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 Hong Kong with limited liability)
Website: http://www.vcgroup.com.hk (Stock Code: 821)
The Board wishes to inform the Shareholders and potential investors that based on a preliminary review of the Group's unaudited consolidated management accounts for the year ended 31 December 2015 and information currently available to the Board, the Group is expected to record a significant increase in the unaudited consolidated net loss attributable to shareholders for the year ended 31 December 2015 as compared to the same period in 2014. Nevertheless, the unaudited consolidated net loss attributable to shareholders for the year ended 31 December 2015 is significantly less than that for the six months ended 30 June 2015.
This announcement is made by Value Convergence Holdings Limited (the "Company", together with its subsidiaries, the "Group") pursuant to the provisions of inside information under Part XIVA of the Securities and Futures Ordinance (Chapter 571) of the Laws of Hong Kong and Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The board (the "Board") of directors (the "Directors") of the Company wishes to inform the shareholders of the Company (the "Shareholders") and potential investors that based on a preliminary review of the Group's unaudited consolidated management accounts for the year ended 31 December 2015 and information currently available to the Board, the Group is expected to record a significant increase in the unaudited consolidated net loss attributable to
shareholders for the year ended 31 December 2015 as compared to the same period in 2014. The increase in the Group's unaudited consolidated net loss to shareholders for the year ended 31 December 2015 was mainly attributable to (i) the increase in the Group's operating loss from its securities brokerage and corporate finance advisory business due to the poor global and local economic and market conditions in the second half of 2015; and (ii) the increase in corporate expenses incurred for the Group's business development, which had been partially offset by the substantial increase in the net gain on investments held for trading in 2015.
Nevertheless, the unaudited consolidated net loss attributable to shareholders for the year ended 31 December 2015 is significantly less than that for the six months ended 30 June 2015 mainly due to the decrease in the loss on fair value changes of the 80,000,000 unlisted warrants issued by the Company, the details of which were disclosed in the Company's announcement dated 18 August 2015.
The profit warning announcement is only a preliminary assessment by the Board based on the information currently available subject to finalization and necessary adjustments. The Company is in process of finalizing the Group's results for the year ended 31 December 2015. Shareholders and potential investors are advised to read carefully the annual results announcement of the Company for the year ended 31 December 2015, which is expected to be announced at the end of March 2016.
By order of the board of
Value Convergence Holdings LimitedTin Ka Pak, Timmy
Chief Executive Officer & Executive Director
Hong Kong, 14 January 2016
As at the date of this announcement, the board of Directors comprises five Executive Directors, namely, Mr. Tin Ka Pak, Timmy (Chief Executive Officer), Mr. Chau King Fai, Philip, Mr. Cheng Tze Kit, Larry (Chief Investment Officer), Ms. So Wai Yee, Betty (Chief Financial Officer) and Mr. Lin Hoi Kwong, Aristo; one Non-executive Director, Mr. Chung Chi Shing, Eric; and three Independent Non-executive Directors, namely, Mr. Ip Chun Chung, Robert, Mr. Wong Chung Kin, Quentin and Mr. Wong Kam Choi, Kerry MH.
Value Convergence Holdings Ltd. issued this content on 2016-01-14 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-14 09:58:04 UTC
Original Document: http://www.vcgroup.com.hk/main_v2/eng/pdf/e821_2016.01.14_VCH_Ann_Profit_Warning.pdf
