TIDMYCI
RNS Number : 6564X
Yangtze China Investment Limited
09 December 2010
+-------------------------------+-------------------------------------+
| Press Release | 9 December 2010 |
+-------------------------------+-------------------------------------+
Yangtze China Investment Limited
("Yangtze" or "the Company")
Interim Results
Yangtze China Investment Limited (AIM: YCI), a provider of expansion capital to
China-based enterprises, today announces its interim results for the six months
ended 30 September 2010 ("the Period").
Financial Highlights
+-+------------------------------------------------------------------+
| -| NAV stood at US$23.5 million (31 March 2010: US$23.8 million) |
+-+------------------------------------------------------------------+
| -| NAV per share maintained at US$0.93 (31 March 2010: US$0.94) |
+-+------------------------------------------------------------------+
| -| Current cash and cash equivalents total US$1.8 million |
+-+------------------------------------------------------------------+
Commenting on the results, Mr Wilfred Wong, Chairman of Yangtze China Investment
Limited, said: ¡*I am pleased to report that our NAV per share was maintained at
US$0.93, a position similar to that at our last year end. The Aesthetic's
beauty spa franchise network continues to operate profitably in the current
period and the RMB 60 million new funding received in March 2010 has been used
to expand its successful franchise and for brand building to prepare for
domestic listing. Although we remain cautious in our investment
decision-making, we are confident of the immense growth opportunities in the
Chinese consumer market.
"With global markets stabilising and China¡ s economy remaining strong, Yangtze
has been actively looking for investment opportunities. I am particularly
pleased to report that on 30 November 2010 we successfully completed the
investment of US$3.74 million in V2 International Vision Photography Co., Ltd.
We are excited to have this new investment as it targets the post-80s
generation, a huge social group in China reaching marriageable age. With this
group¡ s growing disposable income, expenditure on weddings is expected to
increase significantly.
"China's economy has been growing rapidly during the past few years and its real
GDP increased by 8.7 per cent. in 2009. Given China's strong underlying economy
and strong domestic growth, the Board of Directors is confident that the Company
is well positioned to capitalise on these opportunities."
¡V Ends ¡V
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 Ltd | |
+------------------------------------+-------------------------+
| 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-end 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
Chairman's Statement
I am pleased to present the interim results of Yangtze China Investment Limited
for the six months ended 30 September 2010. At 30 September 2010, the NAV per
share of Yangtze was maintained at US$0.93 (31 March 2010: US$0.94) and the
Company's NAV was US$23.5 million compared to US$23.8 million at the last year
end.
The Company was established to capitalise on the immense growth opportunities in
the Chinese domestic market, and these opportunities are best reflected in 2009
when China achieved a GDP growth of 8.7 per cent. while many industrialised
countries were experiencing a significant downturn in their economies. The
economic situation in the US and Europe has had some impact on China's export
market but I am pleased that, from the outset, the Company chose to focus on
Chinese domestic growth driven by rising consumption levels within the country.
However, the Company has not been immune to the current adverse conditions in
the global economy and therefore, has adopted a cash-holding strategy while
cautiously screening potential investment opportunities. The challenges and
opportunities that may accompany China¡ s economic development are likely to
result in a wide range of outcomes, in particular those small and medium-sized
growth businesses within, or associated with, the consumer sector on which
Yangtze focuses. The emerging winners will help transform China's economy and
take significant steps up the economic value chain. The Company remains
confident that China's underlying economic strength and the PRC Central People
Government's macroeconomic stimulus will continue to further position China as
one of the world's major economies.
Despite a slight decline in NAV, Yangtze is in a healthy financial position and
currently has cash balances of US$1.8 million. Whilst the Company continues to
follow a cautious approach, it also continues to actively pursue potential
investments with due diligence. The Board of Directors is confident that
Yangtze is well positioned to capitalise on the opportunities ahead.
Wilfred Ying Wai WONG
Chairman
8 December 2010
Investment Adviser's Report
Throughout the period under review, the Investment Adviser continued to focus on
exploring investment opportunities where the Company could boost its valuation
and implementing post-investment monitoring initiatives to enhance the value of
the Company's investee companies. The Investment Adviser will continue to place
emphasis on these monitoring initiatives so as to enable our investee companies
to be well-equipped for a public listing of their shares when more favourable
market sentiment returns. Simultaneously, in line with the exit strategy of the
Company in managing its portfolio risk, possible realisation opportunities
including follow-on equity placement or trade sale to follow-on investor(s) will
also be explored to recoup a portion of the cost of investment.
On 30 November 2010, Yangtze successfully completed the investment of US$3.74
million, in the form of convertible preferred shares (equivalent to not less
than 27.5 per cent. equity interest if fully converted), in V2 International
Vision Photography Co., Ltd., a professional photographic group based in
Chengdu, Sichuan, China.
The Investment Adviser believes that the growth momentum of China's economy will
be sustainable in 2011 and Yangtze is well positioned to benefit from this trend
with its portfolio of retail and consumer companies. Details of all the
Company's investees are included below.
Portfolio
Aesthetic International Holdings Group Limited ("Aesthetic")
Yangtze invested US$5.1 million in July 2008 for an equity interest of 25 per
cent. in Aesthetic upon full conversion of the convertible note. In March 2010,
Aesthetic completed a second round funding and raised RMB 60 million
(approximately US$8.8 million) from a Chinese venture capital fund. Upon
satisfaction of certain conditions including a group re-organisation, the new
investor of Aesthetic will become a 13 per cent. holder of the enlarged
registered capital of a PRC subsidiary of Aesthetic and Yangtze's interest in
Aesthetic upon full conversion of the convertible note will then become
approximately 22 per cent.
