CHINA AGRI-PRODUCTS EXCHANGE LIMITED 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.
中 國 農 產 品 交 易 有 限 公 司
(Incorporated in Bermuda with limited liability)
(Stock Code: 0149)This announcement is made by the board of directors (the "Board") of China Agri-Products Exchange Limited (the "Company" together with its subsidiaries, collectively the "Group") 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").
References are made to the announcements of the Company dated 11 January 2011, 22 May 2012, 19 June 2014, 4 July 2014, 13 January 2015, 14 January 2015 and 28 May 2015 (the "Previous Announcements") in relation to the civil proceedings in the People's Republic of China (the "PRC") commenced by Ms. Wang Xiu Qun ("Ms. Wang") and 武漢天九工貿發展有限公司 (Wuhan Tian Jiu Industrial and Commercial Development Co., Ltd.#) ("Tian Jiu") as plaintiffs against the Company as defendant and joined 武漢白沙洲農副產品大市場有限公司 (Wuhan Baisazhou Agricultural By-product Grand Market Company Limited#) ("Baisazhou") as third party and the judgment received from the Supreme People's Court in January 2015. Unless otherwise defined herein, terms defined in the Previous Announcements have the same meanings when used herein.
The Company had noted that each of Ms. Wang and Tian Jiu had commenced legal proceedings against the PRC Ministry of Commerce ("MOFCOM") alleging that MOFCOM failed to discharge its statutory duties for handling their application submitted in January 2015 for revoking the approval in relation to the Contended Agreements. The cases were accepted by the Beijing Second Intermediate People's Court ("Beijing Court") on 4 May 2015 and 5 May 2015, respectively. Each of the Company and Baisazhou have made an application to join the case as a third party, which were all accepted by the Beijing Court on 25 May 2015.
On the other hand, the Company has issued a writ against Ms. Wang and Tian Jiu which was accepted by the Higher People's Court of Hubei Province ("Hubei Court") on 26 May 2015. According to the Beijing Judgement handed down on 31 December 2014, the Supreme People's Court (i) ordered that the Contended Agreements were void and (ii) acknowledged that the transfer of the entire equity interests in Baisazhou by Ms. Wang and Tian Jiu to the Company shall be governed by the HK$1,156 million sale and purchase agreement ("SPA") as disclosed by the Company in its announcement on 10 May 2007. The Company seeks an order from the Hubei Court to compel Ms. Wang and Tian Jiu to file the SPA and the related documentation with MOFCOM for approval in accordance with the applicable laws and regulations in the PRC.
The Company had also filed a petition with the Supreme People's Court against the Beijing Judgment for a retrial of the case pursuant to the Civil Procedure Law of the People's Republic of China. On 22 December 2015, the Supreme People's Court dismissed the Company's petition ("December 2015 Judgment"). The Company received the December 2015 Judgment on 7 January 2016 and is currently seeking legal advice from its PRC legal advisors on the steps to be taken following the December 2015 Judgment.
The Company will also continue to liaise with MOFCOM and closely monitor any further developments and/or any action that MOFCOM may take. The Company will make further announcements in compliance with the SFO and the Listing Rules as and when appropriate.
Shareholders and potential investors are advised to exercise caution in dealing with the shares of the Company.By Order of the Board
CHINA AGRI-PRODUCTS EXCHANGE LIMITED中國農產品交易有限公司
Chan Chun Hong, ThomasChairman and Chief Executive Officer
Hong Kong, 8 January 2016
As at the date of this announcement, the executive directors of the Company are Mr. Chan Chun Hong, Thomas, Mr. Leung Sui Wah, Raymond and Mr. Yau Yuk Shing, and the independent non-executive directors of the Company are Mr. Ng Yat Cheung, Ms. Lam Ka Jen, Katherine and Mr. Lau King Lung.
# for identification purpose only
China Agri-Products Exchange Limited issued this content on 2016-01-08 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-08 13:32:04 UTC
Original Document: http://www.cnagri-products.com/attachment/2016010821170200002408060_en.pdf
