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| Friday, 25 August 2017, 11:11 HKT/SGT | |
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| Seizes Development Opportunity & Focuses on Tourism and Cultural Industries |
HONG KONG, Aug 25, 2017 - (ACN Newswire) - The Board of China Household Holdings Limited ("China Household" or the "Group", proposed name change to "Shenzhou Space Park Group Limited"; Stock Code: 692) announced today the major transaction in relation to acquisition of the China Aerospace-Themed Tourism Township Project was completed on 24 August 2017. This symbolizes the Group is actively seizing the opportunity of China's aerospace technology development, and its relentless efforts in developing tourism and cultural industries.
According to the agreement, China Household acquired the China Aerospace-Themed Tourism Township Project by purchasing the entire issued shares of Shenzhou Aerospace Town Holdings Company Limited ("Shenzhou Aerospace Park") from Zhongheng Investment Holdings Limited at a total consideration of HK$1.35 billion. The consideration shall be paid by way of issuing the Convertible Bonds or Promissory Notes, after the proportion of 1/4 of all the land covering around 750,000 square meters ("Land") relating to the project is injected into Shenzhou Aerospace Park. As there is no such Land being injected to the Shenzhou Aerospace Park at the moment, hence China Household has not become obliged to pay the consideration by way of issuing the Convertible Bonds or Promissory Notes. Meanwhile, the Group requires more time to obtain the approval for the Listing Committee of the Stock Exchange to permit the listing of and permission to deal in the Conversion Shares ("Listing Approval"). After taking the abovementioned issues into consideration, both parties agreed to complete the transaction on 24 August 2017, nonetheless the completion is subject to the Listing Approval.
The acquisition of the China Aerospace-Themed Tourism Township Project is an important strategy of the Group in response to the state's vigorous promotion of the tourism and cultural industries. It allows the Group to expand its income sources and widen business operations by entering into the industries. As one of the national key development projects, China Aerospace-Themed Tourism Township Project is located in Shenwan Town, Zhongshan City, Guangdong Province; from China's achievements in aerospace technology and the product research and development and cultural edges of one of the cooperating parties - the China Academy of Space Technology (the "Space Fifth Institute"), it is poised to be an aerospace cultural-themed base. The Project will adopt aerospace entertainment as its theme and form a business model by integrating the inherent business strengths of Shenwan Town and become a multifunctional complex encompassing technology, arts, education and entertainment; thus becoming the first of its kind in the PRC and the only one in Guangdong, a national 5A tourist spot and a whole-region aerospace intelligent tourism town.
Mr. Luo Jianhua, Executive Director & Chairman of China Household said, "I am most delighted with the completion of the Group's acquisition of China Aerospace-Themed Tourism Township Project. China's aerospace development earned significant achievements internationally after decades of evolution. The State has been persistently emerging aerospace into national economy, to propel technological advancement, to serve social and economic development, and to raise the overall national power. Riding on the development of tourism and cultural industries along with that of aerospace technology, the Group's acquisition of China Aerospace-Themed Tourism Township Project allows us to gain new momentum. In order to better reflect the new business nature of the Group and to build a new corporate image, the Board proposed to change the name of the company from "China Household Holdings Limited" to "Shenzhou Space Park Group Limited" ("Shenzhou Space Park"), and its Chinese name from "China Household Holdings Limited" to "Shenzhou Space Park Group Limited" , demonstrating the Group's determination in the development of the project. We believe China Aerospace-Themed Tourism Township Project will lead us to greater heights."
On 16 August 2017, the Board of China Household proposed a change of company's English and Chinese name to "Shenzhou Space Park Group Limited" and "Shenzhou Space Park Group Limited" respectively. Such proposal is subject to the approval at the Special General Meeting of to be held on 29 September 2017.
About China Household Holdings Limited (Stock Code: 692)
Listed on the Main Board of the Stock Exchange of Hong Kong in 2000, China Household Holdings Limited is a leading household solutions supplier in China. Based on the innovative OAO2C (Online And Offline To Customer) business model, the Group is principally engaged in the sale of wooden products and furniture, as well as exploration, development and exploitation of iron and titanium, and securities investment in China. In 2016, the Group is pleased to announce that it has entered into a cooperation agreement with Zhongheng Investment Holdings Limited in relation to the acquisition of the sale shares of Shenzhou Aerospace Town Holdings Company Limited; to develop the China Shenzhou Aerospace-Themed Park Tourism Township Project and to build the first aerospace themed-park in China, leading to further expansion of its businesses in the cultural industry. In August 2017, China Household proposed to change its name to "Shenzhou Space Park Group Limited". For more information, please visit www.chh.hk.
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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