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Public company info - Fujian Nuoqi Co. Ltd.- H Shares , 01353.HK
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Fujian Nuoqi Co. Ltd.- H Shares, 01353.HK - Company Profile
Chairman Xu Hai Ying
Share Issued (share) 161,000,000
Par Currency Renminbi
Par Value 0.2
Industry Apparel
Corporate Profile Business Summary: The principal activities of the Group are investment holding and retailing of men’s and women’s casual apparels. Performance for the year: The Group generated revenue in FY2019 of approximately RMB8,000, which represented an approximately 100% decrease as compared to approximately RMB2 million in FY2018 mainly due to that the Company has scaled down its operation since the first quarter of 2019. Gross loss in FY2019 was approximately RMB43,000 as compared to approximately RMB60,000 in FY2018. Business Review The Company is a casual wear apparel company in the PRC offering a wide range of fashion casual wear products such as jackets, sweaters, shirts, T-shirts, trousers, shoes and accessories under its own brand, N&Q. Due to the intense market competition in the apparel industry, revenue of the Group decreased significantly to approximately RMB8,000 for the year ended 31 December 2019 (“FY2019”) from approximately RMB2 million for the year ended 31 December 2018 (“FY2018”), as the Company has scaled down its operation since the first quarter of 2019, aiming at minimising the operation cost. During FY2019, the Company completed a disposal of its leasehold land and building and record a loss on disposal of property, plant and equipment and right-of-use assets of approximately RMB14 million in FY2019. Administrative and other expenses decreased to approximately RMB13 million in FY2019 from approximately RMB17 million in FY2018. As a result, the Company recorded a loss attributable to the owners of the Company of approximately RMB30 million in FY2019 from approximately RMB19 million in FY2018. The Group recorded total assets of approximately RMB25 million as at 31 December 2019 as compared to approximately RMB66 million as at 31 December 2018. The decrease in total assets of the Group was mainly attributable to, among other things, the disposal of property, plant and equipment and prepaid land lease payments for approximately RMB52 million and RMB10 million respectively during FY2019. Prospects: Since the suspension of the trading in H Shares in July 2014, the Company has been striving to reactivate its business and to fulfill the resumption conditions imposed by the Stock Exchange. As disclosed in the 2016 annual report of the Group, the Company would seek to resume the trading of the H Shares at the earliest possible time in order to re-establish a fund raising platform to be available for the future expansion of the Group. In light of the various challenges and uncertainties lying ahead in the apparel industry under the current PRC macroeconomic environment, the Board has continuously been exploring different investment opportunities to broaden the income stream of the Group with a view to promote growth in the revenue and profits of the Group which will be beneficial to its shareholders. Through the Acquisition, the Company can acquire the well-established businesses of the Target Group which is engaged in the construction industry in the PRC and allows the scope of business of the Group to be expanded and its existing business portfolio to be diversified. The construction industry in the PRC has experienced rapid growth in the recent years in accordance with the improvement of urbanisation as well as investment in infrastructure in the PRC. In order to accommodate the increasing urban population in cities, there are growing opportunities for building construction projects of both residential and commercial properties. Further, as public facilities and infrastructure are necessary to drive the urbanisation, the Company is optimistic towards the growth potential in the construction industry. The Board is of the view that the growth potential and prospect of the construction industry is expected to be more promising than that of the apparel industry. The Target Group has an established business and is a valuable asset to be added into the business as a diversification for the Company. After completion of the Acquisition subject to fulfillment of the conditions precedent as disclosed in the announcement made by the Company on 4 December 2017, the Target Group will become wholly-owned subsidiaries of the Company. The Company has no plan to dispose of its existing business. After completion of the Acquisition subject to the fulfillment of conditions precedent as disclosed in the RTO Announcement, the Company may restructure its apparel business according to the development of the apparel industry and the then market conditions.

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