SBI CHINA FUND LP acquired 300,000,000 shares from Always Profit Development Limited (a company wholly-owned by Mr. ZhangJinbing), accounting for approximately 26.93% of the total issued share capital. After the completion of the transaction, the seller's holdings will decrease to 227,238,938 shares, representing 20.40% of the company's total issued share capital.
The principal activities of the Company and its subsidiaries (the “Group”) are the wholesale of consumer products including timepieces and accessories and garment and sportswear products, the sale of unmanned aerial vehicles and related parts for fire-fighting, logistics transportation, communication and agricultural use and property investment.
In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 March 2025, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with HKFRS Accounting Standards issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.
At 31 March 2024, the Group’s banking facilities amounted to approximately HK $75,000,000 were secured by the following: (a) first legal charge over the Group’s investment properties and a land and building in Hong Kong with an aggregate carrying value of approximately HK$99,230,000; (b) corporate guarantees from the Company and certain of its subsidiaries; and (c) personal guarantee from the ultimate controlling party Mr. Zhang Jinbing, who is also the Chairman and Executive Director of the Company.
During the Year, the Group financed its operations and investments mainly by internally generated funds and debt financing. The cash and bank balances can provide adequate liquidity and capital resources for the ongoing operation needs of the Group.
