HONG KONG, Mar 29, 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 annual results for the year ended 31 December 2020 ("the Year" or "FY2020"), demonstrating resilience under the unprecedented challenges brought by the COVID-19 pandemic with sustained growth in both revenue and profit.

Highlights
— Total revenue increased by 14.4% to HK$5,125 million
— Revenue from maintenance work rose by 29.8% year-on-year
— Profit attributable to owners of the Company reached HK$301 million
— Satisfactory order intake in 2020 valued at HK$7.6 billion
— Record high value of outstanding contracts in hand amounted to HK$11.8 billion, up 25.9% year-on-year
— High dividend payout ratio maintained at 50.3%

During the Year, the Group's total revenue increased by 14.4% to HK$5,125 million year-on-year, mainly attributable to the Building Services and Lifts and Escalators segments. In particular, revenue from maintenance contracts, a rising source of recurring revenue for the Group, rose by 29.8% to HK$882 million. Gross profit increased by 15.6% to HK$909 million, with gross profit margin at 17.7%. Profit attributable to owners of the Company was HK$301 million, with net profit margin improved to 5.9%. The Board has proposed a second interim dividend of HK7 cents per share. Together with the first interim dividend of HK3.82 cents per share, the total dividend for the Year amounted to HK10.82 cents per share, representing a dividend payout ratio of 50.3%.

In FY2020, the Group achieved another record high value of outstanding contracts in hand, including contracting work, maintenance work and sales of goods, amounting to approximately HK$11.8 billion, up by 25.9% year-on-year. The Group has also secured a total order intake of HK$7.6 billion.

Dr Poon Lok To Otto, Chairman of Analogue Holdings Limited, said, "In 2020, the COVID-19 pandemic brought disruptions, challenges and risks in an unprecedented scale to people's lives, businesses and governments worldwide. Nonetheless, with our leadership and over 40 years of experience in the E&M industry, the Group has ended the financial year on a positive note. The performance is a clear testament to the effectiveness of our New Technology, New Market and New Business Model strategies, even in the face of such testing environment. In addition to our strong foundation, our competitive advantages in innovation and research and development can also take credit for our positive performance."

During the Year, the Building Services segment's outstanding contracts in hand were valued at HK$5,347 million. In the reporting period, the Group completed a smart living and co-creation space project in Pak Shek Kok, the first completed project in Hong Kong adopting Modular Integrated Construction (MiC). Another project adopting MiC completed by the Group was a temporary quarantine facility on Lantau Island, a fast track project finished in less than three months. Such projects strengthened the Group's competence in MiC project management. Good progress was also made in the development of ATAL Building Services Prefabrication and Modularisation Construction Technology (ABSPM). The Group is ready to apply these technologies to its on-going and future projects with enhanced work quality, safety and productivity. Leveraging multi-disciplinary capability, the Group took part in various key infrastructure tenders in the reporting period, and the tender results including those for airport enhancements and multiple healthcare facilities are expected to be announced in the first half of 2021.

Environmental Engineering segment's outstanding contracts in hand were valued at HK$5,039 million as at 31 December 2020, representing an increase of 115.8% year-on-year. The advanced treatment processes proprietary to the Group continued to be its competitive edge in the Mainland China market. Of the seven contracts secured in the market during the reporting period, two employed the Group's self-developed containerised Magnetic High Rate Clarifier AMSFS II and Biological Aerated Filter ABAF. The segment also rendered maintenance and operation services to existing environmental facilities of government clients, utility companies and public organisations in Hong Kong, generating stable revenue for the Group.

During the Year, the Information, Communications and Building Technologies ("ICBT") segment's outstanding contracts in hand were valued at HK$854 million. The Group actively promoted the self-developed Smart IoT Building Platform and Cloud-based AI Energy Management Platform to the market. These two platforms, available on monthly subscription basis, have impressed reputable clients, many of whom have already placed orders while others are considering further orders. The Group offered a wide range of maintenance works for BMS, ELV systems, and automatic passenger and vehicle clearance solutions to government clients, commercial premises and public organisations in Hong Kong. On smart mobility front, in addition to the Group's first Automated Guided Vehicular ("AGV") smart parking project completed during the Year, new orders for smart sensors at parking spaces, for providing real-time parking vacancy information, were secured during the Year. Currently, the Group is also pursuing Free Flow Tolling, Electronic Road Pricing and other intelligent transport business opportunities.

