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Public company info - ManpowerGroup Greater China Limited , 02180.HK
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ManpowerGroup Greater China Limited, 02180.HK - Company Profile
Chairman Darryl E GREEN
Share Issued (share) 208,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Other Support Services
Corporate Profile Business Summary: The group is principally engaged in the provision of a comprehensive range of workforce solutions and services in the PRC, Hong Kong Special Administrative Region of the PRC (“Hong Kong”), Macau Special Administrative Region of the PRC (“Macau”) and Taiwan (collectively referred to as “Greater China Region”). Performance for the year: Total revenue of the Group was RMB3,041.5 million for the year ended 31 December 2019, representing an increase of approximately 22.1% from RMB2,491.5 million for the year ended 31 December 2018. Adjusted profit attributable to owners of the Company from continuing operations(1) (excluding one-off listing expenses, impairment loss on goodwill, and expenses in relation to stock options granted during the year) was RMB135.0 million for the year ended 31 December 2019, increased by approximately 19.3% from RMB113.2 million for the year ended 31 December 2018. Business Review A key milestone of the Group was marked in 2019 upon the listing of the Company’s shares on the Main Board of Stock Exchange on 10 July 2019. During the Relevant Year, the Group noticed a strong growth momentum of the HR industry across the Greater China Region, especially in the flexible staffing business sector in China and Taiwan. However, the macro environment had been challenging amid structural slowdown of the economy and the US-China trade war, suppressing short-term demands for some of the Group’s services especially the headhunting business in the Greater China Region. Furthermore, social unrest in Hong Kong had affected the Group’s higher-margin businesses, resulting in a smaller profit contribution from Hong Kong in the second half of 2019. In 2019, the Group achieved total revenue of RMB3,041.5 million, representing an increase of approximately 22.1% compared to 2018. Revenue generated from flexible staffing business grew by approximately 26.4% year-on-year to RMB2,685.2 million in spite of the negative impact of the escalating social unrest in Hong Kong which had lasted for more than half of the year. During the Relevant Year, adjusted profit attributable to owners of the Company from continuing operations increased to RMB135.0 million, representing a year-on-year growth of approximately 19.3%. The Board has proposed a final dividend for 2019 of HK$0.27 per ordinary Share, representing approximately 45% of the Group’s earnings per share attributable to Shareholders. Despite the challenging market conditions in Hong Kong, the Group continued its investment in China and Taiwan with a strong focus on flexible staffing business in 2019. The Group expanded the scale of its flexible staffing business during the Relevant Year in consistence with the plan of the use of proceeds from the Listing stated in the Prospectus. Total number of flexible staffing employees and partners increased substantially during the Relevant Year, mainly driven by a rapid team expansion in China. Total number of associates placed during the Relevant Year increased by approximately 9.7% from 31,000 in 2018 to approximately 34,000 in 2019, among which total number of associates placed in China grew significantly by approximately 65.0%. During the Relevant Year, the Group streamlined its geographical operational structure in China with a view to accelerating its expansion and increasing its market share in Southern, Central and Western China in addition to its strong market positions in tier-one cities such as Shanghai, Beijing and Hong Kong. In terms of industry development, the Group strengthened its business development in the new economy and technology sector, to which all of the Group’s top five clients during the Relevant Year belong, increasing the number of clients from this sector by approximately 39.4% on a year-over-year basis. The Group further deepened the relationships with existing customers, of which revenue contribution from top five clients had increased by approximately 44.5% in 2019 compared with last year. During the Relevant Year, the Group’s top five clients accounted for approximately 27% of its total revenue. Aligning with the technology-oriented development trend of the HR industry that is steering towards platformisation, crowdsourcing and digitalisation, the Group had accelerated its investment in research and development of the workforce platform and strengthened its internal technological infrastructure since the Listing. During the Relevant Year, the Group had restructured its information technology department and innovation product department, both of which are directly led by the chief executive officer of the Group, and had upgraded its internal operating system and optimised database infrastructure with a fast-growing talent pool of over 4.5 million at the end of 2019. Dedicated to providing customised and professional services to its clients, the Group had received wide recognition in the Greater China Region with a number of testaments including “The Best Comprehensive HR Service Provider in Greater China” (大中華區最佳綜合人力資源服務機構) awarded by HRoot, “2019 Most Outstanding HR Service Provider” (年度最佳人力資源綜合服務機構) awarded by TopHR, “Best HR Award 2019 – Recruitment Agency of the Year” (2019 最佳人力資源招聘機構) awarded by Bronze and “2019 Most Outstanding contribution Recruitment Partner” (2019傑出 貢獻招聘合作夥伴獎) awarded by Home Credit. The Group was also ranked as one of the “2019 China Top 12 Flexible Staffing Service Providers” (“2019中國靈活用工服務機構12強”) by HR Excellence Center. Prospects: A Year with Opportunities and Challenges 2020 commenced with a worldwide outbreak of the novel coronavirus. Coupled with the uncertainties in global economy and volatility in financial market, the Group sees both opportunities and challenges in 2020. With the outbreak of the coronavirus in early 2020, the business operations of the Group as well as that of its clients have been delayed temporarily after the Chinese New Year due to the quarantine policies and limited business activities across the Greater China Region. The Group believes the coronavirus outbreak will mainly affect the Group’s recruitment services in the first half of the year and expects a full recovery of business activities depends on how soon the epidemic is under control with people resuming their normal lives. Undertaking the corporate social responsibility to help fight against the coronavirus, the Group has set up a public welfare fund of RMB1.38 million with its associate companies and donated RMB1 million to