Sun Cheong in Business Collaboration to Expand to Super and Luxury Car Trading and Related Services
Creates a New Growth Driver, Diversifies Revenue Streams
HONG KONG, Oct 08, 2019 - (ACN Newswire) - Sun Cheong Creative Development Holdings Limited ("Sun Cheong" or the "Group", stock code: 1781), the brand owner of "ClipFresh", under which the Group designs, develops, manufactures and sells plastic household products targeting the mid-range to high-end market segment, has announced that it plans to invest HK$6 million to set up Champion Motor Group Hong Kong Limited ("Champion Motor"). The Group is to hold a 60% stake through its wholly-owned subsidiary, Top Leader International Limited ("Top Leader"). Champion Motor is to tap the super and luxury car trading market and provide related services in Hong Kong, creating a new growth driver for the Group, further diversifying its revenue sources.
Mr. Ivan Chan, Executive Director of Sun Cheong said, "On top of our steady plastic household products business, the management has been exploring exciting investment opportunities to fuel our growth momentum and diversify our business development. This business collaboration is a strategic initiative to achieving our goals. With the strong industry experience and extensive client network of our partner and the rapidly expanding market for super and luxury cars, we are positive that Champion Motor will generate considerable contributions to the Group in the short- to mid-term. With this new growth engine backed by the stable contributions from our core business, we believe this two-pronged business strategy will bring growing and sustainable returns to our shareholders."
Pursuant to the business agreement, Top Leader will make an initial contribution of HK$6 million to Champion Motor on or before 31 October 2019, funded by Sun Cheong's internal resources. The Group will leverage the expertise and network of its business partner, an industry veteran in trading super and luxury cars and provision of motor services, to capture this new market opportunity.
About Sun Cheong Creative Development Holdings Limited
Headquartered in Hong Kong for over 30 years, Sun Cheong Creative Development Holdings Limited designs, develops, manufactures and sells a comprehensive portfolio of approximately 1,271 types of plastic, glass and ceremic household products meeting stringent safety and quality standards. These products are sold under either its own "ClipFresh" brand targeting the mid-range to high end segment in the market, or on an ODM basis, to over 33 regions worldwide, including Australia, the UK, the United States, New Zealand and Germany. Currently, the Group operates two production facilities in Shenzhen, and is ranked third in terms of export value in the plastic household product manufacturing industry in the PRC.
Source: Sun Cheong Creative Development Holdings Limited
Sectors: Daily Finance, Daily News
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