The Lifts and Escalators segment's outstanding contracts were valued at HK$607 million. Highly commended by clients, the maintenance services of the segment continued to develop, catering to the needs of government clients, offices, residential buildings, amusement parks and public organisations in Hong Kong, and maintaining consistently the highest safety and quality performance rating. During the Year, the segment expanded its global presence to the US and the UK market through the alliance with Transel Elevator & Electric Inc. (TEI) and the establishment of its first company in the UK. Moving forward, with these new footholds, the Group will accelerate penetration into their respective markets. New agreements with distributors in Eurasia and Eastern Europe regions were also signed to further grow its distribution network. Moreover, the Group will continue to explore suitable overseas acquisition opportunities. To support these global opportunities, the Group has been expanding its manufacturing plant, which is expected to be completed by 2022.

Even though COVID-19 and the global trade tensions will continue to present uncertainties to the economy, the Group sees plenty of growth opportunities ahead owing in part to the Hong Kong SAR Government's commitment to public expenditure and the development of large-scale private projects, including developments in Kai Tak, Tung Chung and Kwu Tung North. Furthermore, other infrastructure projects that are set for roll out in Macau; the development of strategic technologies and digital infrastructure, the demand for upgrading existing wastewater treatment plants, and the continuous urbanisation in Mainland China will create ample opportunities for the Group.

Dr Otto Poon concluded, "With our strong foundation in our four core business segments and strategic coverage across the world, we will continue to deploy proven technologies and step up innovation to meet customer needs in the post-pandemic era. In Hong Kong, there will be exciting opportunities in the public and private sectors for the E&M industry in the coming few years, and we will increase the contributions from the maintenance business for a source of recurring revenue. Outside of our home, we believe that the Environmental Engineering and Lifts and Escalators business will capitalise on international opportunities and become a growth driver. We will remain on the lookout for suitable overseas opportunities and joint venture partners to widen the scope and geographical footprint of our business. With emerging market opportunities and our effective strategies in place, we are confident of achieving long-term sustainable growth in the future."

For further details of the 2020 Annual 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/annual/2020/res.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, Mar 25, 2021 – (ACN Newswire) – VCREDIT Holdings Limited ("VCREDIT" or the "Group"; stock code: 2003.HK), a leading independent online consumer financial service provider in China, is pleased to announce its audited consolidated annual results for the 12 months ended 31 December 2020 (the "Year").

During the Year, the Group's total income was RMB2.573 billion (2019: RMB3.864 billion). Although the business of the Group was adversely affected by the impact of the Covid-19 pandemic, the Group was also able to improve the operational metrics, realising by the end of the Year even lower delinquency ratios than pre-pandemic levels. Apart from the effects of the Covid-19 pandemic, the significant tightening-up of regulatory framework for China's consumer finance industry causing the exit of almost P2P lending platforms from the market.

The Group's policy of cooperating only with licensed financial institutions as its partners has enable the Group to comply with new regulations and grow its operations. During the Year, the Group added 16 new institutional funding partners, which is a critical element to the Group's business strategy and to the sustainability and expansion of its business.

The Group primary offers two credit products through its pure online loan origination processes: (1) credit cards balance transfer products, and (2) consumption credit products, both of which are installment based. During the Year, the Group saw growth in the number of its new borrowers during the Year, with an increase in the number of new registered users by 14.4% as compared to 2019. Meanwhile, the loan origination volume for consumption credit products contributing 79.9% of revenue also increased by 19.0% to RMB24.600 billion (2019: RMB 20.678 billion). In the face of Covid-19, the Group promptly enhanced its credit and risk management systems to protect asset quality. With the recovery in China's macro environment from the second quarter of 2020, the Group's key indicators of asset quality improved gradually. Among the Group's leading indicators of asset quality, the first payment delinquency ratio(1) declined to 0.4% in the fourth quarter of 2020 from 2.0% at the end of the first quarter of 2020, achieving the best first payment delinquency ratio of the Group historically. Meanwhile, the M1-M3 ratio(2) and M3+ ratio(3) respectively decreased to 2.5% and 2.9% in the fourth quarter of 2020 from 7.4% and 7.1% in the second quarter of 2020. The Group will keep optimizing its risk management framework to ensure sustainable enhancement in asset quality, such as revamping risk models and policies, optimizing life-time customer level valuation and running multiple high impact tests to better differentiate customers and significantly improve risk performance. The Group believes its ongoing overall first payment delinquency ratio will be around 0.5% in 2021.

