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HONG KONG, June 18, 2014 - (ACN Newswire) - China Dynamics (Holdings) Limited ("China Dynamics" or the "Group") (Stock Code: 476), a company proactively expanding its business into the new energy industry, has announced that it had entered into a Subscription Agreement with Taiping Trustees Limited, a company ultimately controlled by China Taiping Insurance Group Limited ("China Taiping"). China Taiping is a PRC state-owned financial and insurance group, and is currently the longest standing national brand in the PRC's insurance industry.
Under the Agreement, Taiping Trustees Limited conditionally agreed to subscribe for an aggregate of 96,000,000 Subscription Shares at a price of HK$0.92 per Subscription Share, representing approximately 3.55% of the existing issued share capital of the Group. The net proceeds from the Subscription are estimated to be approximately HK$88.20 million.
China Taiping's business covers life insurance, general insurance, pension plans, reinsurance, securities brokerage, asset management and non-financial investment, and its operations has presence in many countries and regions including the PRC, Hong Kong, Macau, Europe, Oceania, East Asia and Southeast Asia.
Mr. Cheung Ngan, Chairman of China Dynamics, said, "We are pleased to have China Taiping as our strategic shareholder. This investment will further strengthen the Group's capital base and financial position for its future business development in the new energy industry and ultimately help boost its growth."
In February this year, China Dynamics has secured a tender from the Hong Kong Productivity Council for the design, fabrication and supply of Permanent Magnet Synchronized Motor ("PMSM") Systems and Power Battery Systems for the first-ever locally branded electric buses in Hong Kong. In addition, the Group has entered into a non-legally binding term sheet in relation to the possible acquisition of the 10% enlarged share capital of Rimac in March in order to forge a strategic partnership with the Croatian electric supercar startup. Going forward, the management of the Group will continue to seek opportunities to further develop the electric vehicle business.
Contact:
Strategic Financial Relations Limited
Vicky Lee Tel: 2864 4834 Email: vicky.lee@sprg.com.hk
Angela Ng Tel: 2864 4855 Email: angela.ng@sprg.com.hk
Sadie Lam Tel: 2864 4861 Email:sadie.lam@sprg.com.hk
Fax: 2527 1196
Website: www.sprg.com.hk
Topic: Press release summary
Source: China Dynamics (Holdings) Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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