Harmony Asset Limited
TSX : HAR

Harmony Asset Limited

July 20, 2011 11:23 ET

Harmony Asset Limited: Profit Warning

HONG KONG, CHINA and TORONTO, ONTARIO--(Marketwire - July 20, 2011) - HARMONY ASSET LIMITED (Incorporated in the Cayman Islands with limited liability) (HKEX:428) (TSX:HAR) -

The Board of Harmony Asset Limited wishes to inform its shareholders and potential investors that the Group is expected to record a loss for the six months ended 30th June, 2011 as compared to a profit for the same period ended 30th June, 2010. This announcement of the expected loss is only based on the preliminary review on the management accounts of the Group, which has not been confirmed, reviewed nor audited by the Company's auditor.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in shares of the Company.

This announcement is made by Harmony Asset Limited (the "Company" together with its subsidiaries as the "Group") pursuant to the Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

The Company is an investment company that principally invests in listed and unlisted securities in Hong Kong and other main stock markets around the world. The Board of Directors (the "Board") of the Company wishes to inform the shareholders of the Company and potential investors that the Group had recorded a significant loss on fair value changes on financial assets through profit or loss in the first half of 2011. This is an unrealised loss derived from listed securities which is part of the Company's ordinary course of business operations. The estimated results of the Group indicate that the loss attributable to owners of the Company for the six months ended 30th June, 2011 as compared with the profit recorded for the corresponding period last year. The unaudited net profit attributable to owners of the Company for the six months ended 30th June, 2010 was HK$26,271,099.

This announcement is based only on the preliminary review on the management accounts of the Group, which have not been confirmed, reviewed nor audited by the Company's auditor. The unaudited consolidated results of the Group for the six months ended 30th June, 2011 with the comparative figures for the corresponding period in 2010 will be announced on 15th August, 2011.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in shares of the Company.

By Order of the Board

HARMONY ASSET LIMITED

LEE Fong Lit David, Chairman

Hong Kong, 20th July, 2011

As at the date of this announcement, the Board comprises three executive directors, namely, Mr. LEE Fong Lit David, Dr. CHOW Pok Yu Augustine and Mr. CHAN Shuen Chuen Joseph; one non-executive director, namely, Dr. LAM Andy Siu Wing, JP; and three independent non-executive directors, namely, Mr. TONG Kim Weng Kelly, Dr. WONG Yun Kuen and Mr. HO Man Kai Anthony.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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