HONG KONG, Jun 19, 2021 – (ACN Newswire) – Grand Ming Group Holdings Limited ("Company", together with its subsidiaries, collectively referred to as the "Group"; 1271.HK) announces its annual results for the year ended 31 March 2021 (FY 2020/21).

Highlights:
– Revenue amounted to HK$1,492.4 million, an increase of 65.3% from the previous financial year.
– Net profit was HK$149.0 million, representing an increase of 340.6%.
– Underlying profit, excluding the changes in fair value of investment properties, increased by 234.2% to HK$147.6 million.
– Proposed payment of final dividend of 4.0 HK cents per share.
– Stay positive toward lucrative business of owning and operating data centres via expanding portfolio of developing two new centres in near future.
– Seize opportunity to increase land reserve for property development in Hong Kong and cautiously explore property and property-related development opportunities in Nanning, Guangxi Province, China.

The Group's consolidated revenue increased approximately 65.3% from approximately HK$902.6 million for FY 2019/20 to approximately HK$1,492.4 million for FY 2020/21. The increase was primarily driven by revenue recognised from the building construction project at Kai Tak which was in full swing operation during the FY 2020/21.

The Group's underlying profit for FY 2021/21, excluding the changes in fair value of investment properties, amounted to approximately HK$147.6 million, representing an increase of approximately 234.2% as compared to an underlying profit of approximately HK$44.2 million for FY 2019/20. Underlying earnings per share were 10.4 HK cents (2020: 3.1 HK cents). The increase in profit mainly benefited from (i) an increase in revenue recognised from the construction segment; and (ii) sales of car parking spaces and one duplex residential unit on the top floor in the Cristallo project. Net profit for FY 2020/21 was approximately HK$149.0 million, representing an increase of approximately 340.6% when compared to that of approximately HK$33.8 million for FY 2019/20. Basic earnings per share were 10.5 HK cents (2020: 2.4 HK cents).

The Group believes a long-term high dividend policy is the best reward for our loyal shareholders. The Board now recommends paying a final dividend for FY 2020/21 of 4.0 HK cents per share. Together with the interim dividend of 4.0 HK cents per share, the total dividends for FY 2020/21 amounted to 8.0 HK cents per share, representing a payout ratio of approximately 77% (based on the total dividends and the Group's profit for the year excluding the change in fair value of investment properties).

During FY 2020/21, revenue derived from the construction business increased by approximately 128% or approximately HK$636.6 million, from approximately HK$497.1 million for FY 2019/20 to approximately HK$1,133.7 million for FY 2020/21. The significant increase was primarily attributed to the construction project at Kai Tak, Kowloon which the construction works commenced in May 2019 and worked in full swing during FY 2020/21.

The data centre leasing business is resilient. The utilisation rate for the Group's two high-tier data centre buildings, namely iTech Tower 1 and iTech Tower 2 remains high, driven by our expertise in data centre management providing uninterrupted customer services amidst the COVID-19 pandemic. Revenue derived from this segment increased approximately 17.8% or HK$24.9 million, from approximately HK$139.8 million for FY 2019/20 to approximately HK$164.7 million for FY 2020/21, primarily driven by increased utilisation of iTech Tower 2 by committed customers.

In order to create a stable and growing cash flow stream, the Group is inclined to further diversify our footprint for high-tier data centres. In September 2020, the Group acquired two parcels of land in Fanling, New Territories for the purposes of developing into two new high-tier data centres. Application for the land-use change of these two parcels of land by way of land exchange is now underway.

The Group's first residential property development project namely "The Grand Marine" at Tsing Yi, New Territories is being developed into two residential towers with clubhouse and car park facilities. It provides a saleable area of approximately 345,000 square feet for 776 residential units. Superstructure work had completed, followed by the facade and interior fitting-out works are now underway. The project is expected to be completed by the end of 2021. This project received tremendous responses in the market since its pre-sale launched in November 2019. Approximately 89% of the residential units were sold cumulatively with presale proceeds of approximately HK$4.5 billion being recorded.

The Group's luxury residential project, CRISTALLO, at No. 279 Prince Edward Road West, Kowloon was well sold. Sales and delivery of two apartments and six car parking spaces had been completed during the year, and revenue of approximately HK$194.0 million was recognized accordingly. Furthermore, six provisional sales and purchase agreements for six apartments totalling approximately HK$240 million had recorded. Sales and delivery of two apartments therein had been completed in May 2021 and completion of the remaining four apartments are scheduled to take place during the period from June 2021 to June 2022.

In order to increase its land bank, the Group completed the acquisition of land located at No.1 Luen Fat Street, Fanling, New Territories with a site area of approximately 6,800 square feet in January 2021. The Group plans to develop it into a residential-cum-retail property with a gross floor area of approximately 37,700 square feet and a land exchange application to convert the use of land is now under processing.

Mr. Chan Hung Ming, Chairman and Executive Director of Grand Ming Group Holdings concluded, "Year 2020 is a COVID-19 pandemic year casting challenge and impact to economies and businesses. With the imposition of effective measures against the pandemic including the COVID-19 vaccination programme, the pandemic situation is stabilized and a strong bounce in the residential property market in the first and second quarter of 2021 is recorded. We endeavored to sell the remaining units for properties 'Cristallo' and 'Grand Marine' in the spring boom, with 'Grand Marine' scheduled to be completed in the fourth quarter of 2021. We are inclined to be more active recyclers of capital over the next few years with eyes on maintaining an optimal capital structure. On the one hand, we actively accumulate our land reserve in Hong Kong for the development and operation of high-tier data centres which are believed a continuous surging growth especially the work-from-home model prevails even post-pandemic period; as well as the development of residential property. Therefore, we add three parcels of land in Fanling, New Territories during the year to build up our land bank and development pipeline. On the other hand, we are evaluating the return and risk parameters for various property development and property-related projects in Nanning, Guangxi Province, China. We will also continue to monitor the pandemic situation while refining our long-term property development strategies."

About Grand Ming Group Holdings Limited (1271.HK)

The Group is principally engaged in the business of building construction, property leasing and property development. As a local wholesale co-location provider of high-tier data centres, the Group is one of the dedicated service providers in Hong Kong which owns and uses the entire building for leasing to customers for data centre use. Its clientele includes multinational data centre operator, telecommunications company and financial institutions. The Group operates two high-tier data centre buildings, namely iTech Tower 1 and iTech Tower 2. It also acquired two pieces of land in Fanling, New Territories for developing into two high-tier data centres. Furthermore, the Group launches a residential development project namely "The Grand Marine" at Sai Shan Road, Tsing Yi, as well as a luxury residential project, Cristallo, at Prince Edward Road West, Kowloon. The Group also owns a piece of land at No.1 Luen Fat Street, Fanling, New Territories with a site area of approximately 6,800 square feet for developing into a residential-cum-retail property. With more than 20 years of experience in the construction industry, the Group also provides building construction services as a main contractor, and is involved in residential property development projects with prominent local developers, as well as offering alteration, renovation and fitting-out services for existing buildings in Hong Kong. https://www.grandming.com.hk/eng/intro.php

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

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HONG KONG, Jun 16, 2021 – (ACN Newswire) – Dynasty Fine Wines Group Limited (Stock Code: 828), a premier winemaker in China, issued its profit alert yesterday. The Group expects to record a significant year-on-year increase of approximately 220% to over HK$100 million in its unaudited revenue for the first four months of 2021 ("the Period"), which also represents an increase of approximately 20% when compared with its unaudited consolidated revenue of approximately HK$89.9 million in the six months ended 30 June 2020.

The significant increase in Dynasty's revenue during the Period was mainly attributable to three factors: Firstly, as the COVID-19 pandemic has gradually been brought under control in China, the government has relaxed the restrictions on consuming places, which has boosted the resumption of consumption occasions and consumer sentiment, as well as the rebound in sales resulting from economic growth, particularly in terms of the growth in domestic demand. Secondly, compared with the same period last year, sales of medium to high end wine products increased during the Period following the Group's upgrade of its brands and products. Thirdly, the Group's sales team strengthened its cooperation with distributors, which purchased goods before festivals. This also demonstrated that the Group achieved phased progress through the implementation of sales and marketing reforms.

The Group expects to record a decrease in unaudited consolidated profit for the six months ended 30 June 2021 as compared with an unaudited consolidated profit of HK$142.6 million, which included a non-recurring gain of approximately HK$184 million from the disposal of a chateau and related facilities, for the same period last year.

This year, Dynasty has continued to focus on brand and product upgrades, sales and marketing reforms, and brand promotion. In terms of product strategy, the Group is further advancing its "5+4+N product strategy", in which "5" represents the five key product lines, namely the air dry series, seven-year reserve series, merlot series, classic series and best-selling series, to achieve the goal of full coverage across all mainstream price segments; "4" refers to the four dominant categories i.e. dry red wines, dry white wines, brandy and sparkling wines, to vertically increase the market share; and "N" stands for the development of various customized products to meet the diversified consumption needs of consumers in China.

Dynasty has launched three new products under its brandy series and upgraded the existing dry red wines and medium dry white wines series to promote sales of medium to high end wine products. It is also developing a young product series which it plans to sell via e-commerce channels. The Group held its first brandy tasting and business fair event this January and also took part in China Food & Drinks Fair held in Chengdu this April. During the fair, the Group actively promoted its latest product mix, which covers all product lines, and received an enthusiastic market response.

As for marketing, Dynasty has stepped up its efforts in brand promotion and advertising investment. Since March of this year, Dynasty has title sponsored a high-speed train which makes 49 trips a day across 13 provinces and municipalities, taking passengers to and from core areas of Jiangsu, Zhejiang and Shanghai – Dynasty's key markets. The Group has also launched marketing efforts at offline points of sale in the Jiangsu-Zhejiang-Shanghai region, as well as via its flagship online stores on JD.com and TMall, enabling the rollout of nationwide sales and marketing activities which delivered satisfactory results. Meanwhile, Dynasty has continued to expand its distribution channels, including tobacco and liquor shops, convenience stores and medium and large supermarkets, catering outlets and social communities. While fortifying the foundation of its traditional sales channels, it also penetrated social communities by flexibly organizing interactive and thematic activities and engaging opinion leaders and content marketing, so that it may have the benefit of diverse yet fully integrated channels. Dynasty will continue to press ahead with its mass-scale marketing campaign, encompassing advertising in 20,000 shops, hosting 1,000 wine tasting events and organizing 100 plant visits, in order to continue building and enhancing its point-of-sale network.

Looking ahead, Dynasty will address consumer demand through the constant innovation of its wine series. At the same time, it will increase investment in brand development so as to fully vitalize its brand. Moreover, it will drive development of its major products by steadily enhancing quality and controlling prices to boost sales volumes, with the overall aim of bringing Dynasty's wines to more consumers in China.


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