BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED (incorporated in
Bermuda with limited liability) (Stock Code: 1114) ISSUE OF
APPROXIMATELY US$183 MILLION ZERO COUPON GUARANTEED CONVERTIBLE
BONDS DUE 2011 BY GOLDCOSMOS INVESTMENTS LIMITED (TO BE RENAMED AS
BRILLIANCE CHINA FINANCE LIMITED) CONVERTIBLE INTO ORDINARY SHARES
OF BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED HONG KONG, May 9
/Xinhua-PRNewswire-FirstCall/ -- On 8 May 2006, the Company, the
Issuer and the Sole Bookrunner entered into the Purchase Agreement
whereby the Sole Bookrunner agreed to purchase, or procure
purchasers, for the Convertible Bonds in the principal amount of
approximately US$183 million. The Issuer has granted to the Sole
Bookrunner and the purchasers procured by the Sole Bookrunner the
Option to Upsize which can be exercised by the Sole Bookrunner, in
whole or in part at any time (but not more than once), up to and
including the 30th day after the date of the Purchase Agreement, to
require the Issuer to issue up to a further US$30 million in
principal amount of Convertible Bonds. In the case of the exercise
of the Option to Upsize in full, the aggregate principal amount of
Convertible Bonds would be approximately US$213 million. Assuming
full conversion of the Convertible Bonds at the Conversion Price,
the Convertible Bonds will be convertible into approximately 854.2
million Conversion Shares (subject to adjustment), representing
approximately 23.3% of the issued share capital of the Company as
at the date of this announcement and approximately 18.9% of the
enlarged issued share capital of the Company. The Conversion Shares
will rank pari passu in all respects with the Shares of the Company
then in issue on the relevant conversion date. The Bondholders will
have the right to convert their Convertible Bonds into Conversion
Shares at any time from 6 July 2006 (30 days after the Closing
Date) up to the close of business on 8 May 2011 or, if the
Convertible Bonds shall have been called for redemption before 8
May 2011, up to a date no later than 7 business days prior to the
date fixed for redemption thereof. The initial Conversion Price is
HK$1.93 per Conversion Share, being a premium of approximately
35.9% over the closing price of the Shares quoted on the Stock
Exchange on 4 May 2006, being the Trading Day preceding the date on
which the Purchase Agreement was signed. The Convertible Bonds are
guaranteed (if not converted) by the Company. Unless previously
purchased and cancelled, redeemed or converted, the Convertible
Bonds will be redeemed at 141.060% of their principal amount on the
Maturity Date. The net proceeds from the issue of the Convertible
Bonds will be applied by the Company as to approximately 50% to the
refinancing of the indebtedness and as to approximately 50% to
general corporate and working capital purposes of the Group. An
application will be made to the Stock Exchange for the listing of,
and permission to deal in, the Conversion Shares. An application
will be made for the listing of the Convertible Bonds on the
Singapore Stock Exchange. At the request of the Company, trading in
the Shares was suspended with effect from 9:37 am on 8 May 2006
pending publication of this announcement. An application has been
made to the Stock Exchange for the resumption of trading in the
Shares with effect from 9:30 am on 10 May 2006. PURCHASE AGREEMENT
Date: 8 May 2006. Sole Bookrunner: Citigroup Global Markets
Limited, which is independent of and not connected with any of the
substantial shareholders, chief executive and the directors of the
Company, its subsidiaries and associates of any of them. Purchase:
The Sole Bookrunner has agreed to purchase, or to procure
purchasers (not less than 6) who are independent of and not
connected with any of the substantial shareholders, chief executive
and the directors of the Company, its subsidiaries and associates
of any of them, for the Convertible Bonds in an aggregate principal
amount of approximately US$183 million (and any Convertible Bonds
to be issued pursuant to the Option to Upsize). Conditions
precedent: Completion of the purchase of the Convertible Bonds is
conditional upon, amongst other things: (1) the Stock Exchange
granting approval to the listing of, and permission to deal in, the
Conversion Shares to be issued on conversion in full of the
