SINGAPORE, Apr 22, 2022 - (ACN Newswire) - Catalist-listed AcroMeta Group Limited (ACROMETA; SGX: 43F), today announced that its wholly owned subsidiary AcroMec Engineers Pte Ltd (ACROMEC) has won a $31 million contract for the fit-out of an additional floor within the existing integrated advanced manufacturing facility in Singapore of a leading high-tech customer. When completed in 2023, the expansion will substantially increase its manufacturing capacity.
ACROMEC's specialties in controlled environment engineering
The ability to succinctly and precisely control physical variables such as temperature, air purity, humidity, and pressure in facility, like the product manufacturing space is a mission critical requirement. ACROMEC is ready to take on this project with the requisite track record, having completed numerous projects in clean rooms, laboratories and advanced manufacturing facilities.
Completion of previously announced project for Nasdaq-listed Genscript Biotech's Singapore R&D and manufacturing facility
ACROMEC'S strong track record is also seen having, earlier on, successfully completed the prestigious contract for the design and construction of Genscript's R&D and production laboratory facilities where they are used for the manufacture of the first-in-world C-Pass Serological Test Kit by the Duke University-NUS Medical School collaboration. C-Pass is a game-changing blood testing kit that determine a person's level of immunity against COVID-19 after vaccination.
Strong outlook for ACROMETA's controlled environment engineering business
ACROMETA Co-Founder, Chairman and CEO Lim Say Chin is heartened by the sizeable contract win. It reflects well on the high level of confidence that our Customer has on us. He said, "We are optimistic on the growth of our controlled environment business. Our business is well positioned for the Post-COVID world. We are having more customers investing in building facilities again for the future, both to prepare for the next pandemic and to prepare for technological growth. Indeed, we see activities building up in the biotechnology and semiconductor sectors, and we are glad to serve this space."
The contract is expected to commence soon and will materially contribute positively to the earnings per share and net tangible assets per share of the Group for the financial year ending 30 September 2022.
About AcroMeta Group Limited [SGX: 43F] [RIC: ACRI.SI] [BB: ACRO.SP]
AcroMeta Group Limited (previously AcroMec Limited) is an established specialist engineering services provider with more than 20 years of experience in the field of controlled environments. The Group has over the years acquired expertise in the design and construction of facilities requiring controlled environments such as laboratories, medical and sterile facilities and cleanrooms.
ACROMETA's business is divided into two main segments: (i) Engineering, procurement, and construction services, specialising in architectural, and mechanical, electrical and process works within controlled environments; and (ii) Maintenance and repair services of facilities and equipment of controlled environments and their supporting infrastructure.
The Group mainly serves the healthcare, biotechnology, pharmaceutical, research and academia, and electronics sectors. ACROMETA counts amongst its customers, hospitals and medical centres, government agencies, research and development companies or agencies, research and development units of multinational corporations, tertiary educational institutions, pharmaceutical companies, semiconductor manufacturing companies, and multinational engineering companies.
The company has been listed on the Catalist board of the SGX since 2016, and became AcroMeta Group Limited (previously AcroMec Limited) on February 18, 2022. For more information, please visit www.acrometa.com.
Media and Analysts Contact: ACROMETA Group Limited Mr Jerry Tan Chief Financial Officer Tel: +65 6415 0574 Email: email@example.com
This media release has been reviewed by the Company's sponsor, PrimePartners Corporate Finance Pte. Ltd. (the "Sponsor"). It has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "Exchange") and the Exchange assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this document.
The contact person for the Sponsor is Mr. Joseph Au, 16 Collyer Quay, #10-00 Income at Raffles, Singapore 049318, firstname.lastname@example.org.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comCatalist-listed AcroMeta Group Limited (ACROMETA; SGX:43F), today announced that its wholly owned subsidiary AcoMec Engineers Pte Ltd (ACROMEC) has won a $31 million contract for the fit-out of an additional floor within an existing integrated advanced manufacturing facility in Singapore of a leading high-tech customer.
KUALA LUMPUR, Apr 18, 2022 - (ACN Newswire) - PLS Plantations Berhad today announced their receipt of Silver3 ratings by RAM Sustainability for its principal plantations and trading segments, reflecting some gaps and the early stages of the Company's ESG practices that are crucial for reforestation and plantation-related sectors.
The sustainability ratings by RAM Sustainability, a leading provider of independent ESG analytics, captures the Company's corporate sustainability performance based on all the environmental, social and governance (ESG) themes, as well as relevant international and domestic guidelines by Bank Negara Malaysia's (BNM) Climate Change and Principle-based Taxonomy (CCPT).
PLS Plantations' Independent Non-Executive Chairman, Tan Sri Nazir Razak said, "This rating sets the baseline for the Company, in providing clear forward strategy in terms of our priorities and focus areas, across our business and operations, especially in areas for improvement. Equally as important, it offers our stakeholders - investors, regulators, business partners, suppliers, and clients - an objective and transparent assessment of our commitment to sustainability and responsibility as a reliable supplier, business partner, and an employer. PLS Plantations is working hard to execute against our strategy towards becoming Malaysia's leading sustainable, agrofood provider in the coming years."
RAM Sustainability's Chief Executive Officer, Promod Dass said, "PLS Plantations is establishing a starting point for its ESG journey by subjecting itself to the rigors of a sustainability rating and positioning that transparency is a priority even though it points to its high ESG risk profile - for this it must be commended, and we look forward to monitor its sustainability progress. We hope that this will set a precedent for more companies to embark on their sustainability journey and aspire to achieve the highest ratings."
As part of the Company's turnaround journey, PLS demonstrates strong commitment to expand on its corporate governance framework and policies, especially in areas of sustainability governance, pending a dedicated group-wide framework and policies to govern the Company. As a Public-Private-Partnership (PPP), PLS Plantations' vision is to contribute to the nation's food security and positive socioeconomic impact through initiatives in supporting local farmers, specifically the B40 and indigenous communities. The Company commits to produce quality products and services evidenced by the various certifications obtained such as the Malaysian Sustainable Palm Oil (MSPO) Certification for its plantation segment. The Company's trading business has received Good Manufacturing Practices (GMP), Malaysia Good Agricultural Practices (myGAP), HALAL and Hazard Analysis Critical Control Point (HACCP) certifications, among others and has dedicated policies to manage human resource and human rights including the Good Social Practices Policy, Occupational Safety and Health Policy, Child Labour Policy and Sexual Harassment Policy.
PLS Plantations was incorporated in Malaysia in 1987 and was listed on the Second Board of Kuala Lumpur Stock Exchange in 1994. Currently listed on the Main Board of Bursa Malaysia Securities Berhad, PLS and its subsidiaries are involved in the management and operation of forest, oil palm and durian plantations, as well as the processing, distribution and sale of durian products.
The statement included in this press release, other than statements of historical facts, are forward-looking statements. Forward-looking statement generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "seek," or "believe." These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations about future event. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statement, including, but not limited to our ability to win additional business. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future result, level of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this press release; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstances occurring after the date of this release or those that might reflect the occurrence of unanticipated events.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comPLS Plantations Berhad ("PLS Plantations" or the "Company") today announced their receipt of Silver3 ratings by RAM Sustainability for its principal plantations and trading segments, reflecting some gaps and the early stages of the Company's ESG practices that are crucial for reforestation and plantation-related sectors.
