HONG KONG, Aug 27, 2021 – (ACN Newswire) – HTSC (stock code: 6886.HK; "the Company") announced its interim results for the six months ended June 30, 2021. The Company achieved RMB 24.62 billion in total revenue and other gains with a year-on-year increase of 29.75%. Profit for the period attributable to shareholders increased 21.32% to RMB 7.77 billion. The Company's deepening digital transformation and platformization have fostered a new business and development model, bolstering wealth management and institutional services and continuing to improve the comprehensive strength of the Company, delivering another set of financial result records for the first half of 2021.

Platformization Brings Efficiency as Number of New Clients Hits 1.83 Million

With the next wave of digital disruption and a new generation of investors at play, the Company implemented a linear organizational structure in tandem with its integrated platformization, to improve client services and asset allocation efficiency. As of June 30, 2021, the total number of clients reached 18.92 million, with total assets of client accounts exceeding RMB 5.2 trillion. The trading volume of stocks and funds in the first half of the year was RMB 18.04 trillion, ranking first in the industry .

Focused on clients' needs and empowering investment advisors, the integration of ZhangLe Wealth, HTSC's flagship wealth management App, and the Company's cloud platform for investment advisory service, has been fruitful. The product-orientated and intelligent operations of the Company's wealth management have been widely recognized, with over 1.83 million new users registering on ZhangLe Wealth in the first half of 2021. HTSC's cloud platform for investment advisory service continues to empower investment advisors in their decision making, work efficiency, and client servicing capabilities. Huatai International, the Company's international business arm, continued to optimize its trading services on the ZhangLe Global App.

According to data released by the Asset Management Association of China (AMAC), equity and mixed mutual funds and non-money-market mutual funds sold by HTSC were worth RMB 107.9 billion and RMB 112.6 billion in the second quarter of 2021, both ranking second in the securities industry, a testament to the Company's enhanced asset allocation services capability and optimized technology-driven sales platforms for its clients. In the first half of 2021, sales of financial products grew steadily, amounting to RMB 365.44 billion.

Growth of funds advisory business accelerated the adoption of the new wealth management business model and by leveraging the digital and integrated platform, the synergy between the Company's headquarters, the front, middle and back offices have been fully realized. This integrated model has improved the Company's buy-side investment research and provided differentiated portfolio strategies and solutions for clients and investment advisors. In the first half of this year, the fund advisory business exhibited steady growth and remains an industry frontrunner.

HTSC's US subsidiary AssetMark – a leading US turnkey asset management platform (TAMP) – also grew steadily, with total assets under management reaching USD 84.59 billion at the end of June 2021, an increase of about 13.52% over the end of 2020.

Bond Business Breakthrough and Institutional Business Revenue Surges 40%

Buoyed by the robust performance of trading and investment banking services, coupled with more than a 20% increase in institutional clients and 42% increase in overseas institutional clients in the first half of the year, HTSC's institutional business revenue grew 43.95% to RMB 6.51 billion year-on-year, accounting for 26.43% of the Company's total.

In the first half of the year, the Company's principal underwriting for equities was RMB 68.99 billion, ranking third in the industry . Principal underwriting for bonds which focused on local government bonds and corporate bonds achieved breakthrough results, amounting to RMB 404.36 billion, up 75.84% year-on-year, ranking third in the industry . In the same period, the Company's overseas business remained resilient, sponsoring five Hong Kong IPOs, including that of China Youran Dairy Group, ranking second among Chinese securities firms; and two US IPOs including digital logistics firm Full Truck Alliance.

HTSC retained a top spot in the STAR market, sponsoring 55 STAR Market listings and completing 27 listings in the first half of the year, ranking second in the industry . The Company also rekindled its connection with WingTech after participating in their goliath 2019 semiconductor M&A transaction, to issue RMB 8.6 billion in convertible bonds – the largest private refinancing project in Shanghai this year.

The Company's investment trading business continued to optimize its asset pricing ability, production innovation and risk hedging capabilities, accelerating the adoption of a customer product, and risk management system used by domestic and international clients alike. The investment trading business saw overall improvements in profits, as evidenced by the industry-leading OTC derivatives and OTC options trading volume in the first half of 2021.

