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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of February, 2003
Commission File Number 333-08958
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Yantai_Daihua Holdings Company Limited
(Translation of registrant's name into English)
East of Muping, Yantai, Shangdong, People's Republic of China
(Address of principal executive offices)
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Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________.
FOR IMMEDIATE RELEASE
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February 18, 2003 Playas De Rosarito, B.C., Mexico. Equity Finance Holding
Corporation (Equity), a Belize corporation whose shares are quoted and traded
from time to time on the Over-the-Counter Bulletin Board (trading symbol:
EFHLF), announced the closing on February 18, 2003 of an Agreement and Plan of
Share Exchange dated January 10, 2003 pursuant to which it acquired Australia
China Investments Limited (Australia China), a British Virgin Islands
corporation engaged, by and through subsidiaries, in the production and sale
principally of printing and writing papers in China. At closing, Equity issued
an aggregate of 6,000,000 Equity shares and certain Equity stockholders
transferred 3,000,000 of their 4,634,100 Equity shares to Tang Yuxiang and Qu
Shuzhi, the Australia China stockholders, in exchange for all of the issued and
outstanding Australia China shares.
In connection with the exchange, Equity changed its name to Yantai Dahua
Holdings Company Limited (Yantai), all directors and executive officers of
Equity resigned, Mr. Tang Yuxiang and Mr. Qu Shuzhi were appointed directors of
Yantai along with Mr. Yu Shou Ping, Mr. Yu Zhou and Mr. Xiong Shi Gui, Mr. Tang
Yuxiang was appointed Chief Executive Officer and Mr. Leung Wai Chiu Albert was
appointed Chief Financial Officer.
Australia China, a limited company, holds 85% of the shares of a sino-foreign
joint venture, Yantai Dahua Paper Industry Company Limited (Yantai Paper).
Yantai Longda Paper Industry Company Limited (Yantai Longda), the People's
Republic of China (PRC) partner that holds 15% of Yantai Paper, was originally a
state-owned enterprise that now is a private company jointly owned by management
and employees.
Yantai is in the business of the production and sale of paper products in the
PRC. Its current production capacity is about 20,000 tons of paper per year and
it has about 1200 employees. The major types of paper products manufactured are:
printing paper, writing paper, computer paper and small quantities of other
papers, including news print. Yantai has sales offices at the head office in
Muping and 5 representative offices located at Beijing, Shijiazhuang (capital
city of Hebei Province), Guangzhou (capital city of Guangdong province),
Shanghai and Hangzhou.
Mr. Tang Yuxiang, the new Chairman of the Board and Chief Executive Officer of
Yantai noted, "Today marks a new milestone in the development of our company. We
have come a long way since our plant commenced operations. We now have the
ability to produce 20,000 tons of high grade paper per annum to satisfy the
demands from publishing companies and printing houses in different parts of
China. The paper market in China is highly competitive and yet it is full of
opportunities. Being a public company should enable us to further expand on the
strong foundation that we have established." Mr. Tang Yuxiang added, "The
continuing economic development in China and China's becoming a member of the
WTO should stimulate an enormous increase in paper consumption in China. The per
capita consumption of paper in China now is 28kg, which is low when compared to
the average in the world of 53kg. With our experience and expertise in the paper
industry, I am cautiously optimistic that Yantai will capitalize on the fast
expanding paper market in China."
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AUSTRALIA CHINA'S KEY MANAGEMENT TEAM consists of the following persons:
Mr. TANG Yuxiang, age 54, is Chairman & Chief Executive Officer of Australia
China. He has been working in the paper industry since 1984, when he was
appointed as Party Secretary and then Plant Manager of Yantai Longda. Since the
inception of Yantai Paper in 1994, he has been General Manager and Chairman of
the Board of the joint venture. His previous experience includes 14 years
experience in an agricultural machinery plant in Yantai Longda, where he was
promoted to Deputy Plant Manager, a position he held from 1979 to 1982. He is a
graduate of Shandong Agricultural Machinery Institute and is a Chinese
government endorsed Senior Economist.
Mr. YU Shou Ping, age 55, is Director & Chief Operating Officer. He has been
Deputy General Manager and Director of Yantai Paper since 1994. He is
responsible for its manufacturing operations. He has been working in the paper
industry since August 1984. He is a graduate of Shandong Muping Electricity
University.
Mr. QIAO Xuezhou, age 39, is Deputy General Manager, Sales & Purchasing of
Yantai Paper. He manages its sales and purchasing operations, including the six
offices in the PRC. He joined Yantai Longda in 1980 and was promoted to Deputy
Plant Manger in 1989. He was appointed to his present position in 1994. He is a
graduate of Yantai University.
Ms. JIANG Min, age 41, is Chief Engineer of Yantai Paper. She is responsible for
its engineering, technical and quality operations. She joined Yantai Longda in
1982 and was appointed to her present position in 1994. She is a graduate of
Shandong Technical College of Light Industry, majoring in pulp and paper
manufacturing.
Mr. QU Shuzhi, age 42, is Deputy General Manager & Chief Accountant of Yantai
Paper. He is responsible for its accounting and general administration. He
joined Yantai Longda in 1979 as an accountant, and was promoted to Chief
Accountant in 1988. He was appointed Deputy General Manager & Chief Accountant
in 2001.
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Mr. QU Dongqing, age 38, has been Assistant to the Chairman since June 2000. He
is responsible for Human Resources and General Administration. He joined Yantai
Longda in 1980 as an officer of the trade union within Yantai Longda. From 1986
to 1996, he served as Manager, General Administration of Yantai Longda. From
1996 to 2000, he served as Plant Manager of an iron lid manufacturer subsidiary
of Yantai Longda.
YANTAI'S NEW KEY MANAGEMENT TEAM consists of the following persons:
Mr. TANG Yuxiang, Chief Executive Officer and a Director. Please see his
biographical sketch above.
Mr. QU Shuzhi, Director. Please see his biographical sketch above.
Mr. YU Shou Ping, Director. Please see his biographical sketch above.
Mr. YU Zhou, Independent Director, aged 46. He is working for a IT company since
1996.
Mr. XIONG Shi Gui, Independent Director, aged 69. He was a law graduate in PRC
in 1958. Since graduation, Mr. Xiong has been working for the Government in
respect of education work. He is now working for Sincere College Shanghai as an
Associate Dean.
Mr. LEUNG Wai Chiu Albert, Chief Financial Officer, age 45. Before this
appointment, he held senior accounting and finance positions in headquarters and
in operational units of leading multi-national companies in Europe and in Asia
Pacific. He is a graduate of the Hong Kong Polytechnic and l'Ecole des Hautes
Etudes Commerciales in France. He is a member of the Association of Chartered
Certified Accountants of Great Britain and a member of the Hong Kong Society of
Accountants.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements about plans and
objectives for future operations that involve a number of risk and uncertainties
relating to, among other things, the paper industry in China and general
economic conditions in China and the world. There can be no assurance that such
forward-looking statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such statements.
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CONTACT PERSONS
(1) YANTAI DAHUA PAPER INDUSTRY COMPANY LIMITED
MS. NICKY ZHANG
TELEPHONE : (86) 535-4651135 EXT. 8080
EMAIL : YTDHPAPER@ETANG.COM
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(2) STANFORD CAPITAL INTERNATIONAL LTD.
MR. KM WONG
TELEPHONE : (852) 9094-5465
EMAIL : KM@STOCK-UPDATE.COM
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
YANTAI DAHUA HOLDINGS COMPANY LIMITED
By:___________________________
Tang Yuxiang, Chairman and Chief Executive Officer
Date: February 18, 2003