Detroit, Michigan, Apr 12, 2022 - (ACN Newswire) - Heartland has revolutionized plot mapping technology to drive efficiency for farming operations across the world. Their ReMap technology (www.heartland.io/remap-farming-plot-map-online/) will reduce the time, money, energy, and carbon footprint required to farm.
The traveling salesman is a famous mathematical problem that focuses on finding the fastest route between multiple locations. This is a universal problem that can help optimize logistics networks across land, air, and sea. Solving this problem opens the door for Heartland to run mathematical calculations that have never been possible.
With a mathematically perfect plot map, farmers can ensure a reduction in fuel consumption, maintenance costs, and the time necessary to complete their planting, harvesting, and scouting. ReMap is a technology solution to a problem that farmers have faced for more than 12,000 years.
Heartland recently received a $360,000 USDA grant for soil health, carbon sequestration, and regenerative agriculture. This kickstarted a desire for Heartland to drive efficiency across the greater agriculture industry.
Heartland is sitting at the intersection of regenerative farming and sustainable manufacturing. ReMap technology will become a foundational tool to help Heartland drive the adoption of green chemistry across industries.
"Heartland's team is exploring the different applications of this computing technology to drive new material innovations." Says Heartland CEO, Jesse Henry. "This technology allows us to create never-before-seen solutions in agriculture, manufacturing, chemistry, and advanced materials."
Today, Heartland engineers hemp fibers as additives for plastics. The company is working with America's largest manufacturers and suppliers to integrate high-performance carbon-negative plastic additives into everyday products. The commercialization of Heartland's biomaterials will allow companies to predictably reduce their carbon footprint without compromising strength, weight, or price.
Heartland's vision is to become earth's most sustainable company. Their desire to create efficiency in hemp fiber and the greater agriculture industry has gone far beyond carbon sequestration. Heartland is developing the technology and insurance products to ensure that hemp can be efficiently grown, processed, and utilized.
Creating standards in agriculture technology, insurance, and finance will help to unlock the global distribution of commodity hemp materials. ReMap is a first-of-its-kind agriculture technology that solves an optimization problem from 1930.
"There are mathematical problems that scientists and engineers don't even bother trying to solve because they are too complex and require too much computation." Says Tim Almond of Heartland, "This will allow them to solve those problems with ease."
Large companies are spending billions on new innovations, but they are limited by the amount of time and computing power it takes to run calculations and simulations. The math behind Heartland's plot mapping technology can help those companies solve these same problems in seconds.
Today, Heartland's hemp additives are driving sustainable material innovation for many of America's largest manufacturers and suppliers. Heartland's technology breakthrough helps them develop a platform that solves some of the most impactful problems for the biggest companies.
Heartland is a material innovation company that engineers hemp fibers as additives for plastics. Heartland's additives help manufacturers exceed their sustainability mandates without compromising cost and performance. As an industrial hemp material processor, they work with farmers, manufacturers, and their suppliers to commoditize high-performance carbon-negative additives that can be used across various raw material supply chains. Heartland's products help companies manufacture using stronger, lighter, cheaper, and more sustainable materials. For more information, visit https://www.heartland.io.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comHeartland has revolutionized plot mapping technology to drive efficiency for farming operations across the world.
KLANG, Malaysia, Apr 8, 2022 - (ACN Newswire) - LTKM Berhad (LTKM), a leading chicken egg producer, today announced a composite proposal, chiefly to divest the Company's existing business and venture into the business of providing of electronic manufacturing services (EMS) while at the same time, rectify its non-compliance with the public spread requirement of its shares under the listing requirements of Bursa Securities Malaysia Berhad.
Chai Voon Sun, co-founder and Managing Director of Local Assembly [L] and Executive Chairman of LTKM, Datuk Tan Kok
Wee Thian Song - Co-founder, Executive Director and Engineering Director of Local Assembly; Gurmakh Singh - Co-founder, Executive Director and General Manager of Local Assembly; Datuk Seri Chiau Beng Teik - Executive Chairman of Chin Hin Group Berhad; Chai Voon Sun - Co-founder and Managing Director of Local Assembly; Datuk Tan Kok - Executive Chairman of LTKM; Tan Kah Poh, Kenny - Independent Director of LTKM; Rahman Ali Bin Abdul Wahab - Director of Proven Venture Sdn. Bhd. [L-R]
Executive Chairman of LTKM, Datuk Tan Kok said, "At its core, the proposals seek to reward our shareholders from the proceeds of the disposal of the Company's existing poultry business while at the same time, allow them to continue participating in the new EMS business following the proposals."
"The proposed disposal comes amid the challenging operating landscape for the poultry industry brought on by overcapacity, low average selling price of eggs, high raw material prices, difficulty in controlling disease outbreaks in the farms and acute labour shortage. In relation to these challenges, we have also incurred losses in the recent financial years ended 31 March 2020 to 2021 and for the nine-month period ended 31 December 2021. This has affected our ability to pay dividends too."
"Concurrent with the proposed disposals, we believe the proposed acquisition of the EMS business is an opportunity to create value for our shareholders through a business that is viable and profitable."
Briefly, the proposals comprise the following inter-conditional steps:
1. Proposed disposal of LTKM's existing business to Ladang Ternakan Kelang Sdn Bhd (LTKSB) for a total cash disposal consideration of RM158.83 million. LTKSB, which holds 71.6% of the equity interest in LTKM, is also the holding company of LTKM;
2. Proposed special dividend and capital repayment of RM1.1098 per LTKM share totalling RM158.83 million on an entitlement date to be determined;
3. Proposed consolidation of two existing LTKM shares into one LTKM share following the proposed special dividend and capital repayment;
4. Proposed acquisition by LTKM, of 100.0% equity interest in Local Assembly Sdn Bhd (Local Assembly) from Chai Voon Sun, Gurmakh Singh a/l Ajmer Singh, Wee Thian Song, Divine Inventions Sdn Bhd and Proven Venture Sdn Bhd (Vendors) for RM336.00 million to be satisfied through cash of RM100.00 million and the issuance of 393,333,333 new LTKM shares at an issue price of RM0.60 each;
5. Proposed restricted issue of 230.00 million new LTKM shares at an indicative issue price of RM0.60 each, representing 33.1% of the enlarged share capital of LTKM after the proposals to investors to be identified;
6. Proposed exemption to the vendors and persons acting in concert from the obligation to undertake a mandatory take-over offer to acquire the remaining LTKM shares not already owned by them upon completion of the proposed acquisition; and
7. Proposed change of name to "LA Technology Berhad" from "LTKM Berhad".
The proposed acquisition will result in a significant change in LTKM's business direction from a producer of chicken eggs to becoming an EMS provider. Local Assembly, an EMS provider, will become a wholly-owned subsidiary of LTKM while the vendors of Local Assembly will become LTKM's controlling shareholders with a 56.6% equity interest in the Company following the proposed acquisition and proposed restricted issue. By virtue of his shareholding in Divine Inventions, Datuk Seri Chiau Beng Teik, the Executive Chairman of Chin Hin Group Berhad, will become a major shareholder of LTKM.
