trengthening the “Two-Wheel-Drive ” Business Model, Developing an Ever-growing Investment Portfolio
Legend Holdings' Net Profit Increased to RMB 5,048 Million in 2017
Twelve months ended 31 December, 2017：
Revenue of the Group was RMB316.3 billion, representing an increase of 3% as compared with the corresponding period last year
Net profit attributable to equity holders of the Company was RMB5,048 Million, representing an increase of 4% as compared with the corresponding period last year
Basic earnings per share contributed by continuing operations was RMB2.16, representing an increase of 5% as compared with the corresponding period last year
Recommended payment of a final dividend of RMB0.27 per ordinary share (before tax), representing an increase of 12 % as compared with the corresponding period last year
【March 27, 2018－Hong Kong】Legend Holdings Corporation ( “Legend Holdings” or the “Company”; stock code: 3396.HK) is pleased to announce the audited annual results of the Company and its subsidiaries for the year ended December 31, 2017 (the “Reporting Year”). In 2017, Legend Holdings recorded performance growth for the third consecutive year since its listing, the overall revenue of the Group was RMB316.3 billion, representing an increase of 3% as compared with the corresponding period of last year; net profit attributable to equity holders of the Company amounted to RMB5,048 million, representing an increase of 4% as compared with the corresponding period of last year; and (basic) earnings per share amounted to RMB2.16.
“In 2017, in such a favorable context, Legend Holdings has made steady progress in business development in line with its strategic development, strengthened the advantage of two-wheel-drive” business mode, the three major segments of the Group’s strategic investments create an ever-growing investment portfolio, achieved a breakthrough development of pillar assets acquisition and overseas resources allocation, focused on the connection of the invested companies with the capital markets and external resource portfolio companies .Through diversified “management + strategic service” means, new deployment or positively optimization, it has further enhanced the portfolio value. Meanwhile, the Group has enhanced the highly professional personnel recruitment, strengthened the organizational structure such as the investment management system, laid a solid foundation of the Group’s culture , further promoted the organization’ morale and engagement in order to poise for the company’s medium-to-long-term development.” Mr. Zhu Linan, President of Legend Holdings, stated, “In 2018, the Group will continue reinforcing the synergy advantage of value creation and the two-wheel-drive businesses model, through clear strategy and stronger execution, to drive more strategic outcome in the future. We hope for a better return to shareholders with our more optimized investment portfolio and significant value growth.”
Continuous growth in the two-wheel-drive businesses
During the Review Period, Legend Holdings’ strategic investment segment has gone on the track of sound progress and achieved a steady growth of results.
Revenue from the financial services segment increased by 130% year-on-year, with net profit attributable to equity holders of the Company increasing by 7%. Among which Zhengqi Financial optimize its asset allocation and implement the long-term strategy of investment-loan linkage, and achieved stable growth in the business scale and profits; Kaola Technology, an innovative financial service provider, increase in its profit margin through development and upgrading of risk control technology; JC Finance & Leasing has actively pursued market expansion in its finance leasing business, optimized its business mix, and achieved healthy development.
Revenue from the innovative consumption and services segment increased by 32% year-on-year , achieving a decrease in losses. During the Review Period, while the Group was developing and enhancing its business value, it grasped the market and national policy trend, and fully release the advantages of the “two-wheel-drive” model, invest in Better Education Educational Group, a leading kindergarten group with direct operation networks of middle and high-end kindergartens in China, by purchasing controlling equity interests, and made strategic investment in Eastern Air Logistics Co., Ltd. (“EAL”), one of the first pilots for mixed ownership reform of state-owned enterprises, achieving a new deployment in education and aviation logistics segments.
Revenue from the agriculture and food segment increased by 52% year-on-year and the net profit attributable to equity holders of the Company increased by 231% year-on-year. The Group took the Joyvio Group as a platform, to focus on developing two supply chains of fresh fruits and animal protein. During the Review Peiord, Golden Wing Mau and KB Food further enhance the competitive advantage; the continuous optimization of Funglian Group’s product mix led to a substantial increase in the overall operating efficiency and profit; Joyvio Agriculture acquired the controlling interests of Qingdao Starfish; Joyvio Group completed strategic investment in Nine Masters, and expanded the strategic layout in the integrated food materials supply chain.
