HONG KONG, June 29, 2024 – (ACN Newswire) – Dr Lui Che-woo, GBM, Chairman of the K. Wah Group, received the “Lifetime Achievement Award” at the “2023-2024 You Bring Charm to the World Award Ceremony” held for the first time in Hong Kong. The award honours Dr Lui for his exemplary contribution to education and philanthropy, as well as his remarkable achievements as an entrepreneur and a role model for Chinese people worldwide. The event, in its 15th year, was organised by Phoenix Satellite TV in collaboration with numerous Chinese media organisations in the country and from abroad. It featured guests from all walks of life and diverse media, and was broadcast to Chinese audiences around the world.

In the presence of the audience and Chinese language media, Dr Lui shared his life experiences and feelings about winning the award, and encouraged Chinese people worldwide to contribute to social progress, the prosperity of the motherland, and world civilisation.

In his moving award acceptance speech, Dr Lui Che-woo said, “As a descendant of Chinese ethnicity, I have deep love for my motherland and a strong sense of responsibility for the country’s prosperity and the well-being of my fellow Chinese. K. Wah Group has upheld the principles of benefiting society, being responsible for employees, and being sincere to customers, recognising that its success would not have been possible without teamwork and support from society. I believe in ‘Improving the Nation Through Education’, thus, in the hope of nurturing more talent for the country, I support the country’s education initiatives and my wish is for the younger generation to stay motivated and continue to contribute to the well-being of mankind.”

King of the Quarry and hotel magnate, Dr Lui Che-woo is currently the Chairman of K. Wah Group, as well as its two listed companies K. Wah International Holdings Limited (00173) and Galaxy Entertainment Group Limited (00027). Dr Lui has a humble beginning, growing up in times of war and poverty, which taught him the importance of “self-reliance”, as well as the principle of “With obstacles come changes, with changes come success”. Through persistent effort and tireless work, he amassed his first fortune from a small food business, and which sparked his interest in entrepreneurship.

In 1955, he founded the first K. Wah company, intially focusing on using heavy machinery to build bridges and roads, and took on major land reclamation projects in post-war Hong Kong, helping lay the foundation for the city’s early industrial development. With a keen business sense, Dr Lui has been able to seize opportunities in the fast-changing market to diversify his business, leading K. Wah Group to become a conglomerate with more than 200 subsidiaries and businesses, spanning construction materials, property development and investment, hospitality, entertainment and leisure resorts in Mainland China, Hong Kong, Macau, Southeast Asia and other major cities worldwide. Staying loyal to the principle of “impeccable quality”, he never stopped pushing for innovation, striving to reflect K. Wah’s quality and uniqueness in every project. His efforts have helped build “K. Wah” into a premium brand that warrants the trust and support of customers.

Living the philanthropic spirit of giving back to society, Dr Lui, while affording outstanding achievements in business, is also enthusiastic about supporting education and charitable causes. His own experience of being forced to drop out of school as a child due to war has only strengthened his belief in the importance of education to humanity and that “education is the beacon in one’s life journey”, which explains his devotion to promoting educational development in the country over the years. When China began her economic reform, Dr Lui funded the building of Wuyi University in his hometown Jiangmen, helping to provide the university a solid foundation to stand on and develop. Also, to promote and enhance elementary education in the country in earlier years, he sponsored the construction and renovation of 122 primary and secondary schools in seven provinces.

In recent years, with the development of elementary education maturing in China, Dr Lui has focused on funding the development of tertiary education , especially scientific and innovative research efforts. He has made donations to universities in Hong Kong, Macau and Mainland China, including the Life Sciences Research Building of Peking University, the China Europe International Business School, Fudan University in Shanghai, the K. Wah Big Data Center of Shanghai Jiao Tong University, the “Lui Che Woo Science Park” of Shanghai Jiao Tong University, the Hengqin Campus of University of Macau, the Dr Lui Che-woo Law Library at The University of Hong Kong, the Faculty of Medicine and Lui Che Woo Clinical Science Building of the Chinese University of Hong Kong, the School of Hotel and Tourism Management of the Hong Kong Polytechnic University, and the Stanford University Medical Centre. Scholarship schemes for Chinese students have also been set up at a number of renowned overseas educational institutions to support outstanding students in pursuing study and exchange programmes abroad. A HK$1.3 billion GEG Charitable Foundation has been established to help young people build positive moral and life values, and foster their patriotism and ethnic identity.

In addition, in 2015, Dr Lui set up the “LUI Che Woo Prize – Prize for World Civilisation” with “lasting serenity and shared harmony” as the credo. The Prize aims to reward individuals or organisations for their outstanding contribution to promoting sustainable development of global resources, betterment of the welfare of mankind and positive life attitude and positive energy. It also advocates friendship and kindness, harmony, and inclusiveness, encouraging the pursuit of inner peace and harmony, as well as sharing of the world’s resources without regard to racial or interpersonal differences. The setting up of the award reflects not only Dr Lui’s deep care for the progress of civilisation of mankind, but also his international perspective and sense of social responsibility as a Chinese entrepreneur.

To recognise Dr Lui’s great contribution to charity, in 1995, the Purple Mountain Observatory of the Chinese Academy of Sciences named the asteroid numbered 5538 it discovered as the “Lui Che Woo Star”, to let the name of the extraordinary Chinese entrepreneur shine with the stars and him serve as a role model to posterity. In 2012, Dr Lui was awarded the Grand Bauhinia Medal (GBM), the highest award under the Hong Kong SAR Honours and Awards System, recognising his long-term participation in social and charitable services, and his significant contribution to education, medical, culture and art, and disaster relief. Dr Lui’s business success and philanthropic work will continue to inspire future generations to make greater efforts to foster social progress, prosperity of their motherland and world civilisation.

At the ceremony, Dr Lui said the light of “Lui Che Woo Star” is just like good deeds. He called on fellow Chinese worldwide and future generations wherever they are and in their own areas of expertise to work hard for the country. He said, “It’s a great privilege for me that an asteroid is named ‘Lui Che Woo Star’. While it may not shine that brightly on its own, together with other stars, it can illuminate the night sky and ignite the fire of hope. I hope good deeds will be passed on, helping to plant and spread the seeds of benevolence around the world. This grand ceremony provides the opportunity for me to sincerely urge my fellow Chinese worldwide to work together and move forward hand-in-hand, lighting up the world with love, and contributing more wisdom and strength to the prosperity of our motherland.”

For more information about Dr Lui Che-woo’s career, please visit:

https://www.kwah.com/files/Website%20gist%20photo/2024/Chairman’s%20CV%20_TC_202403.pdf 

About You Bring Charm to the World Award Ceremony

“You Bring Charm to the World Award Ceremony” is an annual event championed by the Phoenix Satellite TV Group. It has been held for 15 years since 2007. Focusing on Chinese communities with global influence, it pays tribute to Chinese who have made outstanding achievements in different areas including scientific research, public affairs, sports competitions, culture and art. By bringing under the spotlight the glorious achievements of by Chinese people, the event has become an important brand activity for effectively gathering Chinese strengths and communicating them to the international audience, winning for it widespread praises from all in society and Chinese all over the world. In the more than a decade past, it has honoured about 150 outstanding Chinese elites in various fields, including Qian Xue-sen, Tu You-you, Louis Cha Leung-yung, Yang Chen-ning, Yuan Long-ping, Lee Ang, Zhang Yi-mou and Yao Ming, letting them receive the applause from their Chinese fellowmen worldwide.

About K. Wah Group

K. Wah Group was founded in 1955 by Dr Lui Che-woo, who transformed the company into a multinational corporation. Core businesses include property development and investment, entertainment and leisure resorts, hospitality and construction materials. The Group has a business presence in Mainland China, Hong Kong, Macau, Southeast Asia and major cities in the US. The Group includes two Hong Kong-listed flagships: K. Wah International Holdings Limited (“KWIH”; HK stock code: 00173) and Galaxy Entertainment Group Limited (“GEG”; HK stock code: 00027 and a member of the Hang Seng Index) and over 200 subsidiaries, includes Stanford Hotels International and K. Wah Construction Materials Limited.

