New Focus Auto Tech Holdings (HKG:0360) said that it noted news articles published on several newspapers and websites dated 2 February 2012 alleging that Raymond Chang (the CEO and executive director of the company) made a statement on 1 February 2012 saying that the group aimed to propel its market value to over RMB10 billion in 2020.

The company clarifies that the above statement was speculated by the media rather than made by Chang, and that it had no such profit forecast and Chang did not make the above statement.