The HTSC Connect App, developed for institutional clients and services, continues to innovate the user experience and galvanize the Company's competitive advantages in securities lending. As of the end of June, the balance of securities lending business was RMB 28.7 billion, up 694.66% year-on-year, to maintain 18.39% of the market share.

HTSC has also strategically invested and entered into tactical commercial partnerships with various cutting-edge and highly promising cloud computing and AI companies, to perpetuate and further strengthen the Company's digital transformation and platformization. At present, the Company has strategically invested in 10 fintech companies, establishing a solid foundation for innovation, creation and further digital breakthroughs.

Green Bond Leadership Testament to Global ESG Esteem

HTSC's commitment to environment, social and governance (ESG) at an operational and business level are hallmarks of the Company and evidenced by the upgraded ESG rating of "A" from MSCI, ranking the top among its peer group. The Company's wholly-owned subsidiary, Huatai Securities (Shanghai) Asset Management Co., Ltd. has also become a signatory of the United Nations-supported Principles for Responsible Investment (UNPRI).

HTSC has made a great contribution in supporting China's carbon peaking and neutrality pledge and continues to strive to better serve the green and low-carbon development of the real economy. In the first half of the year, the Company issued RMB 9.898 billion green corporate bonds (including asset securitization products), leapfrogging to first place in the industry. Furthermore, the Company has participated in numerous innovative industry-first energy conservation and carbon reduction projects, including the issuance of Shougang Green Energy, one of the first publicly offered infrastructure REITs, as well as the issuance of one of the first carbon neutrality bonds by China Energy Investment Corp.

The Company's corporate philanthropic initiative "Yixin Huatai" deepened its work in protecting the Yangtze River basin ecology. Ahead of the UN Biodiversity Conference (COP 15) in Kunming, China, HTSC shared an active voice on the importance of biodiversity by hosting a live broadcast of its "Yixin Huatai – One Yangtze River" project during Earth Hour, as well as staging an art exhibition on biodiversity, which garnered over 2.66 million visits.

For enquiries, please contact:
Citigate Dewe Rogerson
Benny Liu
Tel: +86 10 6567 5056
Linda Pui
Tel: +852 3103 0118
Email: HTSC@citigatedewerogerson.com


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HONG KONG, Aug 26, 2021 – (ACN Newswire) – Dexin China Holdings Company Limited ("Dexin China" or the "Company"; stock code: 2019) has announced its unaudited interim results for the six months ended 30 June 2021.

Improved Revenue Scale and Profitability
In the first half of 2021, the Group has insisted on optimizing and diversifying its business development strategy, constantly improving its corporate strength. As a result, the Group further improved its revenue scale and profitability, achieving total revenue of RMB13,071.0 million and gross profit of RMB2,850.1 million, a period-on-period growth of 68.5% and 37.7% respectively, with a core profit up 15.0% to RMB2,084.0 million. The sales performance is also excellent, achieving half-year full-caliber sales of RMB43,030.0 million, a period-on-period increase of nearly 67.4%, reflecting the market's high recognition of the products and services of the Group.

In terms of expansion of land reserve, in the first half of 2021, the Group acquired an increased total gross floor area ("GFA") of approximately 4.93 million sq.m. and 75% were located in first – and second-tier cities. As of 30 June 2021, the Group operated a total of 161 projects in 27 cities. As at the end of the period, the total land reserve of approximately 19.93 million sq.m. further consolidated the strategic layout in the four core metropolitan areas, namely, the Yangtze River Delta, Pearl River Delta, Chengdu-Chongqing Double-city and the Middle Reaches of the Yangtze River Economic Belt.

Stable and Healthy Financial Position
The financial leverage of the Group is currently at a stable and healthy level. As of 30 June 2021, cash and bank balances (including restricted cash) amounted to approximately RMB17,840.8 million (31 December 2020: RMB15,648.2 million) representing an increase of 14.0% as compared to the corresponding period in 2020. The Group's net gearing ratio (calculated as the total borrowing from bank and other financial institutions net of restricted cash, cash and cash equivalents divided by total equity) was 72.4%, a decrease of 2.6 percentage points as compared with 75.0% as of 31 December 2020.

Prospects: "Based in Zhejiang, Established Presence in the Yangtze River Delta Region and Expanded Coverage in the Core Cities of the Four Metropolitan Areas"
Looking ahead to the second half of 2021, the Group will continue to emphasize the quality management concept of "doing a good job of internal skills, developing steadily, sticking to customer needs as the center, and creating value for customers", and adhere to the quality image of "Hangzhou workmanship".

Under the background of the central government's general policy of stabilizing housing price, land premium and expectation and centralized land supply, the Group will persist in the steady development, adhere to the layout of "based in Zhejiang, established presence in the Yangtze River Delta region and expanded coverage in the core cities of the four metropolitan areas", stick to prudent financing, optimize the capital structure, continue to improve financing costs, deepen the "selective and strategic" capital cooperation strategy, so as to achieve a balanced development of scale, profit and brand, achieve quality and steady growth, and bring long-term and stable investment returns to all investors.

About Dexin China Holdings Company Limited
Dexin China Holdings Company Limited is a leading comprehensive property developer based in Zhejiang Province, the PRC, focusing on the development of residential properties and the development, operation and management of commercial and mixed-use properties. Established in 1995, the Company has been among the top three property developers in Hangzhou since 2012. The Company has expanded into overseas markets since 2014 and achieved stable and continuous development. In 2019, the Company was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code of 2019.

Media Enquiries:
Strategic Financial Relations Limited
Mangy Go +852 2864 4812 mandy.go@sprg.com.hk
Phoebe Leung +852 2114 4172 phoebe.leung@sprg.com.hk
Cherry Chen +852 2114 4903 cherry.chen@sprg.com.hk
Website: http://www.sprg.com.hk




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HONG KONG, Aug 26, 2021 – (ACN Newswire) – Pacific Millennium Packaging Group Corporation ("PM Packaging" or the "Group"; Stock Code: 1820), a leading corrugated packaging supplier in the People Republic of China (the "PRC"), announced its unaudited interim results for the six months ended 30 June 2021 ("Period").

During the Period, the corrugated packaging industry was affected by the ongoing rise in raw material prices. Consequently, the Group's net profit contracted despite a year-on-year increase in revenue of approximately 26.5% to RMB1,116.7 million during the Period (Corresponding Period of 2020: approximately RMB882.8 million). Gross profit rose by approximately 5.7% year-on-year to RMB178.1 million and consolidated gross profit margin was approximately 15.9%. The Board has declared an interim dividend of HK$0.08 per share (Corresponding Period of 2020: nil).

Construction of New Production Plant
In 2020, the Group established a new production plant in Shandong province (the "Shandong Plant") with an annual production capacity of approximately 78 million square meters of corrugated sheet boards and corrugated packaging products. Its utilisation rate reached approximately 70% as at 30 June 2021, and this rate is expected to improve when the COVID-19 pandemic subsides.

As for the new production plant in Foshan (the "Foshan Plant"), it was still under construction as at 30 June 2021 and is currently at the final stage of construction. It is expected that completion would take place in September 2021 and that production would commence in the fourth quarter of 2021. Foshan Plant is expected to achieve synergy effect and to further strengthen the Group's market share in Southern China market.

Mr. CHENG Hsien Chun, Chairman of PM Packaging, said, "In the first half of 2021, we continued to face unfavorable influences, including the global economic downturn, COVID-19 pandemic, and rising raw material costs. After analyzing the Group's overall situation, we will continue to monitor market conditions and take appropriate steps to cope with the changing market demand. We will also expand our plant network and enlarge our market share by constructing new production plants, so as to consolidate the Group's market positon in the PRC corrugated packaging industry."

