing of the company's name to "Shenzhou Space Park" can better reflect our determination in grasping the opportunity of the development of cultural tourism industry, and actively propelling the development of China Aerospace-Themed Tourism Township Project. The management will continue to identify suitable investment opportunities, adjust business development strategy flexibly, and seize any arising business opportunities. Going forward, the Group will present itself with a brand new corporate image, continue to enhance core competitiveness, and maintain our development in a healthy, sustainable and rapid momentum."
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. Based on 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 (China Shenzhou Aerospace Park) in relation to the acquisition of the sale shares of Shenzhou Aerospace Town Holdings Company Limited; to develop the China Shenzhou Aerospace-Themed Park Tourism Township Project and to build the first aerospace themed-park in China, leading to further expansion of its businesses in the cultural industry. In August 2017, China Household proposed to change its name to "Shenzhou Space Park Group Limited". For more information, please visit www.chh.hk.
Sectors: Daily Finance, Daily News
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