Top Page | English | 简体中文 | 繁體中文 | 한국어 | 日本語
Monday, 29 June 2020, 09:01 HKT/SGT
Share:
    

Source: China Dynamics (Holdings) Limited
China Dynamics Actively Expands in the PRC and Overseas, Seizes Opportunities in NEV Market

HONG KONG, June 29, 2020 - (ACN Newswire) - China Dynamics (Holdings) Limited (the "Company"; (Stock Code: 476), together with its subsidiaries, collectively "China Dynamics" or the "Group"), a provider of new energy vehicles and technology integrated solutions, is committed to business expansions, continuously establishing its foothold in the PRC market while actively expanding towards overseas, and seizing opportunities to create synergies for the Group. Thanks to the growing sales orders in motor vehicles and better economies of scale, the Group recorded a revenue of approximately HK$5.1 million for the year ended 31 March 2020, or a year-on-year growth of 70%. Looking ahead, the Group will continue to seize opportunities from the rapid growth of new energy vehicle (NEV) market, actively exploring the PRC and overseas markets, thereby driving the overall revenue of the Group and towards a sustainable business strategy.

Eyes on the Huge Potential of PRC Market
The Group's subsidiary Chongqing Suitong New Energy Automotive Manufacturing Co., Ltd. ("Suitong") has secured sales order from Wulong County, Chongqing, for its 8.5 meter buses and is expected to deliver within this year. Although the EVs market remains highly competitive as of this moment, the market potential is tremendous and Suitong is believed to be able to capture a rewarding return from the PRC market in the years to come.

Expands Actively towards Overseas Markets
The Group expects to deliver two smart electric buses to the Hong Kong Productivity Council for trial run by the Airport Authority Hong Kong and the Hong Kong Anti-Cancer Society within year 2020. Meanwhile, the Group has secured several sale orders from South East Asia and South America for different EVs products. The Group is highly confident that sizable bulk orders will be concluded after those first orders of products are delivered. In addition, the Group has also secured a trial order of its logistic vehicles and buses to Europe and is expected to deliver soon. It is also confident to secure more orders from Europe after the trial period of this first lot of orders.

Completes Main Building Blocks of New Chongqing Plant
The main building blocks of new plant in Qijiang District of Chongqing have been completed. Installation of production equipment will be conducted on a demand basis in order to allocate more working capital for the new EVs orders possibly coming in shortly. The Group is still utilising the existing production plant and will continue to install production facilities when necessary.

Glauberite Mine Boasts Promising Market Potential
The product of glauberite mine is thenardite, which is a type of important raw materials used in chemical and light industrial manufacturing. The Group's wholly-owned subsidiary, Guangxi Weiri Mining Company Limited (the "Guangxi Weiri"), owns a glauberite mine located in Guangxi Zhuang Autonomous Region, the PRC. Guangxi Weiri has completed the purchase of land use rights covering 63,118 square meters of land and is working closely and regularly with the local government to resolve the land issue, and hopes to obtain access to another land parcel of 100,000 square meters for a factory site.

Share Repurchase Enhances Net Asset Value
To align with the management's commitment in enhancing the net asset value of the Company and protecting its long-term interest, a share repurchase exercise was implemented. During the year ended 31 March 2020 and up to the present, the Group has acquired 253,740,000 ordinary shares at an aggregate price of approximately HK$27.4 million. These repurchased shares of approximately 3.57% of the total number of issued shares of the Company have subsequently been cancelled.

Mr Cheung Ngan, Chairman of China Dynamics, said, "The COVID-19 has inevitably added further complications and challenges to the Group, but with the easing of worldwide lockdown, the overseas market orders have been resuming and become active again. We are very optimistic that our swift market plan can be successfully carried out within a foreseeable future. Going forward, the Group will closely monitor the market condition and adjust our business model to face the upcoming challenges, continue to seize opportunities from the rapid growth of NEV market, actively explore the PRC and overseas markets so as to enhance the Group's competitiveness, and create long-term value for the shareholders."




June 29, 2020 09:01 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Automotive, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2020 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.



China Dynamics (Holdings) Limited
May 20, 2019 19:45 HKT/SGT
China Dynamics and Eastern Ferry Sign Mou for Strategic Cooperation to Jointly Promote Green Marine Transport
Apr 2, 2019 19:07 HKT/SGT
China Dynamics and CSIC Sign Strategic Cooperation Agreement Jointly Develop Next Generation Electric Vessel Business and New Electric Ferryboats
Oct 2, 2017 16:03 HKT/SGT
China Dynamics Signs Agreement to Sell 50 units of 8.5 meters Pure Electric Buses
June 24, 2015 09:09 HKT/SGT
China Dynamics Announces FY2014/15 Annual Results
May 6, 2015 23:00 HKT/SGT
China Dynamics Unveils the New Energy Vehicle Collaboration with Chongqing Liangjian
Apr 1, 2015 23:05 HKT/SGT
China Dynamics Enters into Strategic Cooperation Agreement with Chongqing Liangjian
Nov 18, 2014 20:30 HKT/SGT
China Dynamics Enters Investment Framework Agreement with a Chongqing-Based Bus Manufacturer
Nov 10, 2014 21:00 HKT/SGT
China Dynamics Becomes a Constituent of the MSCI Global Small Cap Indexes - China Index
Nov 2, 2014 16:00 HKT/SGT
China Dynamics Exhibits The First Locally Designed and The First Hong Kong-Branded Electric Bus
Sept 23, 2014 19:00 HKT/SGT
Beijing Motor City Further Increases Shareholdings of China Dynamics
More news >>
 News Alerts
Copyright © 2020 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6859 8575

Connect With us: