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HONG KONG, Mar 28, 2022 - (ACN Newswire) - CEFC Hong Kong Financial Investment Company Limited ("CEFC Financial", together with its subsidiaries, "the Group", to be renamed as "Virtual Mind Holding Company Limited"; stock code: 1520.HK) is pleased to announce its audited consolidated results for the year ended 31 December 2021 (the "Year").
During the Year, the Group was mainly engaged in the design, manufacture and trading of apparel, as well as provision of money lending services. Thanks to the continued revival of demand in apparel market during the Year, the Group embraced growth momentum in its apparel operation. Driven by its excellent business performance, revenue of the Group increased by approximately 22.1% to approximately HK$140.0 million (2020: HK$114.0 million) during the Year. Gross profit was approximately HK$38.7 million (2020: HK$25.0 million), increased by approximately 55.1%. The overall gross profit margin increased by approximately 5.9 percentage points to approximately 27.7% (2020: 21.8%), benefiting from revenue growth and the Group's strategic focus to shift to higher-margin own brand products in the apparel operation during the Year. With the increase in the Group's revenue and no impairment loss on goodwill incurred for the Year, loss attributable to owners of the Company significantly narrowed by approximately 32.1% to approximately HK$46.3 million (2020: HK$68.1 million).
Business Review Apparel Operation Apparel Operation is the Group's core business. Its revenue is principally derived from the sales of apparel products, namely own brand products and private label products. The U.S. was the principal market for the Group's apparel operation during the Year. With the rebound of the U.S. economy following the relaxation of restrictive social measures, coupled with fiscal measures and monetary support, the revenue from the Group's apparel operation increased by approximately 20.7% year-on-year to approximately HK$129.3 million (2020: HK$107.1 million), accounting for 92.4% of the Group's total revenue.
In view of the higher gross profit margin of its own brand products, the Group focused on the expansion of this segment during the Year. The segmental revenue thus increased by approximately 80.4% to approximately HK$91.7 million (2020: HK$50.8 million). Own brand products became the largest contributor of the Group's apparel operation and accounted for 71.0% (2020: 47.5%) of the total revenue from apparel operation during the Year. Gross profit registered strong growth of approximately 107.5% to approximately HK$27.7 million (2020: HK$13.4 million), with gross profit margin increasing from 26.3% in 2020 to approximately 30.2%.
As the Group strategically shifted its focus to its own brand products during the Year, revenue from private label products decreased to approximately HK$37.5 million (2020: HK$56.2 million), contributing 29.0% of the total revenue from apparel operation for the Year. Gross profit and gross profit margin amounted to approximately HK$416,000 (2020: HK$4.2 million) and approximately 1.1% (2020: 7.4%) respectively.
Money Lending Business The Group's lending business primarily offers loans to individual customers and small businesses in Hong Kong. Hong Kong saw a strong recovery in 2021, attributable to the well-contained local pandemic during the Year and continued revival of global economic activities. During the Year, revenue from money lending operation increased by approximately 42.3% to approximately HK$10.6 million (2020: HK$7.4 million), accounted for 7.6% of total revenue of the Group.
Outlook The Group is committed to exploring new business opportunities to expand its apparel design, manufacturing and trading business. In view of the recent development that the apparel industry has shifted towards the market segment of trendy culture well-received among younger generation, the Group aims to capture the huge potential of fashion and trendy apparel market. In order to diversify from its focus of manufacturing private label women apparel products, the Group plans to expand its design, manufacturing and trading of apparels business to become an all-rounded trendy apparel product manufacturer, tapping into the men and young adults markets. To align with its business development strategy and the vision of developing trendy culture apparel products, as well as to prepare for further developing trendy apparel business, the Group proposed its company name to be changed to "Virtual Mind Holding Company Limited" which was approved at the extraordinary general meeting on 25 March 2022. This will be implemented after the approval of the Registrar of Companies in the Cayman Islands.
Looking forward, the Group will promote the development of its apparel business from various aspects, and continuously develop a more diversified portfolio of trendy apparel and related products in order to open up new sales channels. In January 2022, the Group appointed the senior designer of the renowned world luxury product brand LVMH Group Dr. Zhou Yibing as Chief Creativity Officer, who will be responsible for managing the Group's product design team, developing its own brand trendy culture products and cross-over products with other brands, etc.
