Category: Finance

Global New Material International (GNMI) Signs Agreement to Acquire Merck’s Surface Solutions Business

Unleashing Growth Synergy and Expanding Global Footprint

Global New Material International Holdings Limited (GNMI, Hong Kong HKG: 6616), announced today that it has entered into an agreement (Agreement) with Merck KGaA, (Merck) to acquire Merck’s global surface solutions business (Surface Solutions) for EUR 665,000,000 (equivalent to approximately RMB 5,187,000,000 or HKD 5,586,000,000), in cash. The transaction is expected to close (Closing) in the course of 2025, subject to regulatory approvals and satisfaction of certain customary closing conditions.

GNMI and Surface Solutions are highly complementary from a product portfolio, expertise and geographic footprint perspective. The proposed combination will strengthen the position of the business post-closing and enable an even more customer-centric go to market approach. The acquisition is anticipated to further broaden the global capabilities of GNMI and enhance product excellence.

Ertian Su, Chairman of Global New Material International, said: “I am excited to announce our acquisition of  Merck Surface Solutions , and look forward to a seamless integration upon post-closing. The acquisition will be a landmark moment for GNMI as the newly combined team will bring the best of both worlds, with a combined set of capabilities, expertise, talent, geographic and sales network. As one team, we will jointly offer innovation and product excellence to our customers and partners, uplift the industry standards, and achieve an unwavering position in the global marketplace. I truly believe that integrating with Surface Solutions will be a key catalyst for our business and our industry, enabling GNMI to achieve new heights of success.”

Mr. Su added, “I am fully committed to embarking on this new journey with Surface Solutions. The combination of our businesses not only unlocks an infinite number of opportunities for GNMI and our industry, but it will be full of opportunities for personal and career development for all employees as well. An integration team consisting of representatives of both GNMI and Surface Solutions will jointly develop plans for combining our expertise, resources and activities to ensure smooth integration, and to maximize the growth synergies between the two companies.”

“GNMI and our Surface Solutions business will join forces and combine their strengths to form an even stronger team, delivering excellence in the pigments industry,” said Belén Garijo, Chair of the Executive Board and CEO of Merck.

Kai Beckmann, Member of the Executive Board of Merck and CEO Electronics, said: “The combination of Surface Solutions and GNMI will strengthen the competitiveness of the business, thus providing better prospects for employees and customers.”

GNMI, spearheaded by its brand Chesir and CQV, has deep expertise in research and development, production, and sales of synthetic mica, pearlescent materials, and new energy materials. With main production capacities in China and Korea, GNMI holds a leading position in the mid-to-high market, supplying highly-functional cutting-edge materials to multinational customers worldwide in various sectors such as automobiles, cosmetics, electronic goods, personal cares, plastics, printings, foods, and pharmaceuticals. In particular, CQV is a pioneer in effect pigments in Korea and beyond, and will continue to play a critical role in expanding GNMI’s global footprint along with the addition of Surface Solutions.

Merck Surface Solutions is specialized in solutions used in coating, cosmetic and industrial applications. Surface Solutions holds a strong position in the high-quality markets, especially in the global automotive and cosmetics markets.

Upon closing, the production facilities of Surface Solutions in Gernsheim (Germany), Onahama (Japan), and Savannah, Georgia (United States) will become regional hubs of the enlarged business with continued operations. Simultaneously, 1,200 global employees of Surface Solutions will be retained. There is also a comprehensive job guarantee program for the Gernsheim and Darmstadt sites as well as a site guarantee for Gernsheim in place until at least 2032.

Merck Surface Solutions  and GNMI remain separate and independent companies until the transaction closes.

For further information please also visit www.global-surface-partner.com

Ertian Su, Chairman of Global New Material International (Center),Belén Garijo, Chair of the Executive Board and CEO of Merck (Right) and Kai Beckmann, Member of the Executive Board of Merck and CEO Electronics (Left), met in Darmstadt, Germany, in regards to GNMI’s acquisition of Surface Solutions.

About Global New Material International
Global New Material International Holdings Limited (GNMI, Hong Kong stock code: 06616) is one of the largest pearlescent pigment producers. Spearheaded by its brand Chesir and CQV, it has deep expertise in research and development, production, and sales of pearlescent materials, synthetic mica, and new energy materials. With approximately 800 employees and main production capacities in China and Korea, GNMI holds a leading position in the mid-to-high market, supplying highly-functional cutting-edge materials to multinational customers worldwide in various sectors such as automobiles, cosmetics, electronic goods, personal cares, plastics, printings, foods, and pharmaceuticals.

About Merck
Merck, a leading science and technology company, operates across life science, healthcare and electronics. Around 63,000 employees work to make a positive difference to millions of people’s lives every day by creating more joyful and sustainable ways to live. From providing products and services that accelerate drug development and manufacturing as well as discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices – the company is everywhere. In 2023, Merck generated sales of € 21 billion in 65 countries.

Scientific exploration and responsible entrepreneurship have been key to Merck’s technological and scientific advances. This is how Merck has thrived since its founding in 1668. The founding family remains the majority owner of the publicly listed company. Merck holds the global rights to the Merck name and brand. The only exceptions are the United States and Canada, where the business sectors of Merck operate as MilliporeSigma in life science, EMD Serono in healthcare, and EMD Electronics in electronics.

Media Contacts
Hong Kong:
Jeremy Leung
Jeremy.Leung2@fticonsulting.com
+852 63246092
Cindy Chu
Cindy.Chu@fticonsulting.com
+852 91272840
global-surface-partner@fticonsulting.com

MooFest 2024 by Moomoo Singapore and AlphaInvest Receives Massive Turnout

  • MooFest 2024 organised at Suntec Convention Centre was timely as financial markets are at inflection point due to rapid advances in technology.
  • “Thinking Forward and Mastering the Future” theme inspired attendees on achieving their financial aspirations.
  • Impressive lineup of Thought Leadership speakers and panellists, included representatives from Singapore, Japan, and the US.

AlphaInvest Holdings Pte Ltd, a leading regional financial services, media, and technology company, and Moomoo Singapore, a leading digitalised brokerage in Singapore, co-organised MooFest 2024 (MooFest 2024), a premier investment event which took place on 6th July 2024 at Suntec Convention Centre, Singapore.

MooFest 2024 - Inspiring attendees to think forward and master the future.
MooFest 2024 – Inspiring attendees to think forward and master the future.

Due to rapid advances in technology and their impact on trading infrastructure, investing information, and investment decision-making, this year’s event, “Thinking Forward, Mastering the Future,” was a landmark gathering for all investors in the financial markets.

Mr. Christopher Lee, Group Chief Executive Officer and co-founder of AlphaInvest Holdings Pte. Ltd., said, “In the digital age, investors face a landscape filled with unprecedented challenges but also great opportunities. Global financial markets are increasingly interconnected, and technological advancements are reshaping the investing landscape. At the heart of all this is Information—the oil that lubricates investment decision-making. At AlphaInvest, we are committed to helping investors navigate the complexities of modern financial markets by providing investors with timely, reliable, accurate, and quality Information as well as the digital tools to glean insights, formulate strategies and implement risk management from the Information.”

This year’s event attracted more than 3,000 attendees, with a star-studded lineup of speakers and panellists including Gavin Chia (Moomoo SG), Echo Zhao (Moomoo SG), Lily Chia (Singapore Exchange), James McKeone (NASDAQ), and Hiroki Kawai (Japan Exchange Group). They shared with attendees their valuable insights on topics such as global challenges and opportunities in the digital age, innovations in market and trading infrastructure, and the impact of technology on stock exchanges.

Mr. Gavin Chia, CEO of Moomoo Singapore, remarked, “The rapid advancement of technology has revolutionised stock exchanges globally, making them more efficient, accessible, and transparent. Our focus at Moomoo Singapore is to provide our clients with seamless and secure trading and custodian services. By leveraging new technologies such as AI, we are not only enhancing the operational efficiencies of our trading infrastructure but empowering investors with real-time insights and data-driven decision-making capabilities.”

Mr. Chia revealed that, on average, investors were increasing the proportion of U.S. stocks in their portfolio to 70% even as they held 20 % of their portfolio in Singapore stocks with strong fundamentals and good valuations. Mr Chia also remarked that with the ‘higher for longer’ interest rate environment, there was good demand for money market funds, and investors were also interested in holding cryptocurrency for portfolio diversification. Chia announced that Moomoo Singapore will soon offer cryptocurrency trading on its platform, just months after receiving the Major Payment Institution (MPI) License from the Monetary Authority of Singapore.

About AlphaInvest Holdings Pte. Ltd. | www.alphainvestholdings.com
A leading regional financial services, media and technology company, AlphaInvest Holdings Pte Ltd (“AlphaInvest” or “the Group”) was founded in 1999 to empower investors by providing them with trusted products and services for informed investment decision-making. Its core areas of business span investor relations, market data tools and investor education.

AlphaInvest Group operates the largest investor relations network in the region, with a customer base of about 700 public listed companies and a reach of over 300,000 people across its platforms. The Group has over 120 employees in four countries (Singapore, Malaysia, Thailand, and Indonesia).

The Group has made several strategic investments:

InvestingNote is the largest and most active social platform for investments in Singapore and Malaysia. It is a community-driven platform designed specifically to help investors and traders to share ideas on stocks, news and insights through social networking and a variety of useful investment tools.

ShareInvestor (www.shareinvestor.com) offers online market data tools for multiple markets through its ShareInvestor Station™, ShareInvestor WebPro™, and ShareInvestor Mobile products.

AlphaInvest’s digital publications include:

  • Investor-One (www.investor-one.com), a website on investor education, market news, corporate developments, and data analytics
  • Inve$t, an e-magazine published weekly in Singapore and Malaysia.

AlphaInvest organises financial investment seminars and conferences for investors. Its annual large-scale events INVEST Fair™(www.investfair.com.sg) in Singapore and Malaysia draws thousands of participants. Other key exhibition includes the largest REIT event ie REITS Symposium (www.reitsymposium.com).

Media Contact:
Mr. Nigel Lim
ShareInvestor / InvestingNote
Email: nigel.lim@shareinvestor.com
Mobile/WhatsApp: (+65) 8161-4010

Mr. Wayne Koo
ShareInvestor / Waterbrooks
Email: wayne.koo@waterbrooks.com.sg
Email: query@waterbrooks.com.sg
Mobile/WhatsApp: (+65) 9338-8166

Mr. Gavin Chia, CEO of Moomoo Singapore, delivering the keynote presentation
Mr. Gavin Chia, CEO of Moomoo Singapore, delivering the keynote presentation
Panel discussion at MooFest 2024
Panel discussion at MooFest 2024
AlphaInvest Team with Moomoo’s Mascot at MooFest 2024
AlphaInvest Team with Moomoo’s Mascot at MooFest 2024

Standard Chartered GBA business confidence survey shows sentiment holding up

Findings highlight sustained growth momentum

Standard Chartered and the Hong Kong Trade Development Council (HKTDC) today released the Standard Chartered GBA Business Confidence Index (GBAI) for the second quarter of 2024. The “current performance” index for business activity remained largely unchanged in Q2 at 54.1, compared to 54.3 in Q1, and near its strongest level since Q2 of 2021. The GBAI “expectations” index rose to 54.8 in Q2 from 54.0 in Q1, registering its first rise in five quarters. The figures remain comfortably above the 50 neutral mark, reflecting sustained expansionary momentum following a solid start to the year.

At the city level, Hong Kong’s “current performance” rose to 47.1 from 43.3, while “expectations” increased to 49.7 from 44.2, getting closer to the 50 neutral level. However, Guangzhou’s “current performance” index fell to 53.6 from 57.1 and “expectations” dropped to 56.6 from 60.6. Shenzhen posted the highest “current performance” at 57.3 and “expectations” at 57.1.