In addition, in the Information Technology segment, adhered to its 3-wave strategy, and the revenue increased by 6% year-on-year, facing the challenge, Legend Holdings will actively provide all-round supports on this matter; revenue of the new material segment increased by 4% and net profit attributable to equity holders of the Company increased by 242%, during the Review Period, Levima Group further optimized its product mix and enhance its profitability and market influence.
The Group’s financial investment business recorded steady development, the net profit attributable to equity holders of the parent increased by 42%, the investment income and gains increased by 122%, the management of the three fund platforms has steadily expanded., and the total asset was approximately RMB 110 billion. During the Review Period, Legend Capital continued to reinforce its influence on its focusing segments, invested in 60 new projects and exited from 21 projects, 8 portfolio companies were successfully listed on domestic or overseas capital markets through initial public offerings, which increased the portfolio value; Hony Capital maintain its leading position in state-owned enterprise reform and cross-border investments while achieving initial success in respect of its trial investment in real estate finance, replenishing its investment areas from two dimensions, completed investment or additional investment in 29 new projects and existed 21 projects. Besides, Hony Capital obtained the license for mutual fund business in January 2018, and new opportunities are expected to arise for the future development of its product mix and asset under management; Legend Star raised fund from third-party investors for the first time, in 2017, Legend Star invested in more than 50 onshore and offshore projects, and 63 portfolio companies portfolio companies completed follow-on financin
“Two-wheel-drive model” has achieved the new results
Mr. Zhu Linan, President of Legend Holdings, stated, the Group will “actively display the synergy between strategic investment and financial investments, achieve a flow of “two-wheel-drive model” results. Based on the practical experience, Legend Holdings will elevate the synergic driving model of two-wheel-drive business to strategic height, on the premise of maintaining the independence of fund management, to fully release the advantages of the two major businesses, and promote business coorperation, enhance the value of the Group and investment return. In 2017, the synergy generation from the “two-wheel-drive” model has been further enhanced, and a flow of new results have been achieved.
In June 2017, Legend Holdings and Legend Capital strategically joint invest in EAL, Legend Holdings and Legend Capital now directly hold 20.1% and 4.9% equity interests of EAL, respectively; in July 2017, Legend Holdings, together with Hony Capital, made a strategic investment in Better Education, a leading medium-to-high-end kindergartens group with direct chain operation in China, the 51% share of Better Education was held by Legend Holdings directly and 29% by Hony Capital. The above transaction was a success that integrated the brand, fund, management and control of Legend Holdings , the project resources and investment analysis capacity of Legend Capital and Hony Capital.The “two-wheel-drive” is one of the unique advantages of Legend Holdings, achieving win-win outcomes for both itself and its subsidiary fund company.
EAL is among the first pilots for mixed ownership reform of state-owned enterprises and the first one implementing the reform, EAL currently has presence in the fields including cross-border e-commerce, air logistics and air freight of premium fresh food, which highly tally with the innovative consumption and services that the Group focused on, and can generate strong synergistic
effects with other enterprises in which the Group made investment, providing a large room for development. Along with the increase in the demand for aviation logistics business, release the energy from the reform of management system and inject advantages of strategic investors, resulting in improvement in the result of EAL; after over a decade’s operation, Better Education has established a standardized operation model, developed an operation team with rich experience in management, ranks among the top tier in respect of the business scale in China, the current demand for pre-school education is strong and market supply is highly fragmented, the capacity for systematic and cross-boundary operation will be easier to acquire high-quality resources and be entitled to the first mover advantages.
Assist the value growth of portfolio companies
With the needs for development of the portfolio companies and the value growth of the investment portfolio of Legend Holdings, the Group encourage and support its portfolio companies to secure necessary resources for corporate development through refinancing, spin-off, listing and other means.
During the Review Period, the Group has adopted a series of actions to reinforce the explicit promotion of the portfolio companies market value, and further enhance and optimize investment portfolio. In respect of agriculture and food segment, Joyvio Agriculture was built as the first listed platform for strategic industrial development, and will accelerate the expansion of its business relating to purchase, processing and distribution of high-end animal protein extracted from seafood through investments and mergers and acquisitions, it had a controlling stake, completed a material asset restructuring and obtained controlling interests in Qingdao Starfish, a leading seafood provider in China, in August 2017, further enhanced the Group’s control over the upstream resources of animal protein industry chain; Funglian Group was acquired by Hebei Hengshui Laobaigan Liquor Co., Ltd, a listed company the main board of the A-share stock market, the transaction has been completed and Joyvio Group has now become the second largest shareholder of Laobaigan.