In addition, the Group constantly seeks to establish strategic cooperation relationship with other apparel enterprises. In January 2022, the Group has entered a strategic cooperation agreement with Qingdao Weiding Sports Supplies Company Limited, which is principally engaged in trendy sportswear and accessory products, with an aim of expanding the Group's business in the men's and women's sportswear market segment. The Group has also entered into a licensing agreement with Chengdu Dreamtoys Cultural Creativity Company Limited so as to explore the younger generation market. The Group was granted the exclusive right of use of the intellectual property (IP) right of four animated characters which will be used for the development, production and sales of apparel of the IP Characters. Furthermore, the Group is striving to explore crossover collaboration opportunities with other world-renowned brands, artists and designers, in order to build up self-developed brand image and further increase the variety of the self-developed brands and products.
In March this year, the Group entered into a sales and purchase agreement with world-renowned art brand Leblon-Delienne to purchase art collections and the relevant digital creation for Non-Fungible Token ("NFT") for market sales. This series of products was created by Mr. Jose Levy, the creative director of Hermes. We plan to invite famous Asian artists Mr. Takashi Murakami and Ms. Mika Ninagawa to participate in the re-creation in the future, therefore the art collection is expected to be of enormous collectable value. At the same time, young artists and fashion people from Asia, especially Hong Kong, will be invited to participate in its events, bringing vitality to the fashion capital of Asia.
Mr. Li Yang, Chairman and Executive Director of CEFC Financial said, "The Group has been deeply involved in the fashion design business for more than 20 years, and is committed to designing and producing high-quality fashion products. In view of the huge potential of the fashion apparel market, the management of the Group plans to gradually expand the trendy apparel manufacturing business, and strategically upgrade itself to become an all-rounded trendy apparel product supplier. The Group is confident in the prospects of its trendy apparel operation and we believe that the change of our company name will lead us to a new chapter. We expect that the economic activities will get back on the right track and the Group's business will experience optimistic growth after the pandemic. Looking forward, the Group will continue to focus on the development of trendy apparel with the strategic focus on the young market. We will also actively look for collaboration opportunities with different well-known brands and designers, in hopes of increasing the popularity of our own brand and seize the immense opportunities in global trendy apparel market in order to bring long-term returns for our 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. To align with its business development strategy, the proposed change of Company name to "Virtual Mind Holding Company Limited" was approved at the extraordinary general meeting on 25 March 2022.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comCEFC Hong Kong Financial Investment Company Limited ("CEFC Financial", together with its subsidiaries, "the Group", to be renamed as "Virtual Mind Holding Company Limited"; stock code: 1520.HK) is pleased to announce its audited consolidated results for the year ended 31 December 2021 (the "Year").
The auction of NFTs created by one of Sweden’s most prominent artists Ernst Billgren was presented to the top business and art community in Sweden and received overwhelmingly positive feedback while continuing to attract multiple bids online. The NFT solution was developed by Technicorum Holdings, a global investment and compliance company headquartered in Singapore, specializing […]
After his success as the first Indian artist to conduct a concert in the Metaverse on Republic Day, veteran singer Daler Mehendi makes it to the news again. The Punjabi pop star singer for the first time in the Indian metaverse history acquitted ‘Balle Balle Land.’ Earlier this month, Daler Mehendi had announced his acquisition in Metaverse cryptically in a ‘Kapil Sharma Show’ and had taken to Twitter to seek blessings from Narendra Modi. @narendramodi ji and @AmitShah ji with all your good wishes I have had the honour to represent and lead INDIA into the Metaverse world. Happy to share this feat.@BJP4India #dalermehndi #virtualindia #Metaverse #bedaler #virtualshow #cryptocurrency pic.twitter.com/RVz8Vi7rbr — Daler Mehndi (@dalermehndi) March 13, 2022 Overview of the Balle Balle Land (BBL) The purchased land was created by Gametronics, a gaming studio based out of Hyderabad. Balle Balle Land was officially launched on Holi and inaugurated in classic Punjabi fashion. BBL aims to host Punjabi music, concerts, and movie-related events. In conversation about the Balle Balle Land, Mehendi states, “Audiences have moved online and I believe it is going to stay. The physical world has its own charm but with Metaverse, the sky’s the limit.” The singer’s avatar was also seen handing out passports in the form of NFTs to fans for the concert. Alongside that, BBL features a humongous golden statue of the singer, his concert bus, and a store that offers merchandise and royal products as NFTs. Additionally, the store also sells physical products that can be delivered to your doorstep. Mehendi’s Views on the Future of Metaverse Daler Mehendi also offers users an insight into the future of Balle Balle Land, stating that the platform will also be used to promote Punjabi and Sufi music across the globe as well as host concerts of him and various artists. “This platform will help nurture talent and help the music community of Punjab, Sufi, Bollywood to grow.” Adding to the opinion stated, the creator of PartyNite Metaverse, Rajat Ojha agrees that the metaverse has a huge scope for innovative ideas, “We want to grow a community of musicians and integrate with the physical world. Daler Mehendi will be remembered as the frontrunner in this space in India.”
Komodo (KMD) is a decentralized, open-source end-to-end blockchain and cryptocurrency platform that allows developers from any industry to perform transactions anonymously. Its secure ecosystem is cheaper than Bitcoin, so it attracts small businesses and start-ups at an affordable price. In 2014, an unknown organization led by someone going by the alias JL777 forked Zcash to create the Komodo platform. Komodo is a fresh addition to the enormous cryptocurrency market. It was created to help blockchain entrepreneurs and typical crypto investors. As a result, the community has made a hopeful and enthusiastic gesture. And we do business in a secure environment. What is a Komodo coin? Komodo Coin, often known as Komodo (KMD), is a privacy-focused decentralized cryptocurrency that promises to be safer, faster, and easier to use thanks to its own ecosystem. It is said to combine Bitcoin’s security and Zcash’s anonymity. It works on the basis of Deferred Proof of Work. Komodo is a revolution The Delayed Proof of Work (dPoW) technology is used in Komodo blockchain systems. This is an example of zero-knowledge proof in action. Below is a more detailed explanation – ZCash – It is a cryptocurrency that operates on the zk-SNARK technology. This zero-knowledge proof ensures that any cryptocurrency’s privacy, anonymity, and fungibility are preserved. Komodo also employs this protocol for private transactions. Delayed Proof of Work (dPOW) – The PoW network, provides all of the necessary security, but it also serves as a storage space for Komodo transaction backups. It provides safe immunity, but only in the short term. According to their whitepaper, in order to hack a transaction, the Bitcoin blockchain must be changed. To mitigate the possibility of it continuing in the same manner, 64 pre-selected notary nodes notarize the blocks on the blockchain. The SuperNET – The new cryptocurrency sector is moving forward with the help of updated decentralized tools such as multi-coin wallets, decentralized exchanges, price stability products, and other resources such as infrastructure and software apps provided by SuperNET. The following are some tools that have been created. dICO – it is a decentralized kind of ICOs that Komodo raises. It enables independent entrepreneurs to launch a blockchain product without being disrupted. Through the exchange, BarterDEX, dICO enables the release of the product in a certain fashion that eliminates key difficulties such as whales, hackers, and human errors. BarterDEX – This is a step up from other decentralized exchanges since it is driven by the new technology of atomic swaps. More than 50,000 swaps have been powered, and 80 coins have been incorporated into their DEX. Jumblr – It charges.3 percent for anonymity as a decentralized coin mixer, which is far less than other mixers. What is KMD? Komodo’s native currency is KMD, which embodies their community ideals and objectives by providing extra protection and autonomy. It was launched to the crypto globe in 2014, and they are building peer-to-peer with their satisfied advancements. It was created by jl777 and was raised from BitcoinDark (BTDC). It is guarded using PoW and dPoW, and it guarantees protection from approximately 51% of attacks. The KMD structure The block size is 4 MB, the block duration is 1 minute, and the block reward is 3 KMD. (During future halving events, block rewards will decrease from 3 KMD to 2 KMD to 1 KMD. At that point, block rewards will be permanently capped at 1 KMD. The entire supply is close to 124 million, but the maximum supply might reach 200 million. The Komodo coins can be converted into 32 other currencies while keeping their market value. However, KMD’s demise was caused by a failure to comprehend the need for trustworthiness How to Invest in Komodo Cryptocurrency Komodo tokens can be traded for BTC, LTC, ERC-20, ZEC, ETH, and other cryptocurrencies. Komodo can be purchased on a cryptocurrency exchange such as WazirX or Bitbns. To purchase Komodo Coin, one must first open an account on one of these exchanges. Komodo Coin can be purchased with a credit or debit card that has sufficient funds. The account creation process requests basic information from the investor, such as name and bank account information. For verification, one may be required to upload a Pan Card. Wallets of Komodo Komodo Paper Wallet — Because they use the same address structure, any digital asset generated on Komodo’s multi-chain network can be kept here. Ledger Nano S wallets — The private key in this wallet never leaves the device. Komodo can be purchased from anywhere in the world. Agama Wallet – Komodo created a desktop wallet called Agama Wallet. It is compatible with Mac(OS), Windows, and Linux. It contains built-in technology that facilitates exchanges and serves as a multi-coin wallet. AtomicDEX — Like KMD, it can save any digital material on desktop (Mac, Windows, and Linux) and mobile devices … Continued