Convertible Bonds (either unconditionally or subject to conditions
to which the Company does not reasonably object); (2) the approval
of the Shareholders to the issue of the Conversion Shares on
conversion of the Optional Bonds; (3) the issuance of English, Hong
Kong and the British Virgin Islands legal opinions on, among other
things, the enforceability of the Purchase Agreement and related
documents; (4) the issuance of auditors' comfort letters; and (5)
there being no material adverse change in the financial condition,
operations, business or properties of the Group at the Closing
Date. In the event that the conditions are not fulfilled by the
Closing Date, the parties to the Purchase Agreement shall be
released and discharged from their respective obligations
thereunder. Termination: The Sole Bookrunner is entitled to, prior
to delivery of and payment for the Convertible Bonds (being 7 June
2006), terminate the arrangement under the Purchase Agreement at
any time prior to the completion of the Offering upon the
occurrence of certain events which include, inter alia, any change,
or any development involving a prospective change, in the United
States, Hong Kong, the People's Republic of China or international
financial, political or economic conditions or currency exchange
rates or foreign exchange controls which would be likely to
prejudice materially the success of the Offering and distribution
of the Convertible Bonds or dealings in the Convertible Bonds in
the secondary market. Completion: Subject to the above conditions,
completion of the Convertible Bonds is expected to take place on
the Closing Date. Completion of the Convertible Bonds (other than
the Optional Bonds) is not conditional on the completion of the
Optional Bonds. PRINCIPAL TERMS OF THE CONVERTIBLE BONDS The
principal terms of the Convertible Bonds are summarized as follows:
Issuer: Goldcosmos Investments Limited, a wholly-owned subsidiary
of the Company. Guarantor: Brilliance China Automotive Holdings
Limited. Principal amount: approximately US$183 million. Option to
Upsize: US$30 million. If the Option to Upsize is exercised in
full, the aggregate amount of the Convertible Bonds will be
approximately US$213 million. Interest: The Convertible Bonds are
zero coupon bonds. Conversion period: Bondholder(s) may exercise
Conversion Rights at any time from 6 July 2006 (30 days after the
Closing Date) up to the close of business on 8 May 2011 or, if the
Convertible Bonds shall have been called for redemption before 8
May 2011, up to a date no later than 7 business days prior to the
date fixed for redemption thereof. Cash Settlement Option:
Notwithstanding the Conversion Right of each Bondholder in respect
of each Convertible Bond, at any time when the delivery of
Conversion Shares is required to satisfy the Conversion Right,
instead of issuing the Conversion Shares, the Issuer shall have the
option to pay to the relevant Bondholder an amount of cash equal to
the Cash Settlement Amount. Conversion Price: HK$1.93 per
Conversion Share, representing a premium of approximately 35.9%
over the closing price of HK$1.42 per Share as quoted on the Stock
Exchange on 4 May 2006, being the Trading Day preceding the date of
the Purchase Agreement, and a premium of approximately 38.5% over
the average of the closing price of the Shares as quoted on the
Stock Exchange for the ten Trading Days ended 4 May 2006 of
HK$1.394. The Conversion Price will be subject to adjustment for,
amongst other things, consolidations or subdivisions of Shares,
rights issues at a discount, cash dividends, share dividends and
other events which may have a diluting effect on Bondholders.
Conversion Shares: If all the Convertible Bonds (other than the
Optional Bonds) are converted at the initial Conversion Price of
HK$1.93 each, there will be 733,674,599 Conversion Shares. As up to
733,678,180 Shares may be issued under the General Mandate, such
733,674,599 Conversion Shares to be issued upon full conversion of
the Convertible Bonds (other than the Optional Bonds) will be
issued and allotted pursuant to the General Mandate. The Conversion
Shares to be issued under the Optional Bonds will be issued and
allotted pursuant to the Shareholders' approval to be obtained at
the special general meeting to be held prior to the Closing Date.