Aesthetic, a beauty spa franchise based in Beijing, China, has performed in line
with expectations and has continued to operate with profitability during the
period. Aesthetic has made use of the proceeds from the second round funding to
expand its successful franchise in China's beauty market, to engage actively in
marketing activities for brand building and to prepare for a potential domestic
listing in the PRC.
Y Aesthetic has developed a variety of product lines totalling over 350 items
which are being marketed under the different brand names of "Aesthetic",
"O'Rola" and "Befly" targeting female consumers with mid to high levels of
disposable income. Aesthetic generates revenues principally through its product
sales as well as licensing and franchising fees. At 30 September 2010, through
its agents, the number of Aesthetic's franchised beauty centres increased to
over 2,600 and they are located in 30 provinces and 160 cities across China.
Y In addition to its headquarters in Beijing, Aesthetic also has four other
regional management centres in Chengdu, Shenyang, Guangzhou and Dalian. These
five centres have helped to enhance management control over Aesthetic's
franchisees and are facilitating technical and logistical support to its beauty
centres. Aesthetic will continue to expand its customer base through the
organisation of demonstrations and workshops for potential customers.
Y Products under "Befly" are specialised in cosmetics whereas products under
"Aesthetic" and "O'Rola" are specialised in skincare. The strategy of creating
products targeted at defined consumer groups and their preferences helps
Aesthetic to add value and gain stronger competitive edge in the market. This
strategy is being achieved through specially formulated products, packaging,
positioning and pricing.
Y To attract the affluent group of consumers looking for more expensive,
high-end premium cosmetics and personal care treatment, a medical beauty clinic
has been set up by Aesthetic in Shenyang. The clinic provides a wide range of
medical and cosmetic therapies in addition to Chinese health and beauty
treatments, which include hair replacement, botox and cosmetic surgery and body
reshaping. This clinic is a joint venture with a renowned, licensed
practitioner of Chinese medicine, who aims to strengthen its corporate image as
a market leader within the beauty sector in China.
Y The beauty training school in Chengdu to provide cosmetology and beauty
therapy-related courses has already commenced operations. The beauty training
school provides skills training for aspiring professional beauticians who would
also become customers of Aesthetic and purchase its products. In addition,
Aesthetic is also planning a second training school to cater for customers in
the Northern part of China.
An increasing number of women in China are enjoying well-paid jobs, many of them
having deferred marriage and children in favour of career progression. This has
resulted in an expanding consumer base for cosmetic and toiletry products made
up of affluent Chinese women with increasingly sophisticated tastes and enhanced
purchasing power. Rising income, an increasing proportion of women in the
workforce, changing attitudes to personal grooming and growing awareness of
grooming trends are the fundamental drivers of Aesthetic's business as well as
China's cosmetics and toiletry industry. These circumstances, together with the
business direction and strategy now being implemented by Aesthetic, make Yangtze
confident that Aesthetic will continue to thrive in China's growing consumer
market.
The securities markets in China are undergoing a period of unprecedented growth
but trading has been erratic and valuations remain high for the time being. A
greater market volatility is common in securities markets in China in particular
the ChiNext, the newest stock exchange in China for growth enterprises, and the
regulatory framework for the securities industry in China is still at the
developing stage compared to those of developed countries. Consequently, there
is uncertainty as to the time required for a domestic listing to be completed.
In line with the exit strategy of the Company to manage portfolio risk, possible
realisation opportunities including follow-on equity placement or trade sale to
follow-on investor(s) will be explored by the Investment Adviser to recoup a
portion of our cost of investment.
Arigata Holdings Inc. ("Onbest")
The Company invested US$3.0 million in May 2008 for an equity interest of 30 per
cent. in Onbest upon full conversion of the convertible note. Onbest, initially
a designer and manufacturer of cash registers, has fine-tuned its product and
market strategy to develop handheld Point-of-Sale ("POS")devices that feature
certain ATM functions with advanced security. The strategic move has proved to
be sound as Onbest has received encouraging market feedback together with
initial sales orders.
Y Onbest is principally engaged in the design, manufacture and sales of
fiscal/tax processing solutions installed in integrated circuit ("IC") chips,
which are then embedded in the motherboards of POS machines, tax-controlled cash
registers and fiscal-tax controlled cash registers.
Y Based on its existing technological capability, Onbest has developed a
handheld POS device that features certain ATM functions with advanced security.
Onbest has already obtained the final approval of compliance with industry
standards for the handheld POS device from VISA and MasterCard, which are known
to set extremely strict security requirements.
Y Following the successful certification and verification process performed in
North America, an agreement has been signed with a PRC e-payment service
provider to explore the replacement of its existing telephone payment terminals
in China with Onbest's POS handheld device. The products for the initial sales
order are about to be delivered to the customer.
Y There was little progress on the sale of the fiscal-tax controlled cash
register mainly because of inadequate legislative support in the PRC for the
promotion of the cash register and the complication in linking up the completely
separate taxation and banking systems in the PRC.
Y Onbest is in discussion with UnionPay to co-operate with major mobile network
operators for the development of a specific mobile phone with Onbest POS
handheld technology to cater for payment through mobile phones in China.
