Pursuant to Chapter 36 of the Rules Governing the Listing of Securities on the Growth Enterprise Market (the “GEM Listing Rules”) of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”), the Securities and Futures Commission (the “SFC”) regulates First China Financial Network Holdings Limited (the “Company”) in relation to the listing of its shares on the Stock Exchange. The SFC, The Hong Kong Exchanges and Clearing Limited and the Stock Exchange 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. This announcement, for which the directors of the Company (the “Directors”) collectively and individually accept full responsibility, includes particulars given in compliance with the GEM Listing Rules for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that, to the best of their knowledge and belief that: (i) the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive; (ii) there are no other matters the omission of which would make any statement in this announcement misleading; and (iii) all opinions expressed in this announcement have been arrived at after due and careful consideration and are founded on bases and assumptions that are fair and reasonable.
首 華 財 經 網 絡 集 團 有 限 公 司 FIRST CHINA FINANCIAL NETWORK HOLDINGS LIMITED (incorporated in the Cayman Islands with limited liability) (Stock code: 08123)
UPDATE ANNOUNCEMENT Reference is made to the announcements of First China Financial Network Holdings Limited (the “Company”) dated 30 January 2015, 3 February 2015, 29 May 2015, 17 September 2015, 14 October 2015 and 1 December 2015 (the “Announcements”), relating to the entering into of the Agreement for Intent in respect of the proposed acquisition of 100% of the issued share capital of the Target Company, the termination of the Agreement for Intent and the entering into of the Extension Agreement in relation to the repayment of the Refundable Ernest Money. Capitalised terms used herein and not defined shall have the same meaning as in the Announcements unless the context otherwise requires. LITIGATION INITIATED BY 新疆特變電工自控設備有限公司 (XINJIANG TEBIAN ELECTRIC APPARATUS ZIKONG EQUIPMENT CO., LIMITED*) AGAINST THE PURCHASER The board of directors (the "Board") of the Company would like to inform the Shareholders of the Company and potential investors that the court decision (the “Decision”) of the legal action commenced by 新疆特變電工自控設備有限公司 (Xinjiang Tebian Electric Apparatus Zikong Equipment Co., Limited*) (the “Plaintiff”) against the Target Company and the Purchaser in the People's Court of Minqin County in the PRC has been delivered on 23 December 2015.
According to the said Decision, the People's Court of Minqin County in the PRC ruled in favour of the Plaintiff and ordered that the pledge agreement of equipment between the Target Company and the Purchaser dated 29 January 2015 is void nor have no legal effect. The Company is in the course of seeking legal advice for an appeal against the Decision and the legal consequence of the said Decision. Further, the Company is informed by its PRC legal advisor that the relevant arbitration procedure has been commenced as the Arbitration application has been filed with the South China International Economic and Trade Arbitration Commission (Shenzhen Court of International Arbitration) on 1 December 2015. The Company shall keep the Shareholders of the Company and potential investors informed of any further material development in connection with the Arbitration and any further legal opinion and action in relation to the said Decision (if applicable) by way of further announcement(s) as and when appropriate. Shareholders and potential investors of the Company should exercise caution when dealing in the Shares of the Company. By Order of the Board First China Financial Network Holdings Limited Wang Jiawei Chairman Hong Kong, 4 January 2016 As of the date of this announcement, the executive Directors are Mr. Wang Jiawei, Mr. Chen Li and Ms. Lai Yuk Mui, the non-executive Directors are Mr. Liu Runtong and Mr. James Beeland Rogers Jr. and the independent non-executive Directors are Professor Zhang Benzheng, Mr. Li Jianxing and Professor Chen Shu Wen. This announcement will remain on the “Latest Company Announcements” page of the website of the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited at http://www.hkgem.com for at least 7 days from the date of its posting and on the Company’s website at http://www.firstchina.hk. * for identification purpose only