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Insurance + Investment Model Achieved Uprising Success

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Fosun’s implementation of the Buffett model accomplished significant impact

HONG KONG, March 26, 2015 /PRNewswire/ — Fosun International Limited (together with the subsidiaries, “Fosun” or the “Group”, SEHK stock code: 00656) announced its results of 2014. For the year ended 31 December 2014, Fosun’s net assets attributable to owners of the parent reached RMB 49.408 billion, up 24.7% from end-2013. Profit attributable to owners of the parent was RMB 6.854 billion, up 24.2% year on year from 2013.

With the “insurance + investment” twin-driver core strategy, Fosun has accomplished major improvements on both the financing end and asset end as well as the optimization of the overall asset structure. The twin-driver empowered by the “Insurance-oriented Comprehensive Financial Capability” and “Global Industrial Integration Capability Taking Roots in China” has been much strengthened than ever and has established advantages unique to ourselves, like all other world-class investment groups.

Persistent efforts on the financing end: Insurance float approached RMB100 billion, improving ROIC-WACC and EVA generation capability

In 2014, insurance segment profit grew significantly, and the scale of insurance float surpassed the RMB100 billion mark (attributable investible assets at RMB 79.8 billion). Benefiting from the contribution of a large scale of insurance float, ROIC-WACC (after adjustment) and capital employed (after adjustment) started to widen, Economic Value Added (“EVA”) of investible assets continued to enlarge and it will become a critical growth engine for Fosun in the future.

Fosun continued to speed up its development on the foundation comprising Yong’an P&C Insurance, Pramerica Fosun Life Insurance and Peak Reinsurance. In May 2014, Fosun completed its acquisition into an 80% interest in Fosun Insurance Portugal (comprising the three insurance companies namely Fidelidade, Multicare and Cares), the leading insurer in Portugal with a 30% local market share, at a consideration of EUR1.038 billion.  In early 2015, Fosun further increased its equity interest in Fosun Insurance Portugal to 84.986%.  This is one of the most important acquisitions for Fosun over the last 23 years, adding more than EUR 13 billion of new total assets to our Group, including in excess of EUR12 billion of investible assets. With the same logic, from the second half of 2014 to date, Fosun invests in the global insurer Ironshore which specializes in specialty insurance, and an US P&C insurer Meadowbrook Insurance Group (NYSE:MIG) which has rich experiences in labor insurance businesses.

As at 31 December 2014, the assets of insurance segment under management by Fosun exceeded RMB 113.085 billion, comprising 34.8% of the Group’s total assets. Upon completion of the Ironshore and MIG transactions, this proportion and scale are expected to climb up further.  

Insurance has become the most important segment for Fosun and has exerted a fundamental impact on the overall business operation and profit generation for the Group. In 2014, the operating revenue from the insurance segment hit RMB 7.868 billion, up 2,742.3% year-on-year, and contributed to 12.7% of the Group’s total revenue. Profit attributable to owners of the parent generated from the insurance segment stood at RMB1.149 billion, up 119.4% and contributed to 16.8% of the Group’s profit attributable to owners of the parent. Fosun’s ratio of net debt over shareholder equity declined to 73.3% in 2014 from 86.0% in 2013, and it is anticipated that it will decline stably in the future.

In 2014, Fosun’s attributable investible assets generated from the insurance segment reached RMB 79.81 billion in 2014, up 1,335.6% year-on-year. Thus, the investible capital (after adjustment) was also increased to RMB 214.703 billion, up 57.2% year-on-year. Meanwhile, the ROIC-WACC (after adjustment) reached 2.2% in 2014, up 0.6 percentage point year-on-year. In the future, as insurance assets eligible for consolidation for the year expanded, the ROIC-WACC (after adjustment) and investible capital (after adjustment) is expected to continue to increase, so EVA generation is also expected to expand.

Thanks to the efforts made by the insurance business team and the rapid, deep and persistent impact of Fosun’s investment capabilities on the return on assets of the invested insurance enterprises, the invested insurance enterprises saw their premium income and return on assets grow rapidly and healthily. Taking Fosun Insurance Portugal as an example, its consolidated return on assets climbed to 8.4% in 2014 from 4.3% in 2013. For the domestic invested insurance enterprise, Yong’an P&C Insurance, its consolidated return on assets also climbed to 12.6% in 2014 from 5.4% in 2013.

It is worth mentioning that the increased return on assets had not only been a result of any aggressive asset allocation that Fosun has adopted. In fact Fosun had been a bit biased towards the conservative end. For instance, 81.3% of Fidelidade’s assets were allocated to fixed income investments and cash last year. Only the remaining 18.7% were appropriated to equity and infrastructure real estate assets.

