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| Wednesday, 8 September 2010, 09:38 HKT/SGT | |
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Source: China Trends | |
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HONG KONG, Sept 8, 2010 - (ACN Newswire) - China Trends Holdings Limited ("China Trends" or the "Company", Stock Code: 8171.HK) announced today that, as the board of directors of the Company has noticed from the recent media report that there might be certain possible regulatory issues relating to C Y Foundation Group Limited ("C Y Foundation", Stock Code: 1182.HK) and/or certain directors/shareholders of C Y Foundation and the trading in shares of C Y Foundation was suspended since 31 August 2010 pending the release of an announcement by C Y Foundation in relation to information which is considered to be price sensitive in nature. As such, the Board has decided not to proceed with the Possible Offer at this juncture.
Pursuant to Rule 31.1(c) of the Takeovers Code, neither the Company nor any person acting in concert with the Company may, except with the consent of the Executive, within 6 months from the date of this announcement announce an offer or possible offer for C Y Foundation or acquire any voting rights of C Y Foundation if the Company or persons acting in concert with it would thereby become obliged under Rule 26 of the Takeover Code to make an offer unless there is a material change of the circumstances.
China Trends will continue to develop digital product solutions, including the existing business of mobile product solutions, as well as energy-saving applications for digital products. The energy-saving solutions for digital industry make use of the energy management contract (CEM) and BOT mechanism which ultimately would apply to different sectors in the society. With the transfer of turnover from traditional products sales to CEM services, the Group believes the switch would enhance the earnings.
According to the CEM made between the Group and the clients, the commercial operating model provides a set of energy saving services, project financing, engineering construction, and related services to the clients in a contract of five years. The Group will then realize its investment return and profit by sharing relevant percentage of the energy saving efficiency realised by the clients' energy saving measures.
The first stage for the Group's CEM product would be "all-in-one energy-saving computer", which can save approximately 90% of energy compared with the traditional laptop computer, and the Group owns the intellectual property.
Contact:
Carmen Lee
Investor Relationship Department
China Trends Holdings Limited
Email: carmen.lee@8171.com.hk
Tel: +852 2111 9988
Direct: +852 2155 6275
Mobile: +852 6301 6611
Fax: +852 2111 9989
Topic: Press release summary
Source: China Trends
Sectors: Daily Finance
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