The performance among specific industry categories was diverse. “Retail and wholesale” (+3.9 points for “current performance” and +2.6 points for “expectations”), “financial services” (+15.0 points, +10.7 points) and “professional services” (+7.6 points, +12.3 points) all improved materially quarter-on-quarter. The May Labour Day holidays and an early start to the “618” online shopping festival probably boosted household demand, allowing “retail and wholesale” to beat “manufacturing and trading” (-0.9 points, +0.7 points), despite the latter’s stronger start to the year.

“Innovation and technology” (I&T) appeared to take a hit from tariff concerns, with the category’s “current performance” sub-index plunging to 43.9 from 57.8 previously, and “expectations” falling sharply to 38.1 from 54.6 in Q1. However, the level of confidence across I&T respondents varied in the three key cities of Shenzhen (42.0 for “current performance” and 33.7 for “expectations”), Guangzhou (50.0, 59.4) and Hong Kong (63.2, 76.0). This shows that not all tech companies are equally vulnerable to tariff hikes from countries in the west.

Kelvin Lau, Senior Economist, Greater China, Standard Chartered, said: “During the survey period, the US hiked tariffs on US$18bn worth of imports from China as part of its Section 301 review. The same period also marked the run-up to the European Commission’s more recent decision to impose anti-subsidy tariffs on Chinese electric vehicles (EVs). Some of our I&T respondents are probably part of such EV and lithium battery supply chains, and their reliance on external demand could be a lingering concern going into the US elections. That said, we take comfort from Hong Kong’s I&T outperformance, which likely reflected the city’s recent innovation and technology push via attracting strategic enterprises and related talent.”

New quality productive forces offer investment catalyst
The term “new quality productive forces” describes China’s push to modernise its economic growth model through technological innovation and transformation. While one of the main concerns over the push is whether there will be enough demand to absorb output from the increase in production capacity, only 11.7% of respondents saw “a very high risk” of overinvestment and potential overcapacity in some of the new industries, while a more substantial 36.7% described this as “only a low risk” while acknowledging that risks exist.

The risk of overcapacity or macro concerns such as an uncertain economic outlook did not deter GBA companies from upgrading equipment and planning to make other business investments in the next 12 months. Of the respondents, 26.1% said they planned to increase such investment materially or marginally, versus just 6.9% planning a decrease. A majority 67% opted for no change.

Irina Fan, HKTDC Director of Research, said: “Recent economic data from Mainland China indicates that the country’s growth remains at a solid pace so far this year. A greater role for Hong Kong is expected, particularly in the area of industrial transformation as the country focuses on pushing through the new quality productive forces. We also see room for financing and investment expectations to play catch-up.”

About the GBAI
The GBAI is the first forward-looking quarterly survey in the market that looks at the business sentiment and synergistic effects in cities and industries across the GBA. It is compiled based on a survey of more than 1,000 companies in the GBA covering the manufacturing and trading, retail and wholesale, financial services, professional services and innovation and technology sectors. The index enables investors and businesses to better understand the current business climate, gauge future performance prospects and formulate their market strategies for the GBA.

Related materials

Photos download: https://bit.ly/4ePUtql

A person and person holding signsDescription automatically generatedKelvin Lau (left), Senior Economist, Greater China, Standard Chartered, and Irina Fan (right), Director of Research, HKTDC, announced the latest GBA Business Confidence Index (GBAI) today (8 July).    
A person in a suit speaking into microphonesDescription automatically generatedKelvin Lau, Senior Economist, Greater China, Standard Chartered      
A person speaking into microphonesDescription automatically generatedIrina Fan, Director of Research, HKTDC 

Media enquiries

Corporate Affairs DepartmentStandard Chartered Bank (Hong Kong) Limited
Lilian Goh
Tel: (852) 3843 0341
Email: lilian.goh@sc.com 
Communications & Public Affairs DepartmentHKTDC 
Katy WongClayton Lauw
Tel: (852) 2584 4524Tel: (852) 2584 4472
Email: katy.ky.wong@hktdc.orgEmail: clayton.y.lauw@hktdc.org

About Standard Chartered
We are a leading international banking group, with a presence in 53 of the world’s most dynamic markets and serving clients in a further 64. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.

Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.

The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR’s three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004, and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC.

For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.

To view press releases in Chinese, please visit http://mediaroom.hktdc.com/tc

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

AltaX, Hamilton Lane and Phillip Securities Collaborate on Tokenised Private Credit Fund under Project Guardian

  • Parties will address the challenges and opportunities of increasing access to private credit funds as part of the initiative
  • Enable seamless trading by leveraging an active global community of traders and market makers to enhance liquidity and market participation.
  • As part of their use case under Project Guardian, the parties also plan to introduce the world’s first tokenised Shariah-compliant private credit fund for an innovative private income product

Alta Exchange (AltaX), a leading private market digital securities exchange in Asia; Phillip Securities Pte. Ltd (PSPL), a member of PhillipCapital; and leading global private markets investment management firm Hamilton Lane (Nasdaq: HLNE) today announced their collaboration in Monetary Authority of Singapore’s Project Guardian, a collaborative initiative between policymakers and the financial industry to enhance the liquidity and efficiency of financial markets through asset tokenisation.  

Alongside joining Project Guardian, the three firms are collaborating on a use case aiming to broaden access to the tokenised version of Hamilton Lane’s Senior Credit Opportunities (“SCOPE”) Fund listed on AltaX, which launched in March of 2023. SCOPE is an all-weather senior private credit evergreen vehicle intended for investors seeking potential safety and yield.

Tokenising and listing SCOPE on AltaX marked the completion of the first of two strategic phases for the partnership. Phase one gave accredited and institutional investors the ability to manage their risk exposure dynamically, respond to market conditions with agility and seamlessly engage with a global community of active traders and market makers, thereby enhancing liquidity and market depth.

Phase two aims to look at other ways to broaden access to private credit, including by exploring the potential to introduce the world’s first Shariah-compliant tokenised private credit fund, with the aim of serving the underserved and rapidly growing global Islamic funds market.

