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Public company info - China Kingstone Mining Holdings Ltd. , 01380.HK
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China Kingstone Mining Holdings Ltd., 01380.HK - Company Profile
Chairman -
Share Issued (share) 2,832,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Other Minerals
Corporate Profile Business Summary: The Group is principally engaged in the production and sale of marble and marble related products, mainly in China. Performance for the year: For FY2019, the Group recorded revenue of RMB65.7 million (FY2018: RMB67.7 million) and a gross profit of RMB4.4 million (FY2018: RMB4.5 million), representing an decrease of approximately 3.0% and 2.2%, respectively compared to those for the year ended 31 December 2018 (“FY2018”). Net loss attributable to owners of the Company was RMB68.5 million for FY2019, as compared to net loss of RMB19.3 million attributable to owners of the Company for FY2018. Basic loss per share for FY2019 was RMB2.4 cents, as compared to basic loss of RMB0.7 cents per share for FY2018. Business Review The China economy is showing a sign of slowdown resulting from the US-China trade war that has simmered for over 18 months. Though the phase one interim agreement has been made in December 2019 to prevent a further escalation of the trade war, it is expected that the next round of the negotiation between the US and China would get tougher once they begin tackling the thorny issues on which they had clashed. The China economy has not got out of woods yet. Furthermore, in early of year 2020, the outbreak of new coronavirus pneumonia epidemic (the “New Coronavirus”) in China followed hard on the heels of the phase one’s US-China trade truce. It looks set to further dampen sentiment in the market. To a large extent the marble product businesses of the Group hinges upon the economic prospect of China. The Group has been left reeling from the double blow of the US-China trade war and New Coronavirus facing an uncertain future in the coming years. During FY2019, the construction industry in China was still strong but its growth was obviously slowing down which resulted from the trade pressure exerted by the US in the trade war, denting the economic growth in China. The Group realized that many small and medium-sized construction companies were struggling to stay afloat and facing financial distress. The Group expects that the weakening demand of marble slabs will continue amid the deceleration in economic growth in China. Under this highly uncertain economic environment, the Group has to be extra cautious of and closely monitor any further investment of working capital in the marble slab business in order to contain the credit risk of our customers. In these years, the Group has made strides in the development of marble slag business. Sales of marble slags grew by 2.3 times in two-years’ time from RMB7.7 million in 2017 to RMB25.8 million in 2019. The marble slag business has become one of the Group’s business focuses. Despite the uncertainty in China economy, the marble slag business has shown strong resilience to the external headwinds. The Group expects that the sales of marble slags will grow at a bit slower pace in the coming years as the economic activities in China are likely to decline due to the spread of the New Coronavirus. The Group had set the business expansion plan of a downstream vertical integration to GCC business. The Group entered into a non-binding memorandum of understanding with a GCC manufacture as joint venture partner which possesses rich experience on operation of a GCC production in a bid to plunge into the ground calcium carbonate powder (“GCC”) business in Jiangyou City in April 2017. However, several months after the MOU was signed, the Group halted the cooperation plan with the joint venture partner as there was a litigation of the Group involving the Zhangjiaba mine that might discourage the joint venture partner from making progress on the GCC business with the Group. The re-negotiation of the cooperation had been set in motion after the settlement of the litigation in July 2018. Unfortunately, after over one-year’s negotiation, the Group was unable to nail down the new cooperation agreement and foresees that the chance of making a deal with the joint venture partner is very low. Despite this setback, the Group is still digging its heels in developing GCC business as it allows the Group to achieve product diversification and result in a synergy. The Group is exploring other alternatives to achieve this business plan of GCC. Prospects: The Company will continue to consolidate the production and operations of marble stone and its related business as well as make good use of our marble resources. On the other hand, the Group will also continue to explore new business opportunities so arising in order to maximize shareholders’ value in the future.

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