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| To Generate More PRC and International Development Opportunities Leveraging Advantages from Consolidation of Resources from China and Hong Kong |
HONG KONG, Mar 7, 2016 - (ACN Newswire) - The Board of Directors of Chun Wo Development Holdings Limited (the "Group") (stock code: 00711) is pleased to announce that the English name of the Group is changed to "China City Construction Group Holdings Limited"; while the Chinese name of the Group is changed to "China City Construction Group Holdings Limited".
The proposed resolution for the change of company name has been approved by shareholders of the Group at a Special General Meeting on 22 January 2016. With effect from 9:00am on 10 March 2016, the Group's shares will be traded on The Stock Exchange of Hong Kong Limited ("SEHK") under the new short names of "CHINA CITY CONS" and "CHINA CITY CONS". Stock code remains unchanged as "00711". Website of the Group will also be changed to www.cccghl.com on the same day.
Mr. Xu Jianhua, Jerry, Co-Chairman of the Group, said, "With the acquisition of the two engineering subsidiaries of China City Construction Holding Group Company ('CCCC Group') announced in 2015, followed by the official take up of the new company name, the Group's collaboration with CCCC Group is further strengthened, while target markets are also extended to the PRC and overseas. Riding on CCCC Group's and shareholders like Huinong Capital's resources and solid presence in the PRC and One Belt One Road countries, we are now well-positioned to further expand our business scope in highly lucrative areas such as PRC municipal infrastructure construction, in particular commercial opportunities under the public-private partnership model, as well as large-scale development projects under the PRC's 'One Belt, One Road' strategy. Furthermore, the management will also continue to proactively look into overseas opportunities, realising our strategic goal of 'Entering China, and Going Global'. It is believed these new directions will bring satisfactory returns and create greater value for our shareholders in the long run."
Mr. Dominic Pang, Co-Chairman of the Group, also commented, "This marks a major milestone in the Group's development history. Apart from capturing the immense PRC and overseas development opportunities generated from the Group's collaboration with CCCC Group, the Group's Hong Kong operation will continue to be carried out under the 'Chun Wo' brand name. We will continue to focus on construction and property development businesses, strengthening our leading position in Hong Kong through areas including but not limited to infrastructure development, public and private housing supply and bringing forth best industry practices. Furthermore, the new company name will serve to reflect the Group's advantages from consolidating network and resources from China and Hong Kong, aligning with the Group's long-term objective of achieving stable and sustainable business growth."
Contact:
Strategic Financial Relations Limited
Cindy Lung (852) 2864 4867 cindy.lung@sprg.com.hk
Isabel Kwok (852) 2864 4824 isabel.kwok@sprg.com.hk
Sophie Du (852) 2114 4901 sophie.du@sprg.com.hk
Topic: Press release summary
Source: China City Construction Group Holdings Limited
Sectors: Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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