Under the proposed acquisition, the vendors have provided a profit guarantee for Local Assembly of a minimum profit after tax (PAT) of RM28.00 million for the financial year ending 31 December 2022 or not less than an aggregate of RM50.00 million PAT for both financial years ending 31 December 2022 and 2023. Based on the guaranteed PAT of RM28.00 million for the financial year ending 31 December 2022, the purchase consideration represents a price to earnings multiple of 12 times.
For Chai Voon Sun, co-founder and Managing Director of Local Assembly, the listing of Local Assembly via LTKM means a realisation of 2 decades of hardwork for him and his co-founders and a step forward in the company's journey of growth and expansion. "This transaction is a major milestone for Local Assembly. We look forward to the next phase of our corporate journey as a listed entity, which will further accelerate our growth as an EMS player, allow us to expand our customer base and product offerings and pursue more opportunities" he adds.
Local Assembly, which started operations in 2000, is a manufacturer of electronic, electrical and plastic injection moulded components, and sub-contract assembler of electrical appliances and equipment. Its principal markets are Malaysia and Singapore. For the financial year ended 31 December 2022, Local Assembly achieved PAT of RM20.06 million on the back of a revenue of RM116.35 million.
The application for the proposals is expected to be submitted to the relevant authorities by the second quarter of 2022. Subject to approvals from relevant parties including Securities Commission, Bursa Securities Malaysia Berhad as well as shareholders of LTKM, the proposals are expected to be completed in the first half of 2023.
M & A Securities Sdn Bhd is Adviser to LTKM for the proposals.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comLTKM Berhad (LTKM), a leading chicken egg producer, today announced a composite proposal, chiefly to divest the Company's existing business and venture into the business of providing of electronic manufacturing services (EMS) while at the same time, rectify its non-compliance with the public spread requirement of its shares under the listing requirements of Bursa Securities Malaysia Berhad.
KUALA LUMPUR, Apr 4, 2022 - (ACN Newswire) - Cnergenz Berhad (CNERGENZ), an electronics manufacturing solutions provider based in Penang, specialising in surface mount technology (SMT) catering to the electronics and semiconductor industries (E&S Industries), is pleased to announce that the Company has entered into an underwriting agreement with UOB Kay Hian Securities (M) Sdn Bhd (UOB Kay Hian) today for its upcoming initial public offering (IPO) on the ACE Market of Bursa Malaysia Securities Berhad (Bursa Securities).
UOB Kay Hian Securities Sdn. Bhd Chief Executive Officer Mr. David Lim; Cnergenz Berhad Chief Executive Officer Mr. Lye Yhin Choy [L-R]
The Company had obtained approval to list on the ACE Market of Bursa Securities and is targeting to launch its Prospectus in April 2022.
The IPO exercise involves the public issue of 100.0 million issue shares and an offer for sale of 50.0 million offer shares by way of private placement.
From the public issue, 25.0 million issue shares will be made available for application to the Malaysian public, 10.0 million shares will be allocated for application by eligible directors and employees as well as persons who have contributed to the success of Cnergenz Group ("Group") ("Eligible Persons"), 52.75 million shares will be reserved for private placement to identified investors and 12.25 million shares will be reserved for private placement to identified Bumiputera investors approved by the Ministry of International Trade and Industry ("MITI").
UOB Kay Hian will underwrite an aggregate of 35.0 million issue shares, comprising 25.0 million shares under the public issue and 10.0 million shares allocated to Eligible Persons as part of the underwriting agreement.
Chief Executive Officer of Cnergenz, Mr. Lye Yhin Choy, said, "This listing will enable us to strengthen our name as a leading electronics manufacturing solutions provider in Malaysia whilst deepening our presence in Thailand and Vietnam, countries which are benefitting from strong investment flows into the E&S Industries."
Chief Executive Officer of UOB Kay Hian, Mr. David Lim said, "UOB Kay Hian is pleased to be working with Cnergenz on its IPO exercise. The Company has a stellar track record and experience in the E&S Industries that dates back to 2004. We are happy to work with Cnergenz in achieving its listing goals."
Cnergenz collaborates closely with its network of over 50 suppliers to offer quality solutions for their customers, building a strong network and contributing to Cnergenz' business development and growth.
Cnergenz caters to domestic and international customers across Malaysia, Vietnam and Thailand. Cnergenz has a customer base of over 100 local and multinational companies operating within the E&S Industries, comprising integrated design manufacturers (IDMs), outsourced semiconductor assembly and test service providers (OSATs) and electronics manufacturing service providers (EMSs), some of which have been customers of Cnergenz for over 15 years.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comCNERGENZ Berhad is pleased to announce that the Company has entered into an underwriting agreement with UOB Kay Hian Securities (M) Sdn. Bhd. ("UOB Kay Hian") today for its upcoming initial public offering ("IPO") on the ACE Market of Bursa Malaysia Securities Berhad ("Bursa Securities").
PETALING JAYA, Malaysia, Apr 4, 2022 - (ACN Newswire) - Malaysian Genomics Resource Centre Berhad ("Malaysian Genomics" or "the Group"), a leading genomics and biopharmaceutical specialist, was recently awarded a COVID-19 surveillance contract by the Institute for Medical Research ("IMR"), the biomedical research arm of the Ministry of Health ("MOH"). Malaysian Genomics is one of the private laboratories that IMR has engaged to outsource genome surveillance of SARS-CoV2.
Dato' Alvin Nesakumar, Executive Director of Malaysian Genomics Resource Centre Berhad
Dato' Alvin Nesakumar, Executive Director of Malaysian Genomics, said, "We are pleased to support IMR and MOH in this important effort to monitor the evolution of the COVID-19 virus, its variants and sub-variants. With our expertise and knowledge in genomics and bioinformatics, we can help IMR track and trace the virus for any variants of concern that the Government needs to be informed of as well as prepare for."
Malaysian Genomics, whose cell laboratory is the only privately-owned BioSafety Level 2 ("BSL-2") facility in Malaysia with the Current Good Manufacturing Practice ("cGMP") certification, is moving towards becoming a premier healthcare provider through the production of CAR T-cells for cancer immunotherapy for solid cancers, as well as other cell engineering services. BSL-2 and cGMP certifications indicate that a laboratory facility has stringent measures for biocontainment standards and ultra-pure laboratory environments to safely work on human cells.
The Group is also ISO 9001:2015, ISO 15189:2014 and ISO 17025:2017 certified under the Integrated Management System.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comMalaysian Genomics Resource Centre Berhad ("Malaysian Genomics" or "the Group"), a leading genomics and biopharmaceutical specialist, was recently awarded a COVID-19 surveillance contract by the Institute for Medical Research ("IMR"), the biomedical research arm of the Ministry of Health ("MOH"). Malaysian Genomics is one of the private laboratories that IMR has engaged to outsource genome surveillance of SARS-CoV2.
