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Public company info - Top Spring International Holdings Ltd. , 03688.HK
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Top Spring International Holdings Ltd., 03688.HK - Company Profile
Chairman WONG Chun Hong
Share Issued (share) 1,413,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Property Development
Corporate Profile Business Summary: The principal activity of the Group is property development, property investment, property management and related services and education related services in the People’s Republic of China (“PRC”). Performance for the year: Revenue for the year ended 31 December 2019 increased by approximately 16.1% to approximately HK$719.2 million from approximately HK$619.7 million for the year ended 31 December 2018. The Group’s gross profit increased by approximately 25.9% to approximately HK$428.0 million for the year ended 31 December 2019 from approximately HK$339.9 million for the year ended 31 December 2018. The Group recorded other net loss of approximately HK$380.6 million in 2019 as compared to other net income of approximately HK$256.9 million recorded in 2018. Business Review: In 2019, the Group recorded an aggregate of pre-sales of properties and car park units of approximately HK$104.3 million (2018: HK$895.4 million), presold saleable gross floor area (“GFA”) of 8,172 square metres (“sq.m.”) (2018: 112,715 sq.m.) and gross profit margin of recognised sales of 49.3% (2018: 29.2%). In 2019, the Group’s rental income from investment properties was approximately HK$272.0 million (2018: HK$245.4 million), representing an increase of approximately 10.8%. As at 31 December 2019, the overall occupancy rate of the Group’s investment properties was approximately 87.4%. As at 31 December 2019, the total leasable GFA of the Group’s operating investment property portfolio increased to approximately 240,834 sq.m. from approximately 220,970 sq.m. as at 31 December 2018. Taking into account the projects that have been completed but yet to operate in the next one to two years, the estimated total leasable GFA of the Group’s investment property portfolio will reach approximately 300,268 sq.m.. Its fair value was approximately HK$8.22 billion as at 31 December 2019, representing approximately 32.9% of the Group’s total asset value. In addition, as at 31 December 2019, the accumulated total area of properties managed by the Group amounted to approximately 14,310,000 sq.m., of which approximately 9,440,000 sq.m. was properties not developed by the Group and approximately 550,000 sq.m. was commercial property management projects. Currently, one of the property companies of the Group ranked 67th in the “Top 100 Property Service Companies in China” in 2019 and has been recognised as one of the “Top 100 Property Service Companies in China” for five consecutive years from 2015 to 2019 with its scale of property management expanding year on year. As at 31 December 2019, the land bank (that is, the net saleable/leasable GFA) of 19 projects of the Group was approximately 512,588 sq.m.. In terms of land bank strategy, the Group will primarily focus on the Greater Bay Area and the first-tier cities in China, such as Shenzhen, Shanghai and Hong Kong. Prospects: Consistent focus on opportunities in the Greater Bay Area, particularly core cities in such area As one of the regions with the strongest economic vitality in China and the world, the Greater Bay Area reported GDP of over RMB10,000 billion in 2018 with a total population of over 70 million. During the first half of 2019, with the successive announcements of important documents, such as the Outline Development Plan for Guangdong-Hong Kong-Macao Greater Bay Area promulgated by the Central Committee of the Communist Party of China (“CPC Central Committee”) and the State Council, Opinion on the Implementation of the Outline Development Plan for Guangdong-Hong Kong-Macao Greater Bay Area promulgated by the Guangdong Province and the Three Year Action Plan of Guangdong Province for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area (2018–2020), the development progress of Greater Bay Area is gaining pace. Core cities in the Greater Bay Area were fuelled by various favourable news. In August 2019, according to the Opinions of the CPC Central Committee and the State Council on Supporting Shenzhen in Building a Pioneering Demonstration Zone for Socialism with Chinese Characteristics promulgated by the State, Shenzhen will be built into an international benchmark city full of competitiveness, creativity and effectiveness. In the following October, CPC Central Committee published “four action plans” to be introduced by Guangzhou, and proposed to connect the revitalization of Guangzhou and the building of the pilot demonstration area of Shenzhen and support the implementation of the projects at full steam with equal strength and force. Nansha District of Guangzhou City is facing a development breakthrough. It is located in central part of Guangdong-Hong Kong-Macao Greater Bay Area, which has the advantages of the overlap of the three zones including the State-Level New Area, Pilot Free Trade Zone and the Demonstration Zone for Comprehensive Cooperation among Guangdong, Hong Kong and Macao. In 2019, an infrastructure investment project over RMB570 billion was introduced (according to the press release). At present, a “half-hour transport circle” is initially developed in the Guangdong-Hong Kong-Macao Greater Bay Area. The Group will seize the historic opportunities presented by the development of the Greater Bay Area with intensive effort. With a strong focus on core cities such as Hong Kong, Shenzhen, Guangzhou (particularly Nansha District) and Dongguan, the Group will endeavour to explore opportunities for urban industrial community projects and premium land parcels on a highly selective basis as well as planning and creating large-scale urban industrial community projects integrating industry, commerce and residence with all-round resources. On the other hand, The group make key concerns on opportunities of urban renewal and reform projects in Shenzhen and Guangzhou. It is expected that favourable outcomes are coming on stream in 2020. Maintaining and moderately expanding the portfolio of rental properties promising steady growth The Group is of the view that it is imperative to maintain a steadily growing rental income. The Group looks forward to achieving greater growth in rental income by expanding the portfolio of premium properties held as investment. In the meantime, the Group will also actively develop the light-asset business model of sub-leasing, namely, to rent entire blocks of selected quality properties with good potential at lower fixed prices and then sub-lease their units at a premium after upgrading such properties with the Group’s superior resources for commercial operations, with the aim of unleashing higher profit returns through the model of light-asset operation coupled with value-added management.

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