Tag: Hong Kong

The 3rd China Reinsurance Catastrophe Risk and Insurance Summit & China Earthquake Catastrophe Model Press Conference was Successfully Held

On August 22nd, at the 3rd China Reinsurance Catastrophe Risk and Insurance Summit & China Earthquake Catastrophe Model Press Conference, China Reinsurance (Group) Corporation (China Re) launched “China Earthquake Catastrophe Model v2.0”, which is China’s first proprietary commercial earthquake catastrophe model certified by the Seismological Society of China. This is a milestone event that will fundamentally change China’s long dependence on foreign earthquake catastrophe models, and systematically improve the capacity of China’s earthquake catastrophe risk quantitative management.

Since the establishment of China Reinsurance Catastrophe Research Center in 2017, China Re has been holding the Catastrophe Risk and Insurance Summit for three consecutive years. Mr. Shen Rujun, General Manager of Central Huijin Investment Company, Mr. Niu Zhijun, Deputy Director-General of China Earthquake Administration, Mr. Dong Degang, Deputy Director-General of the Financial Department of the Ministry of Finance, Ms. Wang Simiao, Deputy Director-General of the Intermediary Supervision Department of China Banking and Insurance Regulatory Commission and Mr. Yuan Linjiang, Chairman of China Re, attended the summit and delivered speeches. Nearly one hundred experts from the Ministry of Science and Technology, the Emergency Management Department, seismological science research institutes and the insurance industry witnessed the launch of “China Earthquake Catastrophe Model v2.0” and conducted in-depth exchanges on earthquake catastrophe issues.

“China Earthquake Catastrophe Model v2.0” is an important achievement made by the government, academia and enterprises through their concerted innovation . In order to better develop this model, China Re initiated China’s first fin-tech company of catastrophe risk control – China Re Catastrophe Risk Management Company, and brought in a professional model development team with overseas working experience. China Re has integrated valuable scientific research and data resources with the support of professional research institutes including the Institute of Geophysics and the Institute of Engineering Mechanics of China Earthquake Administration. China Re applied for the State Key Research Project, “Earthquake Insurance Loss Assessment Model and Applications”, and received special fund from the Ministry of Science and Technology of China. The above-mentioned work ensured that the model development was completed within two years. Currently, the model has been recognized by the Seismological Society of China as a first-class international model. The model platform has also been tested and certified by authoritative software evaluation agencies, with complete technological verification certificates, user documents, technological documents, and training and operational service systems. The model is thus fully-qualified and ready for commercial use.

“China Earthquake Catastrophe Model v2.0” was well-received by summit attendees for its high scientific value, broad application scenarios and easy adaptation. Its high scientific value means that the model can simulate an random event set of up to 300 million earthquakes in China and its neighboring areas, in a time span of 5 million years. It is the first model that can accurately estimate economic and insured losses for tens of thousands of buildings with different construction types, building occupancies, heights, construction periods, and earthquake fortification levels. The fast simulation process delivers accurate data of China. Its broad application scenarios means the model can provide insurers a commercial product with detailed catastrophe risk zonings, risk limit control, swift assessment of insured losses, and optimization of reinsurance solutions. Furthermore, it helps government agencies and official units to quickly assess economic losses in earthquake aftermaths and assists government planning for earthquake prevention and relief. Its easy adaptation will offer customized solutions and an online-offline integration, allowing users to use this model both online or install it in their own system. The wide adaptation of this model will assist China’s insurance sector to further reduce foreign model dependency, improve self-independent science and technology strengths, cut cost and be more accurate in earthquake loss assessments.

Shen Rujun, General Manager of Central Huijin Investment Company, pointed out that as the “National Team” of China’s reinsurance industry, China Re has actively responded to the nation’s call and the development requirements of the insurance industry. The independently developed earthquake catastrophe model marks a major scientific breakthrough in China’s catastrophe risk control sector. Central Huijin Investment Company will support China Re’s efforts in establishing China’s catastrophe risk control system, and hopes that China Re will uphold its original aspirations unswervingly, fulfill its glorious mission as the national reinsurer to pool more wisdom and strengths for the progress of the insurance industry.

Niu Zhijun, Deputy Director-General of China Earthquake Administration, commented on the launch of China Re’s new model. The model actively promotes the commercial use of professional and technological innovation in catastrophe risk control area, and sets a milestone in China’s earthquake insurance development. Looking ahead, China Earthquake Administration will continue facilitating China Re’s progress in earthquake insurance, join hands with all relevant parties to raise public awareness in earthquake risk mitigation, and see that the common goal of minimizing earthquake risks being achieved.

Dong Degang, Deputy Director-General of the Financial Department of the Ministry of Finance, remarked that the government and the market must jointly build a catastrophe risk prevention mechanism, and this permits no delay. China Re’s new model provides valuable tools for decision-makers and relevant parties in their work of earthquake information quantifying and decision-making. The Ministry of Finance will continue supporting catastrophe insurance development, and discuss the possibility of a disaster prevention and relief system that incorporates catastrophe insurance. China Re will scale new heights and assume its reinsurance responsibilities in establishing the catastrophe risk control system.

Wang Simiao, Deputy Director-General of the Intermediary Supervision Department of China Banking and Insurance Regulatory Commission, pointed out that China Re’s proprietary model is a meaningful practice that echoes with national strategies and serves the development of the insurance industry. The model is hoped to improve the technological level of China’s catastrophe risk control and play its unique role in supporting national strategies.