“In today’s financial landscape, fixed income vehicles often lack short-term liquidity and accessibility, particularly for those seeking smaller investment opportunities. This restricts efficient capital allocation and hinders a more agile approach to portfolio management. At AltaX, we are committed to breaking down these barriers. Leveraging blockchain technology and our extensive network, we’re transforming the way global investors access alternative assets. Our collaboration with Hamilton Lane and PSPL underscores our commitment to financial inclusivity, expanding market reach, and enabling a diverse range of investors to participate in the growing private credit market,” said Kelvin Lee, Co-founder and CEO, Alta.

Victor Jung, Head of Digital Assets at Hamilton Lane, said: “We’re excited to partner with AltaX and Phillip Securities under Project Guardian, collaborating on a use case that focuses on tokenising our SCOPE Fund. We are focused on continuing to innovate around this offering, opening doors to investors of all types and fostering a more inclusive financial ecosystem. In our view, this collaboration is poised to have a significant impact on private credit and the broader private markets landscape.”

Mr. Luke Lim, Managing Director of Phillip Securities, said: “We are excited to be at the forefront of financial innovation through our collaboration with AltaX and Hamilton Lane under Project Guardian. This partnership represents an exciting frontier for Phillip Securities as we continue to innovate and develop new investment products for our clients. By combining our expertise and resources, we are able to bring cutting-edge solutions to meet the evolving and diverse needs of sophisticated investors. This is just the beginning, and we look forward to the significant impact this collaboration will have on expanding opportunities for investors globally and working together towards a sustainable digital asset ecosystem.”

Alta is committed to tackling the challenge of private market illiquidity with its accessible, efficient, and secure exchange platform. In acknowledgment of those efforts, Alta has recently been named as a 2024 Technology Pioneer by the World Economic Forum. Alta’s technology-powered initiatives are transforming the financial landscape by empowering a diverse array of investors to engage in alternative investments and the firm believes that broadening access to capital markets is crucial for fostering sustainable growth and generating new opportunities for communities globally.

About Alta
As the leading licensed digital securities exchange for alternative investments in Asia, Alta is building critical capital market infrastructure backed by the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).

Empowering Private Markets: Through its digital securities exchange, Alta enables the tokenisation and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. Access to capital markets is pivotal in all economies, and Alta believes that its role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Innovative Financial Ecosystem: Alta’s journey has seen it transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies, wines, to include fund management and digital custody.

Find out more on https://alta.exchange/    

For media inquiries, please contact:
Deeksha Kakkar
Marketing Communications Specialist, Alta
deeksha.kakkar@alta.exchange

About Hamilton Lane
Hamilton Lane (Nasdaq: HLNE) is one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for more than 30 years, the firm currently employs approximately 700 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has over $920 billion in assets under management and supervision, composed of more than $124 billion in discretionary assets and approximately $796 billion in non-discretionary assets, as of March 31, 2024. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies.

For more information, please visit our website or follow Hamilton Lane on LinkedIn.

Hamilton Lane Media Contact
Immy Ransom
iransom@hamiltonlane.com

About Phillip Securities
A member of PhillipCapital, Phillip Securities Pte Ltd offers a comprehensive suite of financial products and services including broking in securities, futures, foreign exchange, bonds, precious metals and commodities, unit trusts, contracts for difference, exchange-traded funds, fund management, managed accounts, insurance planning, regular savings plan, investment research, equity financing and property consultancy. Institutions can also benefit from our corporate finance and advisory services as well as information technology solutions.

Since its inception as a stockbroker in 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence and offers a full range of quality and innovative services to retail and high-net-worth individuals, family offices, as well as corporate and institutional customers. In 1996, Phillip Securities became the first retail broker to launch POEMS, an online trading platform and changed the way investors trade in Singapore.

Today, PhillipCapital headquartered in Singapore, operates in the financial hubs of 15 countries, including offices in Australia, Cambodia, China (and Hong Kong SAR), India, Indonesia, Japan, Malaysia, Singapore, Spain, Thailand, Turkey, UK, UAE, USA and Vietnam, serving over 1 million clients with Assets Under Management of total more than USD 50 Billion.

Find out more about us here https://www.phillip.com.sg/ and our award-winning trading platforms here https://www.poems.com.sg/

No Offshore Bonds Maturing in the Next 15 Months after Fosun Pays Off its USD600 Million Bond in July

On 2 July, Fosun International (HKG: 0656) successfully paid off USD600 million maturing US dollar bond. With this repayment, Fosun has now fulfilled all of its offshore bonds obligations due this year, and has no offshore bonds maturing in the next 15 months.

This successful USD600 million bond repayment reflects Fosun’s consistent efforts to further reduce its public market bond and optimize its debt structure, after navigating through the maturity wall in 2023, once again demonstrating its operational stability and financial resilience. Furthermore, Fosun has maintained long-term, stable cooperative relationships with broad-based domestic and international banks, giving it the flexibility to time the progress of its asset divestments. Fosun International collaborated with nearly 15 domestic and international banks to raise a syndicate loan of no less than USD600 million in the first half of this year. It is reported that the syndicate is currently in the greenshoe stage, and more banks are expected to join the syndicate.

Despite of many challenges in the global environment, Fosun, on the one hand, has deterministically implemented the strategic adjustment of “operation streamlining and core businesses focusing” and divest sizable non-core and non-strategy assets. On the other hand, Fosun has continued to focus on core industries, optimize its asset portfolio, and enhance its presence in businesses with stable cash flows and profit growth potential. According to public disclosure, since 2022, Fosun has divested assets including Nanjing Iron & Steel, Jianlong Shares, Shanghai PANASIA Shipping, AmeriTrust, Ageas and HAL, etc., in an orderly manner, generating tens of billions in cash inflow.