Creative Picture Development Limited ("Creative Picture")
The Company invested US$1.3 million in May 2008 for an equity interest of 12.5
per cent. in Creative Picture upon full conversion of the convertible note.
Creative Picture carries out technological research, production and sales of 3-D
display technology in China. Following the huge success of the Hollywood
blockbuster movie "Avatar", gadgets with 3-D features could now be used in the
living room, and in the not so distant future, may also be found in handheld
devices such as notebook computer and mobile phones. This particular
technological innovation is beginning to change how people enjoy entertainment,
and very shortly, could become part of people's daily lives. Boosted by this
unprecedented demand for 3-D entertainment and equipment, the market is
undergoing significant changes in terms of resources allocation and number of
market players. Now possessing a number of patents over the glass-free 3-D
display technology on seamless joint panels, notebook computers, photo-frames
and outdoor LED panels, Creative Picture will focus on 3-D content production
and licensing of rights to market players of traditional display devices.
Y Creative Picture completed the conversion of another 3-D movie "Legend of the
Daming Palace" and, being the first Chinese IMAX 3-D movie, it was shown in
cinemas during the China National Day holidays in October 2010. In addition to
the previous two movies - "Journey to the West" and "The King of Milu Deer",
Creative Picture so far has participated in more than 400 minutes of 3-D content
production.
Y The movie "Legend of the Daming Palace", which illustrates the royal palace of
the prosperous Tang Dynasty and the era's architecture is now being used by
Daming Palace National Heritage Park as a site attraction to promote heritage
protection and tourism for Xi¡'an, Shaanxi, China.
Y An agreement has been signed with an advertising devices company for the
licensing right to use Creative Picture's glass-free 3-D technology on their
devices for a lump sum license fee as well as the right to share in the proceeds
arising from the sales of advertising devices.
Y A strategic co-operation agreement has been signed with a subsidiary of the
state-owned TV channel as the exclusive partner in 3-D content conversion for
country-wide TV broadcast on their 3-D TV channel, which is in the process of
setting up.
Although 3-D technology is expected to be widely used across a range of business
areas, Creative Picture expects its future revenue to be derived primarily from
content development and licensing income.
V2 International Vision Photography Co., Ltd. ("V2 International")
As announced on 30 November 2010,Yangtze successfully closed a US$3.74 million
investment in V2 International in the form of convertible preferred shares
(equivalent to not less than 27.5 per cent. equity interest if fully converted).
V2 International is a professional photographic group based in Chengdu,
Sichuan, China and is engaged in the provision of professional photographic
service marketing under the brand names of "V2" and "Xiqu". A wide range of
professional photographic services and products are provided through a network
of ten self-owned and franchised studios in the PRC together with another one in
New Zealand.
The group specialises in high-end outdoor wedding and portrait photography and
offers customers a differentiated, contemporary and outdoor style of photography
experience. In order to ensure high quality and artistically appealing
portraits, customers are assigned an exclusive team of a professional
photographer, lighting crew, make-up and hair stylists during their photo-shoot
sessions. The group is believed to be the pioneer in launching and promoting
"Wedding Photography with Travelling" in China and all their studios are located
in cities renowned for stunning scenery and historic attractions. In addition,
the group also operates a photographic training school in Chengdu providing
professional and amateur photographers with various training courses to meet
market demand driven by the increased popularity of digital cameras.
To date, V2 International operates at a small profit and generates revenues
principally through the provision of photography services and sale of
image-related merchandises. The funds invested by Yangtze will enable V2
International to raise the group¡ s profile through increased marketing and
promotion of its brands and products, expand the in-house image processing
centre and the photographic training school, and fund the establishment of a
sales and customer management centre as well as procuring photographic equipment
to meet technological changes.
As the disposable income of the Chinese continues to grow, expenditure on
weddings which are considered a "once-in-a-lifetime" event, is expected to grow
in tandem. Since the post-80s generation is reaching marriageable age as a huge
social group, the wedding sector is expected to maintain strong growth momentum
over the next ten years.
China's Economy
In 2009, economic progress in China has been maintained with 8.7 per cent.
full-year GDP growth and much of this resulted from retail sales and fixed asset
investment. According to a forecast made by the International Monetary Fund in
April 2010, the real GDP annual growth rate of China has been estimated to be
10.0 per cent. in 2010 and 9.9 per cent. in 2011, far higher than most other
economies in the world. While the Chinese government continues to support the
domestic consumption-driven economy, measures to control overheating asset
prices and rebalance the economy are also being implemented.
In order to avoid an asset price bubble, the PRC central bank has commenced
controlling bank lending by increasing the bank reserve ratio gradually since
January 2010. More restrictions on loans to industries with high energy
consumption and high emissions or overcapacity have also been unveiled.
The RMB exchange rate is also expected to appreciate gradually so that import
prices can be reduced and consumer spending can be boosted. In the long term,
China is expected to continue to shift its economic growth pattern to promote
domestic consumption as the main driver of growth.
Outlook
Higher wages and the increasing affluence of the people in China have led to
changes in China's consumption pattern and have prompted an increased number of
investors to look to China for high-growth investment opportunities. The
Investment Adviser has also been actively looking for further investment
opportunities and is dedicated to delivering value to the Company and its
investee companies as it manages the Company's portfolio in the current economic
environment while continually striving to maximise the value of its holdings.
Yangtze Capital Advisory Limited
Investment Adviser
8 December 2010
Portfolio Summary
At 30 September 2010, the Company's total assets amounted to US$23.7million.
