Fullshare Issued Clarification Announcement
May 1, 2017
2 minute read
(2 May, 2017-Hong Kong) Fullshare Holdings Limited (“Fullshare Holdings” or the “Group”; SEHK stock code: 607) was aware that a report (the “Report”) issued by Glaucus Research Group California, LLC (“GRGC”) on 25 April 2017 had led to fluctuation in the Group’s stock price. In order to protect the interest of shareholders and investors, the Group requested to suspend the trading of its shares on the Stock Exchange. The Group maintained an open communication platform and is actively pursuing the resumption of trading.
The Group denies all of the allegations against the Group in the Report. The Report comprises statements which are misleading, biased, selective, inaccurate and incomplete as well as groundless allegations and irresponsible speculations. The unfounded statements also show that GRGC does not understand the disclosure requirements and thresholds under the Listing Rules and the identification of related party transactions under Hong Kong Financial Reporting Standards (“HKFRSs”). For details, please refer to the announcement the Group released on 2 May 2017 through: http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0502/LTN201705022025.pdf
In response to the incident, the controlling shareholder, executive director, chairman and CEO of Fullshare Holdings, Mr. Ji Changqun commented: “In the past two years, the Group has gradually formed five business segments, namely property, tourism, healthcare, new energy and investment. All five business segments are composed of quality assets and sustainable business models. In December 2016, the Group acquired China High Speed Transmission Equipment Group Co., Ltd. (“CHS”; stock code: 658) and successfully ventured the new energy industry. Only 1 month of CHS’s revenue and profit was consolidated into the Group’s consolidated financial statement in 2016. We believe that CHS will make greater contribution in 2017 and it will become a strong testimony of our operating capability. We confident of the current business development and prospect of the Group.”
The Company is consulting its legal advisers and will consider taking legal actions against GRGC. Mr. Ji is willing and ready to provide any form of assistance or support advantageous to the Group.
According to the announcement released by the Group on 28 April 2017, the Group received a letter from Mr. Ji, stating that he planned to increase his shareholding when appropriate.
The Group has applied to the Stock Exchange for resumption of trading in its shares on the Stock Exchange with effect from 9:00 a.m. on Thursday, 4 May 2017.