China Information Technology, Inc., BVI-registered internet services operator providing internet-based ad distribution and ad display terminal sharing systems in China, in October 2017 entered into contracts for the sale of 5,000 CNIT cloud-based ad terminals for Jiangsu Province, and for the sale of 1,500 CNIT cloud-based ad terminals for Changde, the third largest city in Hunan Province. The terminals are to be installed in office buildings, residential communities, shopping malls and various outdoor locations.
The contract for Jiangsu Province, announced on October 25, 2017, was signed with advertising agency Jiangsu Taoping IoT Technology Limited, and is expected to generate US$1.5 million sales and service revenue to China Information Technology. This agreement is the fourth for the company this year for the sale of its cloud-based ad terminals in East China.
The contract for Changde in Hunan Province was announced on October 19, and signed with advertising agency Changde Taoping New-media Technology Limited; it is expected to generate US$0.5 million sales and service revenue to the BVI company.
Company’s CEO Mr. Jianghuai Lin restated company’s projection of 2018 revenue of $30 to $33 million and adjusted net income of $9 to $11 million, with sales of additional 120,000 cloud-based ad terminals.
E-House (China) Holdings Limited, leading real estate services company in China, has recently completed its new share issuance to the management team. As a result of this transaction, E-House issued 17,790,125 of its ordinary shares to the British Virgin Islands-registered company Kanrich Holdings Limited, which is owned by the key members of Chinese company’s management, for an aggregate purchase price of approximately US$62.6 million.
Upon completion of the transaction, the E-House management team receives combined stake in the company of approximately 31 per cent, thus becoming its largest shareholder as a group.
All the proceeds from the share issuance to the BVI company are to be used for repurchasing E-House’s ADS on the open market. The shares issued to Kanrich are subject to a 12 month lock-up period. This does not apply to the share charge created by Kanrich for the benefit of a third-party lender, which to the knowledge of the Company, entered into a margin loan facility agreement and related share and account charge with Kanrich to provide financing for the purchase of the new shares of the Company.
Polo Resources Limited, the mining and exploration investment company domiciled in the British Virgin Islands, noted the announcement published with respect to an offer by Guangdong Rising (Australia) Pty Ltd to acquire 100% of the issued shares of Caledon at a price of 112p per share. Polo Resources holds an interest of approximately 29.8% in the issued share capital of Caledon, in addition to £2.5 million of Caledon’s 8.5% unsecured Covertible Loan Notes issued in 2010.
In case the proposed acquisition of Caledon will be completed by Guangdong Rising at the announced price, Polo will receive total proceeds on disposal of its interest of approximately £100 million equivalent to approximately 4.36p per issued Polo share.
Neil Herbert, Executive Co-Chairman and Managing Director of Polo Resources, said in his comments that “The disposal of our interest in Caledon will provide the company with £100 million in additional liquidity. Subject to and upon completion of the sale and receipt of cash proceeds, the Board of Polo intends to utilise part of the proceeds to fund a special dividend to shareholders of 1p per share.
Polo’s strategy is to identify assets, listed and private, which have the potential to increase shareholder value…”
China Natural Resources, Inc., a company registered in BVI and making its operations in China, announced that on September 29, 2009 it completed the disposition of 60 per cent equity interest in Mark Faith Technology Development Limited to Joysight Limited. The purchase price of the company made USD 21mln, evidenced by an unsecured promissory note executed and delivered by Joysight Limited, which bears interest of 5 per cent per annum and is due on February 26, 2010.
Joysight Limited is an unrelated third party, which was the owner of the 40 per cent equity interest in Mark Faith that was not owned by China Natural Resources. Now the company became the owner of the full stock of Mark Faith.
Mark Faith engages in the smelting and refining of copper in Inner Mongolia region of the China Republic, through its wholly owned subsidiary Bayannaoer City Feishang Copper Company Limited. Earlier this year, China Natural Resources made an announcement that its indirect subsidiary Bayannaoer had entered into a series of agreements to receive US$36.59mln loan from the People’s Bank of China. Now the BVI company has sold its interest in Mark Faith to concentrate its resources on the core coal and nonferrous metal mining businesses.