China HGS Announces Corporate Name Change to Green Giant Inc. to Reflect its Focus on a New Energy Business

Rhea-AI Summary

China HGS Real Estate Inc. has officially changed its name to Green Giant Inc., effective March 23, 2022. This rebranding aims to reflect the company's strategic shift towards a new energy business. The Board of Directors approved the name change on January 27, 2022, with shareholder consent on February 2, 2022. Additionally, the company's common stock will transition from the ticker symbol HGSH to GGE while continuing to trade on the Nasdaq Capital Market. The move is part of broader plans to enhance business development and adapt to evolving market conditions.

Positive

• Corporate name change to Green Giant Inc. aligns with a new energy focus.
• Transition to new ticker symbol GGE allows for clearer brand identity.

Negative

• None.

HANZHONG, China, March 23, 2022 (GLOBE NEWSWIRE) -- China HGS Real Estate Inc. (NASDAQ: HGSH) ("China HGS" or the "Company"), a leading regional real estate developer headquartered in Hanzhong City, Shaanxi Province, China, today announced that it has changed its corporate name to Green Giant Inc. The corporate name change reflects its plan to pursue and focus on a new energy business.

"Our corporate name change to Green Giant Inc. more accurately reflects the Company's new business strategy and our future development plans," commented Neng Chen, Chief Executive Officer of Green Giant Inc. "We have broadened our corporate strategy with our planned business development and our new name represents a rebranding due to our evolving business identity and culture."

The corporate name change was approved by the Company's Board of Directors on January 27, 2022 and by shareholders holding a majority of the Company's issued and outstanding capital stock on February 2, 2022. On March 10, 2022, the Company filed a Certificate of Amendment (the "Certificate") with the Secretary of State for the State of Florida to amend and restate its articles of incorporation to change its name from China HGS Real Estate Inc. to Green Giant Inc., with a market effective date of March 23, 2022.

The Company’s common stock will cease trading under the ticker symbol "HGSH" and will begin trading under the ticker symbol "GGE" as of March 23, 2022. In connection with the name change, the Company's common stock will continue to trade on the Nasdaq Capital Market and will keep the same CUSIP number of 16948W 209.

Safe Harbor Statement

This press release contains forward-looking statements, which are subject to change. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All "forward-looking statements" relating to the business of China HGS Real Estate Inc., which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties which could cause actual results to differ. These factors include but are not limited to: the uncertain market for the Company's business, macroeconomic, technological, regulatory, or other factors affecting the profitability of real estate business; and other risks related to the Company's business and risks related to operating in China. Please refer to the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2021, for specific details on risk factors. Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements. The Company undertakes no obligation to revise or update its forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

About China HGS Real Estate, Inc.

Green Giant Inc. (NASDAQ: GGE), founded in 1995 and headquartered in Hanzhong City, Shaanxi Province, is a leading real estate developer in the region and holds the national grade I real estate qualification. The Company focuses on the development of high-rise, sub-high-rise residential buildings and multi-building apartment complexes in China's Tier 3 and Tier 4 cities and counties with rapidly growing populations driven by increased urbanization. The Company provides affordable housing with popular and modern designs to meet the needs of multiple buyer groups. The Company's development activity spans a range of services, including land acquisition, project planning, design management, construction management, sales and marketing, and property management. For further information about Green Giant, please go to www.gge.com.

Company contact:

Sherry Feng, Board Secretary
Email: sherry.f@chinahgs.com

FAQ

What is the new name of China HGS Real Estate Inc.?

China HGS Real Estate Inc. has changed its name to Green Giant Inc.

When did the name change to Green Giant Inc. take effect?

The name change took effect on March 23, 2022.

What is the new ticker symbol for Green Giant Inc.?

The company's stock will trade under the new ticker symbol GGE.

Why did China HGS Real Estate Inc. change its name?

The name change reflects the company's strategic shift towards a new energy business.

Who approved the name change for China HGS Real Estate Inc.?

The name change was approved by the Board of Directors and a majority of shareholders.