Resintech Bhd Proposes Bonus Share and Warrant Issues

Resintech Berhad (7232; RESINTC), a fully integrated provider of polyethylene products and unplasticized polyvinyl chloride (uPVC), has today proposed a bonus issue of up to 50,308,463 new ordinary shares on the basis of 1 bonus share for every 3 existing Resintech shares as well as a proposed bonus issue of up to 100,616,926 free warrants on the basis of 1 warrant for every 2 existing Resintech shares.

Dato’ Dr. Teh Kim Poo, Managing Director of Resintech Berhad

The entitlement date for the bonus issue of new ordinary shares will be determined and announced later by Resintech’s Board of Directors (“the Board”) while the entitlement date for the bonus issue of free warrants will be determined and announced later by the Board based on the names of shareholders appearing in the Company’s record of securities holders.

The bonus shares will be entitled to the bonus warrants as the proposed issue of warrants will be implemented following the completion of the proposed bonus issue of shares.

Managing Director of Resintech, Dato’ Dr. Teh Kim Poo said, “The proposed bonus issue of shares and warrants is to reward shareholders as the increase in the number of shares come at no cost to existing shareholders while the warrants enable them to participate in the derivative of the Company’s shares at no cost and at the same time provide them with an opportunity to increase their equity participation through exercising their warrants.”

“The bonus share issue will also improve trading liquidity of Resintech shares through increasing the number of shares issued while the warrants will strengthen the Company’s capital base and shareholders’ funds as and when they are exercised.”

Resintech recently signed a Memorandum of Understanding to acquire a 30% stake in Bionutricia Holding Sdn. Bhd. (“Bionutricia”) from the controlling shareholders for the sum of RM8.7 million.

Bionutricia is a biotechnology firm specialising in the production and commercialisation of plant- and fruit-based extracts and active fractions from local herbs through advanced nano-biotechnology processes.

Resintech Bhd: 7232 / [BURSA: RESINTC] [RIC: RESN:KL] [BBG: RESI:MK]Resintech Bhd: https://resintechmalaysia.my/






Topic: Press release summary

CEFC Financial Proposes Change of Company Name to Virtual Mind Holding Strategically Transforming to be an All-rounded Trendy Apparel Product Manufacturer

CEFC Hong Kong Financial Investment Company Limited (“CEFC Financial”, together with its subsidiaries, “the Group”; stock code: 1520.HK) is pleased to announce its proposed change of company name to “Virtual Mind Holding Company Limited”, to better align with the Group’s business development strategies. Meanwhile, the Group has entered into a strategic cooperation agreement (“cooperation agreement”) with Qingdao Weiding Sports Supplies Company Limited (“Qingdao Weiding”) in trendy apparel markets, and appointed the senior designer of the world luxury product brand LVMH Group Dr. Zhou Yibing (“Dr. Zhou”) as Chief Creativity Officer (“CCO”), striving to become an all-rounded trendy apparel product manufacturer. The proposed change of company name is subject to the approvals of shareholders and the Registrar of Companies in the Cayman Islands.

Establishment of strategic cooperation relationship with Qingdao Weiding to seize the opportunities in trendy apparel market in the PRC
The recent development in the apparel industry has been shifting its focus towards the market segment in the younger generation with trendy culture. Therefore, the Group aims to capture this opportunity with a vision to develop trendy culture apparel products and has been actively seeking new business opportunities to expand the Group’s design, manufacturing and trading of apparels business in order to diversify from its focus of manufacturing private label women apparels products to become an all-rounded trendy apparel product manufacturer, tapping into the men and young adults markets. To achieve its strategic moves and pursuant to the cooperation agreement , the Group and Qingdao Weiding will (i) carry out in-depth research and development on trendy apparels’ intellectual property (“IP”) and trendy apparels products; (ii) coordinate the resources, sales channels and marketing activities to increase market competitive advantages; (iii) share customer information, recommend customers to each other and provide services to each other’s customers for product introduction and promotion; and (iv) jointly develop new products, new businesses and new business models in the trendy apparel market. Both parties shall promote and refer to each other (i) third-parties fashion apparel orders; (ii) application of non-apparel trendy brand related products in each other’s branded products; (iii) application of branded products of the parties in cross-over collaboration with other branded products. A referral fee shall be payable by the referee to the referrer based on the successful contract amount of the apparel order, on the conditions that a certain amount of sales and a corresponding gross profit margin are achieved. Qingdao Weiding shall promote to the Group its own brand “Weiding” orders and offer a discounted contract price to the Group based on the final retail price.

Qingdao Weiding is principally engaged in the research and development, production and sales of trendy and sports apparel and accessories products. It has been granted the famous trademarks of Shandong Province award and Qingdao award and has obtained the ISO9001 qualification certification. The cooperation would enable the Group to leverage the design experience and market knowledge of the management team of Qingdao Weiding on the sports apparel in both women’s and men’s markets and expand the Group’s exposure in these market segments. The Group could also share the customer information and have an in-depth understanding on the markets and access to new sales channels. Moreover, the Group could exploit the IP rights owned by Qingdao Weiding in developing the cross-over trendy apparel products which could increase the variety of the Group’s products to seize the opportunities in the trendy apparel markets in the PRC.

Appointment of Dr. Zhou Yibing, senior designer of LVMH Group, as CCO to create unique fashion apparel products
In addition, the Group has appointed Dr. Zhou Yibing (“Dr. Zhou”) , the senior designer of LVMH Group, as the Group’s CCO. Dr. Zhou has served as a designer of Givenchy since 2018 and she was promoted to senior designer in 2020 and double WRTW-star senior designer in 2021. Prior to joining Givenchy she worked as a designer in Balmain Group and was responsible for fancy jewelry in Buccellati Italy. Dr. Zhou will be responsible for managing the product design team of the Group through the recruitment of a team of young and talented designers, with the aim of capturing the market opportunities in the younger generation, developing own brand trendy culture products including apparels, cross-over products with other brands in order to enhance the Group’s strategic move to re-foucs from its women apparel products to all-rounded trendy apparel and other accessories products for men, women and young adults.

The Group has been engaged in the apparel design business for over 20 years and is committed to designing and manufacturing high-quality fashion products. In view of the enormous potential in the trendy apparel market, the management of the Group plans to progressively expand the Group’s trendy apparel manufacturing business in future and strategically transform its business from private label women’s apparel manufacturer to an all-rounded trendy apparel product manufacturer. The management is pleased to establish cooperation with Qingdao Weiding and has invited Dr. Zhou to join its product apparel design team. These moves will complement the Group’s overall strategic development blueprint and enhance its operating strategy. Leveraging the technology, experience and sales channels accumulated by the Group in the design and manufacturing of apparel business, the Group is expected to further expand its market segments on top of its original business and develop a variety of new apparel and apparel-related product offerings, thereby enhancing the Group’s profitability and brand impact to create long-term returns for shareholders.

About CEFC Hong Kong Financial Investment Company Limited
CEFC Hong Kong Financial Investment Company Limited (1520.HK) is principally engaged in (i) design, manufacturing and trading of apparel; and (ii) provision of money-lending business. The Group’s apparel operation is classified into two categories, namely, private label products and own brand products. Private label products are those designed and manufactured under the private labels owned or specified by the Group’s customers, while own brand products are those designed and manufactured under the Group’s proprietary labels. The Group’s production plant is located in Jiaxing in the PRC with most apparel products exported to the U.S. The U.S. market is the principal market for Group’s apparel operation.

For more details, please visit www.cefcfi.com.hk






Topic: Press release summary

Asia Vets Holdings proposes to acquire digital financial services group AlDigi Holdings for S$45 million via Reverse Takeover

Catalist-listed Asia Vets Holdings Ltd. (“Asia Vets Holdings”, the “Company”, and together with its subsidiaries, the “Group”) has entered into a conditional sale and purchase agreement (“SPA”) with RHT AlDigi Financial Holdings Pte. Ltd. (“Vendor”) and AlDigi Holdings Pte. Ltd. (the “AlDigi Group” or the “Target”) on 30th December 2021 to acquire from the Vendor 100% of the ordinary shares in the issued and paid-up share capital of the Target (the “Proposed Acquisition”).

Tan Chong Huat, Chairman of RHT Group of Companies, Tan Tong Guan, Executive Chairman and Chief Executive Officer of Asia Vets Holdings Ltd., and Jayaprakash Jagateesan, Chief Executive Officer of AlDigi Holdings Pte. Ltd. at the signing ceremony. [L-R]

The S$45 million consideration for the Proposed Acquisition shall be satisfied by way of allotment and issuance of 335,436,357 new ordinary shares (“Consideration Shares”) in the capital of the Company at the issue price of approximately S$0.13415 per Consideration Share. The Proposed Acquisition, subject to, inter alia, the approval of the Company’s shareholders, adds an additional revenue stream as well as an opportunity to diversify the Group’s portfolio of businesses. The Company also believes that the Proposed Acquisition has the potential to increase the market capitalisation and widen the investor base of the Company.

Mr Tan Tong Guan, Asia Vets Holdings Executive Chairman and Chief Executive Officer, said, “We have been actively exploring various acquisition opportunities to maximise value for shareholders and enable the Company to achieve higher revenue levels. The Proposed Acquisition, when completed, is expected to enable us to capture opportunities within the fast-growing financial and technology business and we are confident of the industry’s significant long-term growth prospects.”

The Target’s subsidiaries are digital finance and technology firm RHT DigiCapital Pte. Ltd., intellectual property consultancy RHT i-Assets Advisory Pte. Ltd., and its proposed subsidiary, capital markets advisory firm RHT Capital Pte. Ltd. (collectively with the Target, the “Target Group”).

The Proposed Acquisition will enable the Company to build on the Target Group’s established continuing sponsorship and licenced corporate finance business to develop new digital solutions to serve both traditional and digital finance markets.

Mr Jayaprakash Jagateesan, AlDigi Group Chief Executive Officer, said, “We have developed a fintech platform to reshape the capital markets to become the gateway to diverse digital assets and investments, built on a commitment to enhancing efficiency, accessibility and equal opportunity across capital markets and alternative investments. The Proposed Acquisition will further accelerate our efforts to develop new innovative products to capture the fast-growing digital security token economy with a focus on real estate, non-fungible tokens, and environmental, social and governance investments.”

Post-completion of the Proposed Acquisition, the Group will continue to own and operate its veterinary business.

This media release is to be read in conjunction with the full text of the Company’s announcement dated 30 December 2021 released on SGXNET, in relation to the proposed acquisition.

About Asia Vets Holdings Ltd. (SGX:5RE) (www.asiavets.com)

Asia Vets Holdings Ltd. (the “Company”), through its wholly-owned subsidiary, AVH Animal Ark Pte. Ltd. (together with the Company, the “Group”), provides veterinary care and clinical services to small animals in Singapore.

The Group currently operates two veterinary clinics providing a full range of general veterinary services including medical, surgical and dental care for small animals and after-hours emergency services.

About AlDigi Holdings Pte. Ltd. (www.aldigi.co)

The AlDigi Group combines proven expertise and deep experience across capital markets, blockchain technology and intellectual property to deliver next-gen digital finance solutions through the following subsidiaries/ proposed subsidiaries:
– RHT Capital
– RHT DigiCapital
– RHT i-Assets Advisory

The AlDigi Group leverages its proven proprietary institutional grade technology to deliver digital asset solutions across multiple asset classes and sought-after alternative investment products. As part of the ONE RHT ecosystem of multidisciplinary professional services, the AlDigi Group has access to a wide range of expertise including sustainability to add value to its digital asset solutions.

Issued on behalf of Asia Vets Holdings Ltd.
For media enquiries, please contact:
Elliot Siow
Communications Manager
RHT Communications & Investor Relations Pte. Ltd.
DID: +65 6381 6347
Email: elliot.siow@rhtgoc.com

This announcement has been prepared by the Company and its contents have been reviewed by the Company’s sponsor, ZICO Capital Pte. Ltd. (the “Sponsor”), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor Ms Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd. at 8 Robinson Road, #09-00 ASO Building, Singapore 048544, telephone +65 6636 4201.






Topic: Press release summary

Yuexiu REIT Proposes to Acquire Yuexiu Financial Tower

Yuexiu Real Estate Investment Trust (Yuexiu REIT, together with Yuexiu REIT Asset Management Limited, is referred to as the Fund, HKEX stock code: 405) is pleased to announce that, through its Special Purpose Vehicle, it has entered into the acquisition deed with a direct wholly-owned subsidiary of Yuexiu Property Company Limited (as Vendor) (Yuexiu Property, HKEX stock code: 123), and Yuexiu Property (as the Guarantor). Yuexiu REIT proposes to acquire, from the Vendor, Yuexiu Financial Tower, a top-tier international Grade A office building as such structures become increasingly scarce in the Core Business District of Guangzhou Zhu Jiang New Town (ZJNT).
Mr. Lin Deliang, Chairman, Executive Director and CEO of Yuexiu REIT said, “We believe this acquisition presents a precious opportunity. Upon completion of the acquisition, Yuexiu REIT will own three super-high-rise landmark buildings taller than 300 meters and it is expected that Yuexiu REIT’s enlarged portfolio valuation to be the largest among the PRC portfolio owned by Hong Kong and Singapore listed REITs after the acquisition. Yuexiu REIT has long been committed to investing in high-quality income-producing commercial real estate in top-tier People’s Republic of China (PRC) cities with long-term growth potential. This acquisition marks a major advance in Yuexiu REIT’s investment and growth strategy. Furthermore, we can also capture robust development opportunities in the Greater Bay Area (GBA) and Guangzhou, and Guangzhou’s growing commercial property market; enlarge Yuexiu REIT’s property portfolio; generate a long-term and stable source of income; and, ultimately, enhance the growth potential of Yuexiu REIT.”

Guangzhou’s growth has been driven by an innovation-based economic system and development model, and it will be developed as a world-class headquarters for enterprises engaged in emerging, advanced manufacturing and modern services industries and ultimately an international-standard city cluster and world-class Bay Area will be fully established in the future. As one of the core cities in the development of the GBA together with Hong Kong, Macau and Shenzhen, Guangzhou is positioned as a national central and gateway city; and is also an advanced international trade center, a comprehensive transportation hub and an important focal point for science, technology, education and culture development, as it continues to build an international metropolis. Among the 9+2 cities in the GBA, Guangzhou is the capital city of Guangdong province in Southern China and a key strategic location in the GBA situated at a prime location that has developed rapidly. In the first half of 2021, Guangzhou’s GDP growth exceeded the average national and Guangdong levels, and the expected accelerated development of the GBA should also stimulate stronger market demand for international Grade A office in ZJNT in Guangzhou. Therefore, the acquisition can seize the opportunities arising from rapid economic expansion of the GBA and Guangzhou[, and also capture the development of the Guangzhou commercial property market.

The proposed acquisition of Yuexiu Financial Tower is for an International Grade A office building, which is one of the ten tallest skyscrapers in Guangzhou and a landmark building strategically located in the Core District of ZJNT, at No. 28, Zhujiang East Avenue, Tianhe District in Guangzhou. Yuexiu Financial Tower has a total gross floor area of 210,282.94 square meters and comprises a 68-storey above-ground commercial office building (comprising a 4-storey retail component and a 64-storey office component) and a 4-storey basement of 827 underground carpark spaces. Located in a strategic transportation hub with convenient transportation and adjacent to major subway lines within about 5-10 minutes walking distances. It is accessible to the Metro Lines 3, 5 and the Automated People Mover (a driverless electric train) line. It is just 200 metres away from the Xiancun Station, the interchange station of the Metro Line 18 and Phase 2 of Line 13 which was opened in September 2021 and expected to open in 2022 respectively. The opening of the new Xiancun Station and Huacheng Square North Stations would further improve the regional public transportation network.and hence could further push up the rentals of office buildings near the station. Moreover, Yuexiu Financial Tower has a helipad, a unique transport infrastructure compared to the other Grade A office buildings in Guangzhou which supports flying routes between Guangzhou, Shenzhen and Zhuhai.

Yuexiu Financial Tower is a highly competitive facility in the region, with the largest leasable office space and advanced facilities, including a super-high-speed elevator with a maximum speed of eight metres per second, an intelligent elevator despatch system and an energy-saving air conditioning system that can effectively block PM 2.5 with a virus sterilisation rate of 99.9%. Currently, it has attracted many high-quality tenants across various industries including finance, business services, information technology, manufacturing, and property, as well as Fortune Global 500 enterprises. Moreover, it achieved an average occupancy rate of 92.5% for the nine months ended 30 September 2021.

In addition, Yuexiu Financial Tower has won multiple awards including the US Green Building Council LEED EBOM V4 Platinum Certification, the US Green Building Council WELL V2 Platinum Pre-certification and the China Construction Engineering Luban Award (National Prime-quality Project), with the last mentioned being the highest award for construction quality in the PRC. The property’s outstanding, design, quality and infrastructure are widely recognized.

The core area of ZJNT is in the heart of Guangzhou Tianhe central business district with the most Grade A office buildings, and it is considered a hub for the financial and high-end services sectors in Southern China. Tianhe District’s economic strength continued growing, from the GDP level of RMB343.3 billion in 2015 to reach RMB531.3 billion in 2020 and the district’s GDP has ranked first in Guangzhou for 14 consecutive years. Led by a “headquarters economy”, Tianhe District is expected to do well in four leading industries including financial services, new generation of information technology, modern commerce and business services. Compared with other districts in Guangzhou, ZJNT has the highest rent level for Grade A office space. As at 30 September 2021, the current passing rent for the office component of Yuexiu Financial Tower was approximately RMB199.3 per square meter per month. The average rent of International Grade A office buildings in the core area of ZJNT was RMB 218 per square meter per month in the second quarter of 2021. Based on the superior conditions of Yuexiu Financial Tower, there appears to be further room for rent to rise. Moreover, according to the market consultant report, the rental rate of international Grade A office space in the core area of ZJNT is expected to steadily grow at 3.2% to 4.4% between 2022 to 2025, mainly due to the scarcity of office space in the area in the next four years. In that time, ZJNT will be the first choice for financial services companies and high-end services companies in the leasing market, and ZJNT is expected to enjoy the best lease performance.

Upon the completion of acquisition, the revenue generated by Yuexiu Financial Tower for the six months ended 30 June 2021 would have represented approximately 19% of the revenue of the enlarged portfolio for the same period. This acquisition not only provides an additional source of distributable income from the additional property, it also diversifies the concentration risk of the distributable income of Yuexiu REIT’s current portfolio.

Yuexiu Financial Tower and Yuexiu REIT’s Guangzhou International Finance Center (“GZIFC”) are in close proximity to each other, which enables Yuexiu REIT Asset Management Limited, the Manager to leverage its experience and existing resources to realize synergies. The competencies of the Manager is demonstrated through its success in acquiring and managing high-quality office properties including GZIFC and Wuhan Yuexiu Fortune Centre. Upon completion of the acquisition, the greater portfolio size will create a stronger platform to further increase the number of well-established domestic and multinational corporations in Yuexiu REIT’s tenant base, spread operating costs over a larger portfolio, and achieve greater operating synergies resulting from the economies of scale. It is expected that Yuexiu REIT’s enlarged portfolio valuation to be the largest among the PRC portfolio owned by Hong Kong and Singapore listed REITs after the acquisition. The proportion of office space of Yuexiu REIT will increase from 68% to 73% in terms of gross rentable area and the average age of the properties in the portfolio will decline from 14.2 years to 13.4 years.

The agreed acquisition amount is approximately RMB7,800 million. The Manager intends to fund the acquisition consideration in the following manner: (i) approximately HKD992 million (equivalent to approximately RMB826 million) shall be paid from internal resources of Yuexiu REIT; (ii) approximately HKD3,919 million (equivalent to approximately RMB3,261 million) shall be paid from the net proceeds of the rights issue; (iii) up to HKD4,600 million (equivalent to approximately RMB3,828 million) shall be paid from amounts drawn down under the New Bank Facility.

For the rights Issue plan, Yuexiu REIT proposes to raise approximately HKD3,950 million (before expenses) on the basis of 37 rights issue units for every 100 existing units by issuing up to 1,234,403,038 rights issue units at the price of HKD3.20 per rights issue unit. Upon the completion of the acquisition, the increase in the total number of units in issue and publicly traded is expected to improve the trading liquidity of the units and broaden the unitholder base of Yuexiu REIT.

On 24 October 2021, the Manager and the Placing Agents (including DBS Asia Capital Limited, BOCI Asia Limited, China International Capital Corporation Hong Kong Securities Limited, Haitong International Securities Company Limited, and Yue Xiu Securities Company Limited) entered into the Placing Agreement with a maximum of 730,822,457 placing units, which the placing price shall be not less than the rights issue subscription price.

Upon completion of the acquisition, the Manager intends to declare a special distribution to unitholders whose names appear on the register of unitholders as at the Special Distribution Record Date (being 6 December 2021), the amount of the special distribution being approximately RMB85 million, or RMB0.0255 per Unit.

This acquisition requires approval having been passed by the unitholders at the extraordinary general meeting, and the Yuexiu Property independent shareholders at the Yuexiu Property General Meeting, as well as the remaining terms of the acquisition deed being fulfilled.

About Yuexiu REIT
Yuexiu Real Estate Investment Trust (Yuexiu REIT, HKEX stock code: 405) was listed on the Stock Exchange of Hong Kong Limited on 21 December 2005. It is the first listed real estate investment trust in the world investing in properties on the mainland of the People’s Republic of China. Yuexiu REIT’s property portfolio consists of eight high-quality properties including Guangzhou International Finance Center, White Horse Building, Fortune Plaza, City Development Plaza, Victory Plaza, Shanghai Yue Xiu Tower, and Wuhan Properties (including “Wuhan Yuexiu Fortune Centre”, “Starry Victoria Shopping Centre” and certain Carpark Spaces) and Hangzhou Victory, with a total area of ownership of approximately 973,000 square meters.


Topic: Press release summary

AEON Credit Proposes Final Dividend of 18 HK Cents for FY2020 amid Solid Fundamentals

AEON Credit Service (Asia) Company Limited (“AEON Credit” or the “Group”; Stock Code: 00900) has announced today its annual results for the year ended 28 February 2021 (“FY2020”). During FY2020, the change of consumer behavior to online shopping and indoor activities has prompted the Group to accelerate its digital transformation through the continued upgrade of mobile applications and dedicating more resources to online merchant marketing promotions. The Group has also continued with the development of the new card and loan system to prepare for further technological upgrades in the payment industry. Sales in the fourth quarter started to pick up due to the launch of personalized marketing promotions.

Facing an exceptionally uncertain market environment during FY2020, the Group’s revenue was HK$1,089.9 million, with profit after tax amounting to HK$301.6 million. Earnings per share were 72.02 HK cents. The Group’s capital base remained strong with total equity up 3.3% to HK$3,422.0 million as at 28 February 2021.

In view of the sound fundamentals of the Group, the Board has recommended a final dividend of 18.0 HK cents per share, bringing the total dividend for the year to 40.0 HK cents per share, representing a dividend payout ratio of 55.5%, up from 49.8% last year despite adversity.

Go Digital and Seize New Demand during Post-pandemic Recovery
Looking ahead, changing consumer spending behaviors under the new normal as a result of the Pandemic are expected to remain. The Group will adjust its business model to adapt to this changing consumer behavior and ensure it is prepared to meet new customer needs.

If the Pandemic can be brought under control soon, economic activities in Hong Kong are expected to rebound in the second half of FY2021. To ensure the effectiveness of marketing channels and to stay competitive in the market, the Group will put more emphasis on using social media and mobile applications to promote its products and marketing programs. Moreover, with the development of acquiring business merchant network, more promotions will be lined up with online merchants to stimulate customer spending.

In addition, the Group will work closely with AEON Stores (Hong Kong) Co., Limited (“AEON Stores”; Stock Code: 00984) to maximize the card payments of customers inside AEON Stores. To cater for any possible adverse changes in the credit environment, the Group will enhance its credit policy for a better balance of customers’ financial needs and profitability.

In order to strengthen operational efficiency, the Group will continue to commit significant resources to complete the digital transformation and upgrade its ability to respond to changes in the market. The Group will introduce new product benefits and provide premium user experiences to its customers. Furthermore, the Group will enhance its data analysis methodologies to raise its marketing, credit assessment and credit management effectiveness.

A key element of the technology upgrade is the new card and loan system project. With the completion of the acquiring phase and the card authorization front-end replacement, the Group will start the issuing phase in the first quarter of FY2021, with the estimated project completion date to be in early 2023.

During the year under review, the Group has also completed several major projects, including enabling Faster Payment System (FPS) service for personal loan fund transfer, enhancing personal loan application through mobile application to support new version of Hong Kong identity cards, improving mobile application to support loan account overview, the implementation of additional network security enhancement, and work-from-home system functions.

Exploring Greater Bay Area’s Consumer Finance Market
Following the voluntary liquidation of two microfinance subsidiaries in the northern part of Mainland China, the Group will concentrate on consolidating its operations in the Guangdong-Hong Kong-Macau Greater Bay Area and strengthening the local management team. The microfinance subsidiary in Shenzhen achieved monthly break-even status in the year. The Group will put efforts to improve its operating performance and to seek new business opportunities.

Mr. Tomoharu Fukayama, Managing Director of AEON Credit said, “With the precautionary measures being taken and our strong business partner relationships, as well as our strong liquidity position and balance sheet, we are well prepared to face the challenges ahead and to move forward to capture new business opportunities that may arise as and when the market conditions return.”

About AEON Credit Service (Asia) Company Limited (Stock Code: 00900)
AEON Credit Service (Asia) Company Limited, a subsidiary of AEON Financial Service Co., Ltd. (TSE: 8570) and a member of the AEON Group, was set up in 1987 and listed on the Main Board of The Stock Exchange of Hong Kong Limited in 1995. The Group is principally engaged in the consumer finance business, which includes the issuance of credit cards and the provision of personal loan financing, card payment processing services, insurance agency and brokerage business in Hong Kong and microfinance business in Mainland China.

For more information, please visit the company’s website at www.aeon.com.hk.


Topic: Press release summary