China New Energy Ltd Trading Update and Coronavirus Information (5473C)
11 Fevereiro 2020 - 4:00AM
UK Regulatory
TIDMCNEL
RNS Number : 5473C
China New Energy Ltd
11 February 2020
11 February 2020
China New Energy Limited
(the "Company" or "CNE")
Trading Update and Coronavirus Information
The Board of CNE (AIM: CNEL), the AIM quoted engineering and
technology solutions provider to the bioenergy sector, provides a
trading update for the year ended 31 December 2019 and outlines its
response to the novel coronavirus (2019-nCoV) ("Coronavirus").
The Board of CNE is pleased to report that, further to its half
yearly report to 30 June 2019, the Company continued to trade well
in the second half of 2019. Subject to audit, revenue for the six
months to 31 December 2019 is expected to be ahead of that for the
six months to 30 June 2019. The audit is currently in process and
the annual results are expected to be announced in Q1 2020. The
audit timetable is to enable the Company to promptly resubmit its
application to The Stock Exchange of Hong Kong Limited "HKEx" with
the 2019 results, as detailed in the update issued on 8 January
2020.
The Company expects to record revenues to 31 December 2019 that
will be the highest since its admission to the AIM market and the
Company has entered 2020 with a strong order book and confidence in
its future.
As widely reported in the press, business activities in China
are being disrupted by the Coronavirus outbreak and, whilst the
Company does not currently believe this will cause a significant
financial impact in 2020, the Board of CNE would like to provide
shareholders with further information to understand the situation
as it relates to CNE.
Firstly, during the Chinese New Year holiday also known as the
Spring Festival, the Company usually closes its office and factory
for a period of two weeks which this year ran from 23 January 2020
to 6 February 2020. In order to contain the Coronavirus, the
authorities have requested that companies in our region should
remain closed until 15 February 2020 and the Company will comply
with this directive.
During this extended holiday period, the Company's Chinese
employees are working from home and the Company expects minimal
interruption to its office-related business activities and,
specifically, minimal impact to its ongoing audit and resubmission
application to the HKEx. The closure of the factory for an
additional five working days is expected to cause only minor
manufacturing delays which, with overtime, the Company expects to
correct quickly during production in Q1 2020.
The Company and its employees have been playing an active role
in supporting the local community with the eradication of the novel
coronavirus. On 30 January 2020, the Company donated and
distributed 5 tons of medical grade alcohol (75% abv ethanol
produced by CNE clients) to local hospitals to assist with
disinfection. This was distributed to 17 local hospitals including:
First Affiliated Hospital of Sun Yat-sen, the Second People's
Hospital of Guangdong Province and the Guangdong Maternal and Child
Health Hospital. Whilst the Company's clients mostly produce
ethanol for renewable-fuel and potable markets, this illustrates
the continuing demand for medical grade ethanol for sanitary
applications.
Mr Yu, Chairman, commented "I am proud of our team for both
supporting our local community and providing business continuity
during this challenging time. The macroeconomy for our industry
remains unchanged and, as we enter 2020 with a strong order book,
we remain confident that the business will have continued success
in 2020 and beyond. This will be detailed in our annual report
which we expect to release in Q1 2020."
The Company will only provide further updates on the Coronavirus
outbreak if it is expected to materially affect the performance of
its business.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
China New Energy Limited
Ivy Xu xuhj@zkty.com.cn Tel: +86 20 8705
Richard Bennett 9371
rbennett@zkty.com.cn Tel: +44 7966
388374
Cairn Financial Advisers LLP Tel: +44 20 7213 0880
(Nomad & Broker)
Jo Turner / Sandy Jamieson
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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contact rns@lseg.com or visit www.rns.com.
END
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February 11, 2020 02:00 ET (07:00 GMT)
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