Ranking of Conversion Shares: Conversion Shares will rank pari
passu in all respects with the Shares then in issue on the relevant
conversion date. Redemption at option of the Issuer: On or at any
time after 7 June 2008 and prior to 7 June 2009, the Issuer may
redeem the Convertible Bonds in whole but not in part at the Early
Redemption Amount together with accrued and unpaid interest if the
closing price of the Shares as quoted on the Stock Exchange for
each of the 30 consecutive Trading Days, the last of which occurs
not more than 5 Trading Days prior to the date upon which notice of
such redemption is given is greater than 145% of the applicable
Early Redemption Amount divided by the ratio which is the amount of
Convertible Bonds in whole divided by the then conversion price. On
or at any time after 7 June 2009 and prior to 8 May 2011, the
Issuer may redeem the Convertible Bonds in whole but not in part at
the Early Redemption Amount together with accrued and unpaid
interest if the closing price of the Shares as quoted on the Stock
Exchange for each of the 30 consecutive Trading Days the last of
which occurs not more than 5 Trading Days prior to the date upon
which notice of such redemption is given is greater than 130% of
the applicable Early Redemption Amount divided by the ratio which
is the amount of Convertible Bonds in whole divided by the then
conversion price. Redemption at option of the Bondholders: On the
third anniversary of the Closing Date, each Bondholder will have
the right, at such Bondholder's option, to require the Issuer to
redeem in whole but not in part of the Convertible Bonds at
122.926% of their principal amount. Reset Feature: The Conversion
Price shall be adjusted on the First Reset Date to the Average
Market Price if the Average Market Price per Share is less than the
Conversion Price, provided that the adjusted Conversion Price shall
not be less than 68% of the Conversion Price prevailing on the
First Reset Date. The Conversion Price shall be adjusted on the
Second Reset Date to the Average Market Price if the Average Market
Price per Share is less than the Conversion Price, provided that
the adjusted Conversion Price shall not be less than 75% of the
Conversion Price prevailing on the Second Reset Date. Based on the
initial Conversion Price of HK$1.93 and the maximum reset rate, the
lowest possible Conversion Price will be reset to HK$0.9843 and the
maximum number of Conversion Shares to be issued by the Company
upon full conversion of the Convertible Bonds (other than the
Optional Bonds) at the lowest possible Conversion Price will be
approximately 1,438.6 million Conversion Shares, which will exceed
the 733,678,180 Shares permitted under the General Mandate. The
Company will either issue the excess Conversion Shares under new
general mandate to be granted by the Shareholders or exercise the
Cash Settlement Option and make cash settlement payment in respect
of such excess Conversion Shares. The maximum number of Conversion
Shares to be issued by the Company upon full conversion of the
Optional Bonds at the lowest possible Conversion Price (being
HK$0.9843) will be approximately 236.2 million Conversion Shares,
which will be issued and allotted pursuant to the Shareholders'
approval to be obtained at the special general meeting to be held
prior to the Closing Date. The resetting of the Conversion Price is
a term and condition of the Convertible Bonds which has been agreed
between the Company and Citigroup on an arm's length basis. An
announcement containing details of the resetting of the Conversion
Price including the discount to the initial Conversion Price will
be made in the event such resetting of the Conversion Price occurs.
Maturity: Unless previously purchased and cancelled, converted or
redeemed, each Convertible Bond shall be redeemed at 141.060% of
their principal amount on the Maturity Date. Voting rights:
Bondholders will not have any right to attend or vote in any
meeting of the Company by virtue of their being Bondholders.
Listing: An application will be made for a listing of the
Convertible Bonds on the Singapore Stock Exchange. An application
will be made to the Stock Exchange for the listing of, and
permission to deal in, the Conversion Shares. Transfer: The
Convertible Bonds may be transferred. Yield to maturity: 7.00%.
Form of the Convertible Bonds: Registered. Denomination: US$1,000.
Optional Bonds The Optional Bonds form part of the Convertible
Bonds and are issued pursuant to the exercise of the Option to
Upsize. In that regard, their terms are therefore identical to
those of the Convertible Bonds except for the following: Principal
amount: US$30 million. If the Option to Upsize is exercised in
full, the aggregate amount of the Convertible Bonds will be
approximately US$213 million. Conversion Shares: The Conversion
Shares to be issued under the Optional Bonds at the initial
Conversion Price of HK$1.93 each will be 120,486,528 Conversion
Shares. The issuance of such Conversion Shares will be subject to
Shareholders' approval to be obtained at the special general
meeting of the Company to be held prior to the Closing Date.
Shareholders' approval: The closing of the Optional Bonds is
subject to the Shareholders' approval approving the issue of the
Conversion Shares issuable upon conversion of the Optional Bonds in
accordance with terms and conditions of the Purchase Agreement. The
Convertible Bonds will not be sold to any connected persons (as
defined in the Listing Rules) of the Company. If the Company is
aware of any dealings in the Convertible Bonds by any connected
persons of the Company, the Company will promptly notify the Stock
Exchange and comply with the requirements under the Listing Rules.