Yuan Linjiang, Chairman of China Re, said that the Central Committee of the CPC specifically pointed out that we must build an effective and scientific natural disaster prevention and control system. Reinsurance is an indispensable part in the nation’s catastrophe risk control system building process. The release of “China’s Earthquake Catastrophe Model v2.0” injects new momentum into the insurance industry’s deep involvement in earthquake disaster prevention and mitigation. It is a milestone, filling China’s blank of a proprietary and controllable earthquake catastrophe model that fits the nations needs. Additionally, it is a fruitful result in implementing China Re’s strategies of “One Core, Three Breakthroughs and Five Leaps” and “Platform-Orientation, Technology Application and Globalization”. Together with its fellow partners, China Re will carry on building this professional, innovative, open and shared catastrophe platform for the insurance industry, supporting technological breakthroughs and the application of catastrophe risk control model, and making due contributions to the building of China’s modern risk control system.

The summit focused on China’s seismic risk control and insurance practices. Ou Jinping, Academician of Chinese Academy of Engineering, Gao Mengtan, former Deputy Director-General of the Institute of Geophysics of China Earthquake Administration, Wang He, Vice Chairman of China Association of Actuaries, Zhang Jianguo, Chief Engineer of Yunnan Seismological Bureau, Ryan Crompton, General Manager of Australia Risk Frontiers, Paul Somerville, Chief Geoscientist of Australia Risk Frontiers, Chen Sen, Chief Actuary of China Pacific Life Insurance Co. Ltd., Fan Jiemin, General Manager of the Group Property Insurance Department of China Pacific Life Insurance Co. Ltd., Li Xiaojun, Secretary-General of Seismological Society of China, Zuo Huiqiang, Chairman of China Re Catastrophe Risk Management Company, Feng Jian, General Manager of China Re Catastrophe Risk Management Company, Zhou Junhua, Deputy General Manager of China Re Catastrophe Risk Management Company, and other local and international experts and insurance industry veterans, conducted in-depth discussions and exchanged ideas on topics such as China’s earthquake model development and commercial application, earthquake emergency control system establishment, post-earthquake reconstruction, earthquake insurance pilot application, and international earthquake insurance experiences.

He Chunlei, Vice Chairman and President of China Re, hosted the summit, and commented that the launch of China Re’s earthquake catastrophe model marks a new beginning of the company’s contribution to China’s modern risk management. China Re will leverage China Re Catastrophe Risk Management Company as an innovative platform to integrate resources from all parties, and accelerate the establishment of China’s catastrophe insurance industry infrastructure. China Re will continue assisting the Chinese government and the insurance industry to improve their catastrophe risk control capabilities, and safeguarding the good life of the Chinese people.

Sany International 2019 interim profit surged 54.1% to RMB551.7 million on robust revenue growth, better cost control and successful market expansion

Sany International Holdings Company Limited (“Sany” or the “Company”, together with subsidiaries, the “Group”; HKSE stock code: 631) announced today its unaudited interim results for the six months ended 30 June 2019 (“1H2019”).

FINANCIAL HIGHLIGHTS

– For 1H2019, the Group recorded revenue of approximately RMB3,043.7 million, up 38.6% from approximately RMB2,196.0 million for 1H2018. Such increase was mainly due to (1) higher demand for improvement and replacement of coal machinery equipment and the coal industry’s accelerated development towards intelligent, unmanned, green and high-efficiency mining, higher revenue from the mining equipment segment; (2) the launch of large-scale port machinery into domestic mainstream ports and multiple river terminals due to improvements in brand influence; (3) the focus on R&D and innovation strategy that optimized product performance and quality and accordingly enhance market competitiveness; and (4) remarkable results from expansion to international markets.
– For 1H2019, the Group’s profit margin before tax was approximately 21.0%, up 0.7 percentage points from the 20.3% for 1H2018, mainly due (1) actively controlled costs and increased product gross profit margin, especially the margins of integrated mining products, roadheaders and stacking machines; and (2) management expenses ratio (excluding R&D expenses) against revenue and lower selling expenses ratio against revenue due to digital transformation and improvement on internal operation efficiency.
– For 1H2019, the research and development expenses were approximately RMB209.2 million, up approximately 145.5% from approximately RMB85.2 million for 1H2018. For 1H2019, research and development expenses accounted for approximately 6.9% of revenue, up 3.0 percentage points from approximately 3.9% for 1H2018, mainly due to higher investments in R&D on new products, including Smart Mine, Intelligent Terminal, tunnel roadheader, integrated excavation, bolting and self-protection machine, unmanned electric truck, telehandler, automatic bridge and wide-bodied vehicles.
– For 1H2019, the Group’s profit attributable to owners of the parent was approximately RMB551.7 million, up 54.1% from approximately RMB358.0 million for 1H2018. Basic earnings per share for 1H2019 were RMB0.18, up from RMB0.12 for 1H2018.
– The Board resolved not to declare any interim dividend for 1H2019 (1H2018: Nil).

For 1H2019, the Group recorded revenue of approximately RMB3,043.7 million, representing an increase of approximately RMB847.7 million, or 38.6%, from approximately RMB2,196.0 million for the six months ended 30 June 2018 (“1H2018”), mainly due to (1) the continuous increase in the demand for improvement and replacement of coal machinery equipment, and the coal industry’s accelerated development towards intelligent, unmanned, green and high-efficiency mining; (2) the launch of large-scale port machinery into domestic mainstream ports and multiple river terminals, leveraging improvements in brand influence; (3) the focus on R&D and innovation strategy that optimized product performance and quality; and (4) the remarkable results from expansion to the international markets. 

For 1H2019, the Group’s profit attributable to owners of the parent was approximately RMB551.7 million, up 54.1% from approximately RMB358.0 million for 1H2018. Basic earnings per share for 1H2019 were RMB0.18, up from RMB0.12 for 1H2017. The Board resolved not to declare any interim dividend for 1H2019 (six months ended 30 June 2018: Nil).

For 1H2019, the Group’s profit margin before tax was approximately 21.0%, up 0.7 percentage points from the 20.3% for 1H2018, mainly due (1) actively controlled costs and increased product gross profit margin, especially the margins of integrated mining products, roadheaders and stacking machines; and (2) management expenses ratio (excluding R&D expenses) against revenue and lower selling expenses ratio against revenue due to digital transformation and improvement on internal operation efficiency.

For 1H2019, the research and development expenses were approximately RMB209.2 million, up approximately 145.5% from approximately RMB85.2 million for 1H2018. For 1H2019, research and development expenses accounted for 6.9% of total revenue, up approximately 3.0 percentage points from approximately 3.9% for 1H2018, mainly due to higher investments in R&D on new products, including Smart Mine, Intelligent Terminal, tunnel roadheader, integrated excavation, bolting and self-protection machine, unmanned electric truck, telehandler, automatic depot container crane and widebody vehicles. For 1H2019 the Group obtained 14 authorized patents, including 5 invention patents, 7 utility model patents, 1 design patent and 1 software copyright. The Group has maintained its leading position in the small port machinery sector in the Asia-Pacific region and actively explored the North American market with new products.

The average turnover days of inventory were approximately 136.8 days as at 30 June 2019, down approximately 57.4 days from approximately 194.2 days as at 30 June 2018, mainly due to higher sales and strengthened control over inventories. The turnover days of trade and bills receivables as at 30 June 2019 were approximately 216.7 days, down approximately 17.4 days from approximately 234.1 days as at 30 June 2018, mainly due to greater efforts in the collection of trade receivables. The turnover days of trade and bills payables as at 30 June 2019 were 155.0 days, down approximately 9.0 days from approximately 164.0 days as at 30 June 2018, mainly due to the shortened payment cycle to the suppliers in return for the best delivery time to meet the high demand for the Group’s production.

For full announcement of the interim results, please refer to the link below:
https://www1.hkexnews.hk/listedco/listconews/sehk/2019/0821/ltn20190821473.pdf

About Sany Heavy Equipment International Holdings Limited

Sany Heavy Equipment International Holdings Company Limited is principally engaged in coal mining equipment and port machinery businesses. The Company operates through two sectors. (1) the energy equipment business sector, which includes coal machinery business products, such as roadheaders (all types of soft rock, hard rock roadheader and integrated excavation, bolting and self-protection machine) and CCMU; the non-coal business products, such as mining transport equipment (mechanical drive off-highway dump truck, electric drive off-highway dump truck, articulated truck), underground coal mining vehicle and excavation equipment (tunnel and excavation series) and other products; and (2) the marine engineering business sector, which includes large port machinery products including reach stacker, container stacking machine and quayside container crane, small port machineries such as front loader and heavy forklift. 

Blockpass to list PASS on GlenBit from 16 August

Blockpass has announced that it will list its native utility token, PASS on Scotland-based cryptocurrency exchange GlenBit beginning on 16 August 2019. The announcement comes off the back of the earlier news that GlenBit has integrated the Blockpass KYC Connect platform for easy and streamlined KYC verification of its users.

To kick off the listing and celebrate the successful integration, Blockpass has announced it will give 400 PASS tokens to the first 1000 users of the GlenBit platform who complete their KYC using the Blockpass App.

GlenBit is a blockchain assets exchange platform headquartered in Edinburgh, United Kingdom. Its technical and operational teams are spread over Europe and Asia Pacific region, with offices based in Tokyo, Beijing, Zhengzhou and Shenzhen. The birth of GlenBit is the convergence of advances in traditional commerce, financial technology and artificial intelligence.

Blockpass is a one-click compliance gateway to financial services and other regulated industries. PASS is a first-in-kind KYC-forward token, bringing a global stand of regulatory compliance to the tokenization of assets.

“Seeing this integration and listing go live brings to life our core mission of simplified compliance processes and a broader Blockpass ecosystem,” said CEO Adam Vaziri. “We are constantly working to bring more services into our ecosystem and list PASS on more exchanges and GlenBit is another great service offering we are proud to work with.”

Blockpass recently launched the all-new Blockpass Marketplace, a gateway to campaigns, financial services and regulated industries. To celebrate, Blockpass announced the Blockpass Quiz, offering users of the Blockpass platform the chance to win $1000 USD in PASS. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. Blockpass is seeing rapidly increasing numbers of users in the past few months as its identity verification solution is used for ICOs, STOs and IEOs, supporting a number of successful fundraisers in the past few months. The Blockpass App is available from the App Store and Google Play.

About Blockpass IDN

Blockpass offers digital identity verification for businesses that participate in regulated industries, including crypto wallets and exchanges, virtual banks, traditional financial institutions and gaming. Blockpass provides an alternative process to cumbersome, repetitive and expensive Know Your Customer (KYC) and Anti-Money Laundering (AML) verification through an easy-to-use mobile application and seamless merchant dashboard. For individuals, Blockpass is a secure, user-centric gateway to financial services and other regulated offerings, allowing one click KYC submission. Blockpass alleviates the pain of opening new accounts and redoing KYC over and over. Registered in Hong Kong, Blockpass IDN is a joint venture of Infinity Blockchain Labs and Chain of Things. Blockpass IDN licenses its technology from the non-profit Blockpass Foundation, registered in the Isle of Man.

For more information and updates, please visit and sign up to the following:
Promotional video: https://youtu.be/SvO2cw3e-SI
Website: http://www.blockpass.org
Medium: https://medium.com/@blockpass
Twitter: https://twitter.com/BlockpassOrg
Facebook: https://www.facebook.com/blockpassorg/
Telegram: https://t.me/blockpass

Contact: Caitlin Fargo, +852 9733 4935, press@blockpass.org

About GlenBit

GlenBit is a blockchain assets exchange platform headquartered in Edinburgh, United Kingdom. Its technical and operational teams spread over Europe and Asia Pacific region, with offices based in Tokyo, Beijing, Zhengzhou, Shenzhen, etc. The birth of GlenBit is the convergence of advances in traditional commerce, financial technology and artificial intelligence, bringing together the elites in the related areas as founding members. 

Champion REIT Announces 2019 Interim Results

– Distributable income grew 7.0%, Distribution per Unit up 6.8%
– Office portfolio was the growth driver and continued to enjoy solid rental reversion 
– Improved credit profile by refinancing the existing secured loan with new unsecured loan facilities

Champion Real Estate Investment Trust (stock code: 2778), the owner of Three Garden Road and Langham Place, announces its financial results for the six months ended 30 June 2019.

Overview 
For the first half of 2019, Champion REIT recorded solid results with distributable income increasing by 7.0% to HK$869 million and distribution per unit (“DPU”) increasing by 6.8% to HK$0.1335. The growth was achieved against the backdrop of geopolitical volatilities and stagnant economic growth of Hong Kong.

Three Garden Road 
Leasing demand was mainly fueled by business expansion of existing tenants, while some occupiers maintained a cautious approach. Three Garden Road continued to sustain solid rental income growth in the first half of 2019, which went up 9.9% to HK$738 million, primarily due to positive rental reversion. The passing rents of the property further increased to HK$105.35 per sq. ft. (based on lettable area). Occupancy was 95.8% as at 30 June 2019. 

Langham Place Office Tower 
Positioned as a lifestyle hub, demand for Langham Place Office Tower from lifestyle tenants remained solid. While existing beauty tenants continued to show interest in expanding their footprint, new healthcare and medical operators also opted to set up their presence in the property. Total rental income of Langham Place Office Tower went up 10.8% to HK$185 million. The growth was mainly attributable to positive rental reversion with passing rents rising to HK$44.73 per sq. ft. (based on gross floor area). Occupancy stood at a high level of 98.8% as at 30 June 2019.

Langham Place Mall 
While Hong Kong retail sales weakened in the first half of 2019, Langham Place Mall’s total rental income went up 2.8% to HK$477 million mainly driven by the growth in base rents from overall positive rental reversion. Tenant sales remained resilient and recorded a mild decrease of 0.6%, compared with 2.6% decrease in Hong Kong retail sales. The Mall maintained 100% occupancy as at 30 June 2019. 

Financing 
During the first half of 2019, the Trust has drawn new unsecured loan facilities of HK$5,814 million to refinance the secured bank loan maturing in 2019 and to partially repay the secured bank loan due in 2021. The refinancing would enhance the credit profile, where the secured debt portion was lowered significantly to 24.5% as at 30 June 2019. Gearing ratio further reduced to 17.1% due to increase in appraised value of investment properties. 

Distribution 
For the first half of 2019, the Trust’s distributable income increased by 7.0% to HK$869 million and distribution per unit (“DPU”) increased by 6.8% to HK$0.1335 (2018: HK$0.1250). This represents an annualized distribution yield of 4.3% based on the closing price of HK$6.51 as at 28 June 2019.

Asset Value 
The Trust’s investment properties were appraised at a total value of HK$85.6 billion, representing a 3.0% increase from HK$83.1 billion as at 31 December 2018.

Outlook 
The global macroeconomic environment is expected to remain unclear in the second half of 2019. Underlined by the US-China trade tensions, recent local protests and other macro factors, both office and retail sectors’ leasing demand will be affected. Nonetheless, given the considerable gap between passing rents and market rents for the office portfolio, positive rental reversion should continue. The Trust will continue to adopt an agile leasing management strategy to drive sustainable growth.

Volatilities in the market may bring viable investment opportunities for the Trust. We will continue to take a prudent approach in evaluating potential opportunities globally in the uncertain market environment. 

About Champion REIT (stock code: 2778)
Champion Real Estate Investment Trust is a trust formed to own and invest in income- producing office and retail properties. The Trust focuses on Grade-A commercial properties in prime locations. It currently offers investors direct exposure to 2.93 million sq. ft. of prime office and retail properties by way of two landmark properties, Three Garden Road and Langham Place, one on each side of the Victoria Harbour.
Website: www.championreit.com

Media Contacts: Strategic Financial Relations Limited
Vicky Lee Tel: 2864 4834 Email: vick.lee@sprg.com.hk
Christina Cheuk Tel: 2114 4979 Email: christina.cheuk@sprg.com.hk
Website: www.sprg.com.hk

TTI Delivers a Strong First Half Performance With Record Revenue

New Products Driving Strong Growth

Hong Kong-based global power equipment and floor care company Techtronic Industries Co. Ltd. (“TTI” or the “Group”) (stock code: 669, ADR symbol: TTNDY) announced its results for the six months ended June 30, 2019. It was another record first half for the Group with revenue increasing 8.7%, EBIT and net profit both increasing 11.9%, and earnings per share increasing 12.4%, to approximately US15.61 cent. Revenue grew 10.7% in local currency. The strong first half performance was driven by the launch of new products, category and geographic expansion. Gross margin increased in the first half for the eleventh consecutive year, up 50 bps, increasing from 37.1% to 37.6%. TTI’s disciplined working capital management continued to yield solid performance at 18.4% of sales. The Board is recommending an interim dividend of HK45.00 cents (approximately US5.79 cents) per share, against HK38.00 cents (approximately US4.89 cents) per share in 2018, an increase of 18.4%.

– First Half 2019 Revenue Totaled US$3.7 Billion up by 10.7% in local currency
– Net Profit Continues to Grow at a Faster Rate than Sales, up 11.9%, Driven by the 11th Consecutive First half of Gross Margin Improvement 
– Disciplined Working Capital Management, Delivered Working Capital of 18.4% of Sales
– The Flagship Milwaukee Tool Business continues to Grow 20%+ in local currency 

The Power Equipment segment continued the strong momentum with 14.3% growth in local currency, to revenue of US$3.3 billion. New products, geographic expansion, and entry into new categories all contributed to the excellent performance. Our flagship Milwaukee Tool business once again grew over 20% globally in local currency and our Power Equipment business outperformed the market with double-digit growth. The Floor Care business is starting to improve with a strategic focus on our next generation cordless vacuums, carpet washing products and solutions range. 

Our geographic expansion was also a highlight for the first half with the European team delivering an outstanding 14.2% growth in local currency, led by Milwaukee Tool with over 25% growth. In rest of world, Australia and our Asian companies continued to deliver above market growth at 12.8%. Our North American businesses continued to perform exceptionally well at 9.7% growth with Milwaukee Tool up 20%+ in the US and 28%+ in Canada.

Mr. Horst Pudwill, Chairman of TTI, said, “We are pleased to have achieved another record first half of outstanding growth. Our expanding global manufacturing network and world class supply chain continues to deliver consistent productivity gains. We are well positioned to deliver a strong second half, and importantly, a strong future.” 

Mr. Joseph Galli, CEO of TTI, commented, “New product development is a core strength of TTI and our new product flow continues to accelerate. We continue to aggressively invest in this high speed, world class process so that we can bring to market a stream of high margin new products with cutting edge technology for the months and years to come. With the strength of our new product programs, our outstanding team and strong brand portfolio, we are poised to deliver excellent results.”

About TTI 
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floor Care Appliances and Accessories for the consumer, professional, and industrial users in the home, construction, maintenance, industrial and infrastructure industries. The Company has a foundation built on four strategic drivers – Powerful Brands, Innovative Products, Exceptional People and Operational Excellence – reflecting a long-term expansive vision to advance cordless technology. The global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries. TTI’s powerful brand portfolio includes MILWAUKEE, AEG and RYOBI power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products, EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL Floor Care and Appliances.

TTI is one of the constituent stocks of the Hang Seng Index, FTSE Developed Index and MSCI ACWI Index. For more information, please visit www.ttigroup.com.

All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.

For enquiries:
Techtronic Industries Co. Ltd.
Isabella Chan Tel: +(852) 2402 6495 Email: isabella.chan@tti.com.hk
Website: www.ttigroup.com

Strategic Financial Relations Limited 
Veron Ng +(852) 2864 4831 veron.ng@sprg.com.hk
Beverly Chiu +(852) 2114 4329 beverly.chiu@sprg.com.hk
Karen Kwan +(852) 2114 4171 karen.kwan@sprg.com.hk
Website: www.sprg.com.hk

Zhonghua Gas Holdings Limited Announces Audited Results for the Six Months Ended 30 June 2019

Profit Attributable to Owners Increased 81.5% to HK$37.0 Million

Zhonghua Gas Holdings Limited (the “Company”; Stock Code: 8246) together with its subsidiaries (collectively the “Group”) today announces that the audited results for the six months ended 30 June 2019 (“Current Period”). Total revenue from the continuing operation recorded a 122.3% year-on-year increase from HK$112.7 million to HK$240.0 million in the Current Period. Net profit after tax showed an outstanding growth of over 74.5% to HK$44.1 million and profit attributable to the owners of the Company recorded over 81.5% increase to HK$37.0 million as compared to the Corresponding Period. Basic and diluted earnings per share for the Current Period were both HK$1.0 cent, as compared to both HK$0.6 cent in the Corresponding Period.

The growth was driven by a surge in revenue from the New energy business, primarily brought by the trading of Liquefied Natural Gas (LNG). The Group recorded contribution from the New energy business to total revenue 99.9% for the both period in 2018 and 2019, reflecting its important role in the operations. Gross profit of the New energy business dropped due to a thinner gross profit margin of LNG trading business compared to that of construction related and consultancy services. 

During the Current Period, the Group has successful completed business restructuring following the completion of the disposal of the catering business on 30 April 2019, and will continue to remain focused on developing and expanding the New energy business with an objective to maximize the profitability of the Group. The cooperation with one of the world’s largest engineering and consultancy company, Tractebel Engineering S.A. (“Tractebel”), Tianjin Jinre Heat Supply Group Co. Ltd. (“Jinre Group”) also allowed the Group to explore and expedite further collaboration with top industry players in fields of technological and infrastructure-related business.

Looking forward, the Group will continue to strive to actively expand in the LNG trading segment. In order to firmly grasp future business expansion in the sector, not only will the Group step up the efforts in LNG trading in existing operating locations, but also eye on developing the LNG trading business in other potential regions in the PRC and extend our footprints worldwide. Identifying suitable LNG suppliers locally and globally and delivering LNG products will be of the Group’s first priority in near future.

The Group also aims to build up strong relationship with new partners in order to cater to future needs and foster further business opportunities. The Group will also pursue long term cooperation with our key partners to diversify our business scope and enhance services, while seeking for collaboration projects in possible areas of LNG trading. It will also put its focus on capturing and developing new consultancy projects as it is one of its current major revenue sources.

The Group will always continue to look for opportunities to venture into business relating to New Energy business in order to expand the business and market coverage and ultimately to build it into a leading diversified and integrated new energy service provider in the Greater China Region.

Zhonghua Gas Holdings Limited
Zhonghua Gas Holdings Limited is principally engaged in provision of diversified and integrated new energy services including technological development, construction related and consultancy services in relation to heat supply and coal-to-natural gas conversion, supply of Liquefied Natural Gas, coupled with trading of new energy related industrial products. The Group is also engaged in the property investment business.

Media Contacts:
Angel Yeung
Jovian Communications Ltd
Tel: +852 2581 0168
Email: news@joviancomm.com

2019 Hong Kong ESG Reporting Awards Receive Overwhelming Response

More than 70 entries received in 6 categories

Alaya Consulting is delighted to announce that the Hong Kong ESG Reporting Awards (HERA) 2019 have attracted a total of 71 submissions, up approximately 80% over the previous year. The total fees received against nominations, amounting to HKD40,000, have been donated to Greeners Action, a Hong Kong registered charity organisation that has been advocating environmental protection for 26 years.

Tony Wong, founder of Alaya Consulting, stated: “I would like to thank the participating companies. Their participation not only implies the growing focus on the quality of ESG disclosures, but also means the donation is getting bigger. Entering the fifth year of ESG disclosures in Hong Kong, ESG has become increasingly the focal point of the investment community and HERA plays a pivotal role in pushing for more meaningful and investor-friendly disclosure.”

HERA 2019 were kicked off with the call for submissions in early May 2019 and submissions were closed on 31st July 2019. All submissions are currently being evaluated by an independent panel of judges. The winners are expected to be announced on 18th October 2019.

Angus Ho, executive director of Greeners Action, stated: “We are excited to see the number of submissions this year and are grateful for the contribution to our organisation. More stringent disclosure requirements are only a matter of time. Participating in HERA constitutes an ideal litmus test of the level of disclosure as this facilitates benchmarking with other industry leaders.” 

Inaugurated in 2018, HERA promotes ESG reporting in Greater China region. The 6 categories are Best ESG Report, Excellence in GRI Reporting, Excellence in ESG Reporting for Non-listed Companies, Excellence in Environmental Disclosure, Excellence in Social Disclosure and Innovative Front-runner. 

HERA awards are decided by an independent panel of experts that includes (in alphabetic order) Angus Ho, Executive Director of Greeners Action, Jessica Tam, Head of HKCSS-HSBC Social Enterprise Business Centre, Stephen Wong, Deputy Executive Director and Head of Public Policy Institute, Our Hong Kong Foundation, Ir. Vincent Kong, Sustainability Manager of Sun Hung Kai Properties and Prof. Yarime Masaru, Associate Professor, Division of Public Policy at The Hong Kong University of Science and Technology. 

About HERA
Hong Kong ESG Reporting Awards recognise excellence in ESG reporting and aim to build trust among stakeholders. The Awards welcome applications from companies in Hong Kong, Macao and China who follow exceptional and effective practices in sustainability reporting. 

Media Contact:
HERA Organiser – Alaya Consulting Limited
Regina Tai / Suki Wong 
Tel: +852 3990 0792 / +852 3702 0024 
Email: hera@alayaconsulting.com.hk

Edvantage Group Announced Historic High in Huashang College’s 2019 Student Enrollment

Enrolled 8,178 Students, Up Substantially by Approximately 36% YOY

Edvantage Group Holdings Limited (Stock code: 382.HK), the largest private higher education group in the Greater Bay Area in terms of total student enrolment of business majors for the 2017/2018 school year and an early mover in pursuing international expansion, is pleased to announce today that, Huashang College Guangdong University of Finance and Economics (“Huashang College”), a private higher education institution the Company operates in Guangdong Province, China, has finished its enrollment and admission works for all kinds of students for 2019 in an orderly and efficient manner. A few days ago, the last batch of admission letters have been sent to students.

Huashang College is an independent college that Edvantage Group operates in Guangzhou, Guangdong province, providing formal undergraduate education. The College is organised into 3 schools and 11 departments, offering 31 bachelor’s degree programmes and over 780 courses. With a mission to “cultivate professional talents for the Greater Bay Area”, the College strategically focuses its programme offerings to cater to market demand fuelled by the growing service sector. As of 28 February 2019, Huashang College had a total full-time student enrolment of 22,639.

2019 Enrollments recorded a historic high, with the College’s admission scores exceeding provincial standard significantly

For this year, Huashagn College enrolls students from 15 provinces and regions, with the number of students outside Guangdong reaching 400, recording the highest for years. In sight of the number of students, the College newly enrolled a total of 8,178 students*, increasing by approximately 36% from 6,021 students for last year. Among all, the enrollments through the National Higher Education Entrance Exam recorded 6,348 students, 5,948 of which are from Guangdong province (up by approximately 3% from 5,761 students last year) and 400 are from other provinces (up by approximately 54% from 260 students last year). The enrollments through the National Entrance Examination for Chinese Students from Hong Kong, Macau, Taiwan and Overseas and the enrollments for Taiwan students exempt from admission exam recorded 14 in total, representing an increase of approximately 100% comparing with the 7 students for last year. Moreover, the College has been ranking the first among the universities in Guangdong for several consecutive years, in terms of enrollments for liberal-and-art majored student through the National Higher Education Entrance Exam in Guangdong province.

In sight of admission standards, Huashang College’s admission scores in Guangdong province is higher than the last year, representing a better quality of students. Among others, the College’s admission score for liberal-and-art majored, science majored and fine-arts majored students in Guangdong are 486, 418 and 459 respectively, representing 31, 28 and 39 points higher than the provincial admission line for university respectively. In other provinces, the College also enjoys a high popularity among students. With its admission scores significantly higher than the provincial admission lines in the provinces and regions, Huashang College is able to improve the quality of its students substantially. For example, the College’s admission scores for science majored, liberal-and-art majored, and fine-arts majored students have exceeded the provincial admission lines by 76 points, 56 points and 66 points respectively.

As of 28 February 2019, the College’s top five majors in terms of student enrolment were accounting, English, international economics and trade, financial engineering and Chinese literature. Among all, its accounting major was recognized as one of the “featured key disciplines” and the journalism major was recognized as one of the “key development disciplines” by the Education Department of Guangdong Province. During the enrollment, the College’s featured key disciplines, key development disciplines and other featured disciplines such as Finance and Economics, Commerce, Languages and Arts enjoyed high popularity among students in all provinces. 

Besides, Huashang College is widely recognized for its international education system, which provides a variety of study abroad programmes, ranging from short-term study tour programmes to two-year study abroad mutual credit-recognition programmes, and enabling its students to gain valuable exposure to international communities and markets while developing their professional skills with a global prospective. Such programmes were also deeply loved among the parents and students.

During the enrollment, Mr. Liu Yung Chau, Executive Director and chairman of the Board of Edvantage Group Holdings Limited, said: “It has been over a decade since Huashang College’s establishment, during which we have been pursuing the quality of education and a student-oriented strategy. Focusing on profession-oriented, vocational training and practical skill-based training, we have embraced the enthusiasm and recognition from the market. This year, we are proud to have recorded outstanding performances in terms of enrollment, which is not only a testimony for our education quality, but also a hint for the large growth potential of the private higher educational market in the Greater Bay area. As a leading provider of private higher education in business majors in the Greater Bay, we will spare no efforts in cultivating talents for the society and bringing remarkable returns to our investors.”

About Edvantage Group Holdings Limited
Edvantage Group Holdings Limited (“Edvantage Group” or the “Company”, stock code: 382.HK) is the largest private higher education group in the Greater Bay Area (in terms of total student enrolment of business majors for the 2017/2018 school year), and an early mover in education sector in pursuing international expansion. With a sizeable student base, the Company operates with economies of scale. The Edvantage Group currently operates two private higher education institutions located in Guangdong Province, China, namely Huashang College and Huashang Vocational College. Huashang College and Huashang Vocational College focus their programme offerings on business programmes, such as accounting, finance, economics and business English, and strive to help students to achieve employment prospects when they graduate, and to benefit from the availability of employment opportunities in the Greater Bay Area. The Company also operates a private vocational education institution named Global Business College of Australia (“GBCA”) in Australia, offering vocational education courses and non-formal short-term courses aiming to provide students with competitive advantages and global prospective. GBCA is a registered training organization authorized by ASQA. The Company believes that GBCA represents a replicable example for its future international expansion, and the Company is exploring international opportunities in the United Kingdom and Singapore. 

Hi Sun Tech Announces 2019 Interim Results: Net Profit Increases 473% to HK$400 million

Establish a Benchmark for Risk Control and Compliance Operations, Consolidate the Competitive Advantage of Payment Industry

A leading payment & finance solutions provider in China, Hi Sun Technology (China) Limited (the “Company”; Stock code: 818.HK), announced the unaudited consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2019 (the “Reporting Period”).

Results Highlights
1. The Company’s payment processing solutions segment continued to grow during the Reporting Period. In 1H2019, the cumulative transaction volume exceeded RMB935 billion, an increase of 36% over the same period of last year. The number of mobile QR code payment transactions increased by more than 12 times over the same period of last year.
2. The Group continued to focus on compliance development, seeking out innovation in payment security and creating an intelligent big data risk control system.
3. Seeking to create greater value and more opportunities in fintech, the Group worked with more enterprises, merchants, financial institutions, third-party payment platforms, and consumers to build a closer, mutually beneficial business ecosystem.

During the Reporting Period, the Group’s consolidated revenue amounted to HK$3,005.8 million, representing an increase of 55% when compared with HK$1,945.1 million for the same period last year. The Group’s operating profit was HK$360.4 million, representing an increase of 1,156% when compared with HK$28.7 million for the same period last year. Profit for the Reporting Period was HK$400.3 million, representing an increase of 473% when compared with HK$69.8 million for the same period last year. The increase in net profit was primarily attributable to the continued growth of the payment processing solutions segment. Basic earnings per share for profit attributable to equity holders of the Company increased by 500% to HK$0.12.

Strengthening Payment Risk Management, Improving Efficiency to Deliver High-quality Solutions
During the Reporting Period, the payment processing solutions segment was in good momentum. The segmental turnover amounted to HK$2,564.3 million, representing an increase of 72% when compared with the same period last year, and the segmental operating profit represents an increase of 690% when compared with the same period last year. In the first half of 2019, the cumulative transaction volume exceeded RMB935 billion and the number of transactions handled was more than 3,950 billion, an increase of 36% and 140% over the same period of last year respectively. The number of transactions increased by more than 12 times over the same period of last year contributed mainly to the rapid growth of mobile QR code payment transactions.

Payment security and compliance have always been a highly concerned issue for the industry. As the regulatory authorities strengthen the industry supervision and the financial payment market is gradually in line with international market, VBill, a subsidiary of the Group primarily engaged in payment processing business further strengthened the investment in risk control. The “Tianjing” risk control system based on expert rules was officially put into use during the Reporting Period, and a comprehensive scan was conducted for all merchants, which optimized the structure of merchants, paid more attention to their quality and reduced their risks. As of the end of June 2019, the accumulated number of active domestic merchants exceeded 3,900,000.

Exploring Value in Data to More Precisely Match Customer Needs
VBill has been focusing on offline-based scenarios for the past years, accumulating experience and deepening the value of its offline payment data. The fintech online micro-leading business further optimized the risk control model and cautiously controlled the lending scale for the micro-lending business. In the future, the Group will continue to explore more values in fintech by means of partnering with more enterprises, merchants, financial institutions, third-party payment platforms, and consumers to build a closer, more mutually beneficial business ecosystem.

During the Reporting Period, the Group came to an agreement with a private fund investor in relation to the conditional subscription of new VBill shares, and it is expected to bring strategic benefit to the Group. The subscription will provide funding for further developing the Group’s business network, thereby contributing to business expansion, and reinforcing comprehensive strength and growth potential, as well as creating more future funding opportunities.

Facing fierce market competition and a complex external environment, the Group also focused on its other fundamental business segments. During the Reporting Period, the performance of the Group’s information security chips and solutions segment remained similar to the same period last year. Research and development projects are progressing smoothly and cost reduction initiatives of various products are rolling out in an orderly manner. For the platform operation solutions segment, the Group continued to provide operational support services for three of China Mobile’s bases, and expected to follow the vigorously development in integrated payment, featured e-commerce, and fintech business of China Mobile, and awaited to gain more business opportunities. Meanwhile, the Group will spend utmost effort to expand outside communications industry. For its financial solutions segment, while ensuring the stability of traditional business with domestic banks and their overseas branches, the Group also increased the investment in new product research and development, particularly worth mentioning that winning the relevant bid for the business system construction project of Guizhou Bank during the Reporting Period. Besides, the overseas business layout has been proceeding positively.

