China Technology Announces Change of Principal Shareholder
January 16 2007 - 8:00AM
PR Newswire (US)
HONG KONG, Jan. 16 /Xinhua-PRNewswire-FirstCall/ -- China
Technology Development Group Corporation (NASDAQ:CTDC)("CTDC" or
"the Company") today announced that on December 22, 2006, the
shareholders of the Company ("shareholders") convened the 2006
Annual Meeting of Shareholders at the Company's headquarters in
Hong Kong (the "Shareholders' Meeting"). The shareholders reviewed
and approved by way of shareholders' resolutions all six
resolutions set out in the shareholders' circular dispatched on or
about November 30, 2006, including transactions involving the
change of principal shareholder through the sale of outstanding
shares ("Sale Shares") by existing substantial shareholders, and
the issuance of new shares ("Subscription Shares") and warrants
("Warrants") for the purchase of new shares, by the Company to new
investors ("Share Subscription"). A full version of the notice of
the Shareholders' Meeting and the shareholders' circular were filed
in Form 6-K together with copies of the executed agreements in
connection with the Proposed Transactions, which is available at
http://www.nasdaq.com/asp/quotes_sec.asp?selected=CTDC&symbol=CTDC
. The sale of the outstanding Sale Shares and the Share
Subscription were completed by January 12, 2007 following the
conclusion of the Shareholders' Meeting and pursuant to the
resolutions passed therein. With the successful completion of the
sale of the outstanding Sale Shares and the Share Subscription,
China Merchants Group (the "China Merchants"), indirectly through
its subsidiary China Biotech Holdings Limited, is the ultimate
principal shareholder of the Company. Beijing Holdings Limited
("Beijing Holdings"), the former principal shareholder, is the
second largest shareholder. China Merchants and Beijing Holdings
have both pledged their support for the Company's strategic and
business developments in the future by providing their best
resources to the Company. About China Merchants (More details are
available at http://www.chinactdc.com/ ): Founded in 1872, China
Merchants has been the record holder of numerous "first" in the
Chinese modern history: (1) it is the first Chinese state-owned
commercial entity; (2) it is the first Chinese joint-stock
enterprise issuing share certificates; and (3) it is one of the
founders of the Commercial Bank of China, the first bank in China.
Currently, China Merchants is one of the most important Chinese
state-owned enterprises which holds market-leading positions in
Chinese transportation infrastructure, shipping and finance
sectors. Through years of strategic development, China Merchants
has also achieved remarkable business records as follows: (1) it is
the leading investor of ports and toll roads in China, including
4,461 kilometers of high grade toll roads, bridges, and tunnels as
well as several deep-water ports in Southern and South-Eastern
parts of China; (2) it is the owner of a commercial fleet of 3.26
million DWT (Deadweight Tonnage), including China's largest fleet
of VLCCs ("Very Large Crude Oil Carrier"); and (3) it holds market-
leading positions in real estate, logistics, manufacturing and
international trade in China. China Merchants has a total of 23
subsidiaries listed on stock exchanges in Hong Kong, Singapore,
London and China. Among those, China Merchants Bank (HKSE code:
3968) has been recognized as China's Best Commercial Bank by
Finance Asia in July, 2006 and China's Best Retail Bank by The
Asian Banker in June, 2006, with a total asset of over US$100
billion. China Merchants Holdings (International) Co., Ltd (HKSE
code: 0144), another significant subsidiary of China Merchants, is
a leading Port Operator in China with an annual turnover reaching
US$2 billion. China Merchants is also the principal shareholder of
China International Marine Containers (Group), the largest
container manufacturer in the world. China Merchants also operates
Shekou Industrial Zone with a total area of 10.8 square kilometers
and Zhangzhou Development Zone with a total area of 54 square
kilometers. China Merchants Logistics Group Co., Ltd currently
ranks the fourth in the area of logistics in China by World Brand
Lab. "We welcome China Merchants to join us," said Mr. Changshan
Zhao, the Chairman of the Company as well as the General Manager of
Beijing Holdings. "This is certainly a win-win combination to the
Company. With the combination of specific political and strategic
relationships of Beijing Holdings in the capital of China and of
China Merchants in the Chinese central government, I can expect
that our Company will have more development opportunities and grow
significantly in the future." "As a state-owned enterprise, China
Merchants is committed to take a more significant and active role
in relation to its social responsibilities when China is
experiencing increasingly severe food safety problems." Commented
on behalf of China Merchants by Mr. Liji Gu, Chairman of China
Merchants Technology Holdings Co., Ltd, "China Merchants would like
to contribute more to improve the entire Chinese food safety
environment by providing more solutions and end-products, with the
highest safety and health standards, to food industry and
ultimately to the Chinese consumers through our investment and
contribution into CTDC, which is strategically positioned to be a
leading player in the Chinese food industry in the near future.
CTDC intends to establish a demonstrative production centre to
centralize the research & development and quality control
system and expand the product offerings to service the customers.
Through mergers with and acquisitions of strategic target
companies, CTDC would be well-positioned to integrate the vertical
segments of Chinese food industry. We are confident that CTDC shall
be able to take full advantages of the vast resources and networks
of China Merchants to achieve both rapid short-term growth and
sustainable long-term development. " About CTDC: CTDC is engaged in
information network security and nutraceutical business in the
People's Republic of China. CTDC's ultimate principal shareholder
is China Merchants Group ( http://www.cmhk.com/ ), one of the most
important Chinese state-owned enterprises in China. For more
information, please visit our website at http://www.chinactdc.com/
. Forward-Looking Statement Disclosure: This press release of the
Company, which is a foreign private issuer, on Form 6-K contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, and Section 21E of the Securities Act of
1934. These statements relate to future events or the Company's
future financial performance. The Company has attempted to identify
forward-looking statements by terminology including "anticipates",
"believes", "expects", "can", "continue", "could", "estimates",
"expects", "intends", "may", "plans", "potential", "predict",
"should", or "will" or the negative of these terms or other
comparable terminology. These statements are only predictions,
uncertainties and other factors may cause the Company's actual
results, level of activity, performance or achievements to be
materially different from any future results, level of activity,
performance or achievements expressed or implied by these
forward-looking statements. The information in this Report on Form
6-K is not intended to project future performance of the Company.
Although the Company believes that the expectations reflected in
the forward- looking statements are reasonable, the Company does
not guarantee future results, level of activity, performance or
achievements. The Company's expectations are as of the date this
Form 6-K is filed, and the Company does not intend to update any of
the forward-looking statements after the date this Report on Form
6-K is filed to conform these statements to actual results, unless
required by law. Contact: China Technology Development Group
Corporation Yibing Zhang Tel: +852-3112-8461 Email: DATASOURCE:
China Technology Development Group Corporation CONTACT: Yibing
Zhang of China Technology Development Group Corporation,
+852-3112-8461, or Web site: http://www.chinactdc.com/
http://www.cmhk.com/
http://www.nasdaq.com/asp/quotes_sec.asp?selected=CTDC&symbol=CTDC
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