Investments focused health and happy & fashionable lifestyle industries, rolled out ecosystem planning and sped up participation in industry consolidation around the world with China momentum

In 2014, Fosun focused more on planning the ecosystem layout for the healthcare and happy & fashionable lifestyle and participate in consolidation of industries around the world, including cases like the privatization of Chindex, our acquisition into the whole of Luz Saude healthcare group of Portugal, the establishment of Studio 8 as a controlling shareholder, the privatization of Club Med and our investment in Thomas Cook which have just been concluded. These famous enterprises are all in the healthcare and happy & fashionable lifestyle industry ecosystem.

The healthcare and happy & fashionable lifestyle segment achieved revenue of RMB11.94 billion in 2014, up 20.3% year-on-year and contributed to 19.3% of the Group’s total revenue. Profit attributable to owners of the parent reached RMB1.702 billion, up 53.6% year-on-year and contributed to 24.8% of the Group’s profit attributable to owners of the parent. Segment net assets reached RMB26.747 billion, up 19.5% year-on-year and contributed to 35.3% of the Group’s net assets.

Currently, the healthcare industry of Fosun consists of strong and industry-leading participants, including Fosun Pharma, Alma Lasers, Luz Saude, United Family Hospital, Chancheng Hospital, Multicare Healthcare Insurance, all of which Fosun has controlling interests in. Fosun is also joint venture partners in Sinopharm, Starcastle Senior Living and Pramerica Fosun Life Insurance. Enterprises on Fosun’s happy & fashionable lifestyle industry platform include strong and industry-leading players including Yuyuan, tourism destination enterprises such as Club Med, Atlantis in Sanya, the creative film producer Studio 8, etc. In early of this year, Fosun shall put particular emphasis on supporting participation of these platform enterprises in consolidation of industries around the world. Fosun seeks to bridge the value mismatches between the robust China’s consumption momentum and these brands and services preferred by customers around the world. Fosun seeks to integrate resources, meet the need for good life from customers around the world, especially those in China, with the best products and services, building a healthcare and happy & fashionable lifestyle ecosystem that is based on the China’s growth momentum and the capability of integrating industries around the world.

Asset allocation: the health and happy & fashionable lifestyle businesses of high growth and weak cyclicality had taken over the dominant position

Following years of determined transformation, Fosun’s integrated financial segment assets expanded rapidly. Apart from enhancing investment in insurance business, Fosun acquired Hani Securities of Hong Kong last year, invested in 2 financial leasing companies, i.e. Chuangfu Financial Leasing and Hangzhou Financial Investment Leasing. Ali Small Loan, which Fosun had participated in its establishment and operation for many years, has become a showcase model of clientele expansion driven by scalable internet financial services. In 2014 the China Banking Regulatory Commission (CBRC) officially approved Fosun’s eligibility as one of the main co-founders of the Internet commercial bank “Zhejiang Internet Commerce Banking Co., Ltd.”

In early 2015, Fosun has announced that the Group has collaborated with Fidelidade to invest EUR 59.14 million to increase its interests in RHJI (which wholly owns BHF-Bank, one of the largest independent private banks in Germany and the UK time-honored private bank Kleinwort Benson specialized in commercial banking). Upon approval by relevant regulatory authorities, Fosun will hold indirectly a 28.61% interest in RHJI versus previous 19.49%, enabling the Group to bring to customers in China the world’s best-in-class private banking services and allow the invested enterprises to reap benefits from prosperity and growth of the financial market in China.

The growth in integrated financial businesses, together with the previously mentioned healthcare and happy & fashionable lifestyle businesses, constitute two segments of high growth and weak cyclicality. These two segments achieved revenue of RMB 20.954 billion in 2014, up 95.1% year-on-year and contributed to 33.9% of the Group’s total revenue. Profit attributable to the owners of the parent was RMB 5.279 billion, up 73.4% and contributed to 77.0% of the Group’s profit attributable to owners of the parent.

To develop “Insurance + Industry + Hive 1+1+1” cross-industry integration innovation closed loop

Leveraging Fosun’s established capabilities in healthcare, happy & fashionable lifestyle, logistics and commodity industries, the Group encouraged cross-industry integration and proactively promoted connection of industries with insurance and finance, capabilities of creating environment that facilitated integration of industries and insurance into hive cities, creating one cross-industry integration operation platform unique to Fosun after another.

In 2014, Fosun put great efforts in pursuing the establishment and development of Hive cities and sped up the transformation of upgrading traditional property businesses. Hive cities is a product integrating Fosun’s industrial resources to assist local governments in the construction of core urban functions, with a key feature of “industry-backed urban development and urban-industry integration”. Through providing core urban functions required by the cities, Fosun is able to take a lead in introducing its core industrial resources and to further introduce ancillary industries that support the core industries, with a view to promoting “Urban-Industry integration” by establishing a 24-hour plus 3-in-1 vibrant community for work, consumption and living, as well as introducing living and consumption services industries.

As at 31 December 2014, Fosun launched a cumulative total of 12 hive cities in 5 major categories. The Group initiated the five city functions with multi-industry operations including the healthcare hive, culture & entertainment, travel & leisure, logistics & trade and financial services. Total construction areas for hive cities invested by our managed funds and participating and controlling companies exceed 4.7 million sqm.