The Group commented, “With the continuous expansion and improvement of digital payment technology, China’s third-party payment industry has entered a critical period of transformation. Facing a new round of industry regulations and changes, the advantages of payment institutions with their own unique strengths have become much more significant. At the same time, the Group also believes that compliance development remains critical for the success of the entire industry. As such, the Group will continue to focus on strengthening its safety and compliance systems and precision risk control, while investing in new technologies to help create a more convenient and inclusive fintech ecology, and greater value for shareholders, customers, and the society.”

*For identification purpose only

Niche-Tech Group Limited Announces 2019 Interim Results

Revenue increased by 22.5% to HK$102.4 million 
Sales of LED epoxy recorded significant increase

Niche-Tech Group Limited (“Niche-Tech” or the “Company”, with its subsidiaries collectively re-ferred as the “Group”; HKEx Stock Code: 8490.HK), a leading semiconductor packaging materials manufacturer, announced the interim results of the Group for the six months ended 30 June 2019 (the “Period”) yesterday. 

Performance Highlights
– Revenue of the Group increased by 22.5% to approximately HK$102.4 million for the Pe-riod (1H2018: approximately HK$83.6 million). 
– Gross profit of the Group grew by 15.9% to approximately HK$19.9 million for the Period (1H2018: approximately HK$17.2 million).
– Profit attributable to owners of the Company for the Period was approximately HK$0.2 million (1H2018: loss of approximately HK$7.7 million (net profit after tax of approximate-ly HK$2.7 million excluded the effect of the non-recurring listing expenses)).

During the Period, the growth of semiconductor product industry had continued, which had driven the constant growth of the demand for semiconductor packaging materials. By devotedly implementing its core business strategies and catching up to industry growing demand of the LED epoxy and metal alloy (gold and silver) bonding wires, the Group had achieved satisfactory business performance dur-ing the Period. The Group recorded outstanding growth in its revenue and gross profit, with an in-crease of approximately 22.5% and approximately 15.9% respectively. 

The Group recorded a net profit after tax of approximately HK$0.2 million during the Period, as compared with a loss of approx-imately HK$7.7 million (net profit after tax of approximately HK$2.7 million excluded the effect of the non-recurring listing expenses) in the corresponding period last year (“1H2018”).

In light of the growing demand from the semiconductor packaging market, especially the large de-mand of packaging materials of LED products for various applications, the Group had enhanced its production capability during the Period by acquiring more machineries and upgrading its facilities. The Group’s two new encapsulant production lines have commenced production and enhanced the production capability of the Group significantly. In addition, the Group has continued to develop and launch its new products to meet the requirements of customers, among which, the new products for mini-LED packaging has already gained a wide recognition from its customer during the Period.

Business Review

Revenue
The Group’s revenue principally represents income derived from its main products, namely bonding wire and encapsulant. During the Period, the Group recorded a revenue of approximately HK$102.4 million, increased by 22.5% from approximately HK$83.6 million recorded in 1H2018. 

The revenue of encapsulant products recorded an increase of 14.6% to approximately HK$12.3 mil-lion during the Period (1H2018: approximately HK$10.7 million), mostly due to an increase in sales of LED epoxy. The revenue of bonding wire products recorded an increase of 20.0% to approximately HK$81.3 million during the Period (1H2018: approximately HK$67.7 million), mostly due to the in-crease in sales volume. 

Cost of Sales and Gross Profit 
The Group’s cost of sales mainly comprised direct material costs, direct labour costs and manufactur-ing overhead. During the Period, the Group’s cost of sales increased by 24.2% to approximately HK$82.5 million (1H2018: approximately HK$66.4 million) which was in line with the increase in rev-enue.

The gross profit of the Group increased by 15.9% to approximately HK$19.9 million for the Period (1H2018: approximately HK$17.2 million). Gross profit margin was approximately 19.5% for the Peri-od (1H2018: 20.6%), remained similar with that of 1H2018. 

Mr. Chow Bok Hin Felix, Executive Chairman and Executive Director of the Group concluded, “Looking ahead, we remain confident about the industry and the Group’s future development. We be-lieve, the continuous support from the PRC government, together with the emerging markets of au-tomotive electrification, industrial automation, Internet of Things and artificial intelligence, will drive the further growth of semiconductor industry in the PRC and bring new opportunities to the semicon-ductor packaging materials industry. Under this condition, we believe that the Group’s established position in the PRC bonding wire industry, would allow the Group to pursue more business opportuni-ties.”

Mr. Chow added, “In light of the positive industry outlook and market potential, the Group is putting more efforts to develop new products, especially in the packaging of LED products for various appli-cations, such as agriculture and medical lighting. We believe these new products will become another growth momentum for the Group in the near future.”

About The Group

The Group was established in 2006 and was successfully listed on the GEM of Hong Kong Stock Ex-change in 2018. Niche-Tech is a manufacturer of semiconductor packaging materials and new mate-rials in the High and New Technology field, specializing in the development, manufacture and sales of bonding wire, encapsulant and special metal materials. Since 2010, the Group has become a High and New Technology Enterprise in the PRC. In 2016, Niche-Tech was recognised as a National Intellectual Property Outstanding Enterprise by the State Intellec-tual Property Office of the PRC and obtained the recognition as Guangdong Academic Experts (Cor-porate) Workstation in 2017.

This press release is disseminated by TNG Financial Services Limited on behalf of Niche-Tech Group Limited.