YCI Yangtze China

 

TIDMYCI 
 
RNS Number : 6345X 
Yangtze China Investment Limited 
09 December 2010 
 

 
 
+------------------------------+------------------------------+ 
| Press Release                |              9 December 2010 | 
+------------------------------+------------------------------+ 
 
 
 
                        Yangtze China Investment Limited 
 
                          ("Yangtze" or the "Company") 
 
                               Change of Auditors 
 
 
Yangtze China Investment Limited (AIM: YCI), a provider of expansion capital to 
China-based enterprises, today announces that Grant Thornton ("Grant Thornton") 
has been removed from the office of auditors of the Company with immediate 
effect.  The Board has resolved to appoint Grant Thornton Jingdu Tianhua ("Grant 
Thornton Jingdu Tianhua") as new auditors of the Company to fill the casual 
vacancy and to hold office until the conclusion of the next Annual General 
Meeting of the Company. 
 
The Board noted that on 2 November 2010 an announcement was made by Grant 
Thornton International to appoint Grant Thornton Jingdu Tianhua as its new 
member firm in Hong Kong.  On 19 November 2010, it was announced that Grant 
Thornton has concluded a merger agreement and would practice in the name of 
another certified public accountant.  It was also noted that Grant Thornton has 
ceased to be a member firm of Grant Thornton International with effect from 6:00 
p.m. (Hong Kong time) on 23 November 2010.  The Board would like to continue to 
use the services provided by a member of Grant Thornton International in Hong 
Kong. 
 
The Board has assessed its future services requirements and considers that it is 
in the best interests of the Company and the shareholders of the Company as a 
whole to appoint Grant Thornton Jingdu Tianhua as auditors of the Company taking 
into consideration various factors, including but not limited to, the integrated 
service capacity of Grant Thornton Jingdu Tianhua and Grant Thornton China 
across mainland China and in Hong Kong, the Company's future business 
development and operations as well as the professional services required by the 
Company in the future.  As allof the Company's investments are located in the 
People's Republic of China, the Board believes the Company will be able to 
improve its overall efficiency by achieving a more streamlined audit process 
with the appointment of Grant Thornton Jingdu Tianhua. 
 
Except for the reasons set out above, the Board and the Audit Committee of the 
Board confirm that there are no circumstances in respect of the change of 
auditors, which should be brought to the attention of the shareholders of 
Company. 
 
                                    - Ends - 
 
 
For further information: 
+------------------------------------+------------------------+ 
| Yangtze China Investment Limited   |                        | 
+------------------------------------+------------------------+ 
| Wilfred Wong                       |    Tel: +852 2281 7222 | 
+------------------------------------+------------------------+ 
|                                    |      www.yangtzecn.com | 
+------------------------------------+------------------------+ 
 
+------------------------------------+------------------------+ 
| Collins Stewart Europe Limited     |                        | 
+------------------------------------+------------------------+ 
| Adrian Hadden                      |   Tel: +44 (0) 20 7523 | 
|                                    |                   8350 | 
+------------------------------------+------------------------+ 
|                                    | www.collinsstewart.com | 
+------------------------------------+------------------------+ 
 
Media enquiries: 
+------------------------------------+------------------------+ 
| Abchurch Communications Limited    |                        | 
+------------------------------------+------------------------+ 
| Henry Harrison-Topham / Quincy     |   Tel: +44 (0) 20 7398 | 
| Allan                              |                   7710 | 
+------------------------------------+------------------------+ 
| quincy.allan@abchurch-group.com    | www.abchurch-group.com | 
+------------------------------------+------------------------+ 
 
Notes to Editors 
 
Yangtze China Investment Limited is a closed-ended investment company 
established to make minority equity and equity-related investments in a 
portfolio of small and medium-sized growth businesses within, or associated 
with, the consumer sector in China.  With a proprietary deal flow, the Group 
focuses on unlisted companies whose business operations are based principally in 
mainland China.  Yangtze typically seeks to invest in companies that are revenue 
generating, ideally profitable or anticipated to generate profits in the near 
term and which the Group believes have strong management teams and market 
leading potential. 
 
Yangtze aims to capitalise on the growing disposable income in China, investing 
primarily in companies operating in a variety of consumer sectors, including 
consumer-related technology, media and advertising, entertainment, distribution 
and retailing of consumer goods and services, and health goods and services. 
 
Since the free market reforms in 1978, China's GDP has grown at an average of 
9.9% a year, recording annual GDP growth of 8.7% in 2009.  Government reforms 
are transforming the economy, with a focus on domestic consumption, 
infrastructure spending and increasingly upon environmental issues. 
 
For further information, please see www.yangtzecn.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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