HONG KONG, Apr 1, 2022 - (ACN Newswire) - On March 31, the China-based novel vaccines company - Jiangsu Recbio Technology Co., Ltd. ("Recbio" or the "Company", Stock Code: 2179.HK) went public and was officially listed on the Hong Kong Stock Exchange. Assuming the Over-allotment option is not exercised, 30,854,500 H shares were issued under the Global Offering, with a price of HK$24.80 per share and proceeds up to approximately HK$765 million. The Hong Kong public Offering received an enthusiastic response from investors and was over-subscribed by more than 9.65 times. As the cornerstone investors of the Company, the cornerstone subscription ratios of Yangtze River Pharmaceutical, Harvest Global and Sequoia China exceed 50%. Previously, the Company has won the favor of many well-known investment institutions, including Legend Capital, LYFE Capital, Oriental Fortune Capital, Fer-Capital, Sequoia China, CMB International, Lake Bleu and Temasek. Having successfully listed in Hong Kong, becoming "the first HPV vaccine stock in Hong Kong" and "the first novel adjuvant vaccine stock in Hong Kong", Recbio is expected to inject new vitality into the capital market in Hong Kong.
Chart: Innovative vaccine portfolio of Recbio
Domestic vaccine innovation and iteration accelerated by novel adjuvant technology
Vaccines are praised as the "golden track" in the medical health field. According to the Frost & Sullivan report, from 2016 to 2020, the size of the global vaccine market has increased from US$27.5 million to US$39.9 billion at a CAGR of 9.7%, while the CAGR of global pharmaceutical market was only 3.02%. China has become the second largest vaccine market globally, with the market volume increased from RMB27.1 billion in 2016 to RMB75.3 billion in 2020 at a CAGR of 29.1%.
Regarding the insufficient domestic supply of and the unmet urgent demand for novel vaccines, it has become an important part of the Development Planning of the Pharmaceutical Industry in the "14th Five-Year Plan" in China (referred as the "Plan") to promote enterprises to speed up the development of related products and to achieve product availability as soon as possible. Regarding the development of the vaccine industry, the "Plan" also states that research and development of novel vaccines (such as novel adjuvants for vaccines and mRNA vaccines) and building of industrialization capability shall be accelerated. It also emphasizes on the development of novel COVID-19 vaccines, herpes vaccines, polyvalent human papillomavirus (HPV) vaccines and other products.
As an innovative novel vaccine company, Recbio has constructed the three core technology platforms consisting of novel adjuvants, protein engineering and immunological evaluation, forming synergy in antigen design and optimization, adjuvant development and production, identification of the best combination of antigen and adjuvants. The Company has built a comprehensive and high-valued vaccine portfolio consisting of 12 candidates, covering cervical cancer, COVID-19, adult tuberculosis, shingles, HFMD, influenza etc. It covers five of the ten diseases with the greatest burden under the 2019 Global Burden of Diseases issued by the World Health Organization and disease areas of the three of the top five globally bestselling vaccine products in 2020.
Novel adjuvant for vaccines is the "bottleneck" technology of innovative vaccines. Through years of technical research, Recbio has successfully achieved independent control of all FDA-approved novel adjuvants, and is one of the few companies in the world capable of independent development of novel adjuvants. It has also successfully applied in various innovative vaccines such as COVID-19 vaccines, HPV vaccines and shingles vaccines.
A moat constructed with a rich product portfolio
HPV vaccines are one of the most commercially valuable vaccines in the world. It is expected that there will be 234 million females in China aged 9-45 unvaccinated for HPV in 2025 assuming 3 doses per person, requiring additional 702 million doses. Currently, Recbio has formed a full coverage of bivalent, quadrivalent and 9-valent vaccines and novel adjuvant upgrades in the field of HPV vaccines. The core product REC603, a recombinant HPV 9-valent vaccine is currently under phase III clinical trial, expected to become the first approved domestic HPV 9-valent vaccine. Regarding the global immunization program market, REC601, a bivalent vaccine has the potential to become one of the most popular vaccine options. At the same time, the Company is also in the process of developing second-generation HPV vaccines, namely REC604a (a quadrivalent vaccine) and REC604b (a 9-valent vaccine). Both vaccines have adopted our self-developed novel adjuvants and are expected to achieve two-shot regimens in the future. The construction of the first phase of the HPV manufacturing facility of Recbio is expected to be completed by the end of this year. By then, it will realize the designed capacity of five million doses of HPV 9-valent vaccines or 30 million doses of HPV bivalent vaccines per year. As the first cancer preventive vaccine in the world, HPV vaccines have been in shortage for a long time. With the gradual release of domestic HPV vaccines in the future and the gradual release of production capacity, domestic substitution will be accelerated.
Protein engineering, novel adjuvant and other technology are comprehensively used in ReCOV, the COVID-19 vaccine of Recbio, to thoroughly optimize the vaccine, allowing ReCOV to possess a series of comprehensive advantages, including excellent safety, strong immunogenicity, strong cross-protection effectiveness with Omicron and Delta mutant strains, easy-to-scale-up production, low production cost, high preparation stability, storage and transportation in room temperature etc. The international phase II/III clinical trials of such vaccine are currently in progress. EUA/BLA applications are estimated to be submitted in 2022. On the side of production supply, the Company has completed the construction of our GMP-standard manufacturing facility for ReCOV and obtained the drug production license in November 2021. The manufacturing facility has a total GFA of approximately 17,000 sq.m., has the potential to support an annual manufacturing capacity of 300 million doses of ReCOV and can be used to manufacture recombinant shingles vaccines.
In the field of shingles vaccines, shingles virus is dormant in almost all adults over 50 of age in China, affecting approximately 2.5 million adults in China every year. However, Shingrix is currently the only shingles vaccine approved in China. The novel adjuvant which benchmarking AS01 is adopted in REC610 of the Company, significantly improving vaccine immunogenicity, hoping to achieve domestic substitution quickly.
Recogen, our subsidiary has first achieved technology breakthrough in lyophilized mRNA vaccines. It has applied the self-developed freeze-drying technology to achieve preparation stability at 4 degrees Celsius and 25 degrees Celsius, allowing storage and transportation under general cold-chain conditions, effectively solving the current defect in availability of mRNA vaccines.
"We are glad that the Hong Kong stock IPO has been highly recognized by the capital market. The successful listing of Recbio is expected to bring more confidence to the Hong Kong 18A stock market. Thanks to all the investors for their strong support, we were able to successfully go public as originally planned in such extremely depressed environment of the Hong Kong capital market!" Regarding the listing of Recbio in Hong Kong, Dr. Liu Yong, the Founder, Chairman of the Board, and General Manager of Recbio stated that, "Against the backdrop of a huge global demand for innovative vaccines in this era, through continuous innovation and international cooperation, we will accelerate the commercialization of products in the global market, promote innovation in the entire value chain of the vaccine industry from R&D to commercialization, and create greater value for shareholders and investors. Today is the beginning of a brand-new journey for Recbio. I hope that all investors will continue to support our Company. Let's hope we will continue to move forward hand in hand, through the sweltering summer and winter, and create new glory together!"
About Recbio Founded in 2012, Recbio is an innovative vaccine company with independent research and development technology as its core driving force. It is committed to building a full value chain of innovative vaccines, covering research and development, production and commercialization. The Company has always adhered to the mission of "creating first-class vaccines and protecting human health". With a strong research and development engine comprising of novel adjuvants, protein engineering, immunological evaluation and other core technology platforms, strategically focusing on disease areas with significant burden such as cervical cancers COVID-19, shingles, adult TB, HFMD and flu etc., the Company has established a high-value product pipeline consisting of 12 vaccine candidates with independent intellectual property rights, in order to meet the under-fulfilled public health needs. For more information, please visit https://www.recbio.cn/.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comOn March 31, the China-based novel vaccines company - Jiangsu Recbio Technology Co., Ltd. ("Recbio" or the "Company", Stock Code: 2179.HK) went public and was officially listed on the Hong Kong Stock Exchange.