EFFECT ON THE SHARE CAPITAL As at the date of the Purchase
Agreement, the 2008 Convertible Bonds in the principal amount of
US$200 million remain outstanding. Assuming full conversion of the
outstanding 2008 Convertible Bonds at the Conversion Price
currently applicable, the outstanding 2008 Convertible Bonds will
be convertible into approximately 337.0 million Shares. The
Conversion Price currently applicable is HK$4.60. The Directors do
not expect any of such outstanding 2008 Convertible Bonds to be
converted in the current market conditions. Assuming full
conversion of all the Convertible Bonds at the initial Conversion
Price, the Convertible Bonds will be convertible into approximately
854.2 million Conversion Shares (subject to adjustment),
representing approximately 23.3% of the issued share capital of the
Company as at the date of this announcement and approximately 18.9%
of the enlarged issued share capital of the Company. The Conversion
Shares will rank pari passu in all respects with the Shares of the
Company then in issue on the relevant conversion date. The
following table summarises the shareholding structure of the
Company as at the date of this announcement: Existing (as at 9 May
2006) % of issued share capital Name of Shareholder No. of Shares
of the Company Huachen Automotive 1,446,121,500 39.4% Group
Holdings Co., Ltd. Public Shareholders 2,222,269,400 60.6%
Bondholders - -% Holders of the 2008 - -% Convertible Bonds Total
3,668,390,900 100.0% Assuming that the 2008 Convertible Bonds are
fully repurchased and extinguished and the Convertible Bonds
(including the Optional Bonds) are fully converted into Shares
(subject to adjustment) at a Conversion Price of HK$1.93 each (Note
1) % of enlarged issued share capital Name of Shareholder No. of
Shares of the Company Huachen Automotive 1,446,121,500 32.0% Group
Holdings Co., Ltd. Public Shareholders 2,222,269,400 49.1%
Bondholders 854,161,127 18.9% Holders of the 2008 - -% Convertible
Bonds Total 4,522,552,027 100.0% Assuming that the 2008 Convertible
Bonds are fully converted into Shares at a conversion price of
HK$4.60 each and the Convertible Bonds are fully converted into
Shares (subject to adjustment) at a Conversion Price of HK$1.93
each (Note 2) % of enlarged issued share capital Name of
Shareholder No. of Shares of the Company Huachen Automotive
1,446,121,500 29.8% Group Holdings Co., Ltd. Public Shareholders
2,222,269,400 45.7% Bondholders 854,161,127 17.6% Holders of the
2008 336,956,521 6.9% Convertible Bonds Total 4,859,508,548 100.0%
Assuming that the 2008 Convertible Bonds are fully converted into
Shares at a conversion price of HK$4.60 each and the Convertible
Bonds are fully converted into Shares (subject to adjustment) at a
Conversion Price of HK$0.9843 each (Note 3) % of enlarged issued
share capital Name of Shareholder No. of Shares of the Company
Huachen Automotive 1,446,121,500 25.5% Group Holdings Co., Ltd.
Public Shareholders 2,222,269,400 39.1% Bondholders 1,674,825,746
29.5% (Note 4) Holders of the 2008 336,956,521 5.9% Convertible
Bonds Total 5,680,173,167 100.0% Notes: 1. Assuming that the
Convertible Bonds are fully converted into Shares (subject to
adjustment) at the initial Conversion Price of HK$1.93 each and
that all the options granted by Huachen Automotive Group Holdings
Co., Ltd. to a director have been exercised in full, the Director
will be holding 92,911,266 Shares, representing approximately 2.1%
of the enlarged issued share capital of the Company. 2. Assuming
that the Convertible Bonds are fully converted into Shares (subject
to adjustment) at the initial Conversion Price of HK$1.93 each, the
2008 Convertible Bonds are fully converted into Shares (subject to
adjustment) at the conversion price of HK$4.60 each and that all
the options granted by Huachen Automotive Group Holdings Co., Ltd.
to a director have been exercised in full, the Director will be
holding 92,911,266 Shares, representing approximately 1.9% of the
enlarged issued share capital of the Company. 3. Assuming that the
Conversion Price is reset at HK$0.9843, that is, 75% of the reset
conversion price on the Second Reset Date, being HK$1.3124 and the
Convertible Bonds are fully converted into Shares (subject to
adjustment) at such conversion price of HK$0.9843, the 2008
Convertible Bonds are fully converted into Shares (subject to
adjustment) at the conversion price of HK$4.60 each and that all
the options granted by Huachen Automotive Group Holdings Co., Ltd.
to a director have been exercised in full, the Director will be
holding 92,911,266 Shares, representing approximately 1.9% of the
enlarged issued share capital of the Company. 4. Upon full
conversion of the Bonds at the lowest possible Conversion Price of
HK$0.9843, the Company will issue approximately 1,674.8 million
Conversion Shares which will represent approximately 31.3% of the
enlarged issued share capital of the Company. USE OF PROCEEDS The
net proceeds from the issue of the Convertible Bonds, after
deducting expenses, and underwriting commission to be charged by
the Sole Bookrunner, are estimated to be approximately US$177.5
million (equivalent to approximately HK$1,375.9 million) before
taking into account the exercise of the Option to Upsize. The
Company presently intends to use such proceeds as to approximately
50% to the refinancing of the indebtedness and as to approximately
50% to general corporate and working capital purposes of the Group.
