Public company info - Hang Fung Gold Technology Ltd. , 00870.HK
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Hang Fung Gold Technology Ltd., 00870.HK - Company Profile
Chairman -
Share Issued (share) 952,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Watch & Jewellery
Corporate Profile Business Summary: The Company is principally engaged in the design, manufacture (through subsidiaries and subcontractors) and selling of a broad range of gold products, other precious metal products and jewellery products. Business Review: RETAIL BUSINESS During the year under review, the Group focused its effort on expanding its network coverage in Mainland China. In July 2008, our group’s chain of 3D-GOLD stores reached around 200 outlets in the Mainland, Hong Kong and Macau. Mainland Retail Business The Mainland’s buoyant economy and increasing affluence are driving domestic retail sector growth. The jewellery retail segment, in particular, registered a growth of approximately 42%1. The Group forged ahead with its network expansion and strengthened its foothold in the retail sector. During the year under review, the Group achieved relatively rapid network growth in Eastern and Southern China. In July 2008, the Group operated over 180 stores, spanning over 70 cities in Mainland China. Retail sales from our Mainland business recorded substantial increase in FY2008. The average size of our stores typically was approximately 50 square meters. Same store sales also recorded satisfactory growth of over 30% during FY2008, attributable to strong consumer spending power and our enhanced operational efficiency. Most of our retail outlets are located in premier shopping malls in first and second tier cities to attract quality clientele and to capture the rising demand for high quality jewellery. To capitalize on the Beijing 2008 Olympic Games opportunities, the Group has also opened 9 additional outlets in the Olympic Games cities such as Beijing, Shanghai, Tianjin and Qingdao, making a total of 38 outlets in the Olympic Games Cities. Besides self-owned stores, the Group also accelerated its franchising scheme during the reporting period with an aim to extend its presence in third tier cities. As of 30 June 2008, there were 30% 3D-GOLD stores operating under the Group’s franchising scheme. It has proven to be very successful in capturing the growing entrepreneurial fervor and helping rapidly extend the Group’s retail sales network with relatively lower capital in a short period of time. Our specialized team will assist our franchisees on start-up arrangements to ensure operational efficiency and consistency in terms of sales and brand images. More encouragingly, the Group is rated by reputable international financial institutions as one of the quality franchisors in Mainland China that operates a quality franchise scheme with key attributes required for success. The Group provides full-fledge support including training, store location analysis, new store guidance consultancy service, exclusive jewellery merchandise supply, as well as operational management system. Hong Kong and Macau Retail Business In the reporting period, the group operated 13 stores in Hong Kong and 2 stores in Macau. Our Hong Kong stores continued to benefit from tourists and local consumers with their boosted spending power. In Macau, we now operate two outlets, one of which was opened during the reporting period, to further capture the opportunities brought by the city’s flourishing tourism. During the year, the Group also repositioned its tourism business. The different halls exhibiting the Gold Washroom and few other gold displays are being consolidated to operate under one exhibition hall. The tourism hall will remain as a showcase of the Group’s innovative product technology and continue to play a part in promoting Hong Kong’s tourism business and maintaining our brand image. During the period under review, the Group sold three tons of gold display items and the proceeds are being used to fuel the Group’s retail business in the Mainland. WHOLESALES AND EXPORT BUSINESS During the year under review, the Group’s wholesale and export business registered satisfactory growth. The solid and profitable business performance was mainly attributable to the increasing demand for jewellery in Mainland China. In particular, the Group’s enhanced product portfolio with more sophisticated designs and advanced product development technologies have played a key role in attracting more orders from our Mainland OEM customers. With a solid distribution network reaching US, Europe, South East Asia and Mainland China, the Group further expanded its business into other emerging markets such as Middle East, Russia, India and Turkey. ENHANCING OUR BRAND IMAGE During the year under review, the Group implemented effective marketing strategies to boost the 3D-GOLD’s image. To achieve higher penetration and cost effectiveness, we targeted our marketing efforts to individual districts based on sales forecasts and existing sales performances. During the reporting period, the Group diversified its marketing channels through television commercials, print advertisements, promotional events, outdoor billboards, the internet and joint promotion with various bank credit cards. During the year, the Group also organized various events to enhance publicity. One of the events held was the fabulous jewellery catwalk party at 798 Art Zone in Beijing in February 2008 presented by Kelly Chen, the spokesperson of 3DGOLD and top models. “3D-GOLD” has also achieved one of the highest ranking on brand awareness among the local jewellery brands according to a well recognized market survey, underscoring the success of our brand marketing efforts. The Group has also established a Customer Relationship Program during the year under review with an aim to build and maintain a long-term relationship with its customers. Our marketing campaign was effective in establishing the premium positioning of 3D-GOLD in Mainland China and Hong Kong. During the reporting period, in recognition of our excellence in jewellery design and manufacturing, the Group was authorized by the Beijing Organizing Committee for the Games of the XXIX Olympiad (BOCOG) as one of the two licensed Hong Kong manufacturers and distributors of Beijing 2008 Olympic-themed jewellery products. The Group has launched a total of 5 Olympicthemed collections which are being sold in our “3D-GOLD” outlets. On top of the well-received Fuwa collection, the Group has launched the Chinese lantern collection and Youth collection with different materials such as fine gold, 925 silver and resin to enrich the consumers’ selections. In order to cater to the needs of different customers, the Group continuously introduced new products and innovative designs to capture both a larger market share and a broader customer segment. During the year under review, 3D-GOLD developed a signature collection of “Les Fleur” which received extraordinary market response and became one of the signature diamond items of the brand. Prospects: Looking forward, the management of the Group is optimistic about the prospects of the gold and jewellery markets in Hong Kong and China, and the retail market momentum in both Hong Kong and China will continue to fuel the Group’s retail business. To capture the huge business opportunities in the market of Mainland China, the Group will continue to strengthen its presence in Mainland China in the coming year by extending its retail network throughout the nation, with a focus in expanding the retail network in Bohai Region, Yangtze River Delta Region and Pan-Pearl River Delta Region in particular. Besides opening more new self-owned stores, the Group will also enhance its market presence in the third tier cities by franchising arrangements. The Group targets to expand its retail network to over 300 outlets in the Mainland by the first quarter of 2009. To further capture the business opportunities brought by the Beijing 2008 Olympic Games, the Group will further expand its distribution network of Olympic Licensed Products to our “3D-GOLD” outlets and our business partners such as bank. The management believes that the Olympic Licensing Project will enhance the reputation of the Group and increase brand awareness effectively. The Group will also continue to implement management initiatives which aim at enhancing our single-store sales growth and efficiency. The store image revamp exercise in progress will not only enhance our brand equity and our competitiveness, but also raise customer satisfaction and loyalty. Leveraging on the Group’s strong market presence and its unique edge in exquisite designs and innovative technology, the Group believes that the wholesales and export businesses will continue to provide stable revenue and profits in the long term. Riding on its solid foundation in manufacturing business, the Group has endeavored to extend its reach into other emerging markets such as Middle East, Russia, Turkey and India, which provide growth opportunities. Looking ahead, the Group would spare no effort to fortify its strengths. The Group aims to capture the business opportunities offered by the vast market and further enhance its presence in the marketplace.

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