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Dear Shareholders,

On behalf of the board (the “Board”) of Directors of China Green (Holdings) Limited (“China Green” or the “Company”), I am pleased to present you with the annual results of the Company and its subsidiaries (collectively referred to as the “Group”) for the year ended 30 April 2017 (the “FY2016/17”).

Following more than one year of business reorganization and negotiations, the Group officially disposed of its beverage business to 可口可樂飲料(上海)有限公司 (Coca-Cola Beverages (Shanghai) Company Limited*) (“CCBSL”) in March last year. The net cash proceeds from disposal of beverage business restored the Group’s debt to a healthy level, and enabled the Group to shift its business focus to green agricultural plantation, multi-grain products processing, production and sale of prepared frozen and leisure food and become a green brand operator progressively.

Revenue from sale of fresh produce and processed products decreased by 45.2% to approximately RMB207,712,000 during the year. To achieve comprehensive and large scale commercial production during the year, the Group expanded the existing plantation bases in Baicheng from 50,000 mu at the end of last year to 120,000 mu at the end of this year, and entered into supply contracts and agreements with certain food manufacturers. During the year, the revenue from the branded food products and others declined by 49.6% to approximately RMB14,173,000. Currently, the Group is actively developing and launching various new products, focusing on building “Garden Life” (田園生活) brand and “China Green Imperial Delicacy” (中綠御膳良品) brand.

The improved living standard, rapid urbanization and increasing demand for healthy catering and quick-frozen food in China represent the potential to drive the growth of the Group’s branded food products and others. Currently, “China Green Imperial Delicacy” are sold at international supermarket chains and large domestic retail chains. The Group will gradually expand its sales coverage, which is believed to lead a new trend towards a green and healthy diet and offer delicious and nutritious dining experience to customers.

Over the past year, the Group has undergone reorganization amid challenges in its operations. Nevertheless, the Group believes in “crisis creating opportunity” and has been actively searching and exploring new business opportunities that offer high growth potential and are in line with the Group’s overall objectives.

On behalf of the Board, I would like to express my sincere gratitude to all staff members for their dedication and contributions to the Group during this critical period of change. In addition, I wish to thank all of our shareholders for their support and patience throughout this transitional recovery period.

Sun Shao Feng
Chairman of the Board

25 July 2017

 

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