Business Review
During the Period, the Group recorded growth in revenue from sales of corrugated packaging products and corrugated sheet boards. Revenue from sales of corrugated packaging products was approximately RMB1,012.7 million, representing an increase of approximately 26% when compared with the last corresponding period, and accounting for approximately for 90.7% of the Group's total revenue for the Period. Revenue from sales of corrugated sheet boards was approximately RMB104.0 million, representing a year-on-year increase of approximately 31.9%, and accounting for approximately 9.3% of the Group's total revenue for the Period.

The improvement in sales performance of corrugated packaging products and corrugated sheet boards was mainly attributable to the increase in sales volume contributed by existing plants and new plants as well as increase in average unit prices.

Future Development
Looking ahead, the Group will continue to expand its plant network by constructing new facilities in the PRC, which will also help extend its geographical coverage and enhance market penetration, and thus strengthen the Group's market position in the country's corrugated packaging industry.

In addition to the Shandong Plant and the Foshan Plant, during the Period, the Board had resolved to establish another new production plant in Chuzhou, Anhui Province (the "Chuzhou Plant") with an estimated annual capacity of 75 million square meters of corrugated sheet boards and corrugated packaging products. The Directors consider the Chuzhou Plant, when it comes into play, would continue to expand the network of production plants in East China and minimize the Group's production lead-time and respond promptly to customers' requests and needs which are particularly important to remain competitive in the corrugated packaging industry.

Meanwhile, as the first manufacturing group in the PRC to achieve carbon neutrality, the Group is actively promoting photovoltaic power generation at its plants and advancing low-carbon emission business operations. The first phase of work has commenced at the Zhejiang Plant and Wujiang Plant, thus helping the Group save on electrical expenses and contribute to environmental protection as well as drive green and quality development across the industry.

By upgrading production equipment and purchasing new machinery and equipment for its existing plants, the Group will continue to streamline production processes and increase automation of such processes, leading to improved production efficiency, revenue and profitability as well as greater value creation for shareholders.

About Pacific Millennium Packaging Group Corporation (stock code:1820)
Established in 1994, Pacific Millennium Packaging Group Corporation is principally engaged in the manufacturing and sale of corrugated packaging products and corrugated sheet boards in the PRC. The Group is the second largest corrugated packaging product manufacturer in both the Yangtze River Delta Region and Bohai Rim Region of China and is ranked seventh amongst the corrugated packaging product manufacturers in the PRC*. PM Packaging operates fourteen production plants (including Foshan Plant, which is under construction; and Chuzhou Plant that is under planning) located in northern, north-eastern, eastern and southern regions of the PRC. With stable and long term customer relationships, the Group has developed a diversified customer base with the majority of its clients being leading players in their respective industries.

*In terms of revenue in 2017 according to Frost & Sullivan




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HONG KONG, Aug 26, 2021 – (ACN Newswire) – Analogue Holdings Limited ("Analogue" or the "Company", together with its subsidiaries, collectively the "Group") (stock code: 1977), a leading electrical and mechanical ("E&M") engineering service provider in Hong Kong with operations in Macau, Mainland China, United States and United Kingdom, today announced the interim results for the six months ended 30 June 2021 ("the Period" or "1H2021"), achieved net profit growth despite the challenging operating environment due to the COVID-19 pandemic.

Highlights
— Profit attributable to owners of the Company increased by 5.3% to HK$112.5 million
— Record high value of outstanding contracts in hand amounted to HK$11.9 billion, up 10.2% year-on-year
— Healthy cash position with cash balance amounted to HK$1,255.6 million
— High dividend payout ratio maintained at 50%

During the Period, the Group's total revenue amounted to HK$2,333.6 million, including the contributions from Transel Elevator & Electric Inc. ("TEI") from April to June 2020 when it was a subsidiary of the Group. Excluding the revenue from TEI, the total revenue would have recorded an increase of 3.9% year-on-year. Gross profit and gross profit margin amounted to HK$323.0 million and 13.8% respectively. Profit attributable to owners of the Company reached HK$112.5 million, up by 5.3% year-on-year. The Board has proposed an interim dividend of HK4.02 cents per share, representing a dividend payout ratio of 50%.

