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Public company info - Kinergy Corporation Ltd. , 03302.HK
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Kinergy Corporation Ltd., 03302.HK - Company Profile
Chairman Yang Ping
Share Issued (share) 920,000,000
Par Currency
Par Value 0.0
Industry Industrial Goods
Corporate Profile Business Summary: The principal activities of the Group are to provide contract manufacturing, design, engineering and assembly for the electronics industry, and the design, manufacture and sale of automated machines, apparatus, systems, equipment and precision moulds and dies. Performance for the year: The Group’s revenue increased by approximately 5.0% from approximately S$67.6 million for the year ended 31 December 2019 to approximately S$71.0 million for the year ended 31 December 2020. The Group recorded a net loss after tax of approximately S$2.8 million and S$1.6 million for the year ended 31 December 2020 and 2019. Business Review Following the outbreak of COVID-19 since January 2020, the Group’s operation in Singapore, China and the Philippines had been negatively impacted. Despite receiving supports from governments with grants of approximately S$1.7 million, the Group recorded a net loss for the year of approximately S$2.8 million. ODM segment revenue has significantly suffered from a weak customer demand due to Covid-19. Disruption in supply chain and working practices also contributed to the longer project timeline. ODM segment’s total revenue dropped by 72.2% from S$7.4 million for the year ended 31 December 2019 to S$2.1 million for the year ended 31 December 2020. EMS segment revenue rose by 14.4% from S$60.2 million for the year ended 31 December 2019 to S$68.9 million for the year ended 31 December 2020 driven by increase in orders from existing customers mainly arising from inventory restocking and contribution from new customers which were secured in the prior year. On a consolidated basis, revenue rose by 5.0% from S$67.6 million for the year ended 31 December 2019 to S$71.0 million for the year ended 31 December 2020. However, loss for the year increased from S$1.6 million to S$2.8 million largely due to lower gross profit from the Group’s ODM segment by approximately S$2.0 million and increase in research and development expenses of approximately S$0.5 million which was partially offset with a net fair value gains on investment securities of approximately S$0.4 million and lower foreign exchange loss of approximately S$0.6 million. During the course of the year, the Group has made a number of strategic investments in line with the Group’s strategy. One of the investments is to expand the Group’s capability to include fabrication of precision machine frames and sheet-metal forming. A joint venture agreement was entered into with Techcom Technology Pte Ltd (“Techcom Technology”) in March 2020 to set up a new company named KinerTec (Nantong) Co. Ltd. The Group own 60% of KinerTec (Nantong) Co. Ltd, which operates out of the Group’s Nantong factory premises. This capability will strengthen and enrich the Group’s skill in the SPE sector in order to better serve the Group’s customers as precision machine frames and sheet metal are used in every piece of semiconductor equipment. Another investment is through a wholly-owned subsidiary of the Company, Kinergy Intelligent Equipment Manufacturing (Nantong) Co., Ltd (“KIE”) where an agreement was entered with Chongqing CEL Equity Investment Management Co., Ltd. (“Chongqing CEL”) and Shanghai CEL Puyan Equity Investment Management Limited (“CEL Puyan”), pursuant to which KIE agreed to subscribe for new capital of the CEL Puyan in the aggregate amount of approximately S$10,420,000 (equivalent to approximately RMB52,100,000) in cash. Upon completion, CEL Puyan is owned as to approximately 51.03% by KIE and approximately 48.97% by Chongqing CEL. Accordingly, CEL Puyan will become an indirect non-wholly owned subsidiary of the Company. CEL Puyan is a private equity fund manager and currently manages three funds. The investment objective of the CEL Puyan as a private equity fund manager is to make equity investments in high-technology equipment, semiconductor equipment, advanced manufacturing and other related industries which aligns with current business model of the Group. This acquisition will bring the synergy of the principal business of the CEL Puyan and the Group in order to achieve financial benefits. Prospects: With the successful development of the Covid-19 vaccines, it is hoped that Covid-19 pandemic would be over soon. Indeed the Group has experienced positive momentum since the fourth quarter 2020 and the Group expect strong demand in 2021. The Group’s new investments in strengthening capabilities and capacities of the Group last year should enhance the Group’s ability to secure new customer base. The Directors will continue to assess and monitor closely the impact of the COVID-19 pandemic and trade tension between the U.S. and China on the Group’s operations and financial performance and closely monitor the Group’s exposure to the risks and uncertainties in connection with the pandemic. Further to that, the Group will adhere to prudent financial management in project selection and cost control as well as to adopt a cautious approach in exploring opportunities to expand and diversify the Group’s operations through joint ventures, strategic collaborations and/or acquisitions with parties who can provide synergistic value to the Group’s business, and access to new markets and customers.

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