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Public company info - E-Star Commercial Management Company Limited , 06668.HK
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E-Star Commercial Management Company Limited, 06668.HK - Company Profile
Chairman Huang De-Lin Benny
Share Issued (share) 1,021,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Management & Agency
Corporate Profile Business Summary: The group is a leading commercial property operational service provider in the Greater Bay Area with a national presence. Performance for the year: In 2017, 2018, 2019 and the nine months ended September 30, 2019 and 2020, the group’s revenue was RMB278.1 million, RMB328.7 million, RMB387.3 million, RMB286.7 million and RMB305.9 million, respectively, and the group’s profit and total comprehensive income for the year/period from continuing operations was RMB50.4 million, RMB85.1 million, RMB95.6 million, RMB78.8 million and RMB90.1 million, respectively. Business Review According to China Index Academy, as of September 30, 2020, the group were ranked first in terms of the number of shopping centers in operation in Shenzhen, second in terms of GFA in operation in Shenzhen, fourth in terms of the number of shopping centers in operation in the Greater Bay Area and seventh in terms of GFA in operation in the Greater Bay Area. According to China Index Academy, the group were ranked 14th among the “2020 Top 100 Commercial Property Companies in China” in terms of overall strength(1). As of the Latest Practicable Date, the group entered into contracts to provide services for 53 commercial property projects located in 20 cities in China, with an aggregate contracted GFA of approximately 3,284,000 sq.m., 61.6% of which was developed or owned by Independent Third Parties. The group own a comprehensive and highly-recognized brand system, primarily including “COCO Park” for city shopping centers (城市型購物中心) targeting consumers in the city, “COCO City” and “iCO” for regional shopping centers (區域型購物中心) targeting consumers within a five-kilometer radius from such shopping centers, “COCO Garden” for community shopping centers (社區型購物中心) targeting consumers within a one-to-three-kilometer radius from such shopping centers and “Top Living (第三空間)” for the group’s high-end home furnishing shopping center. In addition, the group own various brands for themed shopping areas (主題館) within commercial properties, covering home living, family and children, women and fashion, sports and fitness, as well as catering and socializing scenarios. According to China Real Estate Top 10 Research Team, the group have been ranked as 2020 China Top 10 Commercial Property Operator (2020年中國商業地產運營十強企業), and the group won the “2020 Outstanding Commercial Property Operational Service Brand in the Greater Bay Area (2020年粵港澳大灣區商業運營品牌優秀企業).” The group have close business relationship with Galaxy Holding and its associates, as the group’s expertise and service capability have consistently met their high requirements on quality. As a result, properties developed or owned by Galaxy Holding and its associates have been the group’s stable source of revenue, contributing RMB250.9 million, RMB290.6 million, RMB346.5 million and RMB264.8 million in the years ended December 31, 2017, 2018 and 2019 and the nine months ended September 30, 2020, respectively, accounting for 90.2%, 88.4%, 89.5% and 86.6% of the group’s total revenue, respectively. For the years ended December 31, 2017, 2018 and 2019 and the nine months ended September 30, 2020, the group’s revenue generated from provision of commercial property operational services to, and management services to certain tenants owned by, Galaxy Holding and its associates amounted to RMB63.3 million, RMB66.6 million, RMB95.2 million and RMB90.8 million, respectively, accounting for 22.8%, 20.3%, 24.6% and 29.7%, respectively, of the group’s total revenue, and the group purchased services from Galaxy Holding and its associates in the amount of RMB39.7 million, RMB45.1 million, RMB57.2 million and RMB42.0 million, accounting for 28.5%, 28.4%, 30.7% and 30.7%, respectively, of the group’s total cost of services, primarily including the property management services from Galaxy Smart Living Group. The group have created a number of benchmark projects which enjoy wide market acceptance. According to China Index Academy, the group’s signature project, Shenzhen Futian Galaxy COCO Park (North) (深圳福田星河COCO Park(北區)), is the first “experiential shopping park (公園情景式購物中心)” and one of the most popular shopping destinations in Shenzhen. The brand “Galaxy COCO Park (星河COCO Park)” was ranked fourth in the “2019 Top 10 Commercial Property Brands in China (2019年中國商業地產項目品牌價值TOP 10)” by China Real Estate Top 10 Research Team. The group believe the group’s successful experience accumulated through benchmark projects is replicable through the group’s flexible operational models, namely the entrusted management service model, the brand and management output service model and the sublease service model. Such models enable us to adapt to different client requirements and achieve steady growth. the group provide customers with comprehensive commercial property operational services, including (i) positioning, construction consultancy and tenant sourcing services, (ii) operational management services, (iii) property leasing services and (iv) value-added services. With the group’s flexible operational models and comprehensive services, The group is able to provide consumers with premium shopping experience, provide tenants with effective management services and provide property owners with high operating income. THE GROUP’S BUSINESS MODEL The group is a commercial property operational service provider focusing on improving the results of operations of commercial properties, primarily shopping centers, shopping streets and commercial complex, for property owners through the group’s professional management. the group’s commercial property operational services comprise: • positioning, construction consultancy and tenant sourcing services: primarily including market positioning, business planning consultancy, design and construction consultancy and tenant sourcing services; • operational management services: primarily including formulating operation strategies, conducting marketing and promotional events, tenant management services, property management services and rent collection services; • property leasing services: including sublease of commercial spaces in the commercial properties managed under the sublease service model to tenants; and • value-added services: primarily including management of common areas in the shopping centers which customers can rent for a short period for pop-up shops and promotional settings, and management of advertising spaces, such as LED boards and interior and exterior facades of the shopping centers. Prospects: The group intend to pursue the following strategies: (i) further solidify the group’s market position in the Greater Bay Area, focus on economically developed regions and expand the group’s business scale; (ii) improve service quality and operational efficiency through information technology upgrade; (iii) expand full value chain services to enhance the group’s service capability; (iv) continue to expand through multiple channels and seek new growth drivers; and (v) continue to build a multi-tiered talent team and develop the group’s unique corporate culture.

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