By Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(incorporated in the Cayman Islands with limited liability)
(Stock Code: 0885) PROFIT WARNING AND RESUMPTION OF TRADING
This announcement is made by the Company pursuant to Rule 13.09 of the Listing Rules and the Inside Information Provisions (as defined in the Listing Rules) under part XIVA of the SFO.
The Board wishes to inform the shareholders of the Company and potential investors that based on the preliminary assessment of the Group's unaudited management accounts for the year ended 31 December 2013 and information currently available to the Board, the Group expects to record a significant increase in loss for the year ended 31 December 2013 as compared to loss for the year ended 31 December 2012.
* For identification purpose only
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RESUMPTION OF TRADING
Trading in the Shares was halted at the request of the Company with effect from 2:23 p.m. on 10 January 2014 pending the release of this announcement. An application has been made by the Company to the Stock Exchange for the trading in the Shares to resume from
9:00 a.m. on 13 January 2014.
This announcement is made by Forefront Group Limited (the "Company") pursuant to Rule
13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Inside Information Provisions (as defined in the Listing Rules) under part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO").
The board of directors (the "Board") of the Company wishes to inform its shareholders and potential investors that the Company and its subsidiaries (the "Group") is expected to record a significant increase in loss for the year ended 31 December 2013 as compared to the year ended 31 December 2012. Based on the preliminary assessment of the Group's unaudited management accounts for the year ended 31 December 2013 and information currently available to the Board, the loss was mainly attributable to (i) realised loss on disposal of debt investment of approximately HK$26.84 million (2012: HK$Nil) and (ii) loss on change in fair value of a financial liability at fair value through profit or loss of approximately HK$194.91 million (2012: HK$Nil).
The Company is still in the process of finalising the annual results of the Group for the year ended 31 December 2013. The profit warning announcement is only based on the preliminary assessment of the Group's unaudited management accounts for the year ended 31 December
2013 and information currently available to the Board subject to finalisation and necessary adjustments, which has not been confirmed nor audited by the Company's auditor. Separate announcement may be made by the Company as and when it is appropriate, should there be any material changes to the management accounts of the Group.
The annual results announcement of the Company for the year ended 31 December 2013 is expected to be published in March 2014. Shareholders of the Company and potential investors are advised to read the annual results announcement of the Company when it is published.
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RESUMPTION OF TRADING
Trading in the Shares was halted at the request of the Company with effect from 2:23 p.m. on
10 January 2014 pending the release of this announcement. An application has been made by the Company to the Stock Exchange for the trading in the Shares to resume from 9:00 a.m. on
13 January 2014.
By Order of the Board of
FOREFRONT GROUP LIMITED Yeung Ming KwongChairman
Hong Kong, 10 January 2014
As at the date of this announcement, the Board comprises the following members:-
Executive Directors
Mr. Yeung Ming Kwong (Chairman)
Ms. Lo Oi Kwok, Sheree
Mr. Wen Louis
Ms. Shum Ching Yee, Jennifer
Independent Non-executive Directors
Mr. Chung Yuk Lun
Ms. Lam Yan Fong, Flora
Mr. Pak William Eui Won
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