four hospitals in Hubei province in early February. The Group vows to proactively take part in the economic recovery of Wuhan and other areas in Hubei province, where they remain as the Group’s key regions for future development. Meanwhile, the Chinese government has implemented a series of policies to help the affected corporates to resume their operations and to alleviate economic impact from the coronavirus epidemic in order to stabilise employment. Such policies have been beneficial to the Group, its clients as well as the talents in the market. As a leading HR company, the Group is well-positioned to capture any opportunities from the restoration of economic activities and the delayed recruitment demands of its clients. More importantly, the concept of flexible staffing has gained popularity among corporates and entrepreneurs during the quarantine period when the work-from-home policy was widely adopted by corporations nationwide, accelerating the penetration of flexible staffing arrangements as a relatively new HK service in the market of China. Under the shadow of coronavirus, the first half of 2020 is expected to be challenging, but the Group believes that the gradual penetration of flexible staffing arrangements in China and the recovery of business demands after the pandemic will drive the growth of the Group in the near future. In terms of business performance by region, the Group expects a strong momentum in China in 2020, driven by a currently low rate of penetration of flexible staffing business nationwide and the first mover advantage of the Group in the market, while the growth in Taiwan and Macau is expected to be steady. As for the Hong Kong market, the Group remains cautious over the political situation and coronavirus outbreak in the region. Flexible Staffing as Strategic Focus in 2020 The strategic focus in 2020 will remain on flexible staffing business with strong emphasis on the China market, where the flexible staffing market is still in its early stage of development and is relatively fragmented. The Group believes that it will continue to benefit from the industry growth supported by its strong global branding effect and leading market position. To strengthen the synergy among product lines, of which it is one of the Group’s key competitive advantages, the Group has been actively pushing through the strategic initiative of “All-in Staffing” internally since last year in order to promote cross-selling of flexible staffing services to existing clients and new clients, particularly those in the new economy and technology sector. The Group’s workforce technology platforms and innovative services could further diversify the service offerings and improve competitive advantage. The Group is going to strengthen its market position in China through business development in the new economy and technology sector in Northern China, in particular Beijing, and to accelerate expansion into Southern, Central, and Western China to gain more market share and achieve economies of scale. More Technology Investment on Workforce Platforms Moving forward to 2020, the Group will continue to increase technology investment at a larger scale and faster pace focusing on flexible staffing arrangement. The Group aims at integrating various workforce products into its internal operating system and organisational structure in order to achieve a comprehensive workforce platform with efficient HR solutions, increasing the profitability across business lines. First, on the recruiting technology aspect, the Group will invest in mobile recruitment solutions, a digitalised and artificial intelligence (“AI”)-driven recruiting platform, and an integrated applicant tracking system product. Not only will these help the Group improve recruitment efficiency and competitiveness, but these will also strengthen the Group’s position in the long run by equipping it with different work models. In December 2019, the Group launched a mobile-based talent portal (天天U才), which enables the swift and accurate matching between candidates and positions, thereby improving recruitment efficiency and growing its talent pool more rapidly. Following the success of 天天U才, the Group is going to launch its digitalised and AI-driven recruiting platform (天天U單) in the first half of 2020 with the concept of flexible staffing and the Group’s “Alliance” strategy, bridging internal and external recruitment resources with the recruitment needs of its clients, and creating additional revenue streams for the Group. Second, the Group will continue to promote the development and monetisation of flexible staffing service platforms. In the first quarter of 2020, the Group will launch the first version of a mobile-based staff service platform (天天U福), which is a one-stop employee value-adding platform providing welfare, career development, benefits and other services to the Group’s associates and employees of its clients. Third, the Group has launched the first phase of the “HR SaaS” platform, a product focusing on the specialised market of HR services in the Greater China Region. The Group offered the product for free to all its clients in support of the “workfrom-home” policy during the difficult times of the coronavirus outbreak and have received positive market feedback. Last but not least, the Group will continue to develop its training and upskilling platforms including the training SaaS platform and the “WoSkill” platform which specialises in professional skillsets. Actively Seeking for Merger and Acquisitions and Cooperation Opportunities In addition to organic growth, the Group will actively seek for strategic acquisitions and cooperation in 2020 to strengthen its leading position in the workforce solution market. The Group will continue to focus its mergers and acquisitions and cooperation strategy on flexible staffing business, in particular the businesses and opportunities that have potential in expanding the Group’s flexible staffing service offerings and achieving synergy amongst different business lines. In April 2020, the Group and Wind Information Technology Co. Ltd. (“Wind Technology”) are in the process of setting up a joint venture to provide specialised expertise in the financial service industry under flexible staffing arrangement, which serves as a good example of the expansion of the Group’s scope in flexible staffing to more sophisticated areas, and promoting flexible staffing services in the niche market of the financial service industry. The Group believes its diversified service offerings, abundant candidate resources and strong operational capabilities, combining with the extensive client network and competitive technological innovation of Wind Technology, will achieve synergy that creates more value for the Shareholders.

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