Website http://www.kwah.com

Media Enquiries:
K. Wah Group
Helen Cheung, Tel (852) 2960 3739, Email helencheung@kwah.com
Andy Hung, Tel (852) 2880 1869, Email andyhung@kwah.com
Fax (852) 2811 9710

Strategic Financial Relations Limited
Iris Lee, Tel (852) 2864 4829, Email iris.lee@sprg.com.hk
Shelly Cheng, Tel (852) 2864 4857, Email shelly.cheng@sprg.com.hk
Iris Au Yeung, Tel (852) 2114 4913, Email Iris.AuYeung@sprg.com.hk  
Fax (852) 2527 1196

Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com

HONG KONG, June 28, 2024 – (ACN Newswire) – Tat Hong Equipment Service Co., Ltd. (“Tat Hong” or the “Company”, together with its subsidiaries, the “Group”) (Stock Code: 2153), the first foreign-owned tower crane service provider established in the PRC, has announced its annual results for the year ended 31 March 2024 (“FY2024” or the “Year”).

In FY2024, the Group recorded revenue of RMB682.3 million (FY2023: RMB770.8 million). Loss attributable to equity holders of the Company for the Year amounted to RMB95.6 million (FY2023: net loss of RMB35.8 million). The increase in losses was primarily due to the sluggish economic growth and construction sector recovery following the COVID pandemic, which resulted in a decrease in the average monthly service price for tower cranes per tonne meter (TM) in use, from RMB241 to RMB215. The overall gross profit and gross profit margin decreased to RMB80.8 million and approximately 11.8%, respectively.

The Group’s total TM in use decreased from 3,192,710 for the year ended 31 March 2023 to 3,178,404 for the year ended 31 March 2024. As at 31 March 2024, the Group had 259 projects in progress with a total outstanding contract value of approximately RMB417.7 million and 168 projects on hand with a total expected contract value of approximately RMB690.3 million.

While maintaining its market position in the domestic tower crane service industry, the Group expanded its geographical footprint to the Greater Bay Area to include Hong Kong and Macau, and formed a joint venture in Indonesia. They will primarily serve the present customers of Chinese EPC contractors in the PRC that have expanded overseas. Meanwhile, the business portfolio has been expanded to include construction projects related to clean energy, thermal power and nuclear power. This geographical and business expansion is expected to improve the Group’s financial performance in the coming year.

During the Year, the Group continued to invest in the digitalization of its management platform and in the research and development of new tower crane technical solutions. As of 31 March 2024, the Group possesses 158 registered patents for utility models and inventions related to tower cranes. The robust technical capabilities will continue to enable the Group to procure projects, and the enhancement of its research and development capabilities for tower crane technical solutions will reinforce its excellent service delivery.

Mr. Sean Yau, CEO of Tat Hong Equipment Service Co., Ltd. said, “In addition to the RMB1 trillion of low-cost financing for three major types of infrastructure projects, namely urban village redevelopment, affordable housing projects and ‘dual-use for normal and emergency purposes’ projects, the PRC central government has launched a series of favourable policies and programs to promote economic development. The removal of home purchase restrictions, the reduction in down payments and the decrease in mortgage rates, etc. will improve property market activity. In addition, with the ‘14th Five-Year Plan’, new infrastructure, traditional infrastructure and energy transformation will be a major task of the government, which will facilitate the overall development of the industry.”

Mr. Roland Ng, Chairman of Tat Hong Equipment Service Co., Ltd. added, “Although the property market and the construction industry in the PRC were in a downturn, the Group promptly made adjustments to its development strategies, including expansion into the clean energy construction segment and geographical expansion to the Greater Bay Area and Indonesia, in response to the difficult and rapidly changing business environment. Guided by the core corporate values of ‘Virtue, Safety and Excellence’, we will continue to focus on the research and development of new tower crane technologies to equip ourselves with the most robust technical capabilities to provide excellent services to our clients. We will continue our efforts to optimize our operations and digitalize our management platforms to achieve resource sharing, cost reduction and efficiency enhancement. With all of the above measures, we believe we can fulfil the Group’s goal of becoming the best construction equipment service provider in the industry.”

About Tat Hong Equipment Service Co., Ltd. (Stock Code: 2153)

Tat Hong Equipment Service Co., Ltd. is the first foreign-owned tower crane service provider established in the PRC. Since 2007, the Group has established as a tower crane service provider for one-stop tower crane solution services from consultation, technical design, commissioning, construction to after-sales services primarily to Chinese Special-tier and Tier-1 EPC contractors. Guided by its core values, “Virtue, Safety and Excellence”, the Group has successfully established its market position and maintained stable, reputable and loyal customer base in the construction industry in the PRC.

Copyright 2024 ACN Newswire. All rights reserved. http://www.acnnewswire.com