The conversion of the Convertible Bonds into Conversion Shares will
enlarge the shareholder capital base of the Company and the
Directors consider that it will facilitate the development and
expansion of the Company. Taking into account that the Convertible
Bonds are zero coupon bonds and that the conversion price
represents a substantial premium to the prevailing Share price, the
Directors are of the view that the terms of the Convertible Bonds
are fair and reasonable and are in the interest of the Group as a
whole. GENERAL The Group is principally engaged in the
manufacturing and sales of minibuses, sedans and automotive
components in the PRC. The Company has not undertaken any fund
raising exercises in the past 12 months. The Conversion Shares
(other than those issued under the Optional Bonds) will be issued
pursuant to the General Mandate. The Conversion Shares to be issued
under the Optional Bonds will be issued and allotted pursuant to
the Shareholders' approval to be obtained at the special general
meeting of the Company to be held prior to the Closing Date. A
circular will be dispatched to the Shareholders as soon as
practicable. In connection with the Offering, the Sole Bookrunner
may, to the extent permitted by applicable laws and regulations,
over-allot or effect transactions with a view to supporting the
market price of the Convertible Bonds at levels higher than that
which might otherwise prevail for a limited period. However, there
may be no obligation on the Sole Bookrunner to do this. Such
stabilization, if commenced, may be discontinued at any time, and
must be brought to an end after a limited period. This announcement
is not an offer to sell or the solicitation of an offer to buy any
securities and neither this announcement nor anything herein forms
the basis for any contract or commitment whatsoever. Neither this
announcement nor any copy thereof may be taken into or distributed
in the United States or to any US persons. Securities may not be
offered or sold in the United States absent registration or an
exemption from registration, and the securities described herein
will be sold in accordance with all applicable laws and
regulations. At the request of the Company, trading in the Shares
was suspended with effect from 9:37 am on 8 May 2006 pending
publication of this announcement. An application has been made to
the Stock Exchange for the resumption of trading in the Shares with
effect from 9:30 am on 10 May 2006. DEFINITIONS In this
announcement, unless the context otherwise requires, the following
terms shall have the following meaning: "2008 Convertible Bonds"
convertible bonds in an aggregate principal amount of US$200
million issued by Brilliance China Automotive Finance Limited on 28
November 2003 and maturing on 28 November 2008 "associate(s)" has
the same meaning as defined in the Listing Rules "Average Market
Price" the average of the closing prices of the Shares on the Stock
Exchange for 20 consecutive Trading Days "Bondholder(s)" holder(s)
of the Convertible Bonds from time to time "Cash Settlement Amount"
the product of (a) the number of Shares otherwise deliverable upon
exercise of the Conversion Right in respect of the Convertible
Bonds, and in respect of which the Issuer has elected the Cash
Settlement Option; and (b) the average closing price of the Shares
for each day during the ten consecutive Trading Days immediately
following and excluding the day of exercise of the Cash Settlement
Option "Cash Settlement Option" the option exercisable by the
Issuer as described in the paragraph headed "Cash Settlement
Option" under the section headed "Principal Terms of the
Convertible Bonds" in this announcement "Change of Control" the
acquisition of the rights to appoint the majority of the Directors
or acquisition of substantially all of the Shares or where a merger
of the Company results in the same "Closing Date" 7 June 2006 or
such other date as the Sole Bookrunner and the Issuer may agree
"Company" Brilliance China Automotive Holdings Limited, an exempted
company incorporated in Bermuda with limited liability, the shares
and American depositary shares of which are listed on the main
board of the Stock Exchange and the New York Stock Exchange, Inc
respectively "Convertible Bond(s)" convertible bond(s) in an
aggregate principal amount of approximately US$183 million to be
issued by the Issuer on the terms of the Trust Deed and the
Optional Bonds in an aggregate principal amount of up to US$30
million in respect of which the Option to Upsize may be exercised
by the Sole Bookrunner "Conversion Price" HK$1.93 per Share
(subject to adjustment) "Conversion Right" the right of a
Bondholder to convert any Convertible Bonds into Shares "Conversion