Leveraging its strong foundation built upon its core businesses, the Group again achieved record high value of outstanding contracts in hand at approximately HK$11.9 billion as at 30 June 2021, representing a 10.2% increase over the previous period. With the global and local economy recovering visibly, the Group has been active in tendering, submitting a total of 747 tenders or quotations which valued at over HK$1 million each during the Period.

Dr Poon Lok To Otto, Chairman of Analogue Holdings Limited, said, "In the first half of 2021, we remained vigilant in responding at scale and pace to the COVID-19 pandemic whilst putting our motto We commit, We perform, We deliver at the heart of everything we do. I believe a critical success factor throughout these challenging times is that we always look to the long-term whilst maintaining our focus on innovation and technical excellence as we build a legacy for our business. Our achievements in the first half of 2021 are a testament, not only to our efforts and capabilities but also to our management team's vision in reading the dynamic landscape. Under the testing business environment, we maintained a steady stream of promising news, from gaining our first foothold in Europe for our lifts and escalators business to signing new contracts and engaging in several iconic projects locally, such as the new awarded projects in Kai Tak Development."

During the Period, the Building Services segment's outstanding contracts in hand were valued at HK$5,138.3 million. The key profit contribution for the segment included a packaged solution of Heating, Ventilation and Air Conditioning (HVAC), Electrical, Fire Services and Building Management System for a mixed-use development in Kai Tak and the provision of maintenance services of HVAC systems in metro facility at varies locations, which was supported by the Group's 24/7 call centre. The Group has proactively been undertaking smart innovation projects in both the public and private sectors by implementing new technologies such as Modular Integrated Construction ("MiC"), Building Information Modelling ("BIM") and Multi-trade integrated Mechanical, Electrical and Plumbing ("MiMEP") systems. Currently, over 50% of the building services projects having adopted BIM in coordination and project management works marking a significant step forward in demonstrating its benefits in bringing construction practices into the digital age. Leveraged its pioneering technologies and market-leading position, the Group had been awarded a number of notable Grade A office building projects in Wan Chai and Central as well as installation and maintenance services for prestigious clients, including operators of railway and data centre in Hong Kong and public authorities; and operators of airport complexes, public housings and public hospitals in Hong Kong.

Environmental Engineering segment's outstanding contracts in hand surged by 154.7% year-on-year to HK$5,268.4 million, mainly attributable to the increased number of environmental infrastructure projects in support of the government's announcement to improve environmental protection outlined in the 2020-21 budget. During the Period, the Group won contracts from the government departments for E&M works of water supplies and drainage services, ranging from maintenance to contracting works. Leveraging the proprietary technologies and a strong track record, the Group also actively sought overseas business opportunities, involving in tendering activities for works outside Hong Kong and the Mainland China. At the same time, the Group has stepped up its investment in value-added initiatives and developed the Digital Twin technology to optimise the chemical usage and operation efficiency at designated water and wastewater treatment plants.

During the Period, the Information, Communications and Building Technologies ("ICBT") segment's outstanding contracts in hand were up 5.5%, valued at HK$936.9 million. The Group continued to utilise green and intelligent building solutions to contribute to the development of a "Smart City" and "Smart Economy". Hence, the Group has introduced a wide range of ICBT applications, including an in-house developed Cloud-based AI Energy Management Platform and a newly developed smart "Internet of Things" (IoT) applications such as Smart Washrooms, Retro-commissioning (RCx), Indoor Environmental Quality (IEQ) Monitoring, Indoor Positioning and Video Analytics, resulted in orders secured by the Group. These include the first Automatic Guided Vehicle (AGV) smart parking installation successfully completed and commenced operation in 2021 in support of Smart Mobility in the city. Further business opportunities are expected to be unleashed in the near future.

The Lifts and Escalators segment's outstanding contracts in hand amounted to HK$526.3 million. The Group has developed an in-house technology utilising IoT and big data analytics in predictive maintenance of lifts and escalators and other applications such as fault diagnosis of electrical and mechanical systems, which helps the Group to maintain the high quality of services and ensure the safety. As a global brand whose lifts, escalators, and moving walkways are serving millions of users in Asia, the Americas, and Europe. Armed by its high-end technology implementation, it is also worth noting that Analogue has won first place in "Escalator: modernisation" category of Elevator World's "2021 Project of the Year" contest for the Central-Mid-Levels Escalator and Walkway System modernisation project, being the only company from Asia on the winners list. The Group was also awarded the first "Puzzle Stacking System Carpark" in Hong Kong, under the new Lifts & Escalators Ordinance; maintenance contract of escalators for government buildings, and the automatic carparking system of a public complex in Kai Tak during the Period. In addition, the Group expected to incur RMB60 million to expand the Nanjing factory facilities to enhance the production capacity for Lifts & Escalators to meet the anticipated demand and growth of the business.

Despite the ongoing COVID-19 pandemic and various geopolitical uncertainties including the US-China trade tensions, the outlook for the construction industry and the Group remain positive as the Hong Kong Government is pledging its support to invest in infrastructure projects, including a plan to increase the annual capital works expenditure on the supply of 430,000 housing units in the coming 10 years and an expenditure of HK$200 billion as part of the 10-year Hospital Development Plan. In addition, with expertise in the development and adoption of innovative construction technologies, the Group is well positioned to capture the increasing market demand for upgrading or replacing systems in existing buildings and the tremendous opportunities from the Government's Smart City initiative.

Dr Otto Poon concluded, "As a leading player in the industry, we have been taking the lead to support the adoption of innovative construction technologies in coordination and project management works, constituting a significant step towards the digital transformation of our construction industry. Looking ahead, we will continue to utilise our local expertise to expand our presence globally and in other business segments that are close to our core business, aiming to ultimately achieve sustainable growth and create long term value for our shareholders."

For more details of the 2021 Interim Results, please refer to the announcement that has been filed with The Stock Exchange of Hong Kong Limited.
https://doc.irasia.com/listco/hk/analogue/interim/2021/int.pdf

About Analogue Holdings Limited
Established in 1977, Analogue Holdings Limited is a leading electrical and mechanical engineering service provider headquartered in Hong Kong, with operations in Macau, Mainland China, the United States and the United Kingdom. Serving a wide spectrum of customers from public and private sectors, the Group provides multi-disciplinary and comprehensive E&M engineering and technology services in four major segments, including Building Services, Environmental Engineering, Information, Communications and Building Technologies ("ICBT") and Lifts & Escalators.

The Group also manufactures and sells Anlev lifts and escalators internationally and has entered into an alliance with Transel Elevator & Electric Inc., one of the largest independent lifts and escalators companies in New York, the United States. The Group's associate partner, Nanjing Canatal Data Centre Environmental Tech Company Limited (603912.SS), is specialised in manufacturing of precision air conditioners.



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HONG KONG, Aug 26, 2021 – (ACN Newswire) – VCREDIT Holdings Limited ("VCREDIT" or the "Group"; stock code: 2003.HK), a leading independent online consumer finance provider in China, is pleased to announce its unaudited interim results for the 6 months ended 30 June 2021 (the "Period"). During the Period, the Group's total income increased by 56.2% to RMB1,880.0 million year-on-year (1H 2021: RMB1,203.8 million). The Group adjusted Net Profit RMB805.0 million (1H 2020 Adjusted Net Loss : RMB1,042.0 million), achieving a significant turnaround. The Board has recommended an interim dividend of HK10 cents per ordinary share of the Company(the "Share") and a special dividend of HK10 cents per Share for the Period to shareholders of the Company.

During the Period, we completed changes that we initiated in the second half of 2020 to adjust our risk management and shift our strategy focus towards better prime and near-prime customers. At the same time, we have improved our operational efficiency and enhanced our target customer identification and market penetration by dynamic involvement within diversified channels and customer experience optimization. Also, the improved economic and market conditions of China has leaded to a continuing strong demand for consumer financing. The above helped the Company to deliver an outstanding operating performance and financial results for the Period.