About US$18.1 million were investments in three companies in the form of
convertible note instruments at fair values.
The following table summarises the status of the Company's portfolio:
+---------------+---------------+-----+----------+-+----------+-+--------+------------+------------+---------+------------+
| Description | Industry / | Time of | Investment | Fair value | % of |
| | Location | investment | cost (1) | | ownership |
| | | by the | US$ | | (on full |
| | | Company | | | conversion |
| | | | | | into |
| | | | | | shares) |
| | | | | | (2) |
+ + + + +--------------------------------------------+ +
| | | | | At | | | At |
+---------------+---------------------+ +------------+---------------------+ +---------+------------+
| | | | | 30 | | | 31 |
| | | | | September | | | March |
+---------------+---------------------+------------+------------+---------------------+ +---------+------------+
| | | | | 2010 | | 2009 | Change | 2010 |
+---------------+---------------------+------------+------------+--------+------------+------------+---------+------------+
| | | | | US$ | US$ | US$ | US$ | |
+---------------+---------------------+------------+------------+--------+------------+------------+---------+------------+
| | | | | | | | | |
+---------------+---------------------+------------+------------+--------+------------+------------+---------+------------+
| Aesthetic | Beauty spa | July | 5.1m | 12.3m | 11.9m | 0.4m | 12.3m | 25.0%(3) |
| International | franchise / | 2008 | | | | | | |
| Holdings | China | | | | | | | |
| Group | | | | | | | | |
| Limited | | | | | | | | |
+---------------+---------------------+------------+------------+--------+------------+------------+---------+------------+
| Arigata | Fiscal | May 2008 | 3.0m | 4.0m | 4.0m | - | 4.0m | 30.0% |
| Holdings | / | | | | | | | |
| Inc. | POS solutions | | | | | | | |
| | / | | | | | | | |
| | China | | | | | | | |
+---------------+---------------+----------------+------------+----------+------------+------------+---------+------------+
| Creative | 3-D display | May | 1.3m | 1.8m | 1.8m | - | 1.6m | 12.5% |
| | technology | 2008 | | | | | | |
| Picture | / China | | | | | | | |
| Development | | | | | | | | |
| Limited | | | | | | | | |
+---------------+---------------------+------------+------------+--------+------------+------------+---------+------------+
| | | | | | | | | |
| Total | | | 9.4m | 18.1m | 17.7m | 0.4m | 17.9m | |
+---------------+---------------------+------------+------------+--------+------------+------------+---------+------------+
| | | | | | | | |
+---------------+---------------------+------------+------------+---------------------+------------+---------+------------+
| | | | | | | | | | | | |
+---------------+---------------+-----+----------+-+----------+-+--------+------------+------------+---------+------------+
1. Includes capitalised directly attributable investment expenses.
2.For reference only. The percentage of ownership represents, upon full
conversion, the stake in the entire equity share capital of the investee company
on a fully diluted basis.
3. Upon satisfaction of certain conditions including a group re-organisation,
the new investor of Aesthetic will become a 13 per cent. holder of the enlarged
registered capital of a PRC subsidiary of Aesthetic and Yangtze's interest in
Aesthetic upon full conversion of the convertible note will then become
approximately 22 per cent.
4. On 30 November 2010, Yangtze successfully closed a US$3,740,000 investment
in V2 International Vision Photography Co., Ltd in the form of convertible
preferred shares and, upon full conversion, represents an equity interest of not
less than 27.5 per cent.
Report on review of the
interim financial report
To the board of directors of
Yangtze China Investment Limited
(incorporated in the Cayman Islands with limited liability)
Introduction
We have reviewed the interim financial report which comprises the condensed
consolidated statement of financial position of Yangtze China Investment Limited
asat 30 September 2010 and the related condensed consolidated statement of
comprehensive income, the condensed consolidated statement of changes in equity
and the condensed consolidated statement of cash flows for the six-month period
then ended, and a summary of significant accounting policies and other
explanatory notes. The Alternative Investment Market Rules for Companies of the
London Stock Exchange require the preparation of an interim financial report to
be in compliance with the relevant provisions thereof and International
Accounting Standard 34 "Interim Financial Reporting". The directors are
responsible for the preparation and presentation of this interim financial
report in accordance with International Accounting Standard 34.
Our responsibility is to express a conclusion on this interim financial report
based on our review and to report our conclusion solely to you, as a body, in
accordance with our agreed terms of engagement, and for no other purpose. We do
not assume responsibility towards or accept liability to any other person for
the contents of this report.
Scope of Review
We conducted our review in accordance with International Standard on Review
Engagements 2410 "Review of Interim Financial Information Performed by the
Independent Auditor of the Entity". A review of an interim financial report
consists of making inquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that the interim financial report is not prepared, in all material respects, in
accordance with the International Accounting Standard 34.