As for Fosun’s travel & leisure hive project in Sanya, Hainan, the world’s third Atlantis hotel that integrates tourism, properties and financial industries, its GFA of construction area aggregating around 510,000 sqm. By the end of 2014, we already invested RMB 2.35 billion. The construction work has been progressing smoothly and will be completed by the end of 2016. It will become the benchmarking product as a 3.0 upgrade version of tourism resort in Hainan. Meanwhile, we has also facilitated the cooperation of Starcastle Senior Living, Forte, Pramerica Fosun Life Insurance in the Shanghai Starcastle Zhonghuan Community, establishing a senior living community of the highest quality in Shanghai with medical and senior care services. Furthermore, Fosun will also make use of its “Fosun healthcare + Insurance + Leasing + StarHealth Hive” cross-industrial integration model to promote a countrywide healthcare and senior care system. It will launch a pilot scheme of “Club Med + Insurance + Overseas properties” cross-industrial integration to promote development of tourism destinations around the world both on a sale or rental basis. It will also launch a pilot scheme of the “Overseas properties + Insurance + Industries (rental by function)” cross industrial integration model to promote office properties ownership around the world.

Fosun has not been lagging behind the mobile Internet innovation trend

The mobile Internet, with its vast user base, accessibility anytime anywhere, connectivity with the rapidly developing Internet of the Things, has imposed thorough changes to everything in the environment. Fosun firmly believes that mobile Internet will allow the Chinese market to perform on par, if not better, than the US market. Mobile Internet will force every traditional industry to make a choice between pursuing full integration into mobile Internet, or to delineate from mobile Internet. Every industry is forced to find an ultimate way of survival under the mobile Internet environment.

In 2014, the Group’s Internet investment team and venture capital platform continued to focus on innovations on traditional industries brought about by the mobile Internet and mobile Internet related technologies (Internet Plus), persisting in “first or unique in the industry” as the guideline in identifying projects. Its existing investment portfolio has already covered digital healthcare, Internet finance, Internet tourism, online education, mobile social industries, etc.  Our showcase projects including Ali Small Loan, Perfect World, Linekong Interactive, guahao.com, Ali’s Dream Castle and My Money, etc. As at 31 December 2014, Fosun has invested HKD 836 million in VC area, and more than USD 500 million in the entire Internet area over the year.

The Group is also building the layout of connecting traditional industries with mobile Internet and Internet of the Things. Fosun proactively pursues connection of Yong’an P&C Insurance, Great China Financial Leasing and Internet P2P business for a pilot P2P Internet financial leasing program under credit insurance; also new scenario O2O app, e.g. guahao.com + Fosun Pharmacy. The Group is also fully prepared to promote Internet financial services based on real-world logistics and warehousing control and connecting with the Internet, such as “Hainan Mining + Finance + Internet Ore Trading Platform + Logistics”, “Nanjing Steel + Finance + Internet Steel Trading Platform + Logistics”, “Yuyuan Gold + Finance + Internet Gold Trading Platform”, “ROC + Finance + Internet Oil Product Trading Platform + Logistics”. Accordingly, the Group has invested heavily in medical cold chain logistics, participated in Cainiao Logistics, commissioned construction of Tianmiao Logistics cities, and established cold chain logistics, etc. In the future, Fosun will further promote industries integrating Internet and finance for upgrading and transformation, e.g. environmental transformation of “Nanjing Steel + Environmental Investment + Insurance + Leasing”.

In 2014, Fosun persistently implemented its “Mobile Fosun” strategy and successfully developed its instant chatting & communications apps/system, namely “Fosun Chat”.  Fosun also actively explored its O2O business. Fosun wishes to fully promote and establish its “Cloud + Terminal” within the organization based on this system. Through developing mobile Internet technologies and adopting a mobile Internet mentality and methodologies, Fosun can integrate and survive in mobile Internet era by upgrading and transforming all Fosun staff and businesses and systems with mobile internet technologies. We encourage every enterprise to develop user terminals and improve our product and user experiences, facilitating more frequent transactions among the offline customer results, and getting connected and transformed into online users. With its unreserved integration with mobile internet, Fosun will not be lagging behind the Internet and mobile Internet innovation trend. You will see Fosun on the cutting edge of mobile Internet and Internet of the Things in the future.

Looking ahead: Adhering to investment discipline, persisting in value investing, dancing with cyclicality on the value floor

Adhering to the basic logic and discipline of value investing is always the most important principle of Fosun. Value investing is both you need to be disciplined and also you have to dance with cyclicality. In the future, we need to persistently apply the most stringent investment discipline on ourselves. We need to learn day after day, accumulate and improve so as to become an intelligent vital entity. In the future, Fosun will continue to adhere to its value investing principles, integrate and combine global resources,  combining and integrating global resources, continue to strengthen its investments with insurance funds, expand the comprehensive financial assets and health & happy lifestyle industries, and fully embrace with mobile internet, with the aim to becoming a world-class investment group underpinned by the twin drivers of “insurance-oriented comprehensive financial capability” and “industrial-rooted global investment capability”. We believe that the world will be different because of Fosun. Life will become better because of Fosun.