The Group primarily offers installment based credit products through our pure online loan origination process, services including, direct lending, trust lending, credit-enhanced loan facilities and pure loan facilitation. For the Period, the total number of transactions was 1.7 million and the average term of our credit products was approximately 9.6 months and the average loan size was approximately RMB13,091.

Initiate Strategy Changes
The Group has, through the combination of these changes in our strategy focus and proactive management, expanded our user base, with the number of our registered users reaching 103.5 million, and achieved a significant increase in our loan facilitation volume. In order to reach more of our target customers, the Group has expanded our network of customer acquisition channels and use of industry platforms, such as collaborating with newly-partnered channels, such as OPPO, Xiaomi and China Telecom. To improve our delinquency ratios and asset quality metrics, the Group focused on better prime and near-prime customers. Those ratios are currently at levels that are considerably better than pre-COVID 19 pandemic levels. Promising outcomes of asset quality are driven by the iteration of our credit risk model.

Continuous Improvement of Asset Quality
During the Period, new generations of multi-source scorecards have been implemented, further boosting our risk management capability. Sophisticated testing was conducted throughout the Period based on the ever-changing macro environment and customer behavior, which brought more insights into our risk policy optimization strategy. Among our key leading indicators of asset quality, our first payment delinquency ratio remained at a similar level during the Period to the first payment delinquency ratio of around 0.4% for the fourth quarter of 2020. Meanwhile, our M1-M3 ratio and M3+ ratio reached their lowest levels ever in our history, declining to 2.06% and 1.40%, respectively, in the second quarter of 2021 from 2.50% and 2.86%, respectively, in the fourth quarter of 2020.

Stable Funding Source
By the end of the Period, the Group had long-term collaborative relationships with 64 external funding partners, including commercial banks, consumer finance companies and trusts, providing a stable funding source to ensure we fulfill the under-served borrowing needs of customers. Through solid cooperation, funding costs continue presenting a declining tendency. The Group has been exploring potential co-operation business opportunities with third-party guarantee companies and asset management companies, including offering our talents in product operation, marketing strategy and credit risk modelling, to secure our funding flexibility and protection to our funding partners.

Outlook
Looking forward, as an innovation-oriented and technology-driven finance company, we will strive to maintain our agile, efficient and regulated business approach. The Group will continuously through systemize marketing strategies, upgrade credit risk algorithms and models, and optimize product operation to fulfil our prime and near-prime customers under-served credit demands. At the same time, the Group will streamline and extend our credit solutions to better serve our customers, enhance risk-centered technology capability through constant research and development. The operating environment remained competitive as progressive regulations tightened, but with our flexible attitude, we will continue to observe the market situation closely and react. Together with our dynamic enterprise value and culture, the Group believed that we can maintain a steady growth in the industry. VCREDIT, the financial services at your fingertips.

About VCREDIT Holdings Limited (2003.HK)
VCREDIT Holdings Limited ("VCREDIT") is a leading player in China's consumer finance industry with over 10 years of track record. The Company caters to prime and near-prime borrowers underserved by traditional financial institutions by offering online consumption products. To match the funding needs for these products, the Company primarily engages institutional funding partners through three types of sustainable and scalable funding structures: trust lending, credit-enhanced loan facilitation and pure loan facilitation. Through such funding structures, VCREDIT provides institutional funding partners with solutions at varying levels of risk discretion and flexible profit-sharing arrangements.

Website: http://www.vcredit.com/

For media enquiries, please contact:
Chatwin Financial PR Company Limited
Tel: (852) 3182 3912 / 3182 3909
Email: team@chatwinpr.com


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HONG KONG, Aug 24, 2021 – (ACN Newswire) – Emperor Watch & Jewellery Limited (the "Group" or "Emperor W&J") (Stock code: 887), a leading retailer of European-made watches and fine jewellery, announced its interims results for the six months ended 30 June 2021 (the "Period").

