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HONG KONG, April 27, 2018 -- The Board of Directors of the Company (OTC:CSHEF) announced the following financial information for the year ended December 31, 2017:-
UNAUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2017
Financial Highlights
| Year ended December 31, 2017 | Year ended December 31, 2016 | |
| Revenue | Nil | Nil |
| Operating loss | Rmb(2.2M) | Rmb(2.7M) |
| Profit before income tax | Rmb6.5M | Rmb0.6M |
| Net income | Rmb6.5M | Rmb0.6M |
| Earnings per common share | Rmb0.73 | Rmb0.07 |
The Company does not have an operating subsidiary up to the date of this press release, and the Company is actively seeking new opportunities with respect to its business.
The Rmb2.2 million loss from operating activities represented the general and administrative expenses incurred for the year ended December 31, 2017. General and administrative expenses were comprised of expenditures for personnel and administrative functions, including accounting, information technology, human resources, legal and administration. The general and administrative expenses in 2016 were Rmb2.7 million.
Apart from the general and administrative expenses of Rmb2.2 million, components of net income of Rmb6.5 million for the year ended December 31, 2017 were interest income of Rmb5.4 million, dividend income of Rmb0.1million and gain on dissolution of subsidiaries of Rmb6.5 million, partial offset by net realized loss on investments of Rmb0.2 million, unrealized loss on trading securities of Rmb2.3 million and interest expense of Rmb0.8 million.
The Company presently anticipates that it will hold its forthcoming Annual General Meeting in Hong Kong as soon as practicable in 2018.
For more information, please contact:
Hong Kong
China Enterprises Limited
Tel: (852) 3151 0300
Fax: (852) 2542 0298
New York
Pristine Advisers
Tel: (631) 756-2486
Fax: (646) 478-9415
