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CHINA HUIRONG FINANCIAL HOLDINGS LIMITED 中 國 匯 融 金 融 控 股 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 1290)
VOLUNTARY ANNOUNCEMENT
ACQUISITION OF EQUITY INTEREST IN
NANJING SHUNAN INSURANCE AGENCY COMPANY LIMITED
This announcement is made by China Huirong Financial Holdings Limited (the ''Company'', together with its subsidiaries, the ''Group'') on a voluntary basis to inform the shareholders of the Company and potential investors of the latest business development of the Group.
BACKGROUND
The board of directors (the ''Board'') of the Company is pleased to announce that Suzhou Huifang Tongda Information Technology Company Limited* (蘇州匯方同達信息科技有限公司 )( ''Suzhou Huifang''), a subsidiary of the Company, entered into an equity transfer agreement with Chen Ying and Xu Shizeng on 19 June 2018, pursuant to which Suzhou Huifang agreed to acquire in aggregate 78% of the equity interest in Nanjing Shunan Insurance Agency Company Limited* (南京舜安保險代理有限公 司 )( ''Nanjing Shunan'') for a cash consideration of RMB3,921,528 (the ''Acquisition'').
On 15 August 2018, the registration with the relevant Chinese authority of Suzhou Huifang as a holder of 78% equity interest in Nanjing Shunan was completed and the name of Nanjing Shunan was changed to Suzhou Huifang Anda Insurance Agency Company Limited* (蘇州匯方安達保險代理有限公司).
REASONS FOR AND BENEFITS OF THE ACQUISITION
The Group is dedicated to provide diversified financing services including secured loans, credit loans, on-line P2P lending business finance platform to its customers and to engage in investment business. In recent years, the Company has been seeking for opportunities to set foot in areas steered by the trend in financial technologies and financial services.
The Company believes that the Acquisition is beneficial to the expansion of business presence of the Group upstream and downstream across the finance industry chain. The Acquisition can also help the Group explore customer value more effectively and improve the financing services provided by the Group.
IMPLICATIONS UNDER THE LISTING RULES
To the best of the knowledge, information and belief of the directors of the Company having made all reasonable enquiries, Chen Ying and Xu Shizeng are third parties independent of the Company and its connected persons.
As none of the applicable percentage ratio(s) (as calculated in accordance with Rule 14.07 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited) for the Acquisition exceeds 5%, the Acquisition does not constitute a notifiable transaction of the Company under Chapter 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Board wishes to make this voluntary disclosure to keep shareholders and potential investors of the Company informed of the Group's latest business development.
By Order of the Board
China Huirong Financial Holdings Limited
Wu Min
Chairman
Suzhou China, 23 August 2018
As at the date of this announcement, the executive directors of the Company are Mr. Wu Min and Mr. Zhang Changsong, the non-executive directors of the Company are Mr. Zhuo You, Mr. Zhang Cheng, Ms. Zhang Shu and Mr. Ling Xiaoming and the independent non-executive directors of the Company are Mr. Zhang Huaqiao, Mr. Feng Ke and Mr. Tse Yat Hong.
*
For identification purposes only