As pandemic containment has become broadly stable in Greater China, and various governments made progress with vaccination programs during the Period, the Group generally continued noting signs of improvement, and its total revenue surged by 122.4% to HK$2,071.0 million (2020: HK$930.6 million). Revenue from mainland China registered remarkable growth of 189.5% to HK$704.7 million (2020: HK$243.4 million), accounting for 34.0% (2020: 26.2%) of the total revenue. With a concrete rebound of domestic consumptions, the Group's mainland China business during the Period exceeded the pre-COVID-19 level, while its segment profit recorded a fivefold increase to HK$119.6 million (2020: HK$22.8 million). Despite the decrease in visitor arrivals to Hong Kong, the local consumption market regained momentum, and revenue from the Hong Kong market increased by 70.3% to HK$857.9 million (2020: HK$503.7 million), accounting for 41.4% (2020: 54.1%) of the total revenue.

In respect of product segment, the sales revenue from watch and jewellery segments increased to HK$1,746.6 million (2020: HK$701.9 million) and HK$324.4 million (2020: HK$228.7 million) respectively, accounting for 84.3% (2020: 75.4%) and 15.7% (2020: 24.6%) of the total revenue.

Gross profit increased to HK$637.5 million (2020: HK$305.2 million), while the gross profit margin was 30.8% (2020: 32.8%). As a result of the revenue growth and better operating leverage, the Group achieved a net profit of HK$132.2 million (2020: net loss of HK$113.7 million) during the Period. Basic earnings per share was HK1.95 cents (2020: basic loss per share of HK1.68 cents). The Group has declared an interim dividend of HK0.55 cent per share.

During the Period, the Group's cash position improved and was in a net cash position, hence its net gearing ratio (calculated on the basis of bank borrowings less cash and cash equivalents over net asset value) was zero (31 December 2020: 5.1%).

As at 30 June 2021, the Group had a total of 98 stores in Hong Kong, Macau, mainland China, Singapore and Malaysia. During the Period, the Group opened one jewellery store in Hong Kong and one dedicated watch boutique in mainland China, to further expand market coverage.

Ms. Cindy Yeung, Chairperson of Emperor W&J, said, "Though there are still a few sporadic outbreaks in the mainland China, China's overall economy has been recovering rapidly, providing a solid back-up to the Greater China economy and luxury consumption demand. In tandem with the expansion of the middle-income group and the release of the strong pent-up demand, the Group believes that the mainland China market will be an important driver of the Group's business growth."

Mr. Ricky Ng, Chief Executive Officer of Emperor W&J, said, "The Group will reinforce the retail network and business operations through cautious expansion, aiming to enhance the footprint in mainland China. In parallel, the Group will closely monitor inventory levels, adjust the product mix and exercise stringent control of cost expenses, aiming to achieve sustainable business development in future."

About Emperor Watch & Jewellery Limited
With long establishment history of over 75 years in Hong Kong since 1942, Emperor W&J (887.HK) is a leading retailer principally engages in the sale of European-made internationally renowned watches, and self-designed fine jewellery products under its own brand, "Emperor Jewellery". Through its comprehensive watch dealership, unique marketing campaigns and extensive retail network at prime locations in Hong Kong, Macau, mainland China, Singapore and Malaysia, Emperor W&J established a strong brand image amongst its target customers ranging from middle to high income groups worldwide. In recognition of its efforts in investor relations communications, Emperor W&J was granted with "Best IR Company" (Small Cap), "Best Investor Presentation Material" (Small cap) and "Best IR Team" (Small cap) in HKIRA Investor Relations Awards 2020 by the Hong Kong Investor Relations Association. In November 2019, "Emperor" and "Emperor W&J" , which have been recognised as well-known to the relevant public in mainland China, obtained cross-class protection by the National Intellectual Property Administration, affirming their wide recognition and brand value in China. For more information, please visit its website: www.emperorwatchjewellery.com.

Investor/Media Enquiries
Anna Luk
Group Investor Relations Director
Tel: +852 2835 6783
Email: annaluk@emperorgroup.com

Janice Au
Group Investor Relations Manager
Tel: +852 2835 6799
Email: janiceau@emperorgroup.com


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