NAV and CBEH Update (8698F)

TIDMVOC

RNS Number : 8698F

Vision Opportunity China Fund Ltd

04 May 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART INTO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN

4 May 2011

Vision Opportunity China Fund Limited

(the "Company" or "VOC")

Net Asset Value at 30 April 2011 and Update on Investment in CBEH

Vision Opportunity China Fund Limited (AIM: VOC.L) today reports that its unaudited Net Asset Value ("NAV") as at 30 April 2011 was US$65.04 million (21 April 2011: US$65.66 million).

As at 30 April 2011, VOC had 65,289,574 ordinary shares of no par value in issue (the "Ordinary Shares"), which resulted in an unaudited NAV per Ordinary Share of US$0.996 as at that date (21 April 2011: US$1.006).

Update Based on CBEH's SEC Filings

On 20 April 2011, NASDAQ halted trading in the shares of China Integrated Energy. Inc. (CBEH). On 27 April 2011, Mr. Larry Goldman, one of CBEH's independent board members and the chairman of its audit committee, resigned. Mr. Goldman's resignation letter explained that the resignations of the special advisers appointed by CBEH's audit committee to undertake an independent investigation of allegations against CBEH (Pillsbury, Winthrop, Shaw & Pittman LLP; King & Wood LLP and Deloitte Financial Advisory Services LLP) had led to his decision. In their letter of resignation dated 21 April 2011, the special advisers stated that the obstruction of their investigation by CBEH's management had resulted in no possibility that the investigation could be conducted with independence and integrity, and result in a fair and comprehensive report. On 2 May 2011, KPMG terminated its client-auditor relationship with CBEH and advised that CBEH's financial statements and audit reports covering the financial year ending 31 December 2010, should no longer be relied upon. KPMG's resignation was due to CBEH management's unwillingness to cooperate fully with the special advisors' investigation.

As previously reported, VOC had disposed of most of its CBEH holding in recent weeks. Its current holding in CBEH comprises 475,859 common shares. In view of the events referred to above, VOC has decided to write down the value on its remaining holding in CBEH to zero as of 30 April 2011. VOC will consider re-valuing its remaining holding in light of future developments.

For further information, please contact:

 
 Vision Opportunity China Fund   Tel: [phone] 
  Limited 
  David Benway / Adam Benowitz 
 Canaccord Genuity Limited       Tel: [phone] 
  Guy Blakeney / Sue Inglis 
 Financial Dynamics              Tel: [phone] 
  Ed Gascoigne-Pees / Ed Berry 
 

NOTE TO EDITORS

Vision Opportunity China Fund Limited is a closed-ended fund traded on AIM. VOC primarily invests directly in listed companies with operations principally within Greater China.

Greater China is a collective term for the territories administered by the People's Republic of China, those administered by the Republic of China and Singapore.

This information is provided by RNS

The company news service from the London Stock Exchange

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