Fashion HOU

Korea’s “Cushion Boom” Changes Global Beauty Trends

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— AMOREPACIFIC Group’s Cushion products to exceed 50 million units in cumulative global sales during January 2015

— Used by 75% of Korean women, the innovative cushion is now creating a global beauty trend beyond its popularity in Korea

HONG KONG, Jan. 21, 2015 /PRNewswire/ — Craze for Cushion, which started in Korea, is now drawing worldwide attention and revolutionizing the makeup routine for women around the world.

AMOREPACIFIC Group announced today that the global sales of Cushion products under its brands are expected to exceed 50 million units on a cumulative basis during January 2015. With the total sales of Cushion products increasing 105% YoY to 26 million units, an AMOREPACIFIC Group’s Cushion was sold every 1.2 seconds in 2014. In particular, the sales of the Cushion products outside of Korea surged a whopping approximately 140% YoY and led a remarkable growth in the global market. The three largest markets outside of Korea comprised Mainland China, Taiwan and Hong Kong, where Cushion products have become an essential for every makeup bag.

Total Sales Volume of AMOREPACIFIC Group’s Cushion Product (unit)

Total Sales Volume of AMOREPACIFIC Group’s Cushion Product (unit)

 

According to 2013 survey conducted by the Korea Tourism Organization, more than 50% of the foreign visitors to Korea have purchased Korean cosmetics products, indicating that the influence of K-Beauty (Korean beauty) is ever-growing. Among the Korean cosmetics products, Cushion, which has changed the way Korean women wear makeup, is now creating a global beauty trend beyond its popularity in Korea.

Another study conducted by the global research firm TNS Korea that interviewed 800 Korean female consumers found that 75% of Korean women have used or are currently using Cushion products. The respondents chose the portability and the convenience of creating the natural-looking flawless skin as their reasons for choosing Cushion.

Moreover, the survey showed that Cushion was in fact has changed the makeup habits of Korean women by reducing the steps and time needed in creating the skin-looks they prefer. 75% said that since using Cushion their makeup routine was shortened, and 76% replied that they were now easily reapplying makeup and sunscreen with Cushions. 55% of women responded that their sole base makeup product was Cushion. The survey showed more than 8 out of 10 most-favored Cushion brands were from the category creator AMOREPACIFIC Group, including IOPE and LANEIGE.

Cushion refers to a makeup compact built with a specially-designed urethane foam that safely contains and preserves makeup liquid comprised of foundation, sunscreen and skincare formula. Already popular as the “must-have” item in Korea for easy, flawless skin makeup, Cushion has more recently gained keen attentions in the global cosmetics market.

Since the Cushion category was first introduced by AMOREPACIFIC Group in Hong Kong on May 31, 2012 with LANEIGE BB Cushion, Cushion products have taken the territory by storm, with over five Cushion products currently available across the brands under AMOREPACIFIC Group. These include AMOREPACIFIC Treatment CC Cushion, Sulwhasoo Perfecting Cushion, LANEIGE BB Cushion / BB Cushion [Pore Control], Innisfree Longwear / Waterglow / Ample Inense Cushion and ETUDE HOUSE Precious Mineral Any Cushion.

AMOREPACIFIC Group began its research and development for Cushion in January 2007. In order to develop a multi-functional sun protection product that is easier to carry and apply than conventional tube or pump-type products, AMOREPACIFIC Group conducted over 3,600 tests using 200 different types of sponges, ranging from latex used in beddings to types used as bath sponges. From these trials AMOREPACIFIC Group introduced the “IOPE AIR CUSHION®” in March 2008.

Committed to its “Excellent Product Quality” principle, AMOREPACIFIC Group continuously improved the technology and quality of its Cushion products by conducting more than 15 upgrades since the first launch. In addition, AMOREPACIFIC Group has filed for 114 patent applications and registered 13 patents in Korea, China, Japan, US, and Europe. With Cushion, AMOREPACIFIC Group was recognized for the innovativeness of its technology and contribution to the beauty industry. In 2014, AMOREPACIFIC Group succeeded in automating the entire Cushion production procedure. Its new Cushion production system enables the company to respond to the growing demand for the Cushion products globally and manage product quality at the same time.