HONG KONG, Mar 30, 2022 - (ACN Newswire) - Solargiga Energy Holdings Limited ("Solargiga" or the "Group"; HKEX: 757), a leading vertically integrated enterprise that manufactures monocrystalline photovoltaic products for generating solar energy in the PRC, announced today its annual results and that it turned around to profit for the year ended 31 December 2021.
Driven by increase in sales of its major products, photovoltaic modules and monocrystalline silicon wafers, plus the climb in average selling price of silicon wafers, the Group's revenue increased by 17.4% to RMB7,105.0 million, with total external shipment volume up 7.8% year-on-year. It achieved a significant turnaround with profit attributable to owners of the parent at approximately RMB193.2 million when compared with a loss recorded last year, mainly due to substantial increase in its high-efficiency production capacity and economies of scale, which helped widen its overall gross profit margin.
During the year under review, as a result of the increase in sales of monocrystalline solar wafers which boast a higher profit margin, the Group's gross profit rose by 50.1% to RMB879.1 million, with gross profit margin improved to 12.4%. As such, earnings before interest, taxes, depreciation and amortisation ("EBITDA") of the Group surged by 189.7% to RMB799.7 million
In 2021, the Group continued to invest in and upgrade existing production capacity which, together with the economies of scale reaped, saw its operating profit increase significantly, with net cash flows from operating activities up by a substantial 82.8% to RMB1,030.4 million in 2021 (2020: RMB563.5 million).
Silicon ingots and wafers business
During the year under review, since monocrystalline products have advantages over multicrystalline products in photovoltaic power generation, the market share of monocrystalline products continued to increase rapidly. With most of the Group's monocrystalline silicon ingot products reserved for internal use, the external shipment volume of them was 414.4 MW (2020: 710.8 MW), whereas that of monocrystalline silicon wafers increased significantly to 4,087.0 MW (2020: 3,145.8MW), an over 30% climb against the previous year.
Apart from traditional monocrystalline P-type products, the Group also manufactures monocrystalline N-type products with higher conversion efficiencies. As TOPCON cells and heterojunction HJT cells with monocrystalline N-type silicon wafer base are expected to become the mainstream next-generation photovoltaic cells, to capture that trend, the Group managed to accomplish technical breakthrough and product marketisation of monocrystalline N-type silicon ingot and has started supplying N-type silicon ingots and wafers to domestic and foreign customers.
The Group's production base for monocrystalline silicon ingot and monocrystalline silicon wafer in Qujing, Yunnan, the PRC, started mass production during the year. As the facility enjoys various local government preferential investment policies, and more importantly, the decrease in local electricity cost, being the major manufacturing cost of ingot-pulling, of more than 50% compared to the major production base in Jinzhou, Liaoning. That can help improve the Group's overall gross profit margin. Therefore, the Group has continued to expand the production capacity there to meet the rapid growth of customer demand. As at year end, the annual production capacity of monocrystalline silicon ingots and monocrystalline silicon wafers of the facility were 4.3 GW and 2.5 GW respectively.
To concentrate resources on developing more niche products, the Group adjusted its operating strategy, ceasing manufacturing solar cells last year and moved its focus onto upstream monocrystalline silicon wafers (ingot) and downstream modules as its two major products.
During the year, the Group continued to expand module production capacity in Yancheng, Jiangsu, to meet the needs of module customers and further strengthen economies of scale. As at year end, the module production capacity of Yancheng, Jiangsu reached 5.4 GW, out of the 7.2 GW total of the Group. The production base also enjoys various local government preferential investment policies, plus the Group can take advantage of significantly lowering the investment in capital expenditure by renting plant buildings. Moreover, the area around the Yangtze River Delta is where raw and auxiliary materials that the Group needs agglomerate, meaning the Group has advantage in procurement.
Excellent product quality and price competitiveness allow the Group to secure stable and sizeable customers. Modules were mainly sold externally to large state-owned enterprises and international multinational enterprises, such as State Power Investment Corporation ("SPIC"), SHARP Corporation ("SHARP"), Xinyi Glass Holdings Limited and Xinyi Solar Group and CGN New Energy Holdings Co., Ltd., etc. The Group has been SHARP's largest processing service partner for photovoltaic module for nine consecutive years and has been cooperating in continually expanding module sales to foreign customers.
The Group embraces the "one base, two wings" strategic layout, with its base in Jinzhou, Liaoning, and Qujing in Yunnan and Yancheng in Jiangsu as its two wings. The layout has given it low-cost and high-efficiency productivity advantages and become one of the driving forces for the gross profit margins growth of its monocrystalline silicon ingots and silicon wafers. It expects that, by the end of 2022, the annual production capacity of monocrystalline silicon ingot and silicon wafers in Qujing, Yunnan will be increased to 6.0 GW and 3.6 GW, representing 81% and 49% of the Group's total annual production capacity of the products, respectively. On top of boosting the Group's gross profit margin, the layout will also enable the Group to fully unleash its technological advantages and achieve progress.
Regarding module production capacity, by the end of 2022, the annual production capacity of the plant in Yancheng, Jiangsu will increase to 6.4 GW, taking the Group's overall annual module production capacity to 8.2 GW.
In addition, the Group has been actively expanding the end-user power plants construction and application business, which has not only driven sales of module products from bottom-up, but also it will spread the profit of construction and operation of photovoltaic system businesses, helping improve the Group's overall profitability. Apart from having internal photovoltaic power plant system established and run by its wholly owned subsidiaries, the Group also plans to form joint ventures with companies from other industries to develop BAPV and BIPV business.
Mr Tan Wenhua, Chairman of Solargiga, said, "In 2022, newly installed photovoltaic power generation capacity is expected to continue to grow rapidly worldwide. That plus supportive government policies will see medium- and long-term demand for photovoltaic products climb robustly in the PRC and the global market. Marketisation will continue for photovoltaic products and the industry will move away from policy subsidies towards self-sustainable development. Technological progress will help reduce power generation cost conducive to achieving grid parity, and in turn will draw explosive demand growth.
"With proven business strategy in place, we are well prepared to apply our existing advantages to capture the tremendous opportunities in the photovoltaic industry in the good times ahead, and also help China achieve her 'carbon neutrality' goal by 2060 and contribute to sustainable development of the world."
About Solargiga Energy Holdings Limited (HKEX: 757) Solargiga Energy Holdings Limited is one of the leading manufacturers of solar energy monocrystalline photovoltaic products in the PRC. Through advantages in vertical integration, the Group focuses on manufacturing monocrystalline silicon wafers and photovoltaic modules, and designing and installing photovoltaic systems. The majority of the Group's products are currently sold to domestic state-owned enterprises and large multinational corporations with stringent quality requirements.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comSolargiga Energy Holdings Limited ("Solargiga" or the "Group"; HKEX: 757), a leading vertically integrated enterprise that manufactures monocrystalline photovoltaic products for generating solar energy in the PRC, announced today its annual results and that it turned around to profit for the year ended 31 December 2021.
HONG KONG, Mar 29, 2022 - (ACN Newswire) - Jinchuan Group International Resources Co. Ltd., (the "Company" or "Jinchuan International"; together with its subsidiaries, the "Group"; stock code: 2362), Jinchuan Group's flagship platform for overseas mineral resources development, has announced its audited annual results for the year ended 31 December 2021 (the "Year").
Highlights of 2021 Annual Results -- Revenue amounted to US$831.9 million, up by 25.2% year-on-year. Revenue from mining segment was US$620.6 million and revenue from the trading of mineral and metal products was US$211.3 million -- Gross profit increased considerably by 188% to US$251.7 million -- Profit attributable to shareholders soared by 303% to US$120.5 million -- During the Year, the Group produced 61,260 tonnes of copper and 3,379 tonnes of cobalt and sold 57,001 tonnes of copper and 2,617 tonnes of cobalt -- Cost of sales of the mining business declined 16%, attributable to the Group's stringent control of costs
During the Year, the Group recorded revenue of US$831.9 million, a year-on-year increase of 25.2%, which was attributable to the rise in the benchmark copper and cobalt prices. Total revenue from mining operations was US$620.6 million, a year-on-year increase of 24.7%. Revenue from the trading of mineral and metal products segment amounted to US$211.3 million, a year-on-year increase of 26.6%. With costs kept under control, the Group's gross profit rose considerably by 188% to US$251.7 million. Moreover, as copper and cobalt prices surged in 2021, the Group's gross profit margin grew significantly to 30% for the Year from 13% in 2020.
Profit attributable to shareholders of the Company soared by 303% year-on-year to US$120.5 million. Earnings before interest (net finance costs), income tax, depreciation and amortization and impairment loss ("EBITDA") amounted to US$311.5 million, up by approximately 121.8%. The Group maintained strict control of costs during the Year. As a result, cost of sales of the mining operations decreased by 16% to US$314.9 million.
In 2021, the Group produced 61,260 tonnes of copper and 3,379 tonnes of cobalt, and sold 57,001 tonnes of copper and 2,617 tonnes of cobalt. Sales of copper and cobalt amounted to US$514.0 million and US$106.6 million respectively. During the Year, the Group's copper production volume dropped, primarily as a result of lower ore feed grade from Ruashi Mine and Kinsenda Mine and lower copper recovery rate. Similarly, the cobalt production volume declined, mainly due to the lower grade of cobalt ore mined and lower cobalt recoveries. Nevertheless, driven by higher copper and cobalt prices, the Group recorded a significant increase in revenue, which was able to offset the impact of lower sales volume.
Continuous expansion of core businesses, progress achieved by all projects As a multinational mine developer and operator, the Group will pay close attention to local government policies and the economic environment, and continue to monitor all factors that may cause market fluctuation, so as to ensure the Group is well prepared to respond timely to any market changes.
The Group's short-term focus will be on the construction of the Musonoi copper-cobalt mine in Kolwezi, the Democratic Republic of the Congo. During the Year, construction of the mine was progressing as planned. The Group has also signed a facility agreement with China Development Bank in relation to the construction of the Musonoi project. At the same time, the Group will continue its exploration work in the sulphide zone below the oxide zone in Ruashi Mine, deeper region of the Musonoi Project, and conduct infill drilling at Kinsenda Mine. In addition, the Group successfully leased out the mining assets of Chibuluma under a finance lease. The Group recorded a royalty income of approximately US$2.4 million under the finance lease agreement.
Actively seized market opportunities amid rising copper and cobalt prices Copper price is susceptible to swings in global policies and economic uncertainty. LME copper price reached a historical high of US$10,720 per tonne in May 2021, and closed at US$9,692 per tonne at the end of 2021, representing a gain of 25.2% compared to 31 December 2020 and a gain of 109.9% compared to the lowest point in 2020. With copper price surging, the Group commenced the construction of Ruashi Mine's magnetic floatation plant aiming to treat low-grade oxide and sulphide materials. This allows the Group to better utilise Ruashi Mine's low grade stockpile while potentially extending Ruashi's life of mine. The new plant was successfully launched in December 2021.
With the availability of COVID-19 vaccines, social and economic activities have recovered. Copper, as a critical commodity used in construction and infrastructure, will benefit from the economic recovery. Moreover, countries around the world have initiated the strategic target of carbon neutral. Copper will be used more frequently in areas including solar, wind, power storage, new energy and distribution with the enhence of carbon neutral era, the demand for copper will further increase. Given its strong fundamentals, copper price is expected to stay strong after COVID-19 is contained.
With regard to the cobalt market, cobalt price gradually rebounded during the Year, and continues to rise in 2022. The price of cobalt reached US$38.7 per pound in mid-March 2022. Demand for cobalt is subject to the manufacturing of alloy and industrial chemical and for the manufacturing of batteries. As major auto makers were launching more electric vehicle ("EV") models in 2021, Ford estimates that 40% of motor vehicles sold will be EVs by 2030 and Bloomberg estimates that half of motor vehicles sold will be EVs by 2040. Analyst forecasts cobalt demand to expand at a compound annual growth rate of 7% to 2030.
The Group said, "We will seize the favorable opportunities to develop new energy and new materials and keep expanding the major business while considering to extend the industrial chain appropriately, and expand the Group's product scope. Meanwhile, we plan to further introduce strategic investors and optimize the shareholders structure, strengthen management, reduce costs and increase efficiency, and enhance the economic scale of existing projects. Furthermore, we will actively integrate the Group's overseas resources and expand our asset scale. We will also continue to develop new businesses, and in particular, look for opportunities in southern Africa to generate synergies, given its close proximity to the Group's existing mines. In the future, we will pursue continuous development and innovation, with the aim of becoming a world-class mineral corporation and creating greater value for our shareholders."
About Jinchuan Group International Resources Co. Ltd (Stock Code: 2362. HK) Jinchuan International is a Hong Kong listed company under Jinchuan Group Co., Ltd for the purposes of accelerating the establishment of the mining group's multinational operational strategy and elevating Jinchuan Group's global investing, financing and operating capabilities. By virtue of Hong Kong's advantages as an international financial and trade center, and through the Company's focus on an internationalized operating strategy, the Company has established itself as the flagship platform for Jinchuan Group to develop its overseas non-ferrous metal mining business. The Company owns large-scale mines in Africa with high-quality copper and cobalt metal resources. It engages in the production and trading of basic metal resources. The Company's main mine assets include the Ruashi and Musonoi copper-cobalt mines, high-grade Kinsenda copper mine, Chibuluma South Mine, and Lubembe project. Website: http://www.jinchuan-intl.com/tc/
About Jinchuan Group Co., Ltd* ("Jinchuan Group") Jinchuan Group Co., Ltd*, founded in 1958, is a state-owned enterprise with its majority interest held by the People's Government of Gansu Province. Jinchuan Group specializes in mining, concentrating, metallurgy, chemical engineering and further downstream processing. Jinchuan Group is widely recognized as a renowned mining corporation and is the third largest nickel producer and fourth largest cobalt producer in the world as well as the fourth largest copper producer in China. Jinchuan Group ranks no. 336 in "Fortune" Global 500 in 2021. Website: http://www.jnmc.com/
* for identification purposes only
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comJinchuan Group International Resources Co. Ltd., (the "Company" or "Jinchuan International"; together with its subsidiaries, the "Group"; stock code: 2362), Jinchuan Group's flagship platform for overseas mineral resources development, has announced its audited annual results for the year ended 31 December 2021 (the "Year").
HONG KONG, Mar 28, 2022 - (ACN Newswire) - CEFC Hong Kong Financial Investment Company Limited ("CEFC Financial", together with its subsidiaries, "the Group", to be renamed as "Virtual Mind Holding Company Limited"; stock code: 1520.HK) is pleased to announce its audited consolidated results for the year ended 31 December 2021 (the "Year").
During the Year, the Group was mainly engaged in the design, manufacture and trading of apparel, as well as provision of money lending services. Thanks to the continued revival of demand in apparel market during the Year, the Group embraced growth momentum in its apparel operation. Driven by its excellent business performance, revenue of the Group increased by approximately 22.1% to approximately HK$140.0 million (2020: HK$114.0 million) during the Year. Gross profit was approximately HK$38.7 million (2020: HK$25.0 million), increased by approximately 55.1%. The overall gross profit margin increased by approximately 5.9 percentage points to approximately 27.7% (2020: 21.8%), benefiting from revenue growth and the Group's strategic focus to shift to higher-margin own brand products in the apparel operation during the Year. With the increase in the Group's revenue and no impairment loss on goodwill incurred for the Year, loss attributable to owners of the Company significantly narrowed by approximately 32.1% to approximately HK$46.3 million (2020: HK$68.1 million).
Business Review Apparel Operation Apparel Operation is the Group's core business. Its revenue is principally derived from the sales of apparel products, namely own brand products and private label products. The U.S. was the principal market for the Group's apparel operation during the Year. With the rebound of the U.S. economy following the relaxation of restrictive social measures, coupled with fiscal measures and monetary support, the revenue from the Group's apparel operation increased by approximately 20.7% year-on-year to approximately HK$129.3 million (2020: HK$107.1 million), accounting for 92.4% of the Group's total revenue.
In view of the higher gross profit margin of its own brand products, the Group focused on the expansion of this segment during the Year. The segmental revenue thus increased by approximately 80.4% to approximately HK$91.7 million (2020: HK$50.8 million). Own brand products became the largest contributor of the Group's apparel operation and accounted for 71.0% (2020: 47.5%) of the total revenue from apparel operation during the Year. Gross profit registered strong growth of approximately 107.5% to approximately HK$27.7 million (2020: HK$13.4 million), with gross profit margin increasing from 26.3% in 2020 to approximately 30.2%.
As the Group strategically shifted its focus to its own brand products during the Year, revenue from private label products decreased to approximately HK$37.5 million (2020: HK$56.2 million), contributing 29.0% of the total revenue from apparel operation for the Year. Gross profit and gross profit margin amounted to approximately HK$416,000 (2020: HK$4.2 million) and approximately 1.1% (2020: 7.4%) respectively.
Money Lending Business The Group's lending business primarily offers loans to individual customers and small businesses in Hong Kong. Hong Kong saw a strong recovery in 2021, attributable to the well-contained local pandemic during the Year and continued revival of global economic activities. During the Year, revenue from money lending operation increased by approximately 42.3% to approximately HK$10.6 million (2020: HK$7.4 million), accounted for 7.6% of total revenue of the Group.
Outlook The Group is committed to exploring new business opportunities to expand its apparel design, manufacturing and trading business. In view of the recent development that the apparel industry has shifted towards the market segment of trendy culture well-received among younger generation, the Group aims to capture the huge potential of fashion and trendy apparel market. In order to diversify from its focus of manufacturing private label women apparel products, the Group plans to expand its design, manufacturing and trading of apparels business to become an all-rounded trendy apparel product manufacturer, tapping into the men and young adults markets. To align with its business development strategy and the vision of developing trendy culture apparel products, as well as to prepare for further developing trendy apparel business, the Group proposed its company name to be changed to "Virtual Mind Holding Company Limited" which was approved at the extraordinary general meeting on 25 March 2022. This will be implemented after the approval of the Registrar of Companies in the Cayman Islands.
Looking forward, the Group will promote the development of its apparel business from various aspects, and continuously develop a more diversified portfolio of trendy apparel and related products in order to open up new sales channels. In January 2022, the Group appointed the senior designer of the renowned world luxury product brand LVMH Group Dr. Zhou Yibing as Chief Creativity Officer, who will be responsible for managing the Group's product design team, developing its own brand trendy culture products and cross-over products with other brands, etc.
In addition, the Group constantly seeks to establish strategic cooperation relationship with other apparel enterprises. In January 2022, the Group has entered a strategic cooperation agreement with Qingdao Weiding Sports Supplies Company Limited, which is principally engaged in trendy sportswear and accessory products, with an aim of expanding the Group's business in the men's and women's sportswear market segment. The Group has also entered into a licensing agreement with Chengdu Dreamtoys Cultural Creativity Company Limited so as to explore the younger generation market. The Group was granted the exclusive right of use of the intellectual property (IP) right of four animated characters which will be used for the development, production and sales of apparel of the IP Characters. Furthermore, the Group is striving to explore crossover collaboration opportunities with other world-renowned brands, artists and designers, in order to build up self-developed brand image and further increase the variety of the self-developed brands and products.
In March this year, the Group entered into a sales and purchase agreement with world-renowned art brand Leblon-Delienne to purchase art collections and the relevant digital creation for Non-Fungible Token ("NFT") for market sales. This series of products was created by Mr. Jose Levy, the creative director of Hermes. We plan to invite famous Asian artists Mr. Takashi Murakami and Ms. Mika Ninagawa to participate in the re-creation in the future, therefore the art collection is expected to be of enormous collectable value. At the same time, young artists and fashion people from Asia, especially Hong Kong, will be invited to participate in its events, bringing vitality to the fashion capital of Asia.
Mr. Li Yang, Chairman and Executive Director of CEFC Financial said, "The Group has been deeply involved in the fashion design business for more than 20 years, and is committed to designing and producing high-quality fashion products. In view of the huge potential of the fashion apparel market, the management of the Group plans to gradually expand the trendy apparel manufacturing business, and strategically upgrade itself to become an all-rounded trendy apparel product supplier. The Group is confident in the prospects of its trendy apparel operation and we believe that the change of our company name will lead us to a new chapter. We expect that the economic activities will get back on the right track and the Group's business will experience optimistic growth after the pandemic. Looking forward, the Group will continue to focus on the development of trendy apparel with the strategic focus on the young market. We will also actively look for collaboration opportunities with different well-known brands and designers, in hopes of increasing the popularity of our own brand and seize the immense opportunities in global trendy apparel market in order to bring long-term returns for our shareholders."
