China New Town Hosts Market Open Ceremony at the Hong Kong Stock Exchange

Mar 08, 2017 17:13 JST

Source: China New Town Development Company Limited

Focuses on Developing Hong Kong Capital Market and Unleashing Potential Value

HONG KONG, Mar 08, 2017 - (ACN Newswire) - China New Town Development Company Limited (the "Company" or "CNTD"; HKEX: 1278.HK), which just completed delisting from the Main Board of SGX-ST to focus on the Hong Kong capital market, yesterday hosted the market open ceremony at the Hong Kong Stock Exchange with its controlling shareholder CDB Capital, China Development Bank Hong Kong Branch and representatives of its partners as witnesses. With its capital structure optimized after the delisting and the support of its formidable shareholder China Development Bank, CNTD looks forward to better realizing the value of its investment in quality new urbanization products. While assisting the parent company to actively implement the national strategy, it will also bring the biggest benefit to customers, investors and society.

The management of CDB Capital, China Development Bank Hong Kong Branch and various representatives from CNTD raise a toast at ceremony.

Mr. Wei Wei (left), CEO of CDB Capital and Chairman of CNTD, and Mr. Liu Heqiang (right), CEO and Executive Director of CNTD, strike the gong to start trading for the day.

Ms. Yang Meiyu (right), Deputy CEO and Executive Director of CNTD presents the souvenir to Ms. Bonnie Chan (left), Head of Events Management of the Stock Exchange of Hong Kong.

The controlling shareholder of the Company is a wholly-owned subsidiary of CDB, which is responsible for the national investment platform. As at the end of 2016, the size of the management assets of CDB Capital exceeds RMB200 billion. CDB Capital actively serves the international strategy of CDB, and is one of the largest investment institutions in the five major areas of new urbanization, industrial investment, fund business, international business and National Integrated Circuit Investment. Since CDB Capital became the Company's controlling shareholder, it completed the sale of non-core business assets and successfully solved the historical issue - its financial status has been significantly improved. The Company has completed external debt financing in 2015, and successfully opened up offshore financing channels and recorded remarkable business results in the first half of 2016. As at the end of 2016, the Company had an urbanization investment project portfolio worth RMB2.06 billion.

Mr. Wei Wei, CEO of CDB Capital and Chairman of CNTD, said at the ceremony, "Looking ahead, CDB Capital provides long term support to the sustainable development of China New Town and enhances the quality, strength and scale of our operation. The voluntary delisting from SGX-ST of China New Town means the Company is now exclusively listed on one exchange in Hong Kong. This move underscores our confidence in the future development of Hong Kong's capital market and helps us lower operational costs and enhance profitability. The delisting has also received the endorsement from the shareholders and positive feedback from the capital market. I would like to take this opportunity to thank the Hong Kong Stock Exchange and our investors for their interest and support which have provided stronger backing as well as a boost for the Company's development."

Mr. Wei continued, "Going forward, we will leverage CDB Capital's resources advantage and operate under the national development strategy of carrying out supply-side structural reform to support new urbanization. We will also enhance the quality and effectiveness of the Company's investment and reward to our investors through various means including acquisitions and organic growth."

CNTD will continue to focusing on developing quality education, tourism and medical care industrial parks and a number of pursuits with strategic partners are underway. Examples include the strategic cooperation with the National Integrated Circuit Industry Fund to enhance the integrated value of the industrial park and the strategic alliance with Vanke BJ to develop an urbanization project that would become a popular tranquil and relaxing respite from the hassles of city living. After the completion of development and commencement of operations, it will position the Company to diversify its source of income from currently investment driven, gradually to a more desirable mix of "investment + operations, so as to sustainably create core value for shareholders in the long-term.

Contact:

Strategic Financial Relations (China) Limited
Ms. Winnie Lau   Tel: (852) 2864 4876
Ms. Karen Li     Tel: (852) 2864 4837
Mr. Tommy Chan   Tel: (852) 2864 4838
Ms. Carven Tsui  Tel: (852) 2114 4947
Mr. David Ye     Tel: (852) 2864 4893
Email: sprg-chinanewtown@sprg.com.hk

Source: China New Town Development Company Limited
Sectors: Daily Finance, Daily News