Based on these efforts, the sales of IOPE AIR CUSHION®, which totaled 3.8 billion KRW in the first year launched, surpassed 200 billion KRW in 2014 alone, becoming one of the best-selling items in the Korean cosmetics market. And with the industry-leading technology, AMOREPACIFIC Group has launched numerous Cushion products with different functional benefits through its brands, such as the LANEIGE BB Cushion, Sulwhasoo Evenfair Perfecting Cushion, Innisfree Mineral Melting BB Cushion and ETUDE HOUSE Precious Mineral Any Cushion. The LANEIGE BB Cushion series in particular was re-tailored for each global market to meet local skin conditions. As a result of localized marketing strategy, about 1.17 million units of LANEIGE BB Cushion were sold in China in 2014. As of January 2015, AMOREPACIFIC Group offers a total of 19 Cushion products from its 13 brands in more than ten countries in the Asian and North American regions, leading the “globalization” of the Korean-born Cushion. In Hong Kong, all five brands –– AMOREPACIFIC, Sulwhasoo, LANEIGE, Innisfree and ETUDE, utilize the AMOREPACIFIC Group’s Cushion technology for related products.   

“Cushion, created from AMOREPACIFIC Group’s innovative technology, is a revolutionary product that is changing the makeup routines of women across the world and is going to be at the center of global beauty trend in 2015,” said Suh Kyung-Bae, Chairman & CEO of AMOREPACIFIC Group. “AMOREPACIFIC Group will continue to pioneer and lead the global Cushion market with the company’s unparalleled technology and superior products.” he added.

Mr. Kyung-ho Choi, Manager at Makeup Team 2 of AMOREPACIFIC Corp. R&D Center,is explaining the improved technology and quality of its Cushion products.

Mr. Kyung-ho Choi, Manager at Makeup Team 2 of AMOREPACIFIC Corp. R&D Center,is explaining the improved technology and quality of its Cushion products.

 

AMOREPACIFIC Group offers a total of 19 Cushion products from its 13 brands in more than ten countries in the Asian and North American regions.

AMOREPACIFIC Group offers a total of 19 Cushion products from its 13 brands in more than ten countries in the Asian and North American regions.

 

AMOREPACIFIC Group offers a total of 19 Cushion products from its 13 brands in more than ten countries in the Asian and North American regions.

AMOREPACIFIC Group offers a total of 19 Cushion products from its 13 brands in more than ten countries in the Asian and North American regions.

 

AMOREPACIFIC Group offers a total of 19 Cushion products from its 13 brands in more than ten countries in the Asian and North American regions.

AMOREPACIFIC Group offers a total of 19 Cushion products from its 13 brands in more than ten countries in the Asian and North American regions.

 

AMOREPACIFIC Group offers a total of 19 Cushion products from its 13 brands in more than ten countries in the Asian and North American regions.

AMOREPACIFIC Group offers a total of 19 Cushion products from its 13 brands in more than ten countries in the Asian and North American regions.

About AMOREPACIFIC Group

Since 1945, AMOREPACIFIC Group has had a single, clear mission: to present its unique perception of beauty — namely “Asian Beauty” — to the world. As Korea’s leading Beauty Company, AMOREPACIFIC Group draws from its deep understanding of both nature and human to pursue harmony between inner and outer beauty. With its portfolio of nearly 30 cosmetics, personal care, and health care brands, AMOREPACIFIC Group is devoted to meeting the various lifestyles and needs of global consumers around the world: Asia, North America, and Europe. AMOREPACIFIC Group’s research centers located in Korea, China, and France are dedicated to sustainable R&D that combine the best of natural Asian ingredients and advanced bio-technology. With its world-class products, AMOREPACIFIC Group is acclaimed for the innovative ways in which it is transforming global beauty trends.

Photo – http://photos.prnasia.com/prnh/20150121/8521500406-a
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Logo – http://photos.prnasia.com/prnh/20150121/8521500406LOGO

CSE ENT Fashion

China Silver Group Sets New Record in TV Shopping, Achieves Single Day Trading Volume of RMB6.28 million

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HONG KONG, Dec. 23, 2014 /PRNewswire/ — Leading Chinese silver brand China Silver Group Limited (“China Silver Group” or “The Group”; Stock Code: 815.HK) is pleased to announce that the Group, in cooperation with Shandong Lepai Television Shopping Channel, launched an exclusive promotion of high-end silver accessories to consumers on 20 December 2014, achieving trading volume of RMB6.28 million (unaudited), a record high for the Shandong Lepai Exclusive Promotion in 2014.

Shandong Lepai Television Shopping Channel and China Silver Group have selected a number of notable silver accessories from the latest winter collection for consumers nationwide for the exclusive promotion. The fashionable and high-end silver accessories were sold at attractive prices. The promotion recorded an inspiring trading volume of RMB6.28 million (unaudited) within just eight hours.

China Silver Group has been focusing on the development of a brand new marketing method through the utilization of e-commerce. The Group launched the “CSmall m.csmall.com” integrated e-commerce platform during the year, recording revenue of RMB62 million (unaudited) from its e-commerce business (B2B and B2C) for the first half of 2014. Over 50 renowned jewellery brands are now available on the “CSmall” platform.

