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HongKongExchangesandClearingLimitedandTheStockExchangeofHongKongLimite


Stock Code 650Incorporated in Bermuda with limited liabilityIDG UIDG ENERGY INVESTMENT LIMITEDANNOUNCEMENT1UPDATEONTHEINVESTMENTINJIANGXIJOVOENERGYCOMPANYLIMITEDAND2PROFITWARNINGThisannouncementismade

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Document on Subject : "HongKongExchangesandClearingLimitedandTheStockExchangeofHongKongLimite"— Transcript:

1 HongKongExchangesandClearingLimitedandTh
HongKongExchangesandClearingLimitedandTheStockExchangeofHongKongLimitedtakenoresponsibilityforthecontentsofthisannouncement,makenorepresentationastoitsaccuracyorcompletenessandexpresslydisclaimanyliabilitywhatsoeverforanylosshowsoeverarisingfromorinrelianceuponthewholeoranypartofthecontentsofthisannouncement. (Stock Code: 650)(Incorporated in Bermuda with limited liability)IDG U"!IDG ENERGY INVESTMENT LIMITED ANNOUNCEMENT(1)UPDATEONTHEINVESTMENTINJIANGXIJOVOENERGYCOMPANYLIMITED;AND(2)PROFITWARNINGThisannouncementismadebyIDGEnergyInvestmentLimited(theCompany)pursuanttoRule13.09(2)(a)oftheRulesGoverningtheListingofSecuritiesonTheStockExchangeofHongKongLimited(theListingRules)andtheInsideInformationProvisions(asdefinedintheListingRules)underPartXIVAoftheSecuritiesandFuturesOrdinance(Chapter571oftheLawsofHongKong).UPDATEONTHEINVESTMENTINJIANGXIJOVOENERGYCOMPANYLIMITEDReferencesaremadetotheannouncementoftheCompanydated17July2017andthe2020annualreportoftheCompanyinrelationtotheCompanysinvestmentinJiangxiJovoEnergyCompanyLimited*()(JOVO).JOVOhassubsequentlycompletedtheinitialpublicofferingapplicationandreviewprocess(theIPO),andtradingofitssharesontheShanghaiStockExchangecommencedon25May2021(stockcode:605090).JOVOisacomprehensivecleanenergyserviceproviderfocusingonthemid-streamandterminalaspectofthegasindustry.Itoffersawiderangeofcleanenergyandrelatedproducts,suchasliquefiednaturalgas(LNG),liquefiedpetroleumgas(LPG)andmethanol,andcomprehensivesolutionsofinternationalenergyprovisionandintegratedapplication.TheCompanyholdsaminorityinterestinJOVOandrecognizesthisinvestmentasafinancialassetatfairvaluethroughprofitorlossintheCompanysfinancialstatements.JOVOhasraisedapproximatelyRMB2.68billionfromtheIPOandplanstoutilisetheproceedsforpurchasingtwostate-of-the-artmid-sizeLNGvesselsandsupplementingitsworkingcapitalinordertofurtherexpan

2 ditsproductioncapacityandimproveitsprofi
ditsproductioncapacityandimproveitsprofitability. TheCompanyfirmlybelievesthatJOVOsbusinessstrategyisinlinewiththetrendofalow-carboneconomy,andthecontinuinghighdemandfornaturalgassupplyinChinawillkeepJOVOgrowingatahighspeed.TheinvestmentinJOVOprovidesavaluableopportunityfortheCompanytoparticipateintherapidlygrowingnaturalgasmarketinChinawithagoodprospectofinvestmentreturnThecompletionoftheIPOshalldriveJOVOtoestablishamoreadvancedcorporategovernancestructure,andprovideaplatformtoaccessmorefinancialresourcesforitsfuturedevelopment.TheIPOalsoprovidesliquiditytotheCompanysinvestmentinJOVOwhichmayhelpbetterreflectthemarketvalueoftheCompanysinvestmentinJOVO.TheCompanywillevaluateitsinvestmentportfoliofromtimetotimeanddeterminetheappropriateinvestmentanddivestmentstrategywithaviewtorealisingoptimumfinancialreturn.PROFITWARNINGTheBoardwishestoinformtheshareholdersoftheCompany(theShareholders)andpotentialinvestorsthat,basedonapreliminaryreviewofthelatestunauditedconsolidatedmanagementaccounts(theManagementAccounts)oftheCompanyanditssubsidiariesforthefinancialyearended31March2021(FY2020)andtheassessmentoftheinformationcurrentlyavailabletotheBoard,theCompanyanditssubsidiariesareexpectedtorecordanetlossofapproximatelyHK$440millionforFY2020(auditednetlossforthefinancialyearended31March2020:HK$297million).Theestimatednetlosswasmainlyattributabletothelossoffairvaluechangefromtheinvestment(theStoneholdInvestment)inStoneholdEnergyCorporation(Stonehold),whichholdscertainupstreamunconventionalshaleoilandgasassetsintheEagleFordcoreregionintheUnitedStates,amountingtoapproximatelyHK$300million.ThelossoffairvaluechangefromtheStoneholdInvestmentmainlyresultedfromtheslowrecoveryanduncertaintiesinthedemandforcrudeoil,whichwasaffectedbyconcernsovertheprolongedCOVID-19pandemicinmanypartsoftheworld,holdingbackmarketrecovery.Inaddition,theglobalpromotionofc

3 arbonneutralizationisaccelerating,whichp
arbonneutralizationisaccelerating,whichpromotestheuseofnaturalgasandotheralternativerenewableenergyandconsequentlyreducesthelong-termdemandforfossilfuelslikecrudeoil.TheestimatednetlosswasalsoduetothedecreaseinrevenueofXilinGolLeagueHongboMiningDevelopmentCompanyLimited(HongboMining),oneoftheupstreamcrudeoilportfoliocompaniesoftheCompany,whichdeclinedbyabout41%forFY2020ascomparedtothepreviousfinancialyear.ThedecreaseinrevenuewasmainlyattributabletoHongboMiningsactivecontrolinitsoilproductionoutputhavingconsideredthelowoilpriceduringFY2020.TheBoardconsidersthattheoverallfinancialpositionoftheCompanyanditssubsidiariesremainssounddespitethedecreaseininvestmentincomeinFY2020.TheBoardwillcontinuetocloselyreviewthestrategiesandoperationsoftheCompanyanditssubsidiariesandmaketimelyadjustmentstothebusinessstrategy. TheCompanyisinthecourseofpreparingitsauditedannualresultsforFY2020.TheinformationcontainedinthisannouncementisonlyapreliminaryassessmentbymanagementoftheCompanybasedonthelatestinformationcurrentlyavailable.SuchinformationhasnotbeenauditedorreviewedbytheCompanysauditororitsauditcommitteeandwillbesubjecttochangeandfinalization.Therefore,theresultsoftheCompanyanditssubsidiariesforFY2020maybedifferentfromtheinformationsetoutinthisannouncement.TheCompanyplanstopublishitsfinalresultsforFY2020on25June2021.TheShareholdersandpotentialinvestorsareadvisedtoexercisecautionwhendealinginthesharesoftheCompany.ByOrderoftheBoardIDGEnergyInvestmentLimitedWANGJingboChairmanandChiefExecutiveOfficerHongKong,27May2021Asatthedatehereof,theBoardcomprisessevendirectors,ofwhomtwoareexecutivedirectors,namelyMr.WangJingbo(ChairmanandChiefExecutiveOfficer),andMr.LiuZhihai(President);twoarenon-executiveDirectors,namelyMr.LinDongliangandMr.ShongHugo;andthreeareindependentnon-executiveDirectors,namelyMs.GeAiji,Mr.ShiCen,andMr.ChauShingYimDavid.Foridentificationpurposesonly