Grant Thornton Jingdu Tianhua
Certified Public Accountants
20th Floor, Sunning Plaza
10 Hysan Avenue
Causeway Bay
Hong Kong
8 December 2010
Condensed consolidated statement of comprehensive income
for the six months ended 30 September 2010
+----------------+--------+-------------+-------------------------------------+
| | | Six months |
| | | ended 30 |
| | | September |
+----------------+--------+---------------------------------------------------+
| | | 2010 | 2009 |
+----------------+--------+-------------+-------------------------------------+
| | Notes | US$ | US$ |
+----------------+--------+-------------+-------------------------------------+
| | | (Unaudited) | (Unaudited) |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| Income | | | |
+----------------+--------+-------------+-------------------------------------+
| Net | | 189,601 | - |
| gain | 8 | | |
| on | | | |
| financial | | | |
| assets at | | | |
| fair | | | |
| value | | | |
| through | | | |
| profit or | | | |
| loss | | | |
+----------------+--------+-------------+-------------------------------------+
| Bank | | 5,539 | 17,660 |
| interest | | | |
| income | | | |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| | | 195,140 | 17,660 |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| Expenses | | | |
+----------------+--------+-------------+-------------------------------------+
| Auditors' | | (18,453) | (16,121) |
| remuneration | | | |
+----------------+--------+-------------+-------------------------------------+
| Administration | | (50,715) | (54,832) |
| fee | | | |
+----------------+--------+-------------+-------------------------------------+
| Advisory | | (221,927) | (231,138) |
| fee | | | |
+----------------+--------+-------------+-------------------------------------+
| Directors' | | (40,000) | (40,000) |
| fees | | | |
+----------------+--------+-------------+-------------------------------------+
| Legal | | (25,641) | (45,693) |
| and | | | |
| professional | | | |
| fees | | | |
+----------------+--------+-------------+-------------------------------------+
| Marketing | | (36,109) | (34,214) |
| and | | | |
| communication | | | |
| fees | | | |
+----------------+--------+-------------+-------------------------------------+
| Retainer | | (27,860) | (38,804) |
| fees | | | |
+----------------+--------+-------------+-------------------------------------+
| Other | | (31,038) | (21,532) |
| operating | | | |
| expenses | | | |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| | | (451,743) | (482,334) |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| Loss | | (256,603) | (464,674) |
| before | | | |
| income | | | |
| tax | | | |
+----------------+--------+-------------+-------------------------------------+
| Income | 6 | - | - |
| tax | | | |
| expense | | | |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| Loss | | (256,603) | (464,674) |
| for | | | |
| the | | | |
| period | | | |
| attributable | | | |
| to owners of | | | |
| the Company | | | |
+----------------+--------+-------------+-------------------------------------+
| Other | | - | (1,625) |
| comprehensive | | | |
| loss for the | | | |
| period | | | |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| Total | | (256,603) | (466,299) |
| comprehensive | | | |
| loss for the | | | |
| period | | | |
| attributable | | | |
| to owners of | | | |
| the Company | | | |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| Loss | | | |
| per | 7 | | |
| share | | | |
| for | | | |
| loss | | | |
| attributable | | | |
| to owners of | | | |
| the Company | | | |
| during the | | | |
| period | | | |
+----------------+--------+-------------+-------------------------------------+
| - | | (0.01) | (0.02) |
| Basic | | | |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
| - | | N/A | N/A |
| Diluted | | | |
+----------------+--------+-------------+-------------------------------------+
| | | | |
+----------------+--------+-------------+-------------------------------------+
Condensed consolidated statement of financial position
as at 30 September 2010
+---------------------------+-------+-------------+-------------+------------+
| | Notes | At 30 | At 30 | At 31 |
| | | September | September | March |
| | | 2010 | 2009 | 2010 |
+---------------------------+-------+-------------+-------------+------------+
| | | US$ | US$ | US$ |
+---------------------------+-------+-------------+-------------+------------+
| | | (Unaudited) | (Unaudited) | (Audited) |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| ASSETS AND LIABILITIES | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Non-current assets | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Financial assets at fair | | | 17,647,042 | |
| value through profit or | 8 | 18,044,922 | | 17,855,321 |
| loss | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Current assets | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Prepayments and other | 9 | 3,868,377 | 42,354 | 29,659 |
| receivables | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Cash and cash equivalents | | 1,777,028 | 6,605,282 | 5,982,257 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | 5,645,405 | 6,647,636 | 6,011,916 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Current liabilities | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Accrued expenses and | | 168,137 | 169,163 | 88,444 |
| other payables | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Amounts due to directors | | - | 1,786 | - |
+---------------------------+-------+-------------+-------------+------------+
| Amount due to investment | | - | 69,915 | - |
| adviser | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | 168,137 | 240,864 | 88,444 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Net current assets | | 5,477,268 | 6,406,772 | 5,923,472 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Net assets | | 23,522,190 | 24,053,814 | 23,778,793 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| EQUITY | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Share capital | 10 | 2,538,001 | 2,538,001 | 2,538,001 |
+---------------------------+-------+-------------+-------------+------------+
| Reserves | | 20,984,189 | 21,515,813 | 21,240,792 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Total equity | | 23,522,190 | 24,053,814 | 23,778,793 |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Number of ordinary shares | | 25,380,010 | 25,380,010 | 25,380,010 |
| in issue | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
| Net asset value per | 11 | 0.93 | 0.95 | 0.94 |
| ordinary share | | | | |
+---------------------------+-------+-------------+-------------+------------+
| | | | | |
+---------------------------+-------+-------------+-------------+------------+
Condensed consolidated statement of cash flows for the six months ended 30
September 2010