Shares" Shares to be allotted and issued by the Company upon
conversion of the Convertible Bonds "Directors" the directors of
the Company "Early Redemption Amount" 100% of the principal amount
of the Convertible Bonds plus an amount which will provide the
Bondholders with a gross yield at 7.00% per annum to the redemption
date, calculated on a semi-annual basis "First Reset Date" 10 March
2007 "General Mandate" the general mandate granted by the
Shareholders to the Directors with respect to the issuance of
733,678,180 Shares in the annual general meeting of the Company
held on 24 June 2005 "Group" the Company and its subsidiaries "HK$"
Hong Kong dollars, the lawful currency of Hong Kong "Hong Kong" the
Hong Kong Special Administrative Region of the PRC "Issuer"
Goldcosmos Investments Limited (to be renamed as Brilliance China
Finance Limited), a wholly- owned subsidiary of the Company and
incorporated in the British Virgin Islands "Listing Rules" the
Rules Governing the Listing of Securities on the Stock Exchange
"Maturity Date" the fifth anniversary of the Closing Date
"Offering" the offering of the Convertible Bonds to purchasers for
the Convertible Bonds who are independent of and not connected with
any of the substantial shareholders, chief executive and the
directors of the Company, its subsidiaries, and associates of any
of them "Option to Upsize" an option granted by the Issuer to the
Sole Bookrunner and the purchasers procured by the Sole Bookrunner
to be exercised by the Sole Bookrunner in whole or in part (but not
more than once) to purchase all or any of the Optional Bonds at any
time up to and including the 30th day after the date of the
Purchase Agreement "Optional Bonds" the additional convertible
bonds to be issued upon exercise, in whole or in part, of the
Option to Upsize by the Sole Bookrunner "PRC" the People's Republic
of China and for the purpose of this announcement shall exclude
Hong Kong, Macau Special Administrative Region and Taiwan "Purchase
Agreement" the purchase agreement dated 8 May 2006 entered into
between the Company, the Issuer and the Sole Bookrunner in relation
to the Offering "Second Reset Date" 10 March 2008 "Share(s)"
ordinary share(s) of US$0.01 each in the capital of the Company
"Shareholder(s)" holder(s) of the Share(s) "Singapore Stock
Exchange" Singapore Exchange Securities Trading Limited "Sole
Bookrunner" Citigroup Global Markets Limited "Stock Exchange" The
Stock Exchange of Hong Kong Limited "Trading Day" a day on which
the Stock Exchange is open for trading "Trust Deed" the deed
constituting the Convertible Bonds "United States" or "US" United
States of America "US$" United States dollars, the lawful currency
of United States and for the purpose of this announcement, United
States dollars are translated into Hong Kong dollars at the fixed
rate of US$1 = HK$7.7513 "US person(s)" any person or entity deemed
to be a US person for purposes of Regulation S under the Securities
Act of 1933, as amended "%" per cent. By Order of the Board
Brilliance China Automotive Holdings Limited Wu Xiao An(also known
as Ng Siu On) Chairman Hong Kong, 9 May 2006 As at the date of this
announcement, the executive Directors 2.14 are Messrs. Wu Xiao An
(also known as Ng Siu On) (Chairman), Qi Yumin (Chief Executive
Officer), He Guohua, Wang Shiping, Lei Xiaoyang, the non-executive
Director is Wu Yong Cun and the independent non-executive Directors
are Messrs. Xu Bingjin, Song Jian and Jiang Bo. The Stock Exchange
of Hong Kong Limited takes no responsibility for the contents of
this announcement, makes no representation as to its accuracy or
completeness and expressly disclaims any liability whatsoever for
any loss howsoever arising from or in reliance upon the whole or
any part of the contents of this announcement. This announcement is
not an offer to sell or the solicitation of an offer to buy any
securities and neither this announcement nor anything herein forms
the basis for any contract or commitment whatsoever. Neither this
announcement nor any copy thereof may be taken into or distributed
in the United States or to any US persons. Securities may not be
offered or sold in the United States absent registration or an
exemption from registration, and the securities described herein
will be sold in accordance with all applicable laws and
regulations. CONTACT: Elsie Chan Brilliance China Automotive
Holdings Limited T: +852 2523 7227 Carol Lau Weber Shandwick in
Hong Kong T: +852 2533 9981 DATASOURCE: Brilliance China Automotive
Holdings Limited CONTACT: Elsie Chan of Brilliance China Automotive
Holdings Limited, +852-2523-7227; or Carol Lau of Weber Shandwick
in Hong Kong, +852-2533-9981
Copyright