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Public company info - C&D Property Management Group Co. Ltd , 02156.HK
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C&D Property Management Group Co. Ltd, 02156.HK - Company Profile
Chairman Zhuang Yuekai
Share Issued (share) 1,177,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Management & Agency
Corporate Profile Business Summary: The Group is a property management services provider deeply cultivating in the Fujian Province. Performance for the year: For each of the three years ended 31 December 2019, the group’s total revenue was RMB447.1 million, RMB608.6 million and RMB801.3 million, respectively, representing a CAGR of 33.9% from 2017 to 2019 and recorded profit for the year of RMB32.5 million, RMB48.5 million and RMB68.3 million, respectively, representing a CAGR of 45.0%. Business Review The Company’s market share in the Fujian Province in terms of GFA under management in 2019 was 1.9%(Note). Before completion of the Spin-off, the Company was a subsidiary of Xiamen C&D and CDI. Xiamen C&D is a state-owned company under the supervision of Xiamen SASAC and its principal business is supply chain operation, real estate development, tourism & hotels, exhibitions, medical & health care, urban public services, investment etc.. CDI is principally engaged in the businesses of real estate development, real estate industry chain investment services and investment in emerging industries in the PRC. Immediately upon completion of the Spin-off, the Company will cease to be a subsidiary of CDI and will remain as an indirect subsidiary of Xiamen C&D. During the Track Record Period, revenue in the sum of RMB297.5 million, RMB348.1 million, RMB365.3 million and RMB177.7 million was generated from property projects developed by the Remaining Xiamen C&D Group, representing 66.5%, 57.2%, 45.6% and 39.3% of the group’s total revenue, respectively. During the Track Record Period, revenue in the sum of RMB29.2 million, RMB86.3 million, RMB174.9 million and RMB125.9 million was generated from property projects developed by the Remaining CDI Group, representing 6.6%, 14.2%, 21.8% and 27.8% of the group’s total revenue, respectively. The group have entered into certain agreements with the group’s connected persons (being Xiamen C&D, C&D Real Estate and/or CDI), and the transactions contemplated thereunder are expected to continue and will constitute continuing connected transactions of the group’s Group under Chapter 14A of the Listing Rules upon Listing. On 23 December 2020, the group entered into a business framework agreement with C&D Real Estate and CDI, pursuant to which the group’s Group and the group’s joint ventures agreed to provide certain services to (i) the Remaining Xiamen C&D Group; and (ii) the Remaining CDI Group (excluding the group’s joint ventures). For each of the three years ending 31 December 2022, it is expected that the aggregate annual caps of the revenue receivable by us under the business framework agreement are RMB370.0 million, RMB440.0 million and RMB550.0 million, respectively. The group’s reliance on the Remaining Xiamen C&D Group and the Remaining CDI Group is expected to continue going forward with reference to the abovementioned continuing connected transactions. Certain measures have been adopted by the group’s Group to reduce the group’s reliance on the Remaining Xiamen C&D Group and the Remaining CDI Group. The group continue to enriching the external expansion channels for the group’s property management services, with a focus on market bidding and establishing associates. During the Track Record Period, the group have been taking various measures to diversify the group’s community value-added and synergy services and expand the group’s Independent Third Party clientele and the group obtained new business opportunities with Independent Third Parties for the group’s value-added services to non-property owners through new engagement with Independent Third Party property developers for the group’s property management services. For details of relevant measures, please refer to the paragraph headed ‘‘Business — The group’s Customers’’ in this listing document. Based on such measures, together with (i) the number of contracted projects entered into with Independent Third Party property developers representing 51.0% of the total contracted projects of the group’s Group as at 30 June 2020 and the group’s newly acquired contracted projects entered into with Independent Third Party property developers for the six months ended 30 June 2020 representing 37.9% of the total contracted projects acquired by the group’s Group for the same period; and (ii) the increasing contribution to the group’s revenue derived from property projects developed by Independent Third Parties for each of property management services and value-added services to non-property owners during the Track Record Period (being 18.4%, 22.2%, 24.1% and 25.3%, respectively for property management services and 1.4%, 1.6%, 3.0% and 3.0%, respectively for value-added services to non-property owners for each of the three years ended 31 December 2019 and the six months ended 30 June 2020), the group’s Directors consider that the measures are realistic and effective under the circumstances. Taking into account (i) the group’s Directors’ view and the basis above; and (ii) the discussions with the Company’s management in relation to the group’s relevant measures and the results achieved by the group’s Group during the Track Record Period as disclosed above, the Sole Sponsor concurs with the group’s Directors’ view that these measures are realistic and effective. On 23 December 2020, the CDI Board declared the CDI Distribution to the Qualifying CDI Shareholders. The CDI Distribution will be satisfied wholly by way of a distribution in specie to the Qualifying CDI Shareholders of an aggregate of 1,176,711,106 Shares, representing all the issued Shares of the Company, in proportion to their respective shareholdings in CDI as at the Record Date. Pursuant to the CDI Distribution, the Qualifying CDI Shareholders will be entitled to one Share for every one CDI Share held as at the Record Date. The CDI Distribution is conditional on the Listing Committee granting approval for the listing by way of introduction of, and permission to deal in, the group’s Shares on the Main Board of the Stock Exchange and such approval not having been revoked prior to 8:00 a.m. (Hong Kong time) on the Listing Date. If this condition is not satisfied, the CDI Distribution will not be made and the Spin-off will not take place. The Spin-off will be implemented by way of a distribution alone, which will not constitute a transaction of CDI under Chapter 14 of the Listing Rules and accordingly, CDI is not required to comply with the notification or shareholders’ approval requirements under Chapter14ofthe Listing Rules. Prospects: To create long-term shareholder value, the group’s principal business strategies are to: (i) further expand the scale of the group’s property management services business through multiple channels; (ii) continue to deliver a diverse range of high-quality and in-depth value-added services; (iii) further enhance the group’s standard and automated operations with upgraded information technology and smart management to maximise cost efficiency and enhance service standard; and (iv) continue to improve the group’s human resources training and incentive system to support the sustainable growth of the group’s business.

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