Mr. Chen Wantian, Chairman and Chief Executive Officer of China Silver Group, said: “We are pleased that the exclusive promotion for high-end silver jewelry, jointly launched by China Silver Group and Shandong Lepai Television Shopping Channel, has achieved unprecedented success. Since this year, China Silver Group has  invested resources in multiple marketing channels and cooperated with a number of authoritative TV shopping channels, including CCTV Home Shopping under China Central Television; www.ocj.com.cn, the largest TV shopping channel in China; and Eachome Shopping under Shenzhen Media Group, and has received a great market response. Looking ahead, China Silver Group will continue to provide more fashionable silver accessories for consumers through TV shopping platforms.”

China Silver Group Limited

China Silver Group is a leading silver producer in China and was one of the top ten largest silver producers in China. It is one of the few silver manufacturers in China capable of producing silver ingots with a purity grade of 99.999%, currently the world’s highest standard. The Group’s “Longtianyong” branded silver ingots are accepted by the LBMA Good Delivery List. Domestically, “Longtianyong” silver ingots have been ranked by the Shanghai White Platinum & Silver Exchange as one of 20 most popular silver brands for nine consecutive years since 2005. In 2014, the Group diversified into the downstream silver retailing business and launched an integrated e-commerce platform “www.csmall.com“.

To learn more about the Group, please visit China Silver Group’s website at: http://www.chinasilver.hk/

For further enquiries, please contact Hill+Knowlton Strategies Asia: 

Beatrice Wong

Ka Wai Li

Tel: +852-2894-6373

Tel: +852-2894 6252

Email: beatrice.wong@hkstrategies.com

Email: kawai.li@hkstrategies.com

 

Fashion

China Silver Group’s “CSmall” Integrated E-commerce Platform Records B2C Sales of Approximately RMB6 million on Singles Day

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HONG KONG, Nov. 12, 2014 /PRNewswire/ — Leading Chinese silver brand China Silver Group Limited (“China Silver Group” or “The Group”; Stock Code: 815.HK) is pleased to announce that “CSmall www.csmall.com“, the Group’s integrated e-commerce platform for gold, silver and jewellery products, recorded unaudited B2C sales of approximately RMB6 million on Singles Day (11 November 2014), setting a new record for B2C daily sales since the launch of CSmall www.csmall.com.

Leveraging the Group’s advantages in upstream silver ingot production, the Group has officially tapped the downstream silver retailing business this year and launched its “CSmall www.csmall.com“ integrated e-commerce platform. The overall online business (B2B and B2C) recorded unaudited revenue of RMB62 million and unaudited segment profit of RMB28 million for the first half of 2014. Approximately 50 gold, silver and jewellery brands have established a presence at the “CSmall www.csmall.com“ to date.

The Group introduced Mr. Luo Shandong and Mr. Zhu Xiaolin, both veteran investors in the mining industry, as strategic shareholders in October 2014, further strengthening the Group’s foundation in the establishment of a leading integrated e-commerce platform for silver, gold and jewellery products in the PRC.

China Silver Group Limited
China Silver Group is a leading silver producer in China and was one of the top ten largest silver producers in China. It is one of the few silver manufacturers in China capable of producing silver ingots with a purity grade of 99.999%, currently the world’s highest standard. The Group’s “Longtianyong” branded silver ingots are accepted by the LBMA Good Delivery List. Domestically, “Longtianyong” silver ingots have been ranked by the Shanghai White Platinum & Silver Exchange as one of 20 most popular silver brands for nine consecutive years since 2005. In 2014, the Group diversified into the downstream silver retailing business and launched an integrated e-commerce platform “CSmall www.csmall.com“.

To learn more about the Group, please visit China Silver Group’s website at: http://www.chinasilver.hk/

For further enquiries, please contact Hill+Knowlton Strategies Asia:

Beatrice Wong
Tel: +852-2894-6373  
Email: beatrice.wong@hkstrategies.com

Ka Wai Li
Tel: +852-2894-6252
Email: kawai.li@hkstrategies.com

CSE ENT ERN Fashion

Audio-visual Product Sales Revenue for the First Ten Months of 2014 Amounted to HK$4,131.1 Million

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HONG KONG, Nov.10, 2014 /PRNewswire/ — Tonly Electronics Holdings Limited (“Tonly Electronics” or “the Group”; SEHK stock code: 01249) announces its unaudited monthly sales performance in October and for the first ten months of 2014. The below products do not cover all the business of the Group and the below figures do not fully reflect the business performance of the Group in the mentioned period.

In October 2014, the Group recorded monthly revenue of HK$549.1million from AV products, up 5.6% year-on-year. For the first ten months of 2014, the Group recorded revenue of HK$4,131.1 million from audio-visual (“AV”) products, up 29.6% year-on-year.

The unaudited monthly sales revenue for video disc players decreased by 25.1% to HK$167.4 million in October, and that for the first ten months of 2014 decreased by 2.8% year-on-year to HK$1,753.9 million.

The unaudited monthly sales revenue for audio products grew by 9.8% year-on-year to HK$324.9 million in October 2014 and that for the first ten months of 2014 increased by 33.1% year-on-year to HK$1,820.5million. 