+--------------------------------+--------------+--------------+
| | Six months ended 30 |
| | September |
+--------------------------------+-----------------------------+
| | 2010 | 2009 |
+--------------------------------+--------------+--------------+
| | US$ | US$ |
+--------------------------------+--------------+--------------+
| | (Unaudited) | (Unaudited) |
+--------------------------------+--------------+--------------+
| | | |
+--------------------------------+--------------+--------------+
| Net cash used in operating | (382,706) | (419,730) |
| activities | | |
+--------------------------------+--------------+--------------+
| Net cash used in investing | (3,822,523) | - |
| activities | | |
+--------------------------------+--------------+--------------+
| | | |
+--------------------------------+--------------+--------------+
| Net decrease in cash and cash | (4,205,229) | (419,730) |
| equivalents | | |
+--------------------------------+--------------+--------------+
| Cash and cash equivalents at | 5,982,257 | 7,025,012 |
| beginning of period | | |
+--------------------------------+--------------+--------------+
| | | |
+--------------------------------+--------------+--------------+
| Cash and cash equivalents at | 1,777,028 | 6,605,282 |
| end of period | | |
+--------------------------------+--------------+--------------+
| | | |
+--------------------------------+--------------+--------------+
Condensed consolidated statement of
changes in equity
for the six months ended 30 September 2010
+------------------------+-------------+-------------+-------------+-------------+
| | Share | Share | Retained | Total |
| | capital | premium* | profits* | equity |
+------------------------+-------------+-------------+-------------+-------------+
| | US$ | US$ | US$ | US$ |
+------------------------+-------------+-------------+-------------+-------------+
| | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| Balance at 1 April | 2,538,001 | 19,831,685 | 2,150,427 | 24,520,113 |
| 2009 | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| Loss for the period | - | - | (464,674) | (464,674) |
+------------------------+-------------+-------------+-------------+-------------+
| Other comprehensive | | | | |
| loss for the period | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| Exchange loss on | - | - | (1,625) | (1,625) |
| translation of | | | | |
| financial statements | | | | |
| of foreign operations | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| Total comprehensive | - | - | (466,299) | (466,299) |
| loss for the period | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| Balance at 30 | 2,538,001 | 19,831,685 | 1,684,128 | 24,053,814 |
| September 2009 | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| Balance at 1 April | 2,538,001 | 19,831,685 | 1,409,107 | 23,778,793 |
| 2010 | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| Loss for the period | - | - | (256,603) | (256,603) |
+------------------------+-------------+-------------+-------------+-------------+
| Other comprehensive | - | - | - | - |
| loss for the period | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| Total comprehensive | - | - | (256,603) | (256,603) |
| loss for the period | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| Balance at 30 | 2,538,001 | 19,831,685 | 1,152,504 | 23,522,190 |
| September 2010 | | | | |
+------------------------+-------------+-------------+-------------+-------------+
| | | | | |
+------------------------+-------------+-------------+-------------+-------------+
* These reserves accounts comprise the Group's reserves of US$20,984,189 (At
30 September 2009: US$21,515,813) in the condensed consolidated statement of
financial position.
Notes to the condensed consolidated
interim financial report
1. GENERAL INFORMATION
Yangtze China Investment Limited (the "Company") is a closed-end investment
company incorporated in the Cayman Islands with limited liability on 5 July
2007. The address of its registered office is One Capital Place, P.O. Box 847,
Grand Cayman KY1-1103, Cayman Islands.
The principal activity of the Company and its subsidiaries (the "Group") is
investment holding. The investment objective of the Group is to provide the
owners of the Company with an attractive return on its investments,
predominantly through capital appreciation by making minority equity and
equity-related investments both directly and through convertible note
instruments in small and medium-sized growth businesses with, or associated
with, different consumer sectors in the People's Republic of China (the "PRC").
The investment activities of the Group are managed by Yangtze Capital Advisory
Limited (the "Investment Adviser") whilst the Company's Administrator is Trident
Trust Company (Cayman) Limited.
The unaudited interim financial report of the Group for the six months ended 30
September 2010 was approved for issue by the board of directors on 8 December
2010.
2. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The unaudited condensed consolidated interim financial report (the ¡*Interim
Financial Report¡¨) have been prepared in accordance with International
Accounting Standard 34 "Interim Financial Reporting" and applicable disclosure
requirements of the Alternative Investment Market ("AIM") Rules for Companies of
the London Stock Exchange.
The accounting policies and methods of computation used in the preparation of
the Interim Financial Report are consistent with those used in the annual
financial statements for the year ended 31 March 2010 except for the adoption of
the new or amended International Financial Reporting Standards ("IFRSs"), which
includes individual International Financial Reporting Standards, International
Accounting Standards and Interpretations, as disclosed in note 3 to this Interim
Financial Report.
The Interim Financial Report does not include all the information and
disclosures required in the annual financial statements and should be read in
conjunction with the Group¡ s annual financial statements for the year ended 31
March 2010.
3. ADOPTION OF NEW OR AMENDED IFRSs
In the current period, the Group has applied for the first time the following
new standards, amendments and interpretations (the "new IFRSs") issued by the
International Accounting Standards Board, which are relevant to and effective
for the Group¡ s financial statements for the annual period beginning on 1 April
2010:
+-----------------+--------------------------------------+
| IFRS 3 (Revised | Business Combinations |
| 2008) | |
+-----------------+--------------------------------------+
| IAS 27 (Revised | Consolidated and Separate Financial |
| 2008) | Statements |
+-----------------+--------------------------------------+
The adoption of the new IFRSs has had no material impact on how the results and
financial position for the current and prior periods have been prepared and
presented.