Fosun’s recent divestment of HAL has been well noticed by many market observers. Fosun’s asset divestment does not only drive debt deduction, but also optimizes its portfolio mix so that Fosun can achieve asset-light operation. The HAL transaction has demonstrated Fosun’s standardized, replicable and sustainable core business operational capabilities encompassing “global operations” and “value realization”. Leveraging its in-depth operational management, Fosun supported HAL’s M&As, enabling HAL to fully harness the advantages of Fosun’s globalization strategy to accelerate business upgrades and enhance asset value. As the consideration of the HAL transaction is higher than the historical total investment cost, the transaction is expected to secure double-digit IRR for Fosun.

In recent years, Fosun has steadily divested non-core assets, demonstrating its asset quality and execution capabilities; at the same time, Fosun has been fully supported by both domestic and international financial institutions, as a vote of confidence to Fosun’s credit profile. On 30 May this year, S&P Global Ratings issued a rating report, affirming its stable outlook on Fosun International’s long-term issuer and issue credit ratings, with an overall positive stance.

S&P Global Ratings expects Fosun’s asset quality and credit quality to remain stable, with possible further improvement. Despite the ongoing complex global macroeconomic landscape, Fosun has maintained stable credit indicators as assessed by S&P Global Ratings, which is attributed to its steadfast pursuit of the core business-focused strategy, further strengthening its organic growth momentum.

In addition to the recognition from banks as well as international credit rating agency, domestic and international investment institutions such as Citibank, UBS, Nomura, and Founder Securities, Kaiyuan Securities, and Essence International have also published research reports expressing their bullish view on Fosun International’s steadfast execution of its strategy to focus on core businesses and strike a balance between investment and divestment. These institutions have assigned Fosun International a “Buy” or “Overweight” rating. Essence International gave a target price of HKD7.5 for Fosun, implying a potential upside of 78% from the current price.

Legend Capital Portfolio Company Yonz Technology Lists on the Main Board of the Shanghai Stock Exchange Successfully

On June 26, Legend Capital‘s portfolio company, Yonz Technology Co., Ltd. (603381.SH), was successfully listed on the Main Board of the Shanghai Stock Exchange.

Founded in 2016, Yonz Technology is mainly engaged in the R&D, production, sales and application of green energy structural materials. With years of development, the company has become a leading manufacturer of aluminum alloy photovoltaic structural parts in China, with products coverage of photovoltaic frames, Building Integrated Photovoltaics (BIPV), and photovoltaic bracket structural parts. Being lightweight, high stability, weather- and corrosion-resistance, the company’s photovoltaic frame products are mainly used to protect the edges, strengthen the sealing performance and improve the overall mechanical strength of photovoltaic modules, so as to facilitate better transportation and installation.

Since its establishment, the company has always placed great attention on improving its innovation and R&D capabilities. Its core technological system, involving a complete production chain including product structure design, casting process technology, mold design and production, profile extrusion technology, surface treatment technology and deep processing technology, has been applied in large-scale production. As of December 31, 2023, Yonz Technology and its subsidiaries owned 81 registered trademarks, 135 authorized patents, and 2 software copyrights. According to the data from China Photovoltaic Industry Association in 2023, from 2020 to 2022, the company’s market share of the solar frame products was ranked first among global rivalries, stating a leading position of Yonz Technology in manufacturing technology and product quality within the industry.

Wang Xianli, Chairman of Yonz Technology, said: After the listing, Yonz Technology will adhere to the mission of ‘making the best integration of green energy and the world’. While further improving our present business of solar module frames, we will continuously cooperate with upstream and downstream partners in the green energy domain at the same time, further extending the PV industry chain. We will also improve our products’ added values and persistently contribute to the domestic clean energy and PV industry development.

Legend Capital invested in Yonz Technology in 2021 and provided proactive value-adding services in various aspects including lean production, talent introduction, strategic planning, global investment, and corporate management, enabling Yonz Technology to improve its R&D capabilities and achieve significant growth in revenue and profit.

Legend Capital said: Congratulations to Yonz Technology. Its Chairman Mr. Wang is an outstanding entrepreneur with extensive experiences and strong industrial networks, which helps to bring together a strong management team. Yonz Technology has always focused on improving its own innovation and R&D since its establishment and will further consolidate its industry position by leveraging the advantages to become a world-class, greener structural material manufacturer.

About Legend Capital
Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, Seoul and Singapore.

It currently manages USD and RMB funds of over US$10 billion in commitments, and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies by solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.

Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.

For more information, please visit www.legendcapital.com.cn/index_en.aspx and follow us on LinkedIn @Legend Capital.

The article is distributed by Ever Bloom (HK) Communications Consultants Group Limited on behalf of Legend Capital.

For further information, please contact:
Ms. Orianna Ou / Ms. Arina He
Tel: +852 3468 8171
Email: legendcapital.list@everbloom.com.cn

Cat-Ching The Spotlight! Kucingko Launches Prospectus in conjunction with its Listing on Bursa Malaysia

Kucingko Aims to Raise RM30.0 Million for Strategic Growth Globally and Operational Enhancement

Kucingko Berhad (Kucingko or the Group), an established 2D animation production services provider, is pleased to announce the launch of its prospectus for the upcoming initial public offering (“IPO”) on the ACE Market of Bursa Malaysia Securities Berhad.

Mr. See Chin Joo, Executive Director, Kucingko Berhad; Datuk Roslan Hj Tik, Executive Director, Head of Group Investment Banking & Islamic Banking Kenanga Investment Bank Berhad; Mr. Ooi Kok Hong, Executive Director, Kucingko Berhad [L-R]
Mr. See Chin Joo, Executive Director, Kucingko Berhad; Datuk Roslan Hj Tik, Executive Director, Head of Group Investment Banking & Islamic Banking Kenanga Investment Bank Berhad; Mr. Ooi Kok Hong, Executive Director, Kucingko Berhad [L-R]

The IPO aims to raise RM30.0 million through the issuance of 100.0 million new shares at an IPO price of RM0.30 per share. The proceeds from the IPO will be allocated as follows:

  • RM17.8 million for capacity expansion, including RM11.9 million for the setting up of production branch offices in East Malaysia.
  • RM4.4 million for setting up sales office in United States of America (“USA”).
  • RM4.3 million for working capital.
  • RM3.6 million for listing expenses.

Executive Director of Kucingko Berhad, Mr. See Chin Joo said, “This IPO is a significant milestone for Kucingko. It symbolises our commitment to growth and innovation within the 2D animation industry. By launching our prospectus at the TRX Aurum Theatre, we are proud to be the first company to do so, reflecting our innovative spirit and out-of-the-box thinking. We hope our pioneering spirit will inspire other players in the animation industry to join us in elevating the game and pushing the boundaries of creativity and innovation.”

Executive Director of Kucingko Berhad, Mr. Ooi Kok Hong elaborated, “The funds raised from the IPO will enable us to expand our production capabilities locally and improve our operational efficiency, positioning us strongly to meet the increasing demand for high-quality animation content in Malaysia and beyond. We are enthusiastic about the opportunities this IPO will create for our company and stakeholders.”

Executive Director, Head of Group Investment Banking and Islamic Banking of Kenanga Investment Bank Berhad, Datuk Roslan Hj Tik, added, “Kucingko Berhad is well-positioned to leverage its expertise and strong market presence to achieve significant growth in the coming years. The company’s focus on expanding its production capabilities and enhancing operational efficiency aligns perfectly with current market dynamics. We are proud to support Kucingko in this pivotal journey and are confident in its continued success.”

Kucingko has demonstrated robust growth for the financial years under review, underpinned by its expertise in 2D animation production, which accounted for a significant portion of the company’s revenue over recent years. The Company’s dedication to quality, efficiency, and creativity has established it as a well-established player in 2D animation sector.

Kenanga Investment Bank Berhad is the Principal Adviser, Sponsor, Underwriter and Placement Agent for Kucingko Berhad.

Mr. Ku Chia Loon, Non-Independent Non-Executive Director, Kucingko Berhad; Mr. Puar Chin Jong, Independent Non-Executive Director, Kucingko Berhad; Ms. Quah Bee Fong, Independent Non-Executive Director, Kucingko Berhad; Mr. See Chin Joo, Executive Director, Kucingko Berhad; Datuk Roslan Hj Tik, Executive Director, Head of Group Investment Banking & Islamic Banking Kenanga Investment Bank Berhad; Mr. Ooi Kok Hong, Executive Director, Kucingko Berhad; Mr. Lim Chor Ghee, Independent Non-Executive Chairman, Kucingko Berhad; Ms. Elaine Law Soh Ying, Independent Non-Executive Director, Kucingko Berhad [L-R]

Media Contact:
William Yeo
Swan Consultancy
w.yeo@swanconsultancy.biz 

HKTDC Export Confidence Index 2Q24: 2024 trade growth forecast upwardly revised to 9-11%

  • Significant export upturn expected amid surge in confidence

Hong Kong’s trade growth forecast for 2024 has been upwardly revised to between 9% and 11%.  The surprise move was announced by the Hong Kong Trade Development Council (HKTDC) and marks a substantial upgrade to its initial estimation of 4-6% as announced at the end of last year.

This welcome uptick stems from two key economic indicators that signal good news for Hong Kong’s current and future export prospects. First, the HKTDC’s review of the first five months of 2024 showed export levels to be up by a hefty 12.5% year on year.

Confirmation of the improving business environment came in the findings in the HKTDC Export Confidence Index for the second quarter of 2024, which showed a substantial rally in both its crucial Current Performance and Expectation Indices.

HKTDC Director of Research Irina Fan said: “Taking all of these factors into account, HKTDC Research has revised its 2024 trade growth forecast to better reflect the overall upturn in demand and the generally more positive global trade outlook.”

Electronics exports shine in half-year review
The HKTDC’s review of the first five months of this year showed export levels rising by a hefty 12.5% year on year, driven by a surge in orders for electronic goods as well as parts and components, which typically comprise some 70% of the city’s total export value.

In terms of markets, exporters were generally optimistic across the board. The scores for Mainland China were particularly high with the Current and Expectation indices both rising above 60. Regarding the uptick in electronics exports, this has largely been sustained by rising output levels in production plants in the mainland and ASEAN countries. From January to May, Hong Kong’s overall level of mainland-bound exports rose 21.1% year on year, while exports to the ASEAN bloc climbed 19.8%. In both cases, industrial inputs and intermediate goods accounted for some 90% of the total exports.

HKTDC Research Principal Economist Wing Chu said: “Apart from consumer items such as audio-visual products (+11.2%), jewellery exports also rose by 2.0% largely on account of growing demand from emerging markets like the UAE. This rise happened despite the sluggish performance of some other consumer goods exports amid underlying sectoral divergence.”

Optimism uptick in new Export Confidence Index
Coinciding with the Mid-Year Trade Review, the findings of the Export Confidence Index for the second quarter indicate that exporters were 12 points happier with their Current Performance than in the first quarter, scoring 51.6 this quarter. This renewed satisfaction was also reflected in the Expectation Index (54.3), a measure of how confident exporters are about their likely performance in the coming quarter. Up to 73% of exporters are now expecting higher or maintained profit levels, compared to just 55.9% in the first quarter of 2024.

Exporters have also shown renewed confidence in demand from Hong Kong’s key markets. Across all six geographical market segments, only the prospects in Japan were ranked below 50, the threshold figure for likely market expansion. Exporters were the most optimistic about sustained demand from the mainland (up from 39.6 to 60.5) and from the United States (up from 34.5 to 53.6). Of the remainder – the European Union, ASEAN and the rest of the world – no market was accorded a score below 52.0.

In the second quarter, rising transport costs overtook an economic slowdown and recession as exporters’ primary concern, followed by higher capital costs and exchange-rate fluctuations. At the same time, they believe the growth of e-commerce, the upturn in overseas market activities as well as the wider deployment of artificial intelligence and other advanced technologies will provide fresh impetus to their businesses.