Technology-advancement is an important driving force for the Group's business development. By further improving a customer life-time value model, the Group able to better identify the characteristics of customers who will bring long-term value and profit, supporting its long-term or short-term business goals on a large scale. The Group succeeded in improving retaining high-quality customers and reducing customer churn rate by more actively servicing and encouraging repeat borrowing. The Group also implemented a multi-source scorecard to increase the efficiency of evaluating customers' credit profiles and the likelihood of default. Through the continuous investment in financial technology, the Group has successfully realized the migration of its customer base to higher-quality prime and near prime customers.

During the Year, the Group sourced its customers primarily through online advertisements principally through feeds and other types of retailers to embed its products in the service they provide to their customers. In order to acquire more customers with customized products, the Group partnered with different operators including OPPO, Xiaomi and China Telecom. In order to increase exposure to social media platforms, the Group also raised the proposition of feeds advertisements, building up collaboration relationships with leading media proprietors such as Tencent Data Cloud and ByteDance's modeling platform which places products closer to customers' daily lives. Through these different customer acquisition channels, the Group able to analyze the characteristics of social media and different internet platform users at regular intervals, giving help to devise way to reach more prime customers and improve cost efficiency.

The Group also invested RMB20 million to acquire a 0.27% interest in Guoren Property and Casualty Insurance Co. Ltd. ("Guoren P&C") to become one of its shareholders. This investment has strengthened the Group's strategic relationship with Guoren and give help to capturing new business opportunities in the tech insurance sector by allying its customer finance strategy to innovate products offered by Guoren to their customers.

As the rollout of vaccines for the Covid-19 pandemic within China and around the world gather pace leading to further improvements in the Group's operating conditions. The Group is committed to seeking steady growth by serving higher-quality prime and near-prime borrowers with offerings of innovative financial products delivered in collaboration with its licensed funding partners and business partners. Simultaneously, the Group will continue to invest in research and development to empower its technological and risk management capability, maintain precision acquisition of higher-quality customers, as well as further enhance and deepen mutually beneficial relationships with its funding and business partners, so as to maintain its leading position in the industry.

Note:
(1) First payment delinquency ratio is defined as the total balance of outstanding principal amount of the loans the Group originated in the applicable period that were delinquent on their first payment due dates divided by the aggregate loan origination volume in that period.

(2) M1-M3 ratio is calculated by dividing (i) the outstanding balance of online loans which have been delinquent up to 3 months, by (ii) the total outstanding balance of loans to customers excluding offline credit products, which had a negligible balance of RMB 101.6 million as at December 31, 2020.

(3) M3+ ratio is calculated by dividing (i) the outstanding balance of online loans which have been delinquent for more than 3 months and have not been written off by (ii) the total outstanding balance of loans to customers excluding offline credit products, which had a negligible balance of RMB 101.6 million as at December 31, 2020.

About VCREDIT Holdings Limited (2003.HK)
VCREDIT Holdings Limited ("VCREDIT") is a leading independent online consumer financial service provider in China with over 10 years of track record. The Company caters to prime and near-prime borrowers underserved by traditional financial institutions by offering credit card balance transfer products, and consumption credit 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
Vicky Chan / Jade Chen
Tel: (852) 3182 3910 / (852) 3182 3914
Email: team@chatwinpr.com


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HONG KONG, Mar 25, 2021 – (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 Group's revenue increased by approximately 4.7% to RMB 3,896 million, gross profit was approximately RMB 944 million. After deducting listing and other expenses, the group's profit for the year was approximately RMB 541 million, representing a decrease of approximately 4.9% as compared to the same period in 2019, mainly due to a loss of approximately RMB 85.3 million in exchange losses compared to approximately RMB 2.8 million in exchange gains 2019. Earnings per share was RMB 0.24. The board of directors recommends the payment of a final dividend of HK7.9 cents (equivalent to approximately RMB7 cents) per share for the review period.

Mr. Zengming, chairman and executive director said: "In 2020, the world went through a year like no other. The coronavirus ("COVID-19"), a once-in-a-century pandemic, ravaged the world, making considerable impacts on the global economy. It also put a daunting challenge on the furniture industry at the beginning of the outbreak. Last year, the Group successfully listed on the main board of the Stock Exchange in a challenging year. Although the outbreak COVID-19 posed unexpected and serious threats to the global economy, the pandemic did not have a significant adverse impact on the Group's sustainable operation, the Group's revenue continued to record positive growth during the period under review."

However, as the global economy was being hit hard by the pandemic, some of the small and medium-sized furniture traders reduced their orders. The Group carefully assessed the situation and focused strategically on maintaining its major customers. In FY2020, the sales to the top five customers of the Group achieved growth in different degrees, with the growth rates ranging from 3% to 9%. The Group's revenue for the period was approximately RMB 3,343 million.

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 review period, the revenue was approximately RMB 3,606 million, an increase of 3.5% over the same period in 2019. Gross profit margin of panel-type furniture recorded slight increment due to the higher gross profit margins from some of our newly launched panel-type furniture products, as well as the increase in prices of some products, which partially offset the impact of the depreciation of the U.S. dollar against the 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 the supply of upholstered furniture to open up new markets. The Group's upholstered furniture mainly includes sofas. During the review period, the revenue of upholstered furniture increased by approximately 16.4% to RMB130 million with a stable gross profit margin of approximately 33.4% for both FY2020 and FY2019. Products sales with relatively high gross profit margins increased among upholstered furniture, which partially offset the impact of the continued depreciation of the U.S. dollar against the RMB.

Outdoor and Sport-Type Furniture
Sports and recreational equipment mainly include table tennis tables, foosball tables and pool tables. The outdoor furniture mainly includes outdoor tables and stools. The revenue of other furniture amounted to approximately RMB160 million, representing an increase of 29% as compared the same period in 2019. The gross profit margin of other furniture decreased from approximately 29.5% in 2019 to approximately 28.0% in the review period, mainly due to the depreciation of the U.S. dollar against the RMB.

In terms of overall sales, sales from the United States is still the most significant among all geographical regions. The revenue derived from the sales of furniture product with the United States as the delivery destination decreased by approximately 2.1% compared to the same period in 2019 and the sales ratio to our total revenue decreased from approximately 71.8% to 67.1%, representing a decrease of approximately 4.7%, which was mainly due to the strategy adopted by the Group to actively expand downstream markets other than the United States. Sales revenue from mainland China decreased by approximately 23.2%, which was mainly due to the Group's priority to guarantee furniture sales of overseas customers. Increment of sales in Malaysia, Canada and other regions were more significant. Sales in other regions increased by approximately 81.4% as there were significant growth of sales in Australia, Philippines and France. The Group strive to expand sales outside the United States to reduce reliance on the U.S. market and risk of potential trade frictions between the United States and mainland China.

Mr Zeng said, "During the pandemic, as large-scale restrictive measures have been implemented, the mainland China achieved significant strategic results in combating against COVID-19. In the first quarter of 2020, the pandemic in mainland China was largely brought under control and was one of the first countries to restore manufacturing production capacity and resume normal activities. Many companies resumed normal production and operation, the furniture companies also resumed normal production and operation, the furniture companies also resumed production and work in an active and orderly manner. At the same time, furniture manufacturing countries in Southeast Asia were still disturbed by the pandemic. As a result, demand from the supply chain in the global market had shifted to the mainland China, hence the booming development of the furniture industry in the second half of the year."

Looking ahead, the global economy will continue to be affected by COVID-19, and the massive roll out of vaccines in various countries around the world and the development progress of drugs will play a key role in economic recovery. Challenges are accompanied by opportunities. Despite the uncertainties surrounding the evolution of the pandemic, the Mainland China remains the most competitive country in the world in terms of the supply chain when compared to panel furniture made in the United States which has long relied on imported panel furniture. In addition, as foreign economies begin to recover and working from home becomes the new norm, it is expected that demand for furniture products will gradually increase.




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HONG KONG, Mar 25, 2021 – (ACN Newswire) – Tai Hing Group Holdings Limited ("Tai Hing" or the "Group"; stock code: 6811), a multi-brand casual dining restaurant group with roots in Hong Kong and a network of more than 210 restaurants in Hong Kong, Mainland China, Macau, and Taiwan, has just announced its annual results for the year ended 31 December 2020 (the "Review Year" or the "FY2020").

RESULTS HIGHLIGHTS
Revenue contracted by 14.0% to HK$2,797.9 million (FY2019: HK$3,252.3 million)
— Revenue from major operations in Hong Kong, Macau and Taiwan only down 12.1% to HK$2,269.7 million – increased sales from self pick-up takeaway and delivery business partially offset the reduced dine-in traffic due to the social distancing measures to curb COVID-19
— The Group's restaurants in Mainland China gradually resumed operation in March, thus achieving a significant rebound in revenue in the second half of the Review Year
Gross profit and gross profit margin recorded at HK$1,976.3 million (FY2019: HK$2,319.7 million) and 70.6% (2019: 71.3%) respectively
Profit attributable to owners of the Company increased 54.8% to HK$119.0 million (FY2019: HK$76.9 million)
Recommended a final dividend of HK6.4 cents per share; hence total dividend for FY2020 was HK7.7 cents per share, representing a dividend payout ratio of 65%
"Men Wah Bing Teng" recorded a significant revenue growth of 64.7% to HK$493.2 million (FY2019: HK$299.5 million), with revenue generated from Mainland China market surged by 545.2%.18 stores were opened in total in Hong Kong and Mainland China during FY2020 and it became the second-largest revenue contributor of the Group

Despite the challenging business environment resulting from the outbreak of the novel coronavirus disease 2019 (COVID-19), the Group has implemented various measures to save costs and explore new income sources while managing to maintain stable income growth by leveraging its well-established multi-brand strategy. During the Review Year, the Group recorded stable revenue of HK$2,797.9 million (FY2019: HK$3,252.3 million). Gross profit and gross profit margin were HK$1,976.3 million (FY2019: HK$2,319.7 million) and 70.6% (FY2019: 71.3%) respectively. Profit attributable to owners of the Company increased 54.8% to HK$119.0 million (FY2019: HK$76.9 million). Basic earnings per share were HK11.89 cents (FY2019: HK8.65 cents). Despite the challenging business environment, the Group's financial status remains healthy with sufficient cash and stable operating cash inflow to allow it to weather the current headwinds and facilitate its future development. As at 31 December 2020, the Group had cash and cash equivalents of HK$562.1 million (As at 31 December 2019: HK$711.1 million).

The Board has resolved to propose a final dividend of HK6.4 cents per ordinary share for the year ended 31 December 2020. Together with an interim dividend of HK1.3 cents paid during FY2020, total dividend will amount to HK7.7cents.

Business review
As at 31 December 2020, the Group has a network of 213 restaurants spanning across Hong Kong, Mainland China, Macau and Taiwan, under 15 casual dining brands.

Revenue from self pick-up takeaway and delivery business accounted for approximately 33% of total revenue
In Hong Kong, various pandemic-related restrictions inevitably affected the Group's business performance. Nonetheless, by the Group's quick thinking and swift response to the "new normal", it was able to enhance the performance of other business interests, namely self pick-up takeaway and delivery business. Consequently, revenue from the aforementioned operations increased appreciably, accounting for approximately 33% of the total revenue, with over 80% of the revenue contributed by the self pick-up takeaway business, thus helping to offset the loss in dine-in revenue. With the upward trend in "home meals", the Group has rolled out initiatives to capture the resultant business opportunities, including the introduction of "Fanfanslife", a self-developed online ordering platform to boost the performance of the self pick-up takeaway food business while at the same time ensure added convenience for customers. Also, the Group has continued to co-operate with leading third-party food ordering platforms, both in Hong Kong and Mainland China, to increase its stake in the food delivery business. More efforts were also placed in food delivery promotions and discounts on self pick-up takeaway to bolster the business further.

High-growth "Men Wah Bing Teng" outperformed in both Hong Kong and Mainland China
In terms of brand development, the high-growth "Men Wah Bing Teng" brand has continued to outperform the market. During the Review Year, it achieved significant revenue growth, climbing by 64.7% to HK$493.2 million (FY2019: HK$299.5 million). Thus, the business became the second largest revenue contributor of the Group in FY2020, accounting for 17.6% of the Group's total revenue. "Men Wah Bing Teng" has demonstrated tremendous resilience against the economic downturn and weak consumption sentiment due to COVID-19, and has been warmly welcomed by the market, which is especially true in Mainland China, where revenue increased by 545.2% in FY2020. Adding to its accomplishments has been several awards, including "The Most Popular Cuisine Ranking" in Hangzhou by Dianping.com.

Recognising the tremendous potential of "Men Wah Bing Teng", the Group opened more stores in Hong Kong and Mainland China during the Review Year with a net addition of seven stores in the former and 11 stores in the latter that represented the highest number of store openings among the Group's brands in FY2020, and will go toward raising the stature of "Men Wah Bing Teng" even further.

"Tai Hing" as the signature brand of the Group, with a history of operating in Hong Kong stretching three decades, as well as over 15 years in Mainland China, continued to contribute the largest share of revenue to the Group, generating HK$1,472.1 million in revenue, and accounting for 52.6% of the Group's total revenue. In Hong Kong, revenue generated from the "Tai Hing" brand amounted to HK$1,104.9 million and the brand maintained a stable restaurant network of 54 stores, hence again demonstrating its resilience – performing steadily despite the mandatory social distancing measures implemented by the government to contain COVID-19. Other important revenue streams of the Group include "TeaWood", which has been its third largest contributor, generating HK$398.2 million in revenue, and accounting for 14.2% of the Group's total revenue in FY2020. Worth to note among the recent launches is "Asam Chicken Rice". During the Review Year, the Group opened six more "Asam Chicken Rice" restaurants in various Hong Kong districts to build on the positive momentum. The brand possesses the potential for becoming another "rising star" of the Group.

Prospects
The Group believes that its multi-brand strategy will continue to be paramount to its success, hence will further consolidate and expand its restaurant network, while remaining fully mindful of the present economic and market conditions. The Group will enhance market penetration by opening restaurants from its various brands to satisfy different customers' needs. Besides, with an outstanding track record in developing new brands, including "Men Wah Bing Teng" and "Asam Chicken Rice", the Group will leverage its experience to introduce more "star brands" in Hong Kong and Mainland China to tap market trends and address the preferences of its customers.

In line with its commitment to promptly responding to customers' interests and catering the post-pandemic "new norm", the Group will continue to seize opportunities arising from self pick-up takeaway and food delivery. The Group will further enhance the strategy on self pick-up takeaway business, and upgrade its self-developed ordering platform "Fanfanslife", to encourage more self pick-up takeaway orders. The Group will also continue co-operating with leading third-party food ordering platforms to extend its business coverage and complement those areas not yet covered by the restaurant network .

With regard to automation, the Group will step up efforts in introducing the next generation of food processing equipment to its restaurants, and thus uphold its tradition of innovation and industry leadership. Furthermore, it persistently streamlines its production processes to derive greater efficiencies and cost savings. At the same time, more resources will be directed to the deployment of various advanced technology systems, upgrading the IT systems, and boosting big data applications, to support the expansion of the Group's restaurant network and facilitate sustainable development in the long run.

Mr. Chan Wing On, Chairman and Executive Director of Tai Hing, said, "In spite of the great challenges faced over the past year, Tai Hing Group always adhered to its business development approach, marked by stringent cost controls under the framework of sound management, while actively exploring new opportunities for business expansion in a prudent manner through its multi-brand strategy. Looking ahead, we will continue upholding our well-developed multi-brand strategy to enhance our market penetration by expanding the Group's restaurant network. We stay cautiously optimistic in the Group's development and remain committed to deliver long-term sustainable returns to our shareholders."

About Tai Hing Group Holdings Limited (stock code: 6811)
Tai Hing Group Holdings Limited ("Tai Hing Group") is a multi-brand casual dining restaurant group with roots in Hong Kong. In addition to its flagship "Tai Hing" brand, the Group has a growing brand portfolio comprisng of self-developed brands, and acquired and licensed brands, including "TeaWood", "Trusty Congee King", "Men Wah Bing Teng", "Pho Le", "Tokyo Tsukiji", "Fisher & Farmer", "Rice Rule", "Hot Pot Couple", "King Fong Bing Teng", "Asam Chicken Rice", "Daocheng" ,"Winter Joy" , "White Little", "Dimpot" and "Dumpling Station". Currently, it has a network of more than 210 restaurants in Hong Kong, Mainland China, Macau and Taiwan.


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HONG KONG, Mar 25, 2021 – (ACN Newswire) – Redsun Services Group Limited ("Redsun Services" or the "Group"; stock code: 1971), a fast-growing comprehensive community services provider focused on the Yangtze River Delta, is given 'Outperform' and 'Buy' rating by CCB International and CBM international respectively with target price at HK$9.2 and HK$9.37, both famous investment banks have recognized the Group's outperforming annual results for the year 2020.

CCB International mentioned Redsun Services' diversified business and its continuous expansion of third-parties business, expects third-parties/Redsun Properties (1996.HK) to account for 60%/40% by 2021 and 70%/30% of the Group's managed GFA by 2022. For community VAS (Value-added Services), the Group plans to ramp-up full-cycle living service, including common area VAS, community ancillary, property brokerage, home decoration, and asset management services. In the case of information technology systems, it will continue to upgrade its management system to reduce operating costs and improve operating efficiency. CCB international thinks Redsun Services has attractive valuation, and is one of the most undervalued stock amongst property management companies, therefore, maintain 'Outperform' rating and raise target price from HK$8.8 to HK$9.2.

CMB International thinks good quality M&A (merger & acquisition) accelerate scaling, expects the Group's compound annual growth rate of revenue and net profit in the next three years will be 50%, and aimed for 60% of managed GFA to come from third-party (including M&A) by 2023; VAS maintain its high growth. Additionally, the Group's recent acquisitions since its IPO have proved profitable, and helped improved its profitability. For instances, the net profit margin of Wuhan Huidehang and Chuzhou Yurun in 2020 was 24% and 12% respectively, versus 12% of Redsun Services. The Group plans to focus its M&A effort in the Yangtze River Delta where property management fees are generally higher with less chance of margin dilution. CMB International considers Redsun Services' valuation attractive. Maintain 'Buy' rating with target price at HK$9.37.

About Redsun Services Group Limited
Established in Nanjing in 2003, Redsun Services Group Limited is a fast-growing comprehensive community service provider focusing on the Yangtze River Delta. With a vision of "making lives warmer," the Group has provided and endeavor to continue to "provide customers with high-quality services with sincerity" to serve its customers. The Group has established the regional leading position in the property management market of Jiangsu province and is well-recognised nationwide. The Group was recognized as one of the Top 100 Property Management Companies by CIA for four consecutive years since 2017 and ranked 25th among the 2020 Top 100 Property Management Companies in terms of overall strength. In December 2020, the Group was included by FTSE Russell in the FTSE Global Micro-Cap Index.














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HONG KONG, Mar 24, 2021 – (ACN Newswire) – HTSC (stock code: 6886.HK; "the Company") announced its annual results for the year ended December 31, 2020. The Company hit a record-high revenue and profit in 2020. It achieved RMB 40.53 billion in total revenue and other gains with a year-on-year increase of 24.96%. Profit for the year attributable to shareholders increased 20.23% to RMB 10.82 billion. The Board has recommended the payment of a final dividend for 2020 of RMB 0.40 per share.

In 2020, the Company's technology-empowered "two-pronged" development strategy of wealth management and institutional services continued to thrive and create value. Since the launch of this strategy in 2019, HTSC has made great strides in leveraging cutting-edge technology to transform the Company's business systems and operation models through platformization and digitalization. Further advancements in the digital wealth management space continued to prosper, while the Company's institutional services has leapt forward to emerge in a new digital frontier, tremendously amplifying core strengths and greatly increasing competitiveness.

Technology-empowered Wealth Management Continues to Prosper
During the year, ZhangLe Wealth, HTSC's flagship wealth management App, has continuously been upgraded and optimized to address the evolving needs of customers. The number of monthly active users also set a new securities industry record, exceeding 10 million in July 2020, and continuing to lead the industry for the fifth consecutive year. ZhangLe Wealth is now fully integrated with the Company's investment advisory cloud system, providing investment advisors with a platform that greatly supports their decision making and improves their work efficiency. Meanwhile, ZhangLe Global now enables users to tap into the Hong Kong and US stock markets with various offerings.

These ongoing enhancements have not gone unnoticed in the market. HTSC saw 3.23 million new clients in 2020, and now boasts a total base of over 17 million. Total assets of client accounts grew significantly to RMB 4.47 trillion, up 41% year-on-year, while the scale of financial products sold increased by 88% year-on-year, amounting to RMB 705.33 billion. Buoyed by this surge in new users, HTSC's trading volume of stocks and funds was RMB 34.19 trillion, an increase of 66% year-on-year, maintaining the securities industry's top spot .

HTSC's US subsidiary AssetMark – a leading US turnkey asset management platform (TAMP) and another advanced digital platform within the Company's arsenal – also grew steadily, with total assets under management reaching USD 74.52 billion at the end of 2020, up 20.96% year-on-year, bolstering HTSC's global revenue.

Digitalization of Institutional Services Advances to New Frontier

The advent of the global COVID-19 pandemic hastened the digital transformation and platformization of HTSC's institutional services, further augmenting the Company's core advantages and adding new value to the overall business chain.

The value of HTSC Connect App, developed for institutional services, was prominently featured amid the ongoing pandemic. HTSC Connect is an open platform which features online application of IPOs, private placement and convertible bond deals, client engagement in research activities, and customization of financial products. These offerings and services were widely accepted by institutional clients, with registered users of HTSC Connect increasing 24-fold by the end of 2020 compared to the previous year, and more than 200 roadshow livestreams were conducted for listed companies.

The Company's advanced digital platforms have bolstered the competitiveness of HTSC's securities lending business, significantly augmenting the balance of the business, which increased by 984.97% year-on-year, to reach RMB 25.41 billion and gain 18.55% of the market share.

HTSC's investment trading business also benefited from the ongoing digital transformation and platformization, as evidenced by the industry leading OTC derivatives and OTC options trading volume in 2020.

Growing Financial Services Capabilities & Fruitful New Economy Projects

The Company has continued to develop its robust financial services ecosystem. HTSC sponsored 44 STAR Market listings in 2020, ranking second in the industry . And from 2015 to 2020, the number of approved M&A applications and registrations by the Company to the CSRC was 99, ranking first in the industry . The Company's principal underwriting for bonds increased by about 69% compared with 2019, ranking fifth in the industry .

Following HTSC's own inaugural listing via the Shanghai-London Stock Connect in 2019, the Company continued to further its GDR experience by participating in the GDR issuances of CPIC and SDIC Power successively. This resulted in HTSC being the only Chinese securities company so far with both GDR issuance and underwriting experience.

The Company has also been deeply immersed in China's new economy over the years and these opportunities continue to bear fruit. Since 2015, the Company has worked with WuXi App Tech on a wide range of projects including its US stock privatization as well as its Shanghai and Hong Kong IPOs. In 2020, HTSC furthered its support of China's new economy by facilitating WuXi App Tech in securing over RMB 10 billion in equity financing. HTSC's 2017 investment in RemeGene has been similarly fruitful, with the Company being the only Chinese sponsor for its Hong Kong IPO in 2020.

Furthermore, the Company continued to improve its ESG (Environment, Social and Corporate Governance) management system in 2020. HTSC provided financing services for technologically innovative and environment-friendly enterprises, while promoting the development of green finance. In 2020, the Company underwrote 27 green bonds with a total financing scale of RMB 22.12 billion.

The Company's corporate philanthropic project "Yixin Huatai" deepened its work in protecting the Yangtze River basin ecology and enhancing education quality in rural areas. HTSC also gave full play to its professional expertise in the fight against COVID-19 early in 2020, establishing a special public health fund to financially support industries and enterprises in key regions, while promptly donating pandemic prevention equipment to hospitals in Hubei Province for emergency workers, journalists and other pandemic frontline workers.

Zhou Yi, CEO of HTSC said: "Standing at the new starting point of the 30th anniversary, we are firmly convinced that technology is a key variant in breaking traditions and triggering the reform of business models. We will continue to deepen the technology-empowered 'two-pronged' strategy, refine the full-service chain system with the platform-based and ecological development philosophy and build unique brand and competitiveness."

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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