In the new material segment, Chinese Academy of Sciences made strategic investment in Levima New Materials. The investment gave Levima New Materials the access to the profound technologies and innovation resources of Chinese Academy of Sciences; considering adjustments to investment portfolio, optimization of assets allocation and further promotion of strategic focus, the Group transferred all its equity interests in Phylion Battery to a third party strategic investor, achieving a better return.
With stronger execution to achieve strategic goals
In 2018, Legend Holdings will take effective strategies to promote the continuous optimization of its strategic investment portfolio and to realize its strategic targets with stronger execution for more fruitful achievements. Firstly, the Company will continue to build pillar businesses; the Company will more actively participate in the management and control of Lenovo Group to improve its profitability and value. For the financial services segment, the strategic acquisition of a controlling stake in Banque Internationale à Luxembourg S.A. by the Company is steadily going through regulatory review. As a pillar asset, the investment will improve the overall value and financial stability of the Company in the future; For the innovative consumption and service segment, the Company will develop platform enterprises in healthcare, education and other consumption areas by virtue of flexible shareholdings and market-oriented resources. The strategic presence in agriculture and food business has taken shape, which will boost the leading position of Joyvio Group in the sales and distribution of medium-and high-end fruits + high-end animal protein products. Secondly, it will further optimize the stock assets. and fully release the advantages of the “two-wheel-drive” model and promote the implementation of projects. Thirdly, the Company will further strengthen its investment management, enhance the value and improve the corporate governance mechanism and system of the portfolio companies. It will actively plan and push forward the separate listing of the portfolio companies or lay a solid foundation for such listing. Currently, the application of Lakala Payment, a subsidiary of the Company, for listing on the ChiNext board through initial public offering is under regulatory review.
The fund platforms of Legend Holdings’ financial investments will deepen their presence in cutting-edge technology and new lifestyle areas on the basis of consolidating their current leading status, the content of the Group’s financial investment will be further expanded; the Group will enhance the income stability and risk resistance of its financial investments through more diversified investments in special frontier funds, fixed-income products and innovative derivatives
Mr. Liu Chuanzhi, Founder and Chairman of Legend Holdings, is satisfy with the performance resulted from the strategy implementation by the management in 2017, and stated, “To China, 2017 was an extraordinary year. Deepening the supply-side structural reform, the government promote entrepreneurship, and create a more fair, legal business environment, meanwhile, the country is more concern about high quality development, large consumption groups, strong private capital, maturing innovation-driven foundation etc, providing a large room for the future economic development of China. In this era, Legend Holdings will continue grasping opportuinities such asthe turning from real economy to the virtual economy, consumption upgrading and technological breakthrough, strengthen the mechanism, fully released the advantages of the “two-wheel-drive” model, adhered to value creation, and solidly advance its strategy to achieve the established goal; meanwhile the Group need to pursue long-term development, and strategic layout. Legend Holdings is an enterprise with glorious tradition, we are walking on an innovative path, in that past we continuously exploring, concluding, among the adversity, I believe that in the coming future, more and more achievement can be made.”
Attachment: Review of Segment Performance
IT segment reached RMB299,363 million, up 6.0% year-on-year. However, Lenovo recorded a net loss of RMB670 million due to the increase in costs caused by the continuous rise of components prices around the world and the write-off of deferred income tax assets pursuant to the Tax Cut and Jobs Act enacted by the US government on December 22, 2017, thanks to the effective execution of the 3-wave strategy. The strong growth of PC and mobile market which show signs of stabilization thanks to continued commercial refreshment and improved consumer demand in selective regions. Lenovo has continued its strategy to prioritize its profit and drive premium-to-market revenue growth in its PC business; Along with the transformation of the Data Center business, Significant increase in revenue and profitability. Lenovo’s Mobile business continued its solid performance in Latin America and North America also recorded strong sales. Simultaneously, continued to refine its product strategy to fit the local market for future growth in China. Lenovo Capital and Incubator Group (LCIG) has completed a number of investment transactions and made progress in expanding its ecosystem. In the meantime, Lenovo established an AI Lab has since set up core AI technologies in voice recognition, language understanding, machine learning, computer vision and data analytics.