Promising outlook ahead
“While no country or territory’s economic performance can be seen as immune to the key factors currently impacting the global economy – notably geopolitical tensions, rising costs and exchange rate fluctuations – it is safe to say that Hong Kong has exceeded expectations for the first half of the year,” Ms Fan said.

She added that given the firm foundation Hong Kong has put in place and the growing faith in many of its key markets, there are reasonable grounds to assume that the welcome uptick in export performance “will be sustained for the rest of the year and, quite possibly, well beyond”.

To view press releases in Chinese, please visit http://mediaroom.hktdc.com/tc

References

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Legend Capital’s Portfolio Company Aidite Lists on the ChiNext Successfully

On June 26, Legend Capital’s portfolio company, Aidite (301580.SZ), was successfully listed on the ChiNext of the Shenzhen Stock Exchange.

Founded in 2007, Aidite is an industry-leading provider of oral prosthodontics materials and dental digital equipment, covering business for more than 120 countries and regions around the world. The company has always been committed to R&D, production and sales of internationally competitive oral prosthodontics materials including zirconia porcelain blocks. Aidite designs and sells dental digital equipment on the basis of its in-depth understanding of the oral medical industry and good customer base, and through technological innovation and digitalization, the company transforms traditional dentistry and promotes digitization and intelligence of the dental industry.

Since its establishment, Aidite has adhered to the concept of innovation-driven development, focusing on renovating dental technology to launch products that meet market demand and improve product competitiveness to expand international market share. Through long-term R&D of zirconium oxide preparation technology, the company has formed a full product series covering the high, middle and low-end market segments. Relying on its long-term and profound accumulation in zirconia materials and its understanding of the digital production process of dentures, the company vigorously expands its dental digital equipment business and promotes digitization and intelligence of the dental restoration field. As of December 31, 2023, Aidite and its subsidiaries have acquired a total of 93 patents, including 92 valid domestic patents and 1 overseas invention patent.

LI Hongwen, Chairman of Aidite, said: Aidite will lead and focus more on innovations after the listing. The company will continue to build technical barriers and cost advantages for core products, and through leveraging the comprehensive advantages of cloud platform digital services and digital equipment with a higher degree of automation, Aidite is also committed to promoting technological transformation of dental medical digital production and contributing to improving the quality and efficiency of the industry. At the same time, Aidite will continue to cooperate with head dental colleges and research institutions actively to promote the industrial application of cutting-edge dental diagnosis and treatment technologies, as well as enhance international market expansion with a vision to become a global-leading digital dental solution provider.

Legend Capital invested in Aidite at the end of 2019 and is the company’s earliest and largest external institutional investor. After the investment, Legend Capital has continued to support the company’s development, including providing assistance in the company’s equity governance, executive talent introduction, follow-up financing, strategic positioning, and domestic and foreign M&A.

Legend Capital said: There is huge room for growth in the industrial chain of the oral medical industry. As a leading company in oral prosthodontics materials, Aidite has a clear strategy, extending upstream and downstream around the oral materials industry, and seizing the digital opportunities in the dental industry to continuously improve its overall R&D capabilities. We hope that the company will take the listing as an opportunity to further enhance its brand influence both domestically and internationally, attracting more customers at home and abroad and taking a leading role in accelerating the overseas expansion of Chinese dental brands. We believe that under the leadership of Chairman Mr. LI Hongwen, the company will bring more products to benefit more people and create greater value for customers, the industry and society through continuous R&D and innovation. Congratulations to Aidite for its successful listing!

About Legend Capital
Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, Seoul and Singapore.

It currently manages USD and RMB funds of over US$10 billion in commitments, and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies by solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.

Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.

For more information, please visit www.legendcapital.com.cn/index_en.aspx and follow us on LinkedIn @Legend Capital.

The article is distributed by Ever Bloom (HK) Communications Consultants Group Limited on behalf of Legend Capital.

For further information, please contact:
Ms. Orianna Ou / Ms. Arina He
Tel: +852 3468 8171
Email: legendcapital.list@everbloom.com.cn 

Grand Ming Group Holdings Limited Announces Annual Results for the Year Ended 31 March 2024

Revenue Declined by 89.4% to HK$532.7 Million
Net Profit for the Year Decreased by 76.6% to HK$298.5 Million

Highlights
– Revenue amounted to HK$532.7 million, a decrease of 89.4% from the previous financial year.
– Net profit for the year was HK$298.5 million, representing a decrease of 76.6%.
– Strive to develop the two new data centres in Fanling.
– Continue to sell the remaining units of The Grand Marine and Cristallo.

Grand Ming Group Holdings Limited (the Company and together with its subsidiaries, the Group, HKG: 1271) today announces its annual results for the year ended 31 March 2024 (FY 2023/24).

In FY 2023/24, consolidated revenue amounted to HK$532.7 million (FY 2023/24: HK$5,004.6 million), representing a decline of 89.4% as compared to FY 2023/24.  The consolidated gross profit also decreased 91.5% to HK$168.6 million (FY 2023/24: HK$1,987.8 million).  These are primarily due to a substantial decrease in the number of properties sold from property development projects during the year under review. Net profit for FY 2023/24 decreased by 76.6% to HK$298.5 million (FY 2023/24: HK$1,275.5 million).  Excluding the change in fair value of investment properties, the Group recorded an underlying loss of HK$85.7 million in FY 2023/24, as compared to an underlying profit of HK$1,299.3 million in FY 2023/24.

A final dividend for the year ended 31 March 2023 of 5.0 HK cents per share and a special dividend of 15.0 HK cents per share were paid to the shareholders of the Company on 18 September 2023.   An interim dividend for the six months ended 30 September 2023 of 4.0 HK cents per share was paid to Shareholders on 20 December 2023. With challenging market landscape, the Board does not recommend payment of a final dividend for the year ended 31 March 2024.

The Group has demonstrated a high level of expertise in initiating and executing property development projects. At present, the Group’s property development projects for sale include “The Grand Marine” at No.18 Sai Shan Road, Tsing Yi, and “Cristallo” at No. 279 Prince’s Edward Road West.

The residential development project “The Grand Marine” is located at No. 18 Sai Shan Road, Tsing Yi, the New Territories.  It offers 776 units with a total gross floor area of approximately 400,000 square feet. This project has been well received by the market, with over 98% of the units sold cumulatively.

The residential-cum-commercial development project “The Grands”, located at No. 45 Pau Chung Street, To Kwa Wan, Kowloon, provides 76 residential units with commercial shops on the ground and first floor covering a total gross floor area of approximately 31,000 square feet.  This project was also well received and all residential units had been sold.  Around 31% of the units were handed over to the buyers during FY 2023/24.

The Group continued to execute its two property development projects includes a site located at No.1 Luen Fat Street, Fanling and No. 66 Fort Street and No. 57 Kin Wah Street, North Point respectively.

The site situated at No.1 Luen Fat Street, Fanling, the New Territories, is developing into a 17-storey residential-cum-commercial tower with a total gross floor area of approximately 36,000 square feet.  The Group had agreed to the provisional basic terms of the proposed in-situ land exchange and is currently negotiating the land premium with the Hong Kong Government.  Meanwhile superstructure works is underway and the development is scheduled to be completed in or around mid-2025.

The project in North Point comprises two sites at No. 66 Fort Street and No. 57 Kin Wah Street, North Point, Hong Kong, with a total gross floor area of approximately 30,000 square feet.  The site at No. 57 Kin Wah Street will be developed into a 27-storey residential tower, while the site at No. 66 Fort Street will be developed into a single-storey commercial shop.  Foundation works are underway and the project is expected to be completed in or around the second half of 2027.

The balanced portfolio development initiative also includes geographical footprint expansion. The Group’s development project in Mainland China is located in the Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province, with a gross floor area of approximately 1,435,000 square feet.   It will be a luxury residential project with a leisure and healthy lifestyle theme, comprising high-rise apartments and villas, complemented by facilities including commercial and a wellness centre.  It will target at the elderly, retirees and their families.  Superstructure works for the high-rise apartments and basement works for the remaining part of the site are now underway.  The development is expected to be completed in or around the second half of 2026.

The Group currently owns two data centres, iTech Tower 1 and iTech Tower 2.  Revenue from its leasing business increased by 14.4% year on year to HK$268.8 million.  This was mainly due to an overall increase in the amount of space occupied and increased power consumption by customers.

The projects at No. 3 On Kui Street and No. 8 On Chuen Street in Fanling, New Territories are now known as “iTech Tower 3.1” and “iTech Tower 3.2” respectively, with an aggregate gross floor area of approximately 186,000 square feet.  The land swap for both sites has been completed and the land premium has been fully settled.

The infrastructure and power supply of both iTech Tower 3.1 and 3.2 are designed to accommodate cloud computing and AI workloads. The superstructure of iTech Tower 3.1 has been completed and the installation of electrical and mechanical equipment and internal fit-out is now underway.  During the year, this data centre was committed to a single customer under a long-term contract and is scheduled for phased delivery from mid-2025.  Foundation work for iTech Tower 3.2 is well underway and the development is expected to be completed in or around 2026.

Mr. Chan Hung Ming, Chairman and Executive Director of Grand Ming Group Holdings concluded, “Our successful business evolution and transformation into a property development company gives us the confidence to address macro trends and market dynamics in a challenging economic environment.  Our balanced operating and property portfolio, demand-driven development pipeline, committed management and continuous evolutionary mindset position us well to weather the current volatility while staying the course to drive future growth and value creation.”

“We continue to operate in a challenging environment in the reporting year.  The uncertain economic outlook and persistently high interest rates have slowed the recovery of the local economy and property market.  On 28 February 2024, the Hong Kong government announced the cancellation of all demand-side management measures for residential property, the suspension of the mortgage stress test and the relaxation of the mortgage loan-to-value ratio.  All these measures improved market sentiment and led to an increase in the volume of residential property transactions.  Seizing this opportunity, we successfully sold all the units of ‘The Grands’ and most of the remaining units of ‘The Grand Marine’.  The proceeds from the property sales were used to replenish the Group’s working capital and to repay existing bank loans. We will continue to sell the remaining units of ‘The Grand Marine’ and ‘Cristallo’.  Development of iTech Tower 3.1 and 3.2 is on schedule.  We are committed to meeting our customers’ stringent requirements and delivering iTech Tower 3.1 on time.  Meanwhile, we are working to secure customers for iTech Tower 3.2.  We continue to improve and upgrade the existing facilities at iTech Tower 1 and 2 to provide reliable services and meet customer needs. As construction labour and material costs remain high, our construction team will focus on internal construction projects for our data centre leasing and property development segment.”

About Grand Ming Group Holdings Limited (HKG: 1271)
The Group is principally engaged in the business of property development and property leasing, as well as building construction. As a local wholesale co-location provider of high-tier data centres, the Group is one of the dedicated service providers in Hong Kong which owns and uses the entire building for leasing to customers for data centre use. Its clientele includes multinational data centre operator, telecommunications company and financial institutions. The Group owns two high-tier data centre buildings, namely iTech Tower 1 and iTech Tower 2.  It also acquired two pieces of land in Fanling, the New Territories for developing into two high-tier data centres which have been named as iTech Tower 3.1 and 3.2. Furthermore, the Group’s property development projects for sale include “The Grand Marine” at No.18 Sai Shan Road, Tsing Yi, “The Grands” at No. 45 Pau Chung Street, To Kwa Wan and “Cristallo” at No. 279 Prince’s Edward Road West.  Besides, property development in progress includes a site located at No.1 Luen Fat Street, Fanling and a site located at No. 66 Fort Street and No. 57 Kin Wah Street, North Point.  In Mainland China the Group owns a piece of land at Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province for development into a luxury residential project under the theme of leisure and healthy lifestyle.

Media Contacts:
Angel Yeung | Jovian Communications Ltd | Email: news@joviancomm.com