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Public company info - Cornerstone Technologies Holdings Limited , 08391.HK
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Cornerstone Technologies Holdings Limited, 08391.HK - Company Profile
Chairman Wu Jianwei、Liang Zihao
Share Issued (share) 600,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Printing, Publishing & Packaging
Corporate Profile Business Summary: The principal activity of the Group is principally engaged in the provision of printing, typesetting and translation services in Hong Kong.During the reporting period, the Company also engaged in electric vehicle charging business through a business combination completed in August 2020. Performance for the year: The Group’s revenue was approximately HK$40.9 million for the nine months ended 31 December 2020 and approximately HK$64.3 million for the year ended 31 March 2020. The Group recorded a loss and total comprehensive loss of approximately HK$30.5 million for the nine months ended 31 December 2020 (for the year ended 31 March 2020: approximately HK$16.3 million). Business Review: Electric vehicle charging business To explore sustainable business opportunities, on 4 August 2020, the completion of the acquisition of Cornerstone EV Charging Service Limited (“Cornerstone EV” or “Cornerstone Charging ”) has taken place. As a result, Cornerstone Charging became an indirect wholly-owned subsidiary of the Company and its financial results has been consolidated with those of the Group. Cornerstone Charging principally engaged in supplying electric vehicle (“EV”) integrated charging solutions, including supply and installation of EV chargers, developing EV charging-enabling infrastructure, central management system, hub for e-payment, load management system and license plate recognition system to electric vehicles and smart parking. For more details, please refer to the announcement and circular of the Company dated 21 February 2020 and 30 June 2020, respectively. As the EV charging business involves high and new technology, the Group focuses on research and development for the purposes of strengthening its competitiveness in the industry. As at 31 December 2020, the Group’s research and development division has 18 employees. Most of the members of the research and development division are experienced and reputable in the field of mechanical and electrical engineering. The Group’s strong research and development team with execution capabilities and a proven track record will help to adapt the constant fast-changing technology market. Cornerstone Charging has a competitive market position as it is one of the major EV charging service providers in Hong Kong. Cornerstone Charging has been approved as an authorised EV charger supplier by a reputable Japanese automobile manufacturer. This approval is considered a recognition of the quality of the Group’s EV charger. As per Hong Kong Roadmap on Popularisation of Electric Vehicles issued by the Environmental Protection Department in mid-March 2021, the government is determined to drive Hong Kong towards the vision of “Zero Carbon Emissions • Clean Air • Smart City”. To achieve carbon neutrality before 2050, the government identified key measures including, i) E-private cars, ii) E-commercial vehicles, iii) government fleet, iv) charging network, v) maintenance services, and vi) battery recycling. Among these key measures, Cornerstone Charging has focused on providing services and solutions in the area of charging network, maintenance services and battery recycling. For charging network, Cornerstone Charging is one of the major service providers in supplying EV integrated charging solutions in Hong Kong. Printing business The Group’s printing business is supported by the Group’s financial press centre located at Shun Tak Centre on top of Sheung Wan MTR station and the Group’s in-house printing production factory located at Workshops 1-26 on 7th Floor, Oceanic Industrial Centre, No. 2 Lee Lok Street, Hong Kong, with a usable area of approximately 32,000 sq. feets, as well as the Group’s in-house translation team in Hong Kong, which enables us to maintain timely and responsive printing and translation services to the Group’s commercial and financial printing customers. For commercial printing services, the revenue was approximately HK$19.0 million for the Reporting Period and approximately HK$36.1 million for the year ended 31 March 2020. The decrease in revenue from commercial printing services was attributable to the decrease in revenue from printing of direct mailing material, promotional and marketing materials mainly resulted from the increasing concern on environmental protection, the popularity of digitalisation of information, the rise of online marketing, social media and globalisation. For financial printing services, the revenue was approximately HK$20.2 million for the Reporting Period and approximately HK$25.0 million for the year ended 31 March 2020. The decrease in revenue from financial printing services was attributable to the decrease in revenue from printing of financial reporting documents, compliance documents, initial public offerings (“IPO”) prospectuses and application forms, which were mainly attributable to the decrease in the number of customers, decrease in the number of corporate transactions of the Group’s customers and decrease in the number of engagement of IPO projects. Prospects: For EV charging business, the Group plans to grasp the opportunity in this global trend and become one of the major market participants in Hong Kong to achieve the vision of “Zero Carbon Emissions • Clean Air • Smart City”, in the next few years. For printing business, the Group strives to sustain by exploring the possibilities of providing focused and tailored-made corporate communication services with the help of data management and support of experienced information technologies team.

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