About CEFC Hong Kong Financial Investment Company Limited CEFC Hong Kong Financial Investment Company Limited (1520.HK) is principally engaged in (i) design, manufacturing and trading of apparel; and (ii) provision of money-lending business. The Group's apparel operation is classified into two categories, namely, private label products and own brand products. Private label products are those designed and manufactured under the private labels owned or specified by the Group's customers, while own brand products are those designed and manufactured under the Group's proprietary labels. To align with its business development strategy, the proposed change of Company name to "Virtual Mind Holding Company Limited" was approved at the extraordinary general meeting on 25 March 2022.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comCEFC Hong Kong Financial Investment Company Limited ("CEFC Financial", together with its subsidiaries, "the Group", to be renamed as "Virtual Mind Holding Company Limited"; stock code: 1520.HK) is pleased to announce its audited consolidated results for the year ended 31 December 2021 (the "Year").
HONG KONG, Mar 26, 2022 - (ACN Newswire) - China's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.
During the review period, the revenue of the Group was RMB5,139 million representing an increase of approximately 31.9% as compared to the same period of 2020. The profit for the year was approximately RMB888 million, representing an increase of approximately 64.2% as compared to the same period of 2020, mainly due to the growth in sales driven by the increase in purchase orders and the increase in gross profit of approximately RMB355 million. Basic and diluted earnings per share of the Company was RMB0.29 for 2021 and RMB0.24 for FY2020.
Mr. Zengming, chairman and executive director said: "Although China and the world's major economies, including developed countries such as Europe and the United States, were recovering gradually, the mutation of the COVID-19 has led to the recurrence of the pandemic and some parts of the world are still plagued by the pandemic, resulting in the closure or interruption of factory production. With the successful achievements in the prevention of pandemic in China, resumption of work and production were successfully sped up in various industries, which led the products manufactured in China to become more popular around the world. With the quantitative easing monetary policy of Europe and the United States, the real estate market of the developed economies, especially the United States, was thriving, which led to a surging growth of the furniture industry. China's furniture exporters further attracted orders from countries around the world, ushering in an opportunity for a rapid growth."
During the review period, the Group has been constantly uncovering the potential of our existing factories to raise the utilisation rate of our production capacity without relaxing the preventive measures adopted for the pandemic and continue to put effort to safeguard the lives and safety of our staff; on the other hand, the Group also accelerated the implementation of fundraising and investment projects. Although the Group was still affected by the outbreak of COVID-19 pandemic in some provinces of China from time to time, various fundraising and investment projects still made a good start. The Group achieved significant growth in both production and sales in 2021.
Panel-type Furniture The Group's panel-type furniture products include television cabinets, bookshelves, shelves, desks, and coffee tables. Panel-type furniture has always been the core revenue driver of the Group. During the review period, the revenue of panel-type furniture increased by 33.9%. The gross profit margin of panel-type furniture recorded a slight increment due to the higher gross profit margins from some of our newly launched products, as well as the increase in average selling prices for some of our existing products, which partially offset the impact of the depreciation of the U.S. dollar against the Renminbi ("RMB").
Upholstered Furniture Leveraging on our expertise and experience on product design and development as well as our business relationships with major overseas retail chains and furniture traders, we further expanded of its product offering in upholstered furniture to explore new markets. The Group's upholstered furniture mainly includes sofas. During REVIEW PERIOD, the revenue of upholstered furniture increased by 19.4%. The gross profit margins for both FY2020 and the review period remained relatively stable, certain products with high gross profit margin recorded higher sales.
Outdoor/Sport-type Furniture This includes outdoor recreational furniture, sports and recreational equipment. Sports and recreational equipment mainly include table tennis tables and pool tables. During the review period, the revenue from sport-type furniture amounted to approximately RMB154 million, representing a decrease of approximately 3.1% from FY2020. The gross profit margin increased from approximately 28.0% for FY2020 to 29.3% for the review period, which was mainly due to the increase in the average selling prices of certain products and cessation of production and selling of outdoor recreation furniture with low gross profit margin in the review period.
Revenue generated from sales to the United States is still the most significant among all the geographical locations. The revenue derived from the sales of furniture product with the United States as the delivery destination increased by 32.3% during the review period compared to FY2020 and the sales ratio to our total revenue increased from 67.1% for FY2020 to 67.3% for the review period, representing an increase of 0.2%, which was mainly due to the increase in furniture demand driven by the growth in the real estate market in the United States. Sales in China increased by 13.8%, which was mainly due to the policy adopted by the Group for the expansion of sales to mainland China customers during the review period. The revenue generated from sales to Malaysia, Vietnam, and Canada as delivery destination also achieved higher growth during FY2021 as compared to FY2020, mainly due to the Group's efforts to expand sales outside the United States.
A stable and long-term business relationship is fundamental to the Group's success. The Group has strategically prioritised orders placed by the major customers. The Group has maintained a long-term relationship with each of top five customers in particular, the Group has established a direct and stable long-term business relationship with Walmart Group since 2012. As a result, the sales of the top 5 customers during the review period have recorded an increase of approximately 33.4% compared to FY2020, and the revenue from the top five customers of the Group accounted for approximately 86.8% of the total revenue for the review period, representing an increase of approximately 0.9% from approximately 85.9% for FY2020.
The Group always attaches great importance to the improvement of independent research and development capabilities and continues to expand its sales in ODM to increase the dependence of our customers and the competitiveness of the Group. As for the OEM, we strictly follow the specifications and requirements provided by our customers. During the review period, sales from ODM increased by approximately 35.9% compared to FY2020 and accounted for approximately 82.5% of the total revenue with an increase of approximately 2.5% from FY2020. The remaining were arisen from OEM business with an increase of approximately 15.4% while its proportion accounted for the total revenue decreased to approximately 17.5% compared to FY2020.
For the expansion of the smart furniture business. On 16 June 2021, the Group has entered into a strategic cooperation agreement with Jiangxi University of Science and Technology to further enhance the cooperation in relation to the research and development of smart furniture, including but not limited to professional and technical personnel training provided by Jiangxi University to the staff of the Group and the establishment of the Smart Furniture Research Institute to focus on the research and development of smart furniture and prefabricated decoration.
Looking ahead, with the gradual increase in vaccination rate against COVID-19 in various countries and the accumulation of experience in the prevention and control of the pandemic, coupled with the development of the economic level of different countries and the improvement of disposable income per capita and living conditions, the willingness to consume furniture will continue to grow. Specifically, there is a stable demand for furniture from the developed countries and regions, such as Europe, America, Japan and South Korea, as their degree of urbanisation is high, the consumption power of their resident is strong, leading to a higher living standard from these end customers and a huge demand for renovation of obsoleted homes and furniture for rental home; for countries with an emerging market, the demand for furniture is increasing with the expansion of housing demand due to the advancing progress of urbanisation and the increase in the size of the urban population.
About Huisen Household International Group Limited
We are a manufacturer of furniture products in the PRC with a primary focus on the manufacture and sales of panel furniture by way of ODM. Over 80 % of our revenue from our furniture products was generated from our ODM business and the remaining was generated from our OEM business. All of the products we produced for sales were not under our own brands. Our vertically integrated business model allows us to combine our in-house product design and development expertise with our integrated manufacturing platform, providing full range services covering product design and development, manufacture and sales of panel furniture, and securing stable supply of our principal production materials, i.e., particleboards and steel tubes by manufacturing them on our own.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comChina's major furniture product manufacturer Huisen Household International Group Ltd. ("Huisen Household" or "the Group"; stock code: 2127.HK) announced audited annual results for the year ended 31 December 2021 ("the review period") today.