华鼎控股(03398) - 2025 - 中期业绩

Company Information and Report Overview Company Basic Information This report presents the interim results announcement for China Ting Group Holdings Limited (Stock Code: 3398) for the six months ended June 30, 2025 - Company Name: CHINA TING GROUP HOLDINGS LIMITED (華鼎集團控股有限公司)[2] - Stock Code: 3398[2] - Reporting Period: Six months ended June 30, 2025 (Interim Results)[2] Financial Performance Summary In the first half of 2025, the Group's total revenue increased by 13.8% to HKD 899.0 million, but the loss for the period expanded to HKD 64.4 million, primarily due to fair value losses on investment properties Key Financial Summary for H1 2025 | Metric | H1 2025 (million HKD) | H1 2024 (million HKD) | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 899.0 | 789.9 | 13.8 | | OEM Business Revenue | 477.6 | 474.5 | 0.7 | | Fashion Retail Business Revenue | 351.8 | 288.7 | 21.9 | | Property Investment Business Revenue | 69.6 | 26.7 | 160.7 | | Operating Loss | (38.6) | (180.3) | - | | Loss for the Period | (64.4) | (142.5) | - | | Fair Value Loss on Investment Properties | 8.5 | 56.3 | - | | Loss for the Period Excluding Significant Items | (55.9) | (86.2) | - | | Equity per Share (HKD) | 0.73 | 0.87 | - | Condensed Consolidated Financial Statements Condensed Consolidated Statement of Comprehensive Income In the first half of 2025, the Group's revenue increased by 13.8% to HKD 899.0 million, and gross profit grew by 13.1% to HKD 162.8 million; however, due to increased impairment losses on financial assets and fair value losses on investment properties, the loss for the period narrowed to HKD 64.4 million from HKD 142.5 million in the prior year, with basic loss per share at 4.05 HK cents Condensed Consolidated Statement of Comprehensive Income (Summary) | Metric (thousand HKD) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 899,007 | 789,940 | | Cost of sales | (736,219) | (645,914) | | Gross profit | 162,788 | 144,026 | | Other income | 82,076 | 9,289 | | Fair value loss on investment properties | (8,542) | (56,322) | | Impairment losses on financial assets (provision) / net reversal | (21,932) | 2,504 | | Selling, marketing and distribution costs | (124,880) | (159,692) | | Administrative expenses | (124,309) | (121,510) | | Operating loss | (38,565) | (180,341) | | Net finance costs | (19,939) | (9,112) | | Loss before income tax | (58,614) | (189,544) | | Income tax (expense) / credit | (5,826) | 47,064 | | Loss for the period | (64,440) | (142,480) | | Loss attributable to equity holders of the Company | (85,080) | (141,189) | | Basic and diluted loss per share (HK cents) | (4.05) | (6.72) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets increased to HKD 3,373.4 million, driven by higher investment properties and trade receivables; total liabilities rose to HKD 1,803.4 million, with a significant increase in current bank borrowings, resulting in net current liabilities of HKD 57.3 million, indicating liquidity pressure Condensed Consolidated Statement of Financial Position (Summary) | Metric (thousand HKD) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | ASSETS | | | | Total non-current assets | 2,019,433 | 1,958,903 | | Investment properties | 1,127,145 | 1,062,513 | | Total current assets | 1,353,981 | 1,326,044 | | Inventories | 614,459 | 688,700 | | Trade and other receivables | 496,323 | 449,391 | | Cash and cash equivalents | 195,664 | 140,510 | | Total Assets | 3,373,414 | 3,284,947 | | EQUITY | | | | Equity attributable to equity holders of the Company | 1,541,213 | 1,559,766 | | Total equity | 1,570,050 | 1,571,668 | | LIABILITIES | | | | Total non-current liabilities | 392,101 | 371,881 | | Total current liabilities | 1,411,263 | 1,341,398 | | Trade and other payables | 677,264 | 744,509 | | Bank borrowings (current) | 561,918 | 413,709 | | Total Liabilities | 1,803,364 | 1,713,279 | Notes to the Condensed Consolidated Interim Financial Information Basis of Preparation This condensed consolidated interim financial information is prepared in accordance with HKAS 34 and presented on a going concern basis; however, the Group faces liquidity pressure with a net loss of HKD 64.4 million and net current liabilities of HKD 57.3 million as of June 30, 2025, including bank loan covenant breaches requiring immediate repayment of some loans, while management has formulated plans to address these challenges, significant uncertainties regarding going concern remain - The Group incurred a net loss of HKD 64.4 million in H1 2025, with net current liabilities of HKD 57.3 million as of that date[8] - The Group faces liquidity pressure due to breaches of loan covenants related to liquidity ratios in bank financing, with HKD 63.2 million in bank loans immediately repayable upon demand[8] - Management has formulated several plans, including seeking new financing, implementing cost-saving measures, streamlining operating units, and adjusting the pace of operational expansion, to maintain going concern[9][10] - The adoption of the going concern basis relies on the successful implementation of these plans, but their future outcomes are uncertain, potentially casting significant doubt on the Group's ability to continue as a going concern[11] Accounting Policies The accounting policies used in the interim condensed consolidated financial information are consistent with the 2024 annual consolidated financial statements, with the initial adoption of HKAS 21 (Amendment) "Lack of Exchangeability" having no significant impact; several new and amended standards have been issued but are not yet effective and are not expected to materially affect the Group's accounting policies - The Group initially adopted HKAS 21 (Amendment) "Lack of Exchangeability," which had no significant impact on the interim condensed consolidated financial information[14] - Several new standards and amendments to existing standards (e.g., HKFRS 18 "Presentation and Disclosure in Financial Statements") have been issued but are not yet effective and are not expected to have a significant impact on the Group's accounting policies[15][16] Segment Information The Group's main operating segments include Original Equipment Manufacturing (OEM), fashion retail, and property investment, with executive directors assessing performance based on profit before income tax; in H1 2025, OEM revenue remained stable, retail revenue grew significantly, and property investment revenue increased substantially - The Group has three reportable segments: Original Equipment Manufacturing (OEM), manufacturing and retail of branded fashion (Retail), and property investment in Mainland China[17] - Total segment assets exclude certain investment properties in Hong Kong, corporate assets, financial assets at fair value through profit or loss, and financial assets at fair value through other comprehensive income[18] Segment Results for H1 2025 In H1 2025, OEM business revenue was HKD 477.6 million, retail business revenue was HKD 351.8 million, and property investment business revenue was HKD 69.6 million; both OEM and retail businesses recorded losses before income tax, while property investment business recorded a profit Segment Revenue and Loss/Profit Before Income Tax for H1 2025 | Segment | Revenue (thousand HKD) | Loss/Profit Before Income Tax (thousand HKD) | | :--- | :--- | :--- | | Original Equipment Manufacturing | 477,599 | (25,548) | | Retail | 351,767 | (64,307) | | Property Investment | 69,641 | 37,309 | | Total | 899,007 | (52,546) | Segment Results for H1 2024 In H1 2024, OEM business revenue was HKD 474.5 million, retail business revenue was HKD 288.8 million, and property investment business revenue was HKD 26.7 million; all segments recorded losses before income tax, with the property investment segment incurring the largest loss Segment Revenue and Loss Before Income Tax for H1 2024 | Segment | Revenue (thousand HKD) | Loss Before Income Tax (thousand HKD) | | :--- | :--- | :--- | | Original Equipment Manufacturing | 474,500 | (83,261) | | Retail | 288,766 | (74,681) | | Property Investment | 26,674 | (26,989) | | Total | 789,940 | (184,931) | Segment Assets and Geographical Revenue As of June 30, 2025, the Group's total segment assets increased to HKD 3,330.9 million; by geographical region, Mainland China remains the primary revenue source, North America saw significant revenue growth, while revenue from other countries decreased Total Segment Assets (thousand HKD) | Segment | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Original Equipment Manufacturing | 2,095,246 | 2,028,102 | | Retail | 749,993 | 752,208 | | Property Investment | 485,668 | 468,863 | | Total | 3,330,907 | 3,249,173 | Geographical Revenue from External Customers (thousand HKD) | Region | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Mainland China | 625,381 | 574,861 | | North America | 191,688 | 135,724 | | European Union | 54,506 | 50,161 | | Hong Kong | 26,162 | 22,326 | | Other Countries | 1,270 | 6,868 | | Total | 899,007 | 789,940 | Net Finance Costs In H1 2025, the Group's net finance costs increased significantly to HKD 19.9 million from HKD 9.1 million in the prior year, primarily due to a substantial rise in interest expenses on bank borrowings Net Finance Costs (thousand HKD) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Finance income | 279 | 975 | | Interest expense on bank borrowings | (19,310) | (11,433) | | Interest expense on lease liabilities | (1,047) | (1,212) | | Amount capitalised | 139 | 2,558 | | Net finance costs | (19,939) | (9,112) | Income Tax Expense/(Credit) In H1 2025, the Group recorded an income tax expense of HKD 5.8 million, compared to an income tax credit of HKD 47.1 million in the prior year, mainly due to a shift from credit to expense in PRC corporate income tax and new withholding tax Income Tax Expense/(Credit) (thousand HKD) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Hong Kong Profits Tax | 2,873 | 3,121 | | PRC corporate income tax | 1,469 | (73,705) | | Withholding tax | 1,639 | — | | Deferred income tax | (155) | 23,520 | | Total | 5,826 | (47,064) | Loss Per Share In H1 2025, the basic and diluted loss per share attributable to equity holders of the Company was 4.05 HK cents, a narrowing from 6.72 HK cents in the prior year Loss Per Share (HK cents) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss attributable to equity holders of the Company (thousand HKD) | 85,080 | 141,189 | | Weighted average number of ordinary shares in issue (thousand shares) | 2,099,818 | 2,099,818 | | Basic and diluted loss per share (HK cents) | (4.05) | (6.72) | - There were no potential dilutive ordinary shares under the share option scheme for the six months ended June 30, 2025 and 2024, thus basic and diluted loss per share were the same[24] Dividends The Board does not recommend the payment of interim dividends for the first half of 2025 and 2024 - The Board does not recommend the payment of interim dividends for H1 2025 and H1 2024[25] Investments Accounted for Using the Equity Method As of June 30, 2025, the balance of investments accounted for using the equity method decreased to HKD 114 thousand from HKD 224 thousand on December 31, 2024, primarily due to the share of net losses Changes in Investments Accounted for Using the Equity Method (thousand HKD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | At January 1 | 224 | 9,053 | | Share of net loss | (110) | (110) | | Impairment | — | (8,657) | | Exchange differences | — | (62) | | Balance at end of period | 114 | 224 | Trade and Other Receivables As of June 30, 2025, total trade and other receivables increased to HKD 496.3 million, with net trade receivables at HKD 268.9 million and a significant increase in prepayments; the proportion of trade receivables over 180 days also rose Trade and Other Receivables (thousand HKD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gross trade and bills receivables | 378,661 | 360,919 | | Less: Loss allowance | (109,712) | (84,958) | | Net trade and bills receivables | 268,949 | 275,961 | | Prepayments | 111,986 | 57,441 | | Deposits and other receivables, net | 115,388 | 115,989 | | Total | 496,323 | 449,391 | Ageing Analysis of Trade and Bills Receivables (thousand HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 60 days | 180,814 | 216,877 | | 61 to 120 days | 55,223 | 46,419 | | 121 to 180 days | 16,965 | 31,654 | | Over 180 days | 125,659 | 65,969 | | Total | 378,661 | 360,919 | Trade and Other Payables As of June 30, 2025, total trade and other payables decreased to HKD 677.3 million from HKD 744.5 million on December 31, 2024, primarily due to a reduction in accrued operating expenses and other payables Trade and Other Payables (thousand HKD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade and bills payables | 398,384 | 387,934 | | Accrued employee benefit expenses | 30,381 | 31,650 | | Customer deposits | 77,980 | 64,949 | | VAT and other taxes payable | 16,907 | 19,457 | | Accrued operating expenses | 25,065 | 52,458 | | Other payables | 128,547 | 188,061 | | Total | 677,264 | 744,509 | Ageing Analysis of Trade and Bills Payables (thousand HKD) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 30 days | 222,187 | 242,760 | | 31 to 60 days | 17,968 | 25,402 | | 61 to 90 days | 45,243 | 87,469 | | Over 90 days | 112,986 | 32,303 | | Total | 398,384 | 387,934 | Business and Financial Review Business Review In H1 2025, the Group navigated a complex and challenging global economic environment; OEM/ODM business maintained stability by optimizing cost structures, expanding overseas production, and diversifying markets; domestic branded retail business boosted sales volume and average selling price through brand building, product innovation, and multi-channel efforts; property investment business, despite macroeconomic impacts, sustained year-on-year rental income growth - The OEM/ODM business maintained stability by reducing non-core expenses, increasing overseas production capacity, and expanding into diversified markets like Europe, Japan, and ASEAN to mitigate global trade risks and tariff uncertainties[30] - Domestic branded retail business significantly improved sales performance by building brand image, launching innovative fashion products, leveraging multi-channel efforts (especially e-commerce), and focusing on key consumption areas like outdoor sports[31] - The property investment business (Huading Industrial Park leasing) gradually recovered after international political and economic pressures, maintaining year-on-year rental income growth despite some decline in leasing prices[31] Financial Review In H1 2025, the Group's total revenue was HKD 899.0 million, a 13.8% year-on-year increase, with gross profit at HKD 162.8 million, up 13.1%; adjusted loss attributable to equity holders of the Company was HKD 55.9 million, and loss per share was 4.05 HK cents Financial Review Summary for H1 2025 (million HKD) | Metric | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 899.0 | 789.9 | 13.8 | | Gross Profit | 162.8 | 144.0 | 13.1 | | Fair Value Loss on Investment Properties | 8.5 | 56.3 | - | | Adjusted Loss Attributable to Equity Holders of the Company | 55.9 | 86.2 | - | | Loss Attributable to Equity Holders of the Company | 85.1 | 141.2 | - | | Loss Per Share (HK cents) | 4.05 | 6.72 | - | | Net Asset Value Per Share (HKD) | 0.73 | 0.87 | - | Original Equipment Manufacturing Business In H1 2025, OEM business turnover slightly increased by 0.7% to HKD 477.6 million, with silk, cotton, and synthetic fiber apparel remaining the main products, contributing 72.9% of turnover; China and the US markets were still key clients, but sales to Europe and other countries grew OEM Business Turnover and Product Composition (million HKD) | Metric | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | OEM Business Turnover | 477.6 | 474.5 | 0.7 | | Silk, Cotton and Synthetic Fibre Apparel | 348.1 | 299.9 | 16.1 | | Proportion of Total OEM Turnover | 72.9% | 63.2% | - | OEM Business Sales by Major Market (million HKD) | Market | H1 2025 | H1 2024 | Proportion of Total OEM Turnover (2025) | | :--- | :--- | :--- | :--- | | China and USA | 413.8 | 425.2 | 86.6% | | Europe | 46.4 | 31.1 | - | | Other Countries | 17.4 | 18.2 | - | Fashion Retail Business In H1 2025, fashion retail sales surged by 21.9% to HKD 351.8 million, with key brands FINITY and Sprayground contributing HKD 271.1 million, a 40.2% increase; e-commerce sales grew significantly, becoming a primary sales channel Fashion Retail Business Sales and Brand Contribution (million HKD) | Metric | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Retail Sales | 351.8 | 288.8 | 21.9 | | FINITY and Sprayground Brand Sales | 271.1 | 193.4 | 40.2 | Retail Revenue by Sales Channel (million HKD) | Channel | H1 2025 | H1 2024 | Proportion of Total Retail Turnover (2025) | | :--- | :--- | :--- | :--- | | Counter Sales | 88.1 | 102.8 | 25.0% | | Specialty Store Sales | 8.6 | 8.0 | - | | Franchised Agent Sales | 56.7 | 52.4 | - | | E-commerce Sales | 198.4 | 125.6 | - | Property Investment Business In H1 2025, property investment business revenue surged by 160.7% to HKD 69.6 million; the Huading International Fashion Industrial Park aims to promote fashion industry development and diversified business models Property Investment Business Revenue (million HKD) | Metric | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Property Investment Business Revenue | 69.6 | 26.7 | 160.7 | - The Huading International Fashion Industrial Park aims to promote regional fashion industry development, localization of fashion experts, and e-commerce growth, contributing to the fashion industry in Yuhang District, Hangzhou City[35] Liquidity and Financial Management Liquidity and Financial Resources As of June 30, 2025, the Group's cash and cash equivalents increased to HKD 195.7 million, while total bank borrowings rose to HKD 755.5 million, leading to a debt-to-equity ratio of 48.1%; the directors believe the Group possesses sufficient financial resources to support its business activities Key Liquidity and Financial Resources Metrics (million HKD) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 195.7 | 140.5 | Increase 55.2 | | Total Bank Borrowings | 755.5 | 599.5 | Increase 156.0 | | Debt-to-Equity Ratio | 48.1% | 38.1% | Increase 10.0 percentage points | - The increase in the debt-to-equity ratio was primarily due to amounts arising from the completion and availability for lease/occupancy of Huading Industrial Park[36] Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[37] Capital Expenditure and Commitments In H1 2025, the Group's capital expenditure was HKD 39.0 million, primarily for the expansion of Huading Industrial Park Phase I and renovation of retail stores/factories; as of the period end, contracted but unprovided capital commitments amounted to HKD 8.9 million, mainly related to the construction of Huading Industrial Park Phase I Capital Expenditure and Commitments (million HKD) | Metric | Amount (million HKD) | | :--- | :--- | | Capital Expenditure for H1 2025 | 39.0 | | Contracted but Unprovided Capital Commitments (as of June 30, 2025) | 8.9 | - Capital expenditure was primarily for the expansion of Huading Industrial Park Phase I and the renovation of retail stores and factories[42] Capital Structure In H1 2025, the Company's capital structure remained unchanged, with capital comprising solely ordinary shares - In H1 2025, the Company's capital structure remained unchanged, consisting solely of ordinary shares[44] Treasury Policy and Exposure to Foreign Exchange Fluctuations The Company uses HKD as its functional and presentation currency, with minimal foreign exchange risk from USD transactions; raw material sales and purchases are primarily denominated in USD and RMB; the Group will closely monitor foreign currency risks and may consider hedging with financial instruments, though no hedging was undertaken in H1 2025 - The Company uses HKD as its functional and presentation currency, with extremely low foreign exchange risk from USD transactions[45] H1 2025 Revenue and Procurement Currency Composition | Currency | Revenue Proportion | Raw Material Procurement Proportion | | :--- | :--- | :--- | | USD | 32.5% | 8.3% | | RMB | 67.5% | 91.7% | - The Group will closely monitor foreign currency risks to address ongoing currency fluctuations of RMB against USD, and may use financial instruments to mitigate currency risk if necessary, though no hedging was undertaken in H1 2025[45] Business Outlook Business Outlook Facing a complex global economic environment, the Group will adhere to a "seek progress while maintaining stability, innovate for change" strategy, focusing on global production capacity layout, digital retail transformation, and diversified industrial ecosystems; OEM/ODM business will accelerate Cambodia factory optimization, deepen strategic client cooperation, and strengthen R&D; domestic retail business will enhance omni-channel integration, optimize online and offline experiences, and implement agile supply chains; Huading Industrial Park will precisely attract investment, introducing upstream and downstream enterprises and leading emerging industries, exploring diversified development paths - The Group will adhere to a "seek progress while maintaining stability, innovate for change" strategy, addressing challenges with three core strategies: global production capacity layout, digital retail transformation, and diversified industrial ecosystems[38] - The OEM/ODM business will accelerate Cambodia factory optimization, introduce intelligent manufacturing, deepen strategic client cooperation in North America, Europe, and RCEP, focus on high-value-added orders, and strengthen R&D in functional fabrics and smart wearables[38] - Domestic retail business will deepen omni-channel integration, optimize online and offline experiences, leverage big data for precise marketing, enhance brand essence through cross-industry collaborations and community operations, and implement small-batch rapid response and agile supply chains[38] - Huading Industrial Park will precisely attract investment, focusing on introducing upstream and downstream enterprises in the apparel industry chain, and actively promoting the entry of leading enterprises in emerging industries such as biomedicine and chip computing, exploring diversified development paths[38] Other Information Interim Dividends The Board does not recommend the payment of any interim dividends for the first half of 2025 - The Board does not recommend the payment of any interim dividends for H1 2025[40] Human Resources As of June 30, 2025, the Group employed 4,410 staff globally, valuing good employee relations by offering competitive remuneration, a safe and comfortable work environment, and career development opportunities, alongside mandatory retirement schemes for employees in Mainland China, Hong Kong, and Cambodia Number of Employees | Region | Number of Employees (as of June 30, 2025) | | :--- | :--- | | Mainland China, Hong Kong, Cambodia, and USA | 4,410 | - The Group provides mandatory retirement schemes for employees in Mainland China, Hong Kong, and Cambodia, but not for employees in the USA[41] Events After the Reporting Period As of the date of this announcement, the Group had no significant events after June 30, 2025 - As of the date of this announcement, the Group had no significant events after June 30, 2025[43] Purchase, Sale and Redemption of Listed Securities In H1 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - In H1 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[46] Review of Interim Results The Company's Audit Committee has reviewed the unaudited interim financial information for H1 2025, discussing accounting principles, internal control systems, and financial reporting matters with management; the external auditor has reviewed this financial information in accordance with Hong Kong Standard on Review Engagements 2410 - The Company's Audit Committee has reviewed the unaudited interim financial information for H1 2025, discussing accounting principles, internal control systems, and financial reporting matters[47] - The external auditor, BDO Limited, Hong Kong, has reviewed the condensed consolidated interim financial information in accordance with Hong Kong Standard on Review Engagements 2410[47] Corporate Governance Code In H1 2025, the Company consistently complied with the applicable code provisions of the Corporate Governance Code under Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited - In H1 2025, the Company consistently complied with the applicable code provisions of the Corporate Governance Code under Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[48] Standard Code for Securities Transactions by Directors The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance with this Standard Code throughout H1 2025 - The Company has adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all Directors have confirmed compliance with this Standard Code throughout H1 2025[49] Publication of Interim Report and Board Composition The Company's interim report for H1 2025 will be published in due course on the websites of The Stock Exchange of Hong Kong Limited and the Company; as of the announcement date, the Board comprises four executive directors and three independent non-executive directors - The Company's interim report for H1 2025 will be published on the websites of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the Company (www.chinating.com.hk)[50](index=50&type=chunk) Board Composition (as of Announcement Date) | Category | Name | | :--- | :--- | | Executive Directors | | | Mr. Ding Man Er | (Chairman) | | Mr. Ding Xiong Er | (Chief Executive Officer) | | Mr. Ding Jian Er | | | Mr. Zhang Ding Xian | | | Independent Non-executive Directors | | | Mr. Wong Chi Keung | | | Mr. Leung Man Kit | | | Ms. Li Yuet Mui | |