EQS-News / 04/07/2022 / 17:56 UTC+8 CICC Initiates Sirnaomics (2257.HK) at Outperform Rating with Target Price of HKD106.00 China International Capital Corporation (CICC) initiates coverage of Sirnaomics at “Outperform” rating, with a target price of HKD106.00. CICC said, Sirnaomics is an RNA therapeutics pioneer in China. RNA therapeutics is a rapidly growing field with potential in various indications. Sirnaomics has disclosed over 15 candidates, including two in the clinical stage. STP705 is a siRNA candidate acting as dual TGF-β1/COX-2 inhibitor for local administration. CICC expect STP705 to be marketed in the US in 2024 and in China in 2025, and generate global risk adjusted peak sales of US$617mn in 2031. STP707 is a siRNA candidate also targeting TGF-β1/COX-2 but with potential for systemic administration. CICC expect STP707 to be marketed in 2026 and we estimate it will generate global risk adjusted sales of US$376mn by 2037. Sirnaomics owns proprietary RNA delivery platforms to solve principal challenges to RNAi therapeutics. Sirnaomics has proprietary polypeptide nanoparticle (PNP) and novel N-acetyl galactosamine (GalNAc) delivery platforms. PNP delivery platform allows delivery of both siRNA and mRNA to target cells via local or intravenous administration in low toxicity. It is easy to manufacture and can reach more additional targeted organs other than the liver. CICC believe PNP could have wider use if STP707 has positive read-out in its proof of concept (PoC) trials. Therefore CICC initiates coverage of Sirnaomics at “Outperform” rating. File: CICC Initiates Sirnaomics (2257.HK) at Outperform Rating with Target Price of HKD106.00 04/07/2022 Dissemination of a Financial Press Release, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com
Hong Kong – Some people may not understand how important it is to determine the target audience before publishing a press release. There is a lot to prepare for when writing a news release, (like who to quote from their company, all the points to cover, who the contact will be, collateral to be included), it is easy to get caught up in the heat of the moment and dismiss certain details. Everybody does it at some point because SEAPRWire just wants to dive right into the writing. One of the details users should not overlook is ‘who their target audience is.’ Determining their target audience may include geographic location, age, sex, interest groups and more. If users have not yet figured this out, SEAPRWire Team highly recommend doing so before users continue or even start writing their press release; optionally, passing the writing assignment on to someone that does understand their audience. Determining their target audience will assist in the tone, grammar and potentially how technical you’re writing style is. Sending a technical news release to a broad audience that is not technically savvy in their industry may fall on deaf ears or annoy some journalists. If users have a specific audience in mind that is very technically savvy, then using technical specifications and jargon may be appropriate and go against the grain of a ‘typical news release’. Knowing the age group of their readers is also helpful. This may assist in what further channels users select after their news release has been distributed, potentially including social media. For instance, if their product or service is attractive to the late teens early 20’s age group, users should probably be including their news release in channels that these age groups are familiar with, like social media. Knowing the age of their audience may also assist in the style that their news release is written. Perhaps if it is written for a younger generation users could have a younger individual that is experienced in news release writing craft their release. If users are a parent with teenage children, users will recognize there are tonal differences between an older mature audience and early 20’s. What about geographic location? Are users sending their news release across America even though their product or service is only sought after in the Seattle area? This may not be a bad strategy as their news release has the potential to be picked up and published online assisting with better local search results and increasing their visibility online. In fact, SEAPRWire has a number of clients that use this strategy and are happy with their results. Including collateral (documents, images, etc.) with a news release can be critical. Knowing how to cater to their audience can be critical. For instance, infographics may appeal to one audience and not another. For those not familiar with infographics, they are a tool used for data visualization. Short videos are also an excellent tool to portray their message however may not be for every audience. Including product images, users can almost never go wrong. About SEAPRWire SEAPRWire is the top-up newswire in Southeast Asia. It offers PR distribution service to all Southeast Asia regions, including: Singapore, Vietnam, Thailand, Malaysia, Indonesia, Philippines, Hong Kong and Taiwan. SEAPRWire has a network of media editors, journalists, magazines, newspapers and PR agencies. It also cooperates with top wire services like JCN Newswire, Factiva, Eiko Reuters, Bloomberg, Yahoo, MarketWatch, BusinessInsider. SEAPRWire can distribute press releases in multi-linguages, such as: Traditional Chinese, Simplified Chinese, Thai, Vietnamese, Japanese, Korean, Malay, Indonesian … For quicker communication, please connect on Skype: cs@seaprwire.com Telegram: @seaprwire Media contact Company: SEAPRWire Contact: Tina, Marketing Manager Email: cs@seaprwire.com Website: http://www.seaprwire.com SOURCE: SEAPRWire
TOKYO, Dec 14, 2021 - (JCN Newswire via SEAPRWire.com) - Mitsubishi Heavy Industries, Ltd. (MHI) has awarded a first contract from Japan's National Institutes for Quantum Science and Technology (QST) for manufacture of 6 units of divertor outer vertical target additional components for ITER(1,2), the experimental fusion reactor currently under construction in southern France. The Outer Vertical Target is one of the parts in the divertor. In acknowledgement of the company's mass production technologies for components with a high degree of manufacturing difficulty, MHI will handle the manufacturing of the first of a kind units (Units 1-6, of a total of 54), with successive completion and delivery scheduled in fiscal 2024.The divertor is one of the core components of the fusion reactor used in the tokamak. It removes the helium (He) ashes in the core plasma produced by the fusion reaction, unburned fuel and other impurities, as well as removes high heat load and particle loading, which are necessary for stable confinement of the plasma. The divertor comprises four parts: the Outer Vertical Target being procured by Japan, the Cassette Body and Inner Vertical Target being manufactured in the EU, and the Dome being made in Russia.The heat load in the divertor reaches a maximum of 20MW/m2. That is equivalent to the surface thermal load on an asteroid probe at re-entering into the atmosphere, and approximately 30 times the surface thermal load on the space shuttle. The Outer Vertical Target, which structurally directly faces the fusion plasma, will be used in an extreme environment exposed to the heat load and particle loading from the plasma. In addition, the structure has an extremely complex shape, requiring a leading edge manufacturing and machining technologies.MHI previously awarded a contract from QST for manufacture of five (of a total of 19) toroidal field (TF) coils, another core component of ITER. Four of these units have already been shipped, and are in the process of being installed in the device at the ITER site.(3) Going forward, by continuing to work on manufacturing the divertor, MHI will actively support the ITER project to develop this technology, which will be vital to the stable development of the world, and contribute to the realization of fusion energy.(1) Fusion is the energy source that enables the sun to keep shining. The ultimate goal is achieving fusion on Earth. Fusion reactions fuse light atomic nuclei (deuterium and tritium) in a plasma environment into the heavier element of helium. Fusion reactions emit zero carbon dioxide, and their source of fuel can be extracted from seawater in virtually unlimited quantities (lithium from which tritium is derived, and deuterium). Fusion energy is expected to provide fundamental solutions to many of the world's energy and environmental problems.(2) The ITER Project is an international megaproject to demonstrate, both scientifically and technologically, the feasibility of fusion energy. Seven participating parties (Japan, the EU, the U.S., Russia, South Korea, China, and India) are constructing ITER in Saint-Paul-les-Durance, France, with a target for full-fledged operational startup of nuclear fusion combustion by 2035. QST, as the ITER Japan domestic agency for the ITER Project designated by Japanese government, is in charge of procuring these components.(3) For details on the TF coils that QST ordered from MHI, see the following press release.About MHI GroupMitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial groups, spanning energy, logistics & infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on www.spectra.mhi.com. Copyright 2021 JCN Newswire. All rights reserved. (via SEAPRWire)
HONG KONG, Oct 11, 2021 - (ACN Newswire via SEAPRWire.com) - GOME Retail Holdings Limited (HKEX stock code: 493, "GOME" or "the Company", together with its subsidiaries, "the Group") announced today that the Group entered into a Framework Agreement with GOME Management Limited ("GOME Management") which is wholly owned by the controlling shareholder of the Group ("Controlling Shareholder"). The Group will provide management services to five subsidiaries of GOME Management, namely GOME Eco-net Technology Holding Limited ("GOME Home"), Hainan Haisi Enterprise Management Co., Ltd. ("Sharing and Joint Development"), Hainan Beizhi Enterprise Management Co., Ltd. ("Home Decoration"), Rocket Gain Investments Limited ("Anxun Logistics") and Zhongmaixiu (Ningbo) Technology Co., Ltd. ("GOME Collections") (collectively, the "Target Companies") for a period of three years from 1 January 2022 to 31 December 2024.Pursuant to the Framework Agreement, the Group will provide management services to the Target Companies, including, without limitation, the provision of (i) business management services and training for business management improvement, (ii) training for employees of the Target Companies in relation to management systems, processes, methods and sales skills; (iii) recruitment services of experienced personnel to operate the business; (iv) upon request by the Target Companies, business-related training, assistance and advice, or referral of independent consultants; (v) advice to the Target Companies to develop and improve their business and to provide updated trainings to the Target Companies and their staff from time to time; (vi) advice on the standard business contracts to be used by the Target Companies in the course of business; and (vii) other services as may be agreed between the Target Companies and the Group from time to time.Pursuant to the Framework Agreement, the Group charges an annual service fee for the provision of management services to each Target Company, which is calculated at a fixed progressive percentage (ranging from 1% to 3.5%) of the consolidated annual operating revenue of the relevant Target Company. Based on the above calculation, the maximum aggregate amount of management fees for three years is up to RMB 2.8 billion. In addition to the annual service fee, the Group will be entitled to receive equity incentive, representing in aggregate up to 10% equity interest in each Target Company as of the due date of the Framework Agreement over the term of the Framework Agreement at nil consideration. Moreover, the Group has also been granted with the option, exercisable in one or more occasions at any time during the three years ending 31 December 2024, to purchase up to 30% equity interest in the relevant Target Company at a valuation representing an agreed percentage discount (ranging from 40% to 50%) of the market valuation of such Target Company at the time of exercise. In the event of any increase in the registered capital of any Target Company or equity transfer of any Target Company to any third party, the Company shall have the right of first refusal.As a leading home living technology retail service provider in the PRC, with a particular focus on technology, experience, entertainment and socialization, GOME Retail has substantive experience in the management and operation of offline and online retail stores, supply chains, logistics, big data and etc. In the second phase of "Home Living" Strategy, the Group focuses on the retail and home services industries. It has established a new omni-linkage, omni-mode and full-retail business model through innovation of the industry model and technological empowerment of the online and offline platforms as the breakthrough. The Group can satisfy the consumption and service needs of household users in every aspect and allow them to enjoy products and services with better quality at lower cost, through the marketing strategy with entertainment as the core and business strategy with high-quality, low-cost, service and technology as the core. The strategic development direction of the Group is also highly consistent with national policies. As the PRC is shifting its focus on "Common Prosperity" for its current development concept and emphasizing "Dual Circulation" growth on economic strategies and quality development, it becomes clear that the macro policy place more attention to the public livelihood and consumption. This year, related policies such as promoting new consumption, encouraging living convenience and benefiting the people, supporting rural revitalization, and advocating fair competition have been introduced one after another, which has provided a continuous and positive external environment for the Group's current promotion of further implementation of the second phase of the "Home Living" strategy. In order to build a strategic closed-loop ecosystem and deploy an omni-linkage, omni-mode and full-retail development while avoiding operational risks and future capital investment, etc., the Group has negotiated with the Controlling Shareholder. Both parties agreed to entrust the Group to manage the Target Companies. The Target Companies encompass various home living business areas including the "one store with multiple functions" offline store display, home decoration, home furnishing, logistics and delivery, and wine. The principal businesses of the Target Companies are highly consistent with the Group's "Home Living" strategy and cooperation between the parties is expected to generate a good synergy effect. Firstly, the cooperation between the Target Companies and the Group's business is expected to increase the Group's traffic significantly and bring considerable operating revenue to the Group, realizing a mutual-benefiting distribution model. Secondly, through the entrusted management of the Target Companies, the Group shall be able to optimize its full supply chain, boost its sales significantly and further reduce its costs by grid-based network and digitization through online and offline integration, which in turn benefiting the customers and suppliers, further increasing the number of merchants and members of the Group, and opening up a broader platform and resource network.The entrustment of management services enables the full connection and integration of systems between GOME Retail and the Target Companies, thus the Group shall be upgraded from a supply chain-driven company to a platform-based company with supply chain capacity, which is advantageous to the surge and optimization of the Group's overall market valuation. Meanwhile, the five Target Companies are in fast-growing industries and are expected to achieve the performance targets. In addition to the service fee, the Group will be also entitled to equity incentive and option to acquire 30% equity interest with the right of first refusal throughout the entrustment period. The above benefits are expected to significantly boost the Group's market valuation. Among others, the Controlling Shareholder has given the Group a relatively large discount based on the valuation of the Target Companies in terms of option, enabling the Group to acquire up to 30% equity interest of the Target Companies at discounted prices, and the opportunity to receive high future yields of the fast-growing industries, as well as to enjoy excess earnings at no cost subject to certain conditions.In addition, the Framework Agreement is expected to greatly improve the Group's ability to obtain customer traffic at a high efficiency with low cost. The Group and the Target Companies will consolidate and establish a low-cost customer traffic pool via the online "One Page, One Store" model, offline exhibition halls and provision of local life services, etc., hence significantly lowering the Group's costs of attracting traffic as compared to the industry standard. The integration of online and offline platforms enables B-end suppliers to avoid vicious competition caused by unclear position and the expenditure of duplicative and ineffective costs for online and offline platforms, thereby reducing costs and increasing efficiency. As a result, the profits obtained from the saved cost through omni-linkage optimization can be mutual-benefiting among consumers, suppliers and retailers. Looking ahead, GOME Retail will continue to act proactively to forge a new technology retail and consumption service platform to serve the needs of the country, the industry and the public, thus creating greater value for the community and shareholders. Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)
HONG KONG, Aug 10, 2021 - (ACN Newswire via SEAPRWire.com) - Elegance Optical International Holdings Limited ("The Company") is pleased to announce that Green Source Global Limited ("the Subscriber"), an indirect wholly-owned subsidiary of the Company, has entered into the agreement with H. Sterling LNG Terminal Holding Limited ("Target Company") and the Existing Shareholder ("Existing Shareholder"), pursuant to which the Subscriber has conditionally agreed to subscribe for, and the Target Company has conditionally agreed to issue and allot, 10,000 subscription shares, representing 50% of the issued share capital of the Target Company as enlarged at the subscription price of RMB223 million, to be settled in cash ("the Agreement").Completion of the subscription shall take place on the 30th business day after all the conditions precedent under the Agreement having been fulfilled or waived (or such other date as the parties to the Agreement may agree). Upon the completion, the Company will indirectly own 50% equity interest of the Target Company, representing approximately 10.5% equivalent interest in Yantai LNG Terminal Project Company of which 21.0% equivalent interests is held by the Target Company. The directors of the Group are optimistic about the prospects of the Yantai LNG Terminal Project that its annual income is estimated at approximately RMB2.5 billion by the top management of the Group. The Yantai LNG Terminal Project is listed as 2021 China's major project in Shandong Province and will be the 23rd LNG terminal in China. As of now, China has 22 LNG terminals, in which 15 of them are owned and operated by government owned enterprises. The subscription is in line with the investment strategy of the Group and will allow the Group to diversify its income stream and investment portfolio. The Group will explore opportunity to coorperate on the whole value chain of natural gas sector covering production, supply, storage and distribution, to further enhance the Company's foundation in respect of international trade of liquefied natural gas.Media enquiries: New Smile Strategic IR & PR Consultancy Tel: +852 2126 7076Jenny Lai jenny.lai@newsmilehk.comJenny Cheung jenny.cheung@newsmilehk.comNotes to editors: INFORMATION OF THE COMPANYElegance Optical International Holdings Limited is principally engaged in the manufacture and trading of optical frames and sunglasses, property investment, investment in debts and securities, film investment and distribution businesses and energy business. The Group refers to the Company and its subsidiaries.INFORMATION OF EXISTING SHAREHOLDER AND THE TARGET COMPANYThe Existing Shareholder is Zheng Fang, a PRC resident and a merchant. The Target Company refers to H. Sterling LNG Terminal Holding Limited, an investment holding company incorporated in the British Virgin Islands with limited liability and is wholly-owned by the Existing Shareholder as at the date of the agreement.INFORMATION OF THE SUBSCRIBERGreen Source Global Limited, a company incorporated in the British Virgin Islands with limited liability, is an indirect wholly-owned subsidiary of the Company.INFORMATION OF YANTAI LNG TERMINAL PROJECT COMPANYYantai LNG Terminal Project Company is principally engaged in the gas operation, import and export of goods and technology and import and export agency services, and is a project company established to implement the Yantai LNG Terminal Project. INFORMATION OF THE YANTAI LNG TERMINAL PROJECTThe Yantai LNG Terminal Project aims to invest in and construct the Liquefied Natural Gas Terminal in Yantai Port in Shandong. It is expected that the Yantai LNG Terminal Project will commence operation in 2023, and will have an operation period of 25 years. The Yantai LNG Terminal Project was formally approved by the National Development and Reform Commission of the PRC in January 2020, and is currently in the phase of port construction. Copyright 2021 ACN Newswire. All rights reserved. (via SEAPRWire)
HONG KONG, Feb 8, 2021 - (ACN Newswire) - Central China New Life Limited (Stock Code: 9983.HK) issued earlier a positive profit alert on its 2020 annual results in which it forecast the company's net profit to increase by no less than 80%. The Company's strong performance, which exceeded market expectations, subsequently earned "Buy" or "Overweight" ratings from different securities houses. The price targets issued by securities houses ranged from HKD11.2 to HKD16.47, indicating potential upside of between 47% and 88% compared to the stock's closing price of HKD7.6 last Friday. Everbright Securities was the most upbeat among different securities houses as it significantly raised its target price originally set at HK$14.62 to HK$16.47. CCBI reiterated the company as the top pick among property management sector. Recommendation / Target PriceEverbright Securities Buy HK$16.47CCBI Outperform HK$13.8DBS Buy HK$12.51BNP Paribas Buy HK$13.2CMB International Buy (Initiation) HK$11.2Guosheng Maintain Buy HK$14Central China New Life has announced that its unaudited consolidated net profit attributable to shareholders for the year ended 31 December 2020 was expected to expand substantially by no less than 80% compared to the previous year's level. It attributed the huge increase mainly to (1) the significant increase in gross floor area under management and revenue growth from value-added services of the property management and value-added services; (2) increased revenue from lifestyle services resulting from the significant increase in the number of registered users of the Group's Jianye+ platform; and (3) the Group's implementation of quality improvement and efficiency enhancement measures, resulting in the continuous decline of the management expense ratio. The strong performance has subsequently earned upbeat recommendations from different securities houses.Everbright Securities: Benefits of deep penetration gradually unleashed; Issues "Buy" recommendation and raises target price to HKD16.47Everbright Securities said in a research report that after Central China Real Estate's expected successive delivery of projects, acquisition of new projects and expansion of existing projects, the density of its projects in Henan Province will further increase, and the benefits of its long-term deep penetration into the region will gradually materialize. As a result, it will enhance its cost control and rapid expansion capabilities, as well as the standard of its property management services. Moreover, the company's Jianye+ platform will take full advantages of the concentration of its users in the region, and it will benefit from the multiplier effect and user coverage expansion. Everbright Securities has maintained its "Buy" rating and raised its target price for the Company from HK$14.62 to HK$16.47.CCBI: Reiterates view that Central China New Life is top pick among property management companies; Maintains "Outperform" rating with target price of HKD13.8CCBI said in a research report that as of Dec 2020, non-residential properties accounted for 41% of Central China New Life's managed GFA, up from 30% in 2019, showcasing the management's efforts to diversify the company's management portfolio. CCBI expects Central China New Life's contracted GFA and managed GFA to grow by 40-50% in 2021, and it forecast the CAGR of the company's net profit to reach 53% in 2020-2022. CCBI has reiterated its view that Central China New Life is its top pick among property management companies, and it has maintained its "Outperform" rating on the Company with a target price of HKD13.8.DBS: Maintains "Buy" rating with target price of HK$12.51; Undervalued high-growth stock According to a DBS research report, Central China New Life has a well-established Jianye+ platform that is already operating under a well-proven membership model. It is well-positioned for future community monetization. As of the end of December 2020, the Company's contracted and managed GFA reached guidance of 186 million sq.m. and 100 million sq.m., respectively. Thanks to its regional focus in Henan, Central China New Life has the highest project density among its peers and it has ample room to enjoy gains in operational efficiency. DBS has raised its forecast FY2020-2022 earnings for Central China New Life by 5%-8% and maintained its "Buy" rating with a target price of HK$12.51.BNP: Strong growth likely over next three years; Maintains "Buy" rating with target price of HK$13.2BNP said in a research report that Central China New Life has issued a positive profit alert and has maintained strong growth across all segments. Central China Real Estate's delivery of projects and the new property management contracts awarded by third-party developers will drive the company's strong revenue growth over the next three years. In addition, the company's Jianye+ one-stop online-to-offline platform for products and services offers huge potential to scale up the number of its users. The platform will serve as the principal driver of its lifestyle services segment. BNP considers Central China New Life's current share price as undervalued and it has maintained its "Buy" rating for the company with a target price of HK$13.2.CMBI: Initiated a "Buy" rating on Central China New Life with target price at HK$11.2 on its prominent regional leadershipCMBI said that Central China New Life has established strong leadership in Henan. Its rapid growth can compensate for its lower property management fees as a regional property management company. As of December 2020, Central China New Life's reserved GFA stood at 87% of its total GFA under management, clearly demonstrating its highly visible expansion track. CMBI expects the company's total GFA under management to achieve a CAGR of 52% between 2019 and 2022. Its merger and acquisition activities in Henan will drive its growth further. CMBI considers that the company's regional leadership is currently underestimated and has initiated a "Buy" rating on the company with a target price of HK$11.2. Guosheng Securities: Maintains "Buy" rating on Central China New Life and raises target price to HK$14 as it accelerates business layout establishment beyond the province Guosheng Securities said in a research report that Central China New Life acquired 51.0% of Taihua Jinye for a consideration of RMB100 million at the end of last year. The acquisition not only solidifies further the company's business layout beyond the province, but it will also continue enhancing its project density in Hebei. In 2020, new registered users of the Jianye + platform rose 30.3% year-on-year to 1.49 million. The annual GMV was RMB780 million, an 83.9% spike year-on-year. With the continuous expansion of the company's user coverage, GMV of the Jianye + platform is expected to maintain its rapid growth going forward. Guosheng Securities has maintained its "Buy" rating for the company and raised its target price from HK10 to HK$14 (based on 25x PE in 2021(E)). Copyright 2021 ACN Newswire. 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HONG KONG, Jan 4, 2021 - (ACN Newswire) - Redsun Services Group Limited ("Redsun Services" or the "Group"; stock code: 1971), a fast-growing comprehensive community service provider focused on the Yangtze River Delta, announced its wholly-owned subsidiary Hong Life Property Management agreed to acquire 80% equity interest in a Wuhan property management company (the "Target Company") from Huidehang Property Holdings in a total consideration of RMB216 million. The acquisition will facilitate the implementation of the "dual-driven" strategy of the Group in central China regions, helping to enhance both the gross and net profit margins of the Group as well as its competitive advantages.The Target Company is principally engaged in the provision of property management services in Wuhan in the PRC. As at the date of this announcement, the aggregate GFA of properties under management by the Target Company is approximately 1.77 million sq.m. The unaudited consolidated net asset value of the Target Company as at 31 October 2020 was approximately RMB27.51 million. The Target Company is a wholly-owned subsidiary of a property enterprise group ranked in the top 30 of Top 100 Property Management Companies of China, which principally operates in central China regions and has for years focused on properties such as office buildings, public buildings and shopping malls. The gross profit margin of the Target Company is relatively high, with a gross profit margin and net profit margin of 38% and 22% respectively in the financial year of 2019.Pursuant to the agreement, Huidehang Property Holdings has undertaken to Hong Life Property Management that the operating revenue of the Target Company for the financial year of 2021, 2022 and 2023 will not be less than RMB86.25 million, 99.19 million and 114.07 million respectively, while net profit will not be less than RMB20.70 million, 23.81 million and 27.38 million respectively. The acquisition equivalent to a price earnings ratio of approximately 13 times based on the guaranteed minimum net profit of the Target Company for the year ending 31 December 2021, and was determined with reference to the merger and acquisition cases in the same industry in the market.Upon completion of the acquisition, the Target Company will become subsidiaries of the Group and its financial information will be consolidated into the financial statements of the Group.About Redsun Services Group LimitedEstablished in Nanjing in 2003, Redsun Services Group Limited is a fast-growing comprehensive community service provider focusing on the Yangtze River Delta. With a vision of "making lives warmer," the Group has provided and endeavor to continue to "provide customers with high-quality services with sincerity" to serve its customers. The Group has established the regional leading position in the property management market of Jiangsu province and is well-recognised nationwide. The Group was recognized as one of the Top 100 Property Management Companies by CIA for four consecutive years since 2017 and ranked 25th among the 2020 Top 100 Property Management Companies in terms of overall strength. Copyright 2021 ACN Newswire. All rights reserved. www.acnnewswire.com