Orient Victory's flagship jewelry store temporarily closed

    Orient Victory China (00265) said there was a fire accident on the top of the third floor of the building, two floors above where its flagship jewelry store is situated. The flagship store is temporarily closed for urgent repair and the reopening date is yet to be confirmed.
  Since the ceiling tiles were removed during the firefighting, causing a serious water leakage problem to the ceiling where Orient Victory's store is situated. According to the defacement features of the ceiling, the urgent repair is estimated to complete in around one month. The water leakage inflicted no material damage on the Group's products and would not cause material adverse impact on the financial position of the Group. The impairment to the store and equipment will be fully covered by the responsible party.
  During the transitional period before the completion of repair, the management of Orient Victory plans to seek alternate channels to work off the inventory and lower the level of damages, such as to increase the inventory level at other stores and to hold mid-year sale promotions; to negotiate with Nanjing Baoqing Yinlou Jewellery Co., Ltd, for a suitable one-month counter; and to negotiate with franchise partners on new distribution arrangements.