Financial services segment increased by 130% year-on-year to RMB3, 638 million. Zhengqi Financial adhered to the long term strategy of investment-loan linkage and continued to record robust growth. Revenue increased by 20% to RMB 1.18 billion, net profit increased by 16.37% to RMB 839 million. JC Finance & Leasing achieved rapid business growth and its corporate credit rating was elevated to AA. Also successfully enrolled in the Credit Reference Center of the People’s Bank of China. Operating income and net profit were RMB 719 million and RMB 180 million respectively up 139% and 122% year-on-year. Kaola Technology established its leading position in the financial technology segment and continued to provide services for various business areas relating to personal consumption, SMEs and community finance in accordance with its compliance license. Thanks to its advantages in the Internet technology and big data mining, Kaola Technology had over ten million loan applicants. Operating income and net profit were RMB 1.728 billion and RMB 457 million. Simultaneously, On March 3, 2017 Lakala Payment submitted to the China Securities Regulatory Commission the application for the initial public offering and listing of its shares on the ChiNext Board of the Shenzhen Stock Exchange. On September 1, 2017, an indirect wholly-owned subsidiary of the Company and Precision Capital S.A. entered into an agreement in relation to the acquisition of 89.936% share capital of Banque Internationale à Luxembourg S.A. from Precision Capital S.A. As an important strategic investment of the financial services segment, the transaction is in line with the Company’s goal of building pillar assets. Upon completion, the investment will improve the Company’s financial performance and provide better return to shareholders of the Company.
The revenue from innovative consumption and services segment increased by 32% to RMB2,810 million as compared with the corresponding period of last year. The creative of two-wheel-drive business model continue to harvest results. The Group made a joint investment with Hony Capital in the Better Education Educational Group, a leading kindergarten group with direct operation networks of middle and high-end kindergartens in China and investment size is approximately USD127.5 million. Legend Holding held 51% equity interests of Better Education through our subsidiary, and Hony Capital of the Company held 29% of its equity interests. Better Education directly ran 91kindergartens in Shanghai, Suzhou, Nanjing, Chongqing, Changsha and other cities with over 26,000 enrolled students and over 4,000 staff. It is a leading kindergarten group with direct operation networks of middle and high-end kindergartens in China and ranks among the top tier in respect of the business scale in China. At the same time, company and Legend Capital in the investment in EAL, a leading air logistics company in China, as one of the first pilots for mixed ownership reform of state-owned enterprises and established presence in the aviation logistics segment. EAL has nine all-cargo aircrafts and exclusively operates bellyhold space of nearly 600 passenger aircrafts under Eastern Airlines series, representing over 20% of the domestic air cargo transportation market, with the air route network covering the whole world. It also operates the cargo terminal business of Shanghai Pudong Airport (China’s largest and the world’s third largest cargo airport) and Hongqiao Airport. This business is exclusive. In addition, Bybo Dental revenue of RMB 1.434 billion, a year-on-year increase of 14%. Bybo Dental had 212 outlets, including 53 hospitals and 159 clinics, covering 25 provinces and municipalities. Shanghai Neuromedical Center with the strengthened discipline construction of hospitals, enhancement of brand awareness and growing number of visits to the hospital and patients with stubborn diseases, which is expected to make profit soon. Continuous expansion of Zeny Supply Chain’s cold chain and value-added businesses, optimization of business structure so that losses continued to decline, business showed a positive development trend. The total size of operating fleet of CAR reached 93,124 cars, increasing by 3.7% as compared with the corresponding period of last year; the total size of fleet reached 102,500 cars, increasing by 6.3% as compared with the corresponding period of last year. CAR had 898 directly operating service spots in 117 cities of China covering all first-tier and second-tier cities and main tourist spots in the country.
