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| Thursday, 4 November 2010, 19:06 HKT/SGT | |
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Source: China Trends | |
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HONG KONG, Nov 4, 2010 - (ACN Newswire) - China Trends Holdings Limited ("China Trends", HK:8171), the company focuses on energy-saving digital industry applications, today announced its 3Q 2010 results for the periods ended 30 September 2010.
For the three months ended 30 September 2010, China Trends recorded a turnover of approximately HK$8,580,000; loss attributable to owners of the Company was approximately HK$2,689,000, while basic loss per share attributable to owners of the Company amounted to 0.10 cents.
For the nine months ended 30 September 2010, the Company recorded a turnover of approximately HK$ 33,318,000; Loss attributable to owners of the Company for the period was approximately HK$ 6,608,000, which has narrowed down comparing with the loss at the same period in 2009. Basic loss per share attributable to owners of the Company amounted to 0.25 cents. The directors do not recommend the payment of dividend.
Operation Review
On 12 July, 2010, the Company, through Asian Capital (Corporate Finance) Limited ("Asian Capital (Corporate Finance)"), informed the board of directors of C Y Foundation Group Limited ("C Y Foundation", HK:1182), that the Group was contemplating making a possible Offer, subject to the approval of the shareholders of the Company. Subsequently, C Y Foundation informed the Company that C Y Foundation intended to conduct fund raising exercise, and the Company required C Y Foundation to provide the further details in respect of proposed fund raising accordingly. As of 7 September, however, the board of directors of the Company has noticed from the media report that there might be certain possible regulatory issues relating to C Y Foundation and/or its certain directors/shareholders and the trading in shares of C Y Foundation was suspended since 31 August 2010 pending the release of an announcement in relation to information which is price sensitive in nature. As such, the board of directors has decided not to proceed with the Possible Offer.
On 29 September, 2010, the Company completed the transaction on the acquisition of copyrights in a film library.
Outlook
In early 2008, China Trends announced its cooperation with China Innovation Investment Limited ("China Innovation", HK:1217) and Taiwan Chi Mei Optoelectronics (TW:3009) to tap into new LED technology and its products, with a focus on a basket of solutions based on LED new light source consumer electronics. To achieve this strategic goal, through combination of both R&D and application, the Company initiated active investment and M&A activities to expand its market channels, so as to support future operations.
For the business of energy-saving digital industry applications, these applications are mainly made in a wide variety of areas by mean of BOT investment accounting rate model of energy management contract (CEM). Moreover, revenue from sales of traditional products is transformed into revenue from CEM services in order to upgrade the Company's income.
CEM refers to the provision of energy-saving programs, financing, transformation services to subscribers by the subsidiaries of the Group, and the collection of a certain sum as profit based on the extent of energy saving through energy efficiency. The contract spans for a period of not less than five years.
The Company's initial CEM products are energy-saving computer integrated machines. Such machines can save up to 90% energy consumption when compared with traditional desktop computers which are widely used in the market. Their CEM business model has intellectual property rights.
In fact, China Trends allotted four nil-paid rights share for every one share held by the qualifying shareholders in late-June and raised approximately HK$135 million before expenses by way of the Rights Issue of 3,374,958,000 rights shares at a subscription price of HK$0.04 per rights share, which is the strategy to further strengthen the CEM business.
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: Earnings
Source: China Trends
Sectors: Daily Finance, Alternative Energy
https://www.acnnewswire.com
From the Asia Corporate News Network
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