News Center
Press Release
Media Contact

China Silver Group Acquires the Remaining 75% Stake of Shanghai White Platinum & Silver Exchange for Not More Than RMB625 Million


[For Immediate Release]

 

1.png

 

China Silver Group Acquires the Remaining 75% Stake of

Shanghai White Platinum & Silver Exchange for

Not More Than RMB625 Million

Solidifies Its Position as a Leading Vertically Integrated Silver Enterprise

 

HONG KONG, 14 December 2015 - Leading Chinese silver brand China Silver Group Limited (“China Silver Group” or “the Group”; Stock Code: 815.HK) is pleased to announce that the Group is entering into a series of agreements and contractual arrangements to effectively acquire the remaining 75% of Shanghai White Platinum & Silver Exchange (“Shanghai Huatong”) for a consideration of not more than RMB625 million (subject to adjustment), RMB225 million of which will be paid in cash and the remaining RMB400 million will be settled by allotment of shares of the Group at an issue price of HK$2.4 per share. The aggregate consideration is subject to an adjustment mechanism with reference to a guarantee of RMB80 million after-tax profit for the financial year ending 31 December 2016.

 

Shanghai Huatong is the operator of an integrated precious metals and non-ferrous metals exchange in China which provides professional and standardized spot goods supply, trading, logistic and e-commerce services. It is currently one of the largest spot exchange for silver trading in China with its official website, www.huatongsilver.com (previously www.buyyin.com), being the most authoritative web portal for the silver industry in China. The daily spot silver prices quoted by www.huatongsilver.com are the general reference prices for the silver industry in China. Shanghai Huatong has maintained close relationships with the largest silver producers and silver-consuming companies in China. It has over 300 participants, covering more than 80% of the silver manufacturing enterprises, with a total of 42 recognized silver brands for trading. In the second half of 2015, Shanghai Huatong introduced a new management team with substantial experience in both domestic and international exchanges. In December 2015, Shanghai Huatong launched its newly developed state-of-the-art trading platform to corporate members for trial usage.

 

Shanghai Huatong currently owns a 54% equity interest in Shanghai Huatong International Silver Exchange, currently the only approved spot silver trading exchange in China (Shanghai) Pilot Free Trade Zone and the first international silver exchange in China which allows foreign investors to directly participate. Upon completion, the Group will have a 94% controlling interest in Shanghai Huatong International Silver Exchange.

 

Mr. Richard Sung, Chief Executive Officer of China Silver Group said “This acquisition is a strategic step to achieve our goal of being the leading silver enterprise. Through business diversification, we strengthen our leading position in China’s silver market and fulfil our long-term strategy to further become a leading vertically integrated silver enterprise.

 

# # #

 

 

China Silver Group Limited

Founded in 2002, China Silver Group is a leading silver producer in China and one of the few Chinese companies capable of producing silver ingots with a purity grade of 99.999%, currently the world's highest standard. The Group is one of the 17 Chinese members of the London Bullion Market Association (LBMA) and has been ranked as one of the 20 most popular silver brands in China for ten consecutive years. The Group has recently diversified into the downstream silver retailing business and launched an integrated online platform “金貓銀貓www. CSmall.com”, aiming to become the leading vertically-integrated silver enterprise in China.

 

To learn more about the Group, please visit China Silver Group’s website at: www.chinasilver.hk

 

For further enquiries, please contact:

Hill+Knowlton Strategies

Ka Wai Li

Tel: (852)   2894 6252

Email: kawai.li@hkstrategies.com

 

Jobie Cheung

Tel: (852)   2894 6260

Email: Jobie.cheung@hkstrategies.com

 


share:
click:  Add:2015/12/17 16:56:24  【打印此页】  【关闭