Agriculture and food segment revenue increased 52% year-on-year to RMB4,962 million. With the aim of improving food qualities for Chinese consumers, we have developed two supply chains of fresh fruits and fresh seafood. In respect of the supply chain of fresh fruits. For the fruit business, Golden Wing Mau continued its overseas presence while carriying out in-depth integration of the upstream and downstream of domestic fruit business, resulting in rapid year-on-year growth of revenue and profit and further consolidating its leading position in the industry. the blueberries planted by Golden Wing Mau reached a record-high production volume again, leading to further enhancement in the brand awareness and consolidation of Joyvio blueberry as the No.1 domestic brand. Also increased its control over the product resources in Southeast Asia and, through capital increase to and shareholding of Thai Crown of Thailand achieved the control over the largest durian collection, storage and processing factory in southern Thailand. Golden Wing Mau launched Joyvio durian, diversifying the products under Joyvio brand. we achieved controlling stake in the Asian business of Capespan by capital increase. This business has access to quality supermarkets and hypermarkets such as NTUC-FairPrice in Singapore and PARKnSHOP in Hong Kong, representing a leading position in fruit distribution in the markets of Southeast Asia, Japan, Korea and Hong Kong. Moreover, Gold Win Mau also established long-term cooperation with leading suppliers in quality fruit producing areas, including South Africa, USA and Mexico, laying a solid foundation for deploying its business across the world. About Animal protein-related business, The company completed the acquisition of Joyvio Agriculture, a strategic industrial development platform of Joyvio Group, will accelerate the expansion of its business relating to purchase, processing and distribution of high-end animal protein extracted from seafood through investments and mergers and acquisitions. In August 2017, Joyvio Agriculture acquired the controlling interests of Qingdao Starfish, which enhanced our control over the upstream resources of animal protein industry chain. Qingdao Starfish is China’s largest pandalus borealis importer and distributor, the largest Pollock processor and exporter, and a retailer fully engaged in import of seafood. Simultaneously, KB Food proactively implemented the strategy of integration of upstream resources and further consolidated its competitive advantages in Australia. On this basis, the company has planned to export more high quality seafood of Australia to international markets, in particular the Chinese market. The continuous optimization of Funglian Group’s product mix and further maturity of diversified competition model led to a substantial increase in the overall operating efficiency and profit. During the Reporting Period, the net profit soared by 853% year-on-year. Joyvio Group tapped into the field of processed food products through the investment in Huawen Food. During the year, Joyvio Group completed strategic investment in acquisition of Nine Masters which achieved our strategic layout in the integrated food materials.
In respect of the new material segment, revenue increased 4% year-on-year to RMB 4,876 million. The market share of Levima Group in terms of thin-walled polypropylene injection molding product and EVA cable materials ranked first in the domestic market. The EVA new product successfully entered the photovoltaic application field and saw stable increase in sales. Besides, the proportion of special EOD product rose rapidly. Accordingly, the company’s product mix was continuously optimized along with further enhancement of its profitability and market influence; Chinese Academy of Sciences made strategic investment in Levima New Materials. The investment gave Levima New Materials the access to the profound technologies and innovation resources of Chinese Academy of Sciences and optimized its capital structure, securing resources and enhancing the business competitiveness of Levima New Materials for future development. At the same time, considering adjustments to investment portfolio, optimization of assets allocation and further promotion of strategic focus, the Company transferred all its 33.21% equity interests in Phylion Battery to a third party strategic investor during the Reporting Period at a consideration of approximately RMB930 million, with the recognition of gains on disposal after tax of RMB386 million and achieve better return on investment.
Legend Capital is one of the leading venture capital institutions in China. As of the end of 2017, Legend Capital totally managed 18 funds and the total asset under management exceeded RMB35 billion. In 2017, Legend Capital launched one new RMB fund and also completed the final closing of one USD fund and one RMB. The total fund raised during the reporting period was RMB 3.61 billion.
During the reporting period, Legend Capital accumulatively completed 60 new project investments, covering startup stage and growing stage enterprises in TMT, innovative consumption, intelligent manufacture, specialized services, healthcare, and culture and sports segments. Legend Capital fully or partially exited 21 projects, contributing cash inflow of nearly RMB700 million for Legend Holdings to ensure better cash return. Among its portfolio companies , eight enterprises were listed on the domestic and overseas capital market through IPO, namely Fullhan Microelectronics, Tanyuan Technology，WuXi Biologics(藥明生物) Union Optoelectronics (聯合光電), Berry Genomics, KingMed Diagnostics, Putailai and PPdai.
As of December 31, 2017, 47 of Legend Capital’s portfolio companies have been successfully listed. As of December 31, 2017, Legend Capital achieved an average internal rate of return for their exit projects ranging between 35% and 40%.