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, seldom equal the related actual
results. The estimates and assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the
next financial period are discussed below:
Fair value of financial assets not quoted in an active market
The fair value of financial assets at fair value through profit or loss that are
not quoted in an active market is determined by using valuation techniques,
primarily the discounted cash flow model and the option pricing model. The
models used to determine fair values are selected by the directors, which are
then validated and reviewed by Jones Lang LaSalle Sallmanns Limited, an
independent professional valuer. Changes in assumptions used in the valuation
could affect the reported fair values of financial instruments.
5. SEGMENT INFORMATION
No segment information has been presented for the periods ended 30 September
2010 and 2009 as the Group is principally engaged in investment business, which
accounts for the total revenue and loss of the Group for the periods. The Group
uses consolidated loss before income tax as a measure of segment profit or loss.
The Group's consolidated income represents the net gain on financial assets at
fair value through profit or loss and bank interest income, which are all
attributable to a single geographical region, namely the PRC.
6. TAXATION
No provision for income tax has been made as the income of the Group is not
liable to any income tax or capital gain tax in the Cayman Islands and is
excluded from the charge to profits tax in other jurisdictions in which the
Group does not generate taxable income.
7. LOSS PER SHARE
The calculation of basic loss per share is based on the loss attributable to the
owners of the Company for the period ended 30 September 2010 of US$256,603
(2009: US$464,674) and on the weighted average of 25,380,010 (2009: 25,380,010)
ordinary shares in issue during the period.
The diluted loss per share for the six months ended 30 September 2010 and 2009
are not presented as there is no dilutive potential share.
8.FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
The entire portfolio of the Group's financial instruments comprises unlisted
convertible notes with maturities ranging from 7 months to 29 months at 30
September 2010 (At 31 March 2010: 1 month to 35 months; At 30 September 2009:
ranging from 2 months to 41 months) and with coupon interest rates ranging from
10% to 15% (At 31 March 2010: 10% to 15%; At 30 September 2009: 8% to 15%) per
annum. All the convertible note instruments contain a share conversion feature
and a put option. The convertible note instrument issued by Aesthetic
International Holdings Group Limited and Arigata Holdings Inc. also contains a
call option.
The Group's convertible notesinstruments at the reporting dates, designated at
fair value through profit or loss, are set out below:
+--------------------------+-------------+-------------+------------+
| | At 30 | At 30 | At 31 |
| | September | September | March |
| | 2010 | 2009 | 2010 |
+--------------------------+-------------+-------------+------------+
| | US$ | US$ | US$ |
+--------------------------+-------------+-------------+------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+--------------------------+-------------+-------------+------------+
| | | | |
+--------------------------+-------------+-------------+------------+
| Convertible notes at | | | |
| fair value, as issued | | | |
| by: | | | |
+--------------------------+-------------+-------------+------------+
| - Aesthetic | | | |
| International Holdings | 12,327,321 | 11,911,769 | 12,327,321 |
| Group Limited | | | |
+--------------------------+-------------+-------------+------------+
| - Arigata Holdings Inc. | 3,967,182 | 3,948,274 | 3,971,436 |
+--------------------------+-------------+-------------+------------+
| - Creative Picture | 1,750,419 | 1,786,999 | 1,556,564 |
| Development Limited* | | | |
+--------------------------+-------------+-------------+------------+
| | | | |
+--------------------------+-------------+-------------+------------+
| | 18,044,922 | 17,647,042 | 17,855,321 |
+--------------------------+-------------+-------------+------------+
| | | | |
+--------------------------+-------------+-------------+------------+
* A Supplemental Agreement was entered among all relevant parties that the
maturity date of the convertible note was further extended for one year to 24
April 2011.
As disclosed in note 12, the Group invests in each of above three convertible
notes instruments through wholly-owned subsidiaries of the Group.
The movements in financial assets at fair value through profit or loss during
the period/year are as follows:
+-----------------------+------+-------------+-------------+------------+
| |Note | Six | Six | Year |
| | | months | months | ended |
| | | ended | ended | 31 |
| | | 30 | 30 | March |
| | | September | September | 2010 |
| | | 2010 | 2009 | |
+-----------------------+------+-------------+-------------+------------+
| | | US$ | US$ | US$ |
+-----------------------+------+-------------+-------------+------------+
| | | (Unaudited) | (Unaudited) | (Audited) |
+-----------------------+------+-------------+-------------+------------+
| | | | | |
+-----------------------+------+-------------+-------------+------------+
| At the beginning of | | 17,855,321 | 17,647,042 | 17,647,042 |
| the period/year | | | | |
+-----------------------+------+-------------+-------------+------------+
| Fair value gain | (a) | 189,601 | - | 208,279 |
+-----------------------+------+-------------+-------------+------------+
| | | | | |
+-----------------------+------+-------------+-------------+------------+
| At end of the | | 18,044,922 | 17,647,042 | 17,855,321 |
| period/year | | | | |
+-----------------------+------+-------------+-------------+------------+
| | | | | |
+-----------------------+------+-------------+-------------+------------+
Note:
(a) The fair value of the Group's convertible notes has been measured as
described in note 4. At the reporting dates, the valuation of the convertible
notes instruments was carried out by the directors of the Company with the
assistance of an independent professional valuer, Jones Lang LaSalle Sallmanns
Limited. Fair value gain/loss has been recognised in the consolidated statement
of comprehensive income.
9. PREPAYMENTS AND OTHER RECEIVABLES
Included in prepayments and other receivables is an amount totalling
US$3,740,000 (At 31 March 2010 and 30 September 2009: Nil) which is a temporary
payment for a new investment as disclosed in note 14 to this Interim Financial
Report.
The directors of the Group consider that the fair values of prepayments and
other receivables are not materially different from their carrying amounts
because these balances have short maturity periods on their inception.
10.SHARE CAPITAL
+---------------------------+-------------+-------------+------------+
| | At 30 | At 30 | At 31 |
| | September | September | March |
| | 2010 | 2009 | 2010 |
+---------------------------+-------------+-------------+------------+
| | US$ | US$ | US$ |
+---------------------------+-------------+-------------+------------+
| | (Unaudited) | (Unaudited) | (Audited) |
+---------------------------+-------------+-------------+------------+
| | | | |
+---------------------------+-------------+-------------+------------+
| Authorised: | | | |
+---------------------------+-------------+-------------+------------+
| 200,000,000 ordinary | 20,000,000 | 20,000,000 | 20,000,000 |
| shares of US$0.1 each | | | |
+---------------------------+-------------+-------------+------------+
| | | | |
+---------------------------+-------------+-------------+------------+
| | | | |
+---------------------------+-------------+-------------+------------+
| Issued and fully paid: | | | |
+---------------------------+-------------+-------------+------------+
| 25,380,010 ordinary | 2,538,001 | 2,538,001 | 2,538,001 |
| shares of US$0.1 each | | | |
+---------------------------+-------------+-------------+------------+
| | | | |
+---------------------------+-------------+-------------+------------+
11.NET ASSET VALUE PER ORDINARY SHARE
The net asset value per ordinary share of the Group is based on net assets
attributable to owners of the Company of US$23,522,190 (At 31 March 2010:
US$23,778,793; At 30 September 2009: US$24,053,814) and on the ordinary shares
in issue of 25,380,010 shares at the reporting dates.
12.INVESTMENTS IN SUBSIDIARIES
The Company invests in the convertible note instruments through its wholly-owned
subsidiaries. Particulars of the subsidiaries at 30 September 2010 are as
follows:
+---------------+----------------+-------------+--------+----------+------------+
| Name | Country/place | Particulars | Percentage | Principal |
| | of | of issued | of equity | activities |
| | incorporation/ | and | interests | |
| | registration/ | fully paid | held by | |
| | operations | up capital | the Company | |
+---------------+----------------+-------------+-------------------+------------+
| | | | Direct | Indirect | |
+---------------+----------------+-------------+--------+----------+------------+
| | | | | | |
+---------------+----------------+-------------+--------+----------+------------+
| Mission | British | US$1 | 100% | - | Investment |
| Deluxe | Virgin | | | | holding |
| International | Islands | | | | |
| Limited | | | | | |
+---------------+----------------+-------------+--------+----------+------------+
| | | | | | |
+---------------+----------------+-------------+--------+----------+------------+
| Mission | British | US$1 | 100% | - | Investment |
| Rich | Virgin | | | | holding |
| International | Islands | | | | |
| Limited | | | | | |
+---------------+----------------+-------------+--------+----------+------------+
| | | | | | |
+---------------+----------------+-------------+--------+----------+------------+
| Camay | British | US$1 | 100% | - | Investment |
| International | Virgin | | | | holding |
| Limited | Islands | | | | |
+---------------+----------------+-------------+--------+----------+------------+
| | | | | | |
+---------------+----------------+-------------+--------+----------+------------+
| Fonnex | British | US$1 | 100% | - | Investment |
| Investments | Virgin | | | | holding |
| Limited | Islands | | | | |
+---------------+----------------+-------------+--------+----------+------------+
| | | | | | |
+---------------+----------------+-------------+--------+----------+------------+
All subsidiaries of the Company were solely established and acquired, as special
purpose entities and as investment holding companies, to hold the Company's
investments in the convertible notes.
During the period ended 30 September 2010, the Group has disposed of its entire
interest in Ace Aim Investments Limited, a wholly owned subsidiary of the
Company which holds the fully impaired convertible notes issued by IGO Home
Shopping Holdings Limited, to a third party at a consideration of US$1. The
disposal has immaterial effect on the Group's financial statements.
13. RELATED PARTY TRANSACTIONS
(a) The Investment Adviser has been appointed to provide investment
advisory services to the Group. The non-executive chairman of the Company is
also the sole shareholder of the Investment Adviser and therefore the Investment
Adviser is regarded as a related party. During the period ended 30 September
2010, the Group incurred a total advisory fee of US$221,927 (2009: US$231,138)
payable/ paid to the Investment Adviser.
(b) As Wilfred Ying Wai Wong, the non-executive chairman of the Company,
is the vice chairman of the parent company of Excellent Rise Investments Limited
("Excellent Rise"), Excellent Rise is regarded as a related party. At the
reporting dates, Excellent Rise held a total of 12,820,000 ordinary shares of
the Company, worth equivalent to US$12,820,000. There have been no changes in
the respective shareholdings during the periods ended 30 September 2010 and
2009.
(c) At the reporting dates, Wilfred Ying Wai Wong, the non-executive
chairman of the Company and Timothy Gwynne Barker, a non-executive director of
the Company, held a total of 10 and 60,000 ordinary shares of the Company
respectively. There have been no changes in the respective shareholdings during
the periods ended 30 September 2010 and 2009.
14. EVENTS AFTER THE REPORTING DATE
Subsequent to the reporting date, the Group has completed its investment of
US$3,740,000 in V2 International Vision Photography Co., Ltd., a professional
photographic group. For details of the new investment, please refer to the
announcement made by the Company on 30 November 2010.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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