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CR Construction Announces Interim Results, Gross profit increased by 25.0% YoY

Declared an interim dividend of HK1.5 cents per share


Highlights:

  • Revenue generated by RMAA works increased by approximately 11.2%
  • Gross profit increased by 25.0% to approximately HK$188.1 million.
  • Gross profit margin increased by 1.5 p.p. to approximately 6.8%.
  • Basic earnings per share was HK7.17 cents. The Board resolved to declare the payment of interim dividend of HK1.5 cents per share.


Financial Highlights:

For the 6 months ended 30 June
HK$’000 2024 2023 Change
Revenue 2,773,188 2,832,073 -2.1%
  • Building Construction Works
  • Repair, Maintenance, Alteration and Addition (“RMAA”)
  • Environmental Operations
2,414,268

290,600

68,320

2,455,898

261,406

114,769

-1.7%

+11.2%

-40.5%

Gross profit 188,062 150,480 +25.0%
Gross profit margin

Net profit
6.8%

36,220

5.3%

45,954

+1.5 p.p.

-21.3%

Earnings per share (HK cents) 7.17 9.09 -21.1%

HONG KONG SAR – Media OutReach Newswire – 23 August 2024 – CR Construction Group Holdings Limited (“CR Construction” or the “Company”, together with its subsidiaries, the “Group”; stock code: 1582.HK), a building contractor in Hong Kong, announced its interim results for the six months ended 30 June 2024 (the “Reporting Period”). During the Reporting Period, the revenue recorded by the Group amounted to approximately HK$2,773.2 million representing a decrease of approximately 2.1% as compared to approximately HK$2,832.1 million for the six months ended 30 June 2023 (the “Corresponding Period Last Year”).

Net profit of the Group during the Reporting Period was approximately HK$36.2 million, representing a decrease of approximately 21.3% as compared to the Corresponding Period Last Year.

During the Reporting Period, gross profit of the Group was approximately HK$188.1 million, representing an increase of approximately 25.0% as compared to approximately HK$150.5 million for the Corresponding Period Last Year. The Group’s gross profit margin was approximately 6.8% and 5.3% for the six months ended 30 June 2024 and 2023, respectively. The gross profit margin of the Group increased slightly by approximately 1.5 percentage points by comparing the six months ended 30 June 2024 against the six months ended 30 June 2023.

During the Reporting Period, earnings per share of the Group was approximately HK7.17 cents (for the six months ended 30 June 2023: HK9.09 cents). The Board has resolved to declare the payment of interim dividend of HK1.5 cents per share.

BUSINESS REVIEW
Construction Operations
Building Construction Works
For the six months ended 30 June 2024, the revenue generated from the building construction works was HK$2,414.3 million, representing a decrease of approximately 1.7% as compared to approximately HK$2,455.9 million for the six months ended 30 June 2023.

During the Reporting Period, the gross profit of building construction works was approximately HK$126.7 million, representing a decrease of approximately HK$3.9 million as compared to approximately HK$130.6 million for the Corresponding Period Last Year. The gross profit margin decreased slightly to approximately 5.2% for the six months ended 2024. The decrease in gross profit and gross profit margin was mainly due to additional cost incurred for variation orders for projects during the Reporting period, while the respective revenue is expected to be recognised at a later stage.

Repair, Maintenance, Alteration and Addition (“RMAA”)
The revenue generated from the RMAA works increased by approximately 11.2% from approximately HK$261.4 million for the six months ended 30 June 2023 to approximately HK$290.6 million for the six months ended 30 June 2024.

During the Reporting Period, the gross profit of RMAA works was approximately HK$43.2 million, representing an increase of approximately HK$44.6 million from the gross loss of approximately HK$1.4 million for the six months ended 30 June 2023. The gross profit margin increased to approximately 14.9% for the six months ended 30 June 2024. The increase in the gross profit and gross profit margin for the six months ended 30 June 2024 was mainly due to additional cost incurred for variation orders for a project during the prior period, while the respective revenue were only certified during the Reporting Period.

Environmental Operations
For the six months ended 30 June 2024, the revenue generated from the environmental operations was approximately HK$68.3 million, representing a decrease of approximately 40.5% as compared to approximately HK$114.8 million for the six months ended 30 June 2023.

During the Reporting Period, the gross profit was approximately HK$18.2 million, representing a decrease of approximately HK$3.1 million as compared to approximately HK$21.3 million for the six months ended 30 June 2023. The gross profit margin increased to approximately 26.6% for the six months ended 30 June 2024. The decrease in the gross profit and increase in gross profit margin for the six months ended 30 June 2024 was mainly due to decrease in revenue from construction and rehabilitation services which contributed lower gross profit margin during the Reporting Period.

CONTRACT COSTS
The Group’s contract costs primarily consisted of subcontracting costs, material costs, direct staff costs and site overheads. For the six months ended 30 June 2024, the contract costs recorded by the Group were approximately HK$2,585.1 million, representing a decrease of 3.6% compared to approximately HK$2,681.6 million for the six months ended 30 June 2023. Such decrease was attributable to the decrease in subcontracting costs, material costs and direct staff costs for new projects and existing projects during the Reporting Period.

PROSPECTS
Subsequent to 30 June 2024, the Group has been further awarded 1 new projects relating to building construction works with original contract sum of approximately HK$2.1 billion.

The Group has also attached great emphasis to technological innovation, enhancing its core competitiveness in the construction industry. The total expenditure for the research and development is approximately HK$11.6 million during the Reporting Period. Our self-developed “4S Smart Construction Safety System” has obtained the ISO 27001 Certification for Information Security Management System, becoming the first company in Hong Kong to achieve this certification for a smart construction safety system.

In addition, our environmental company has successfully developed an integrated rural domestic sewage treatment equipment, which has passed the performance test by a third-party testing institution. Therefore, in line with the digitalization trend in the construction industry and the government’s policy on Smart Site, our Group will enhance technology research and development, and is committed to introducing various innovative technology tools in various projects to enhance management efficiency and construction safety.

In the second half of 2024, Hong Kong’s economic activities are expected to continue steady development, while cost pressure is expected to rise with increasing construction volume. The government’s previous introduced labour importation schemes in the construction industry, with the completion of more dormitories and support measures, we expect to further reduce hiring costs and help alleviate some challenges related to technical talent shortages. The government recently announced that the Land (Compulsory Sale for Redevelopment) (Amendment) Bill 2023 is expected to come into effect by the end of this year. After the implementation of the new legislation, which lowers the compulsory sale application thresholds, it is believed that it could facilitate the redevelopment of large-scale projects. We expect that this measure will have a positive impact on the Group’s business.

Our Group will continue to work hard to find new potential construction business opportunities to achieve Group’s profit growth. At the same time, leveraging our experience in the industry, our Group is keen to explore suitable business opportunities in construction and environmental industries and other areas both domestic and overseas.
Hashtag: #CRConstruction #InterimResults

The issuer is solely responsible for the content of this announcement.

CR Construction Group Holdings Limited

CR Construction Group Holdings Limited, which is carrying out construction business for over 55 years locally, is one of the leading building contractors in Hong Kong. The Group principally act as a main contractor in building construction works and RMAA works projects across public and private sectors in Hong Kong. As a main contractor, the Group is responsible for (i) overall management of the projects; (ii) formulating work programmes; (iii) engaging subcontractors and supervising their works; (iv) sourcing construction materials; (v) communication and coordination with the customers and their consultant teams; and (vi) safeguarding compliance with safety, environmental and other contractual requirements.

SIBUR receives top ESG rating


MOSCOW, RUSSIA – Media OutReach Newswire – 23 August 2024 – The National Rating Agency (NRA) has awarded its highest ESG rating, AAA.esg, to SIBUR, Russia’s largest producer of polymers and rubber, making it the first company in the country, including non-industrial companies, to earn this distinction.

The AAA.esg rating indicates that SIBUR has fully integrated sustainability into its operations and excels in terms of its compliance with environmental protection, social responsibility and corporate governance practices.

Key factors contributing to SIBUR’s excellent environmental performance include its greenhouse gas emission reduction targets, the implementation of circular-economy projects, and its robust environmental and climate risk management system. Additional points were awarded for the company’s efforts to develop sustainable supply chains.

SIBUR earned high marks for social responsibility, particularly for its comprehensive occupational health and safety system, progressive employee compensation policy and regulations on wages, bonuses and additional benefits. The company’s approach to its employees emphasises equality and inclusivity, and it actively engages with local communities in the regions where it operates.

In terms of corporate governance, the NRA noted SIBUR’s successful implementation of its Sustainable Development Strategy, the integration of sustainability issues into the work of the Board of Directors and the existence of a dedicated sustainability committee, as well as timely and adequate disclosure.

“We are proud to be the first in Russia to receive an AAA.esg rating, the highest possible. This ESG rating is the most thorough and most objective tool available for assessing companies, and compliance with the methodology approved by the Bank of Russia ensures that information is transparent and accessible to all stakeholders. We will strive to uphold this rating and continue to advance best practices when it comes to sustainability both in the industry and in the country as a whole,” said Alexey Kozlov, SIBUR’s Managing Director and a member of the company’s Management Board.

The rating was prepared by the NRA based on open-source data for 2023 as well as information provided by the company.

Hashtag: #SIBUR

The issuer is solely responsible for the content of this announcement.

Southco Introduces New Latch For Panel Closures Requiring Basic Compression


HONG KONG SAR – Media OutReach Newswire – 23 August 2024 – Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as locks, latches, captive fasteners, electronic access solutions, and hinges/positioning technology, has introduced a new line of compression latches that have been optimized to provide a simple and affordable solution for enclosure applications that require basic compression. The E9 Quarter-Turn Compression Latch combines the proven 90-degree actuation of Southco’s E5 Cam Latch series with light compression to fit a wide range of industry applications, including Bus, Rail and Industrial Machinery.

E9 Quarter-Turn Compression Latch
E9 Quarter-Turn Compression Latch

The E9 Quarter-Turn Compression Latch facilitates the upgrade from cam latching to compression latching for applications where the full compression strength of Southco’s E3 VISE ACTION® series is not required.

With simple 90 degree actuation, the E9 Quarter-Turn Compression Latch rotates the cam behind the frame to secure the panel. The E9 Quarter-Turn Compression Latch series is available in clockwise and counterclockwise versions, and with fixed or adjustable grip lengths that enable engineers to choose the right solution for their application.

Designed with fewer internal components, the E9 Quarter-Turn Compression Latch facilitates hardware upgrades and saves assembly time. Available with 13 different head styles and three different cam styles (standard, protected and roller cam) the E9 is highly customizable to unique application requirements. The highly durable latch meets IP66/IP67 (intrusion protection) ratings for dust and water ingress and is tested to last 10,000 cycles, making it a reliable choice for demanding environments.

Commercial Product Manager Jonathan Coulter adds, “The new E9 Quarter-Turn Compression Latch delivers an affordable alternative for panel closure upgrades, offering compression without high costs or complicated engineering.”

For more information about the functionality of E9 Compression Latches, please visit southco.com/E9-Quarter-Turn-Compression-Latch or email the 24/7 customer service department at info@southco.com.

Hashtag: #southco #compression #latchingsolutions #enclosure

The issuer is solely responsible for the content of this announcement.

Southco

Southco, Inc. is the leading global designer and manufacturer of engineered access solutions. From quality and performance to aesthetics and ergonomics, we understand that first impressions are lasting impressions in product design. For over 70 years, Southco has helped the world’s most recognized brands create value for their customers with innovative access solutions designed to enhance the touch points of their products in transportation and industrial applications, medical equipment, data centers and more. With unrivalled engineering resources, innovative products and a dedicated global team, Southco delivers the broadest portfolio of premium access solutions available to equipment designers throughout the world.

Innovative Vitality Boosts the Development of Hebei-Xiong’an

XIONG’AN, CHINA – Media OutReach Newswire – 22 August 2024 – Over the past seven years since its establishment, Xiong’an New Area in Hebei Province, north China, has intensified efforts to relieve Beijing of functions non-essential to its role as China’s capital, with the demonstration effect of central enterprises clustering initially emerging. The market economy vitality has continued to burst forth, with the rapid development of the private sector and export-oriented economy. Additionally, a batch of key technologies have accelerated their research and development, enhancing the potential for future development.

The market economy vitality continues to burst out

The Xiong’an Science and Technology Innovation Center has gathered and showcased a series of cutting-edge scientific and technological achievements. With the signing and entry of scientific and technological enterprises and over a dozen research platforms, it is constructing an ecological system for the transformation of achievements where various innovation entities are closely integrated. The pilot test base of the Xiong’an Science and Technology Innovation Center provides a carrier for the development and implementation of innovative achievements through preferential policies. New products developed by related enterprises, such as intelligent connected vehicles and intelligent inspection robots, have already been applied in Xiong’an.

The large-scale operation of innovative industrial platforms has attracted a large number of technology-based private enterprises to settle in Xiong’an New Area. The region has issued policy measures to promote the high-quality development of private investment and to support technological innovation and industrial development. It has established seed funds for scientific and technological innovation, industrial investment guidance funds, and implemented a pilot policy for corporate venture capital income tax, which offers a “three-year reduction and five-year exemption” period. These measures have increased the attractiveness of the area for technology-based enterprises.

Currently, more than ten innovative industrial platforms and over 20 themed buildings have been put into use, attracting inspections and negotiations from a number of private technology-based enterprises from the Beijing-Tianjin-Hebei region and the Yangtze River Delta.

The policies of the Xiong’an Free Trade Zone, Comprehensive Bonded Zone, and Cross-border E-commerce Comprehensive Test Zone overlap, empowering the development of an export-oriented economy. By linking with Tianjin Port, Huanghua Port, and Beijing Daxing Airport, ports have been brought to the “doorstep” of Xiong’an. Leveraging the foreign trade comprehensive service platform in Xiong’an New Area, enterprises have completed nearly 9,900 foreign trade orders.

The key technologies have accelerated the development and practice

Xiong’an is actively deploying high-end R&D platforms and industrial carriers to promote the implementation of key technology research and development. Currently, the Xiong’an New Area is actively advancing the construction of a series of national-level cutting-edge innovation platforms, such as the National Key Laboratory of Aerospace Flight Technology and the National Semiconductor Laser Technology Innovation Center, to accelerate the exploration of cutting-edge technology and the research of key core technologies. Among them, the Xiong’an Innovation Research Institute has established research units such as the Communication Photonics Integrated Chip Laboratory and the Cognitive Intelligence Laboratory, focusing on the research and development of optoelectronic chips and other fields.

To promote the incubation, transformation, industrialization, and scenarization of the latest technologies and products in Xiong’an, Hebei launched the “Future City Scene Collection” scene competition at the end of last year, aiming to facilitate the display of achievements, technology trading, and scene application, thereby promoting the development of future cities and industries. Currently, Xiong’an has hosted 10 competitions, including IPv6 applications, near-zero-carbon building technology applications, and Beