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China Ceramics Announces First Half 2020 Financial Results

JINJIANG, China, Sept. 29, 2020 /PRNewswire/ — China Ceramics Co., Ltd. (NASDAQ Capital Market: CCCL) (“China Ceramics” or the “Company”), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced its financial results for the six months ended June 30, 2020.

First Half 2020 Summary

  • Revenue was RMB 39.8 million (US$ 5.6 million) as compared to RMB 177.4 million (US$ 26.2 million) for the same period of 2019.
  • Gross profit was RMB 0.9 million (US$ 0.1 million) as compared to a gross profit of RMB 15.3 million (US$ 2.3 million) for the same period of 2019.
  • Operating results were affected by bad debt expense of RMB 101.8 million (US$ 14.4 million) for the six months ended June 30, 2020, as compared to bad debt expense of RMB 193.9 million (US$ 28.6 million) for the same period of 2019.
  • Net loss was RMB 111.5 million (US$ 15.8 million) for the six months ended June 30, 2020, as compared to a net loss of RMB 193.2 million (US$ 28.5 million) for the same period of 2019.
  • Loss per share both on a basic and fully diluted basis were RMB 40.82(US$ 5.77) for the six months ended June 30, 2020, as compared to loss per share on a basic and fully diluted basis of RMB 96.69(US$ 14.25) for the six months ended June 30, 2019, with these figures retroactively presented for the 3:1 reverse stock split effective on September 3, 2020.

Ms. Meishuang Huang, Chief Executive Officer of China Ceramics, commented, “For the first half of 2020, the impact of the COVID-19 pandemic outbreak had

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China Ceramics Announces First Half 2020 Financial Results | News

JINJIANG, China, Sept. 29, 2020 /PRNewswire/ — China Ceramics Co., Ltd. (NASDAQ Capital Market: CCCL) (“China Ceramics” or the “Company”), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced its financial results for the six months ended June 30, 2020.

First Half 2020 Summary

  • Revenue was RMB 39.8 million (US$ 5.6 million) as compared to RMB 177.4 million (US$ 26.2 million) for the same period of 2019.
  • Gross profit was RMB 0.9 million (US$ 0.1 million) as compared to a gross profit of RMB 15.3 million (US$ 2.3 million) for the same period of 2019.
  • Operating results were affected by bad debt expense of RMB 101.8 million (US$ 14.4 million) for the six months ended June 30, 2020, as compared to bad debt expense of RMB 193.9 million (US$ 28.6 million) for the same period of 2019.
  • Net loss was RMB 111.5 million (US$ 15.8 million) for the six months ended June 30, 2020, as compared to a net loss of RMB 193.2 million (US$ 28.5 million) for the same period of 2019.
  • Loss per share both on a basic and fully diluted basis were RMB 40.82 (US$ 5.77) for the six months ended June 30, 2020, as compared to loss per share on a basic and fully diluted basis of RMB 96.69 (US$ 14.25) for the six months ended June 30, 2019, with these figures retroactively presented for the 3:1 reverse stock split effective on September 3, 2020.

Ms. Meishuang Huang, Chief Executive Officer of China Ceramics, commented, “For the first half of 2020, the impact of the COVID-19 pandemic outbreak had

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SMIC Joins the Big Bath of China Security Threats

The rules don’t appear as strict as those placed on Huawei Technologies Co. earlier this year, according to Bloomberg News. That move ended up forcing suppliers like Taiwan Semiconductor Manufacturing Co. to stop making chips to the Chinese company’s design.

Yet the timing should raise eyebrows. The U.S. Commerce Department is implementing the ban because products sold to the chipmaker pose an “unacceptable risk of diversion to a military end use,” according to a letter from the department’s Bureau of Industry and Security, the report said.

That sounds terrifying. In reality, anything sold to any company could end up having a military use: from an operating system developed by a software maker (armies use computers), to rubber and chemicals made by industrial giants (military trucks have tires).

Despite the increased rhetoric from the Trump administration, the U.S. doesn’t apply arbitrary rules to its definition of military end use. In fact, the bureau has a set of guidelines on the topic. In April, it broadened its definition while adding China to a small cohort of nations — Russia and Venezuela being the others — for which a specific set of Export Administration Regulations apply. It outlined the likely result:

This expansion will require increased diligence with respect to the evaluation of end users in China, particularly in view of China’s widespread civil-military integration.

A month later, the department added 24 groups to its entities list because of a risk that they would support “procurement of items for military end-use in China.” SMIC wasn’t among them. 

It’s possible that something happened over the past four months to make the Commerce Department suddenly worried about the threat from SMIC. Maybe that extra $7 billion it raised in a Shanghai listing two months ago raised red flags, or it could be that the chip

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