In 2018, Legend Capital plans to complete the fund raising of the 2nd culture and sports fund and newly launch the 2nd RMB fund and USD fund specialized in healthcare segment, the 5th RMB fund and the 8th USD fund. In addition, Legend Capital will continue to carry out the exit of projects under management to ensure better return for investors.
(private equity investment）
Hony Capital is one of the leading equity investment and management institutions in China. By the end of 2017, a total of 13 funds were managed. The asset under management exceeded RMB70 billion During the reporting period, Hony Capital raised the second property value-added strategic fund with a size of RMB2.56 billion. Meanwhile, two funds, namely the Haidian technology industry space optimization fund under the strategic cooperation between Hony property fund and a SOE of Beijing Haidian district as well as the cultural industry fund under the overall platform of Hony Capital with a focus on the investment opportunity in the cultural industry, commenced fund raising and completed the first round of delivery with a size of RMB1.08 billion and RMB660 million, respectively, during the reporting period. Currently, the fund raisings are still underway and the sizes are expected to be further expanded.
During the reporting period, Hony PE funds completed investment or additional investment in fourteen new projects or existing projects, covering start-up stage and growing stage enterprises in healthcare, consumption, services and so on. Hony PE funds fully or partially exited from twelve projects, Hony mezzanine funds completed six new investments or additional investments and partially exited from eight projects. Hony property funds completed investment in seven new projects and partially exited from one project. Hony cultural industry fund completed investment in two new projects.
During the reporting period, Hony contributing cash inflow of
nearly RMB1.47 billion for Legend Holdings in total. Meanwhile, one of its portfolio companies was listed in Hong Kong’s capital market, namely Hospital Corporation of China Limited.
As of December 31, 2017, 41 of Hony’s portfolio companies have
been successfully listed onshore or offshore (including PIPE investment) and another three were listed on NEEQS. As of December 31, 2017, Hony Capital has fully exited from 43 companies. The median of the internal rate of return on these investments was above 16%.
Legend Star is one of China’s leading angel investment institutions.
As the early investment of the parent company, Legend Star focuses on three major areas, namely TMT, healthcare and artificial intelligence. As of 2017, Legend Star managed five funds in total, of which the size exceeded RMB2.5 billion with an aggregate of over 200 onshore or offshore investment projects including iDreamsky Games, Megvii Face++, AISpeech, IrisKing, Homework Box (作業盒子), Surestar, Burning Rock Dx, Kintor Pharmaceuticals, PegBio, MNCHIP, Percans Oncology and other high quality projects.
During the reporting period, there were over 50 onshore or offshore new investment projects covering frontier fields such as aerospace technology, intelligent vehicle, big data, machine learning and quantum technology. Among the projects under management, 63 projects have finished another round of financing; two projects, namely Zhongyan Network (Stock Code: 871961) and Ucredit (Stock Code: 871189) have successfully listed on the NEEQS while the exit of seven projects have been carried out.
In 2017, Legend Star newly launched the third RMB fund and the third USD fund, which further expanded the asset under management. During the reporting period, over RMB700 million was raised from the third RMB fund and USD20 million was raised from the third USD fund.
At the end of 2015 promoted the establishment of Comet Labs, the artificial intelligent accelerator, with the global presence in the artificial intelligent industry.
About Legend Holdings Corporation Limited
Legend Holdings Corporation is a leading investment group in China，The company purchased and built “Strategic Investment + Financial Investment” two-wheel business synergy drive's innovative business model. Strategic investment business is distributed in with five industries of IT、Financial Services、Innovation consumption and Services, Agriculture and Food and New materials. The financial investment business mainly includes Angel Investment, Venture investment and Private equity investment which cover all stages of business growth. In the past 30 years, under the leadership of the founder and Chairman Mr. LIU Chuanzhi and President Mr. ZHU Linan.
The company seize the important theme of China's economic development, flexible investment methods and rich management experience to build and continue to train a group of influential and outstanding companies to promote synergies between businesses. And continue to optimize their portfolios to achieve sustained growth in corporate value. The company's strategic investment focuses on three major areas of financial services, innovative consumption and services, and agriculture and food also continue to pay attention to overseas investment in assets.
This press release consists of Wonderful Sky Financial Group Holdings Limited represented Legend Holdings Corporation Limited to publish
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