CWO China Wonder

 

TIDMCWO 
 
RNS Number : 7290V 
China Wonder Limited 
05 November 2010 
 

 
 
                              China Wonder Limited 
                        ("China Wonder" or the "Company") 
 
                      Sale of Creative Legend Group Limited 
 
China Wonder is pleased to announce that it has entered into an agreement for 
the sale of the entire issued share capital of Creative Legend Group Limited 
("Creative Legend") to Friend Birch Limited ("Friend Birch") for a cash 
consideration of RMB 30m (approximately equal to GBP2.78m) (the "Disposal"). 
 
Creative Legend is the owner of the entire issued share capital of Jinzhou 
Wonder Machinery Equipment Co., Limited "(WE"), a manufacturer of bespoke and 
specialised machinery for a wide range of industries, and Jinzhou Wonder Paper 
Products Co., Limited ("WPP"), a manufacturer of colour printing and paper 
products. During the year ended 31 December 2009, WE and WPP recorded an 
aggregate audited turnover of GBP2,483,905 and profit before interest and 
taxation of GBP340,297. The aggregate net asset value of WE and WPP as at 30 
June 2010 was GBP1,328,231. 
 
The directors of China Wonder believe that WE and WPP require significantly more 
working capital than China Wonder can provide and that the price achieved on the 
Disposal represents a good return for China Wonder shareholders at a time when 
the Company cannot itself realise the growth potential of these two companies. 
 
The sale proceeds will be used to provide additional working capital for the 
remaining China Wonder businesses and to enable the Company to take advantage of 
acquisition opportunities as they arise. 
 
Friend Birch is a subsidiary of Wonder Auto Technology, Inc., ("WATG"), a 
company registered in Hong Kong, the share capital of which is quoted on Nasdaq. 
Mr Qingdong Zeng, the chief executive officer of China Wonder is a director of 
Friend Birch and vice-president of WATG.  Mr. Qingjie Zhao, the chief executive 
officer and president of WATG, is the holder of 1,875,000 ordinary shares of 
2.5p each in the capital of the Company, representing 10.42% of the issued share 
capital of the Company. Accordingly, the Disposal constitutes a related party 
transaction in terms of the AIM Rules for Companies issued by the London Stock 
Exchange.  The directors of China Wonder (other than Mr. Qingdong Zeng who is 
involved in the transaction as a related party) consider, having consulted with 
WH Ireland Limited, the Company's nominated adviser, that the terms of the 
Disposal are fair and reasonable insofar as the shareholders are concerned. 
 
For further information, please contact: 
 
+------------------+------------------------+---------------------+ 
| Mark Chapman     | China Wonder Limited   | Tel: 01483 894 627  | 
|                  |                        | Mob: 07918 733 111  | 
|                  |                        |                     | 
+------------------+------------------------+---------------------+ 
| Dan Bate         | WH Ireland Limited     | Tel: 0161 832 2174  | 
|                  |                        |                     | 
+------------------+------------------------+---------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 DISLLFIELSLEIII 
 

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