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New Company Name “International Business Settlement” Replaces “Chaoyue Group” With Effect from 28 December 2016

Date:Wed Dec,2016

(Hong Kong, 28 December 2016) – International Business Settlement Holdings Limited (“IB Settlement” or the “Group”; HKEX stockcode: 147) is pleased to announce that the stock short names for trading in the Shares on the Hong Kong Stock Exchange changed from “Chaoyue Group” to “IB Settlement” in English and from “超越集团” to “国际商业结算” in Chinese, both with effect from 9:00 a.m. on 28 December 2016 (Wednesday).


The Group’s new full name is “国际商业结算控股有限公司” in Chinese and “International Business Settlement Holdings Limited” in English. The name change signifies the complete transformation of the Group’s business, with development focus shifting from the traditional area to the technological area, which agrees with its positioning of becoming a leader in the Fintech sector.


The name change is also a strategic move of IB Settlement. Currently, the Group is actively deploying a “Next-Generation  Settlement Network” (NGSN) worldwide, which has captured the attention and interests of investors. Furthermore, on December 22, the Group completed HK$1.6 Billion Share Placement to three subscribers (China Cinda (HK) Asset Management Co., Limited, Chongqing Strategic Industry Co., Limited and Chongqing Yufu (Hong Kong) Limited), whose keen participation is helpful to the Group in seizing development opportunities.


Based on its technologies like blockchain and distributed network, IBS provides a fast, highly-efficient  and low-cost financial expressway between different countries by cooperating with their central banks, aiming to realize point-to-point, multi-currency, “7X24” (i.e. 24 hours a day, 7 days aweek) and real-time fund settlement and clearing for cross-border  trading businesses and individuals around the world.


As two major economies in the world, China and Europe have been close trade partners. IB Settlement’s connection with the European Central Bank allows it to cover directly 1,007, indirectly 837 and asagent 5,037 banks and financial institutions.


As globalization and Chinese enterprises’ “going out” policy pick up pace, the demand for cross-border payment and clearing and settlement of financial institutions, large enterprises, small and medium-sized enterprises (SMEs) and individuals has also kept growing. IB Settlementis able to meet that demand and help realize such goals as facilitating real-time remittance worldwide, establishing cross-border payment channels and trade facilitation.