The unaudited monthly sales revenue for media boxes business increased by 8,953.5% year-on-year to HK$56.9 million in October 2014 and that for the first ten months of 2014 increased by 3,856.2% year-on-year to HK$556.6 million.

The Group closely follows the trends and will focus on R&D to enhance its technology and capabilities to design intelligent ancillary products. It will also speed up the development of its media box business by enhancing its cooperation with domestic and foreign Internet and telecommunication companies to maximize value for the customers and shareholders.

Unaudited Sales
Revenue (HK’000)

Oct-14

Oct-13

YoY Change
(%)

Jan-Oct 14

Jan-Oct 13

YoY Change
(%)

Video disc  layers

167,380

223,494

-25.1%

1,753,926

1,804,502

-2.8%

Audio Products#

– Traditional audio products

175,852

175,972

-0.1%

995,365

941,527

+5.7%

– New audio products

149,023

119,916

+24.3%

825,173

426,666

+93.4%

Subtotal

324,875

295,888

+9.8%

1,820,538

1,368,193

+33.1%

Media boxes*

56,856

628

+8,953.5%

556,603

14,069

+3,856.2%

Total

549,111

520,010

+5.6%

4,131,067

3,186,764

+29.6%

* Media boxes include OTT, which was categorized as video products in the previous press releases or result announcements.

#Certain traditional audio products have been upgraded to new audio products, and revenue from the sales of such upgraded audio products for 2013 has been reclassified and restated accordingly.

Note: The above products do not cover all the business of the Group and the above figures do not fully reflect the business performance of the Group in the abovementioned period.

About Tonly Electronics

Tonly Electronics Holdings Limited (stock code: 01249) is a leading vertically-integrated manufacturing services provider in the audio-visual (“AV”) products. It is also is the largest video products manufacturer and the fourth largest HTS manufacturer in the world, and is principally engaged in the research and development, manufacturing and sales of audio-visual products (excluding TV sets) for international brands on an ODM basis. Tonly Electronics is also one of the ABS-s manufacturers under the programmes of “Hu Hu Tong” and “CunCun Tong” initiated by The State Administration of Radio, Film, and Television (“SARFT”). Its ultimate controlling shareholder is TCL Corporation (a company listed on the Shenzhen Stock Exchange, Stock code 000100.SZ).

For more information, please visit its website at www.tonlyele.com.

To see the full version of this release, including financial tables, click here:  http://photos.prnasia.com/prnk/20141110/8521406689-a.

Economy ERN

Banco Bradesco 1H14 Results

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SAO PAULO, July 31, 2014 /PRNewswire/ — The main figures obtained by Bradesco in the first half of 2014 are presented below:

  1. The Adjusted Net Income(1) for the first half of 2014 stood at R$ 7.277 billion (an increase of 22.9% compared to the Adjusted Net Income of R$ 5.921 billion recorded in the same period in 2013), which is equivalent to R$ 3.23 per share, and returns of 20.7% on the Adjusted Average Equity(2).
  2. Adjusted Net Income is composed of R$ 5.165 billion from financial activities, representing 71.0% of the total, and
    R$ 2.112 billion from insurance, pension plan and capitalization bond operations, which together accounted for 29.0%.
  3. Bradesco’s market capitalization on June 30, 2014 was R$ 134.861 billion(3), up 8.1% compared to June 30, 2013.
  4. Total Assets stood at R$ 931.132 billion in June 2014, up 3.8% over June 2013. Return on Average Assets was 1.6%.
  5. In June 2014, the Expanded Loan Portfolio(4) reached R$ 435.231 billion, up 8.1% over June 2013. Operations with individuals totaled R$ 135.068 billion (up 9.6% over June 2013), while operations with companies totaled R$ 300.163 billion (up 7.5% over June 2013).
  6. Assets under Management stood at R$ 1.305 trillion, up 5.8% over June 2013.
  7. Shareholders’ Equity stood at R$ 76.800 billion in June 2014, up 16.3% on June 2013. The Capital Adequacy Ratio stood at 15.8% in June 2014, 12.1% of which was classified as Common Equity/Tier I.
  8. Interest on Shareholders’ Equity relative to the first half of 2014 was paid and recorded in provision to shareholders, in the amount of R$ 2.396 billion,being R$ 0.497 billion in monthly installments and R$ 1,899 billion recorded in provision.
  9. The Interest Earning Portion of the Net Interest Income stood at R$ 22.805 billion, up 8.2% compared to the first half of 2013.
  10. The Delinquency Ratio over 90 days dropped 0.2 p.p. in the last 12 months and stood at 3.5% on June 30, 2014 (3.7% on June 30, 2013).
  11. Efficiency Ratio (ER)(5) in June 2014 was 40.9% (41.8% in June 2013), whereas the adjusted-torisk ratio stood at 50.0% (52.6% in June 2013). It is worth mentioning that, in the second quarter of 2014, we recorded the best quarterly ER (38.6%) in the past 5 years.
  12. Insurance Written Premiums, Pension Plan Contributions and Capitalization Bond Income totaled R$ 25.442 billion in the first half of 2014, up 5.2% over the same period in 2013. Technical Reserves stood at R$ 142.731 billion, up 8.3% compared to June 2013.
  13. Investments in infrastructure, information technology and telecommunications amounted to R$ 2.211 billion in the first half of 2014.
  14. Taxes and contributions, including social security, paid or recorded in provision, amounted to R$ 14.116 billion, of which R$ 5.156 billion referred to taxes withheld and collected from third parties, and R$ 8.960 billion from Bradesco Organization activities, equivalent to 123.1% of the Adjusted Net Income(1).
  15. Bradesco has an extensive customer service network in Brazil, with 4,680 Branches and 3,497 Service Branches – PAs. Customers can also use any of 1,175 PAEs – ATMs (Automatic Teller Machines), 48,186 Bradesco Expresso service points, 31,509 Bradesco Dia & Noite ATMs and 16,103 Banco24Horas ATMs across the country.
  16. Payroll, plus charges and benefits, totaled R$ 5.651 billion. Social benefits provided to the 99,027 employees of the Bradesco Organization and their dependents amounted to R$ 1.401 billion, while investments in training and development programs totaled R$ 53,581 million.
  17. In May 2014, Bradesco BBI participated as one of the coordinators and joint bookrunners of a securitization transaction for Ford Motor Credit Company in the U.S., involving a US$ 1.04 billion transaction; this is the second time Bradesco BBI participates in funding operations for the U.S. automaker.
  18. In May 2014, Banco Bradesco and Banco do Brasil, via its subsidiary Companhia Brasileira de Solucoes e Servicos (“CBSS”), created the company LIVELO S.A. (“LIVELO”). The coalition loyalty program allows customers to accumulate and redeem points from multiple partners. The effective deployment of operations is conditioned to due compliance with applicable legal and regulatory formalities.
  19. In July 2014, Banco Bradesco signed a new “Tecban Shareholders’ Agreement”, including the main Brazilian retail banks, covering the consolidation of external ATM networks by the Banco24Horas ATM Network within a fouryear term, ultimately enhancing the efficiency and quality/reach of customer services rendered. The effectiveness of such Shareholders’ Agreement is subject to preceding conditions, including due approval from competent regulatory entities.
  20. In July 2014, Bradesco entered into a strategic partnership with IBM Brazil, which will take over the operational structure and all maintenance and support contracts entered between Scopus Servicos, an Organization Bradesco company, and its other customers.
  21. Major Awards and Acknowledgments in the period:
  • For the third consecutive year, Bradesco was named “Best Brazilian Bank” by Euromoney Awards for Excellence. In addition Bradesco BBI was chosen as best Brazilian Investment Bank (Euromoney magazine);
  • Among financial institutions, Bradesco led the ranking of most valuable brands in Brazil (IstoE Dinheiro magazine and BrandAnalytics/Milward Brown Optimor consulting firm); and
  • Stood out as the only Brazilian bank ranked among the “Best Companies to Work for in Latin America” for the second consecutive year, under the “Companies with over 500 employees” category (Great Place to Work consulting firm).

The Bradesco Organization fully complies with best global sustainability and corporate governance practices, particularly: Global Compact, PRI (Principles for Responsible Investment), Equator Principles, Carbon Disclosure Project and Green Protocol. Our sustainability actions, strategies and guidelines are guided by best corporate governance practices. The Organization’s main activities focus on banking inclusion, social and environmental variables for loan approvals and product offerings, based on social and environmental aspects. Regarding responsible management and engagement with stakeholders, we highlight activities geared towards valuing professionals, improving the workplace, client relations, managing suppliers and adopting environmental management practices. We also highlight the Organization’s role in Brazilian society as one of its leading social investors, supporting education, environment, culture and athletic programs.

With its 57-year history of extensive social and educational work, Fundacao Bradesco has been a stalwart supporter of such programs, and operates 40 schools across Brazil. In 2014, an estimated budget of R$ 523.434 million will benefit approximately 105,672 students in its schools, in Basic Education (from Kindergarten to High School and Vocational Training at the High School level), Education for Youth and Adults, and Preliminary and Continuing Qualification focused on the creation of jobs and generation of income.

(1) According to the non-recurring events described on page 8 of this Report on Economic and Financial Analysis; (2) Excludes mark-to-market effect of Securities Available for Sale recorded under Shareholders’ Equity; (3) Number of shares (excluding treasury shares) multiplied by the closing price for common and preferred shares on the last trading day of the period; (4) Includes sureties and guarantees, letters of credit, advances of credit card receivables, co-obligations in loan assignments (receivables-backed investment funds and mortgage-backed receivables), co-obligations in rural loan assignments and operations bearing credit risk – commercial portfolio, which includes debentures and promissory notes; and (5) In the last 12 months.