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The
market in the first half of 2009 was seriously impacted by the financial
tsunami; although the economic situation was gradually stabilized in the
second half of the year, the road to recovery is still rough. The Company
took orders of the management philosophy of steady development, continuously
kept a good financial position and constantly improved the quality of
management and the risk resistant ability, aiming to effectively managing
the impact from this global financial crisis.
Hi-tech
Manufacturing
In 2009,
the turnover of the hi-tech manufacturing business of the Company was
HK$1,349,114,000 (2008 : HK$1,683,081,000), representing a decrease of
approximately 19.84% as compared with last year. The result of the hi-tech
manufacturing business was HK$143,042,000, representing a decrease of
approximately 21.67% as compared with HK$182,611,000 in last year. The
plastic products and the printed circuit boards businesses have their key
markets in the United States and Europe where major customers are located.
In the presence of the economy recovery in the second half of the year, the
orders from our customers quickly rebounded and the sales performance in
recent months has gradually restored to near the level before the outbreak
of the financial tsunami. The intelligent chargers and the liquid crystal
display businesses were badly affected by the financial tsunami and their
operating conditions are yet to be recovered. On the whole, although the
hi-tech manufacturing business was subject to a tough test in the first half
of the year, the situation in the second half of the year has gradually
stabilized and begun to restore to growth, the situation in the results of
the full-year was better than expectation.
Shenzhen Aerospace
International Centre
Shenzhen
Aerospace International Centre has been progressing smoothly since its
inception. Shenzhen Aerospace Hi-Tech Investment Management Company Limited
(“Shenzhen Aerospace”) has completed the design proposal for construction
and obtained the governmental approval. It has also acquired several
approvals and permits for planning and construction and has completed the
preparation of project work plan, including project proposal, expansion and
commencement plan design, construction design, etc. The completed works
included geological inspection, geological safety assessment and earthquake
faults investigation, etc. Shenzhen Aerospace has also established a series
of internal management system and strengthened the management in project
quality, safety and cost control, etc, so as to support the large scale of
construction tenderings and project management in the future.
The Complex Zone of
the Launching Site in Hainan Province
After
entering into the “Agreement of the Land Development Project of the Complex
Zone of the Launching Site in Hainan Province” between the Company and the
Wenchang Government, Hainan Province in August 2008, its preliminary works
had commenced subsequently. The Company has established a project company
named Hainan Aerospace Investment Management Company Limited (“Hainan
Aerospace”) and invested an upfront capital funding in it and formed an
operation team. At present, the Master Plan of the Complex Zone of the
Launching Site in Hainan Province has been approved by the provincial
government and the entire comprehensive development project has been
considered as a key project in the province, as well as a key cultural
industrial park and a key cultural industrial project.
During
the year, internationally renowned architects, theme park designers and
property consultants have been engaged by Hainan Aerospace to form a
syndicate of specialists and are working together for the planning and
design of the aerospace theme park and the entire Complex Zone. After a year
of efforts, the relevant works have been basically completed. Currently, the
approval for controlling detailed planning of the entire Complex Zone is
being applied. At the same time, Hainan Aerospace is working closely with
the Wenchang Government for the joint research and formulation of a program
concerning the expropriation of the entire Complex Zone. As of the date of
this Announcement, the expropriation has been commenced and it is expected
that the relevant works will be completed within 2010. The Company is
endeavor to beginning with the construction of infrastructure projects by
the end of the year.
In order
to match up the development of new development strategy, the Company gained
a profit before taxation of approximately HK$43,551,000 by selling its 80%
interest held in Shanghai Aerospace Technology Investment Management Limited
(“Shanghai Aerospace”) during the year at a consideration of RMB192,370,000
(approximately HK$218,107,000). |