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Public company info - China Hongguang Holdings Limited , 08646.HK

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China Hongguang Holdings Limited, 08646.HK - Company Profile
Chairman Lin Weishan
Share Issued (share) 300,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Industrial Goods
Corporate Profile Business Summary: The group is principally engaged in the manufacture and sales of architectural glass products in the People’s Republic of China. Performance for the year: The Group’s total revenue increased 31% from RMB152,297 thousand for the year ended 31 December 2018 to RMB200,181 thousand for the year ended 31 December 2019. The Group’s profit increased from RMB43,116 thousand for the year ended 31 December 2018 to RMB59,929 thousand for the year ended 31 December 2019. The profit after tax for the year of the Group was RMB26,657 thousand for the year ended 31 December 2019, representing a decrease of approximately 16% from the profit after tax for the year of RMB31,765 for the corresponding period in 2018. Business Review The year 2019 is an important year for the Group, for the Company has achieved encouraging financial results. In the year under review, the operating revenue of the Group recorded a year-on-year increase of 31% from 2018, maintaining the previous rapid growth trend. This shows that the development strategy formulated by the Group is in line with market expectations and conforms to the development of the industry. The listing of shares of China Hongguang on GEM of The Stock Exchange of Hong Kong Limited on 13 January 2020 marks an important milestone in the development of the Group. Funds raised from the public offer and placing of the shares of the Company will promote the future development of China Hongguang. The Group has commenced strategic deployment to grasp the huge development potential of the architectural glass industry. Prospects: The Group was listed on the GEM of the Stock Exchange on 13 January 2020 (the “Listing Date”) and the fund raised from the listing laid a solid foundation for the future development of the Group. The markets and technological advances in relation to coated glass have developed significantly in recent years, driven primarily by a series of building energy conservation policies and standards promulgated by the PRC Government such as the Guidance Opinion on the Development of Glass Industry in the 13th Five-Year Plan* (《玻璃工業“十三五”發展指導意見》 ) issued by the China Architectural and Industrial Glass Association* (中國建築玻璃與工業玻璃協會). According to HCR Co., Ltd. (北京慧辰資道資訊股份有限公司) (“HCR”), an independent market research firm commissioned by us in preparation for the listing, coated glass production volume in China is expected to increase at a CAGR of 7.8% from 293 million m2 in 2018 to 427 million m2 in 2023. Coated glass, our primary energy-efficient safety glass product, is a type of energy-saving glass which is commonly used in the construction industry. We believe our specialization in coated glass well positions us to capture the opportunities arising from the continual growth of the demand of coated glass in China. With the strong demand for dimming glass in new buildings, HCR estimates that dimming glass production volume in China is expected to increase at a CAGR of 21.6% from 254,000 m2 in 2018 to 675,000 m2 in 2023 and there will also be an upward trend of a similar scale in dimming glass sales volume. We further leveraged our cumulative experience and technological know-how in the production of smart glass product. We believe that our business will benefit from increasing market demand for smart glass products in China. This spring, under the impact of the novel coronavirus disease (COVID-19) epidemic, industries in Mainland China postponed the resumption of work after the Chinese New Year holiday, and operations were only resumed in early March 2020. The impact of the COVID-19 epidemic has, to a certain extent, affected the development of Mainland China’s real estate market in the first quarter of 2020, thus also triggering the slowdown of the development of the architectural glass industry. At present, under the orderly guidance of the Mainland Chinese government, the economic situation of Mainland China is seeing improvement and recovery. The Group will endeavor to seek acquisition or investment opportunities to enhance the value of China Hongguang, in order to resist the impact caused by the COVID-19 epidemic, and to enhance the Group’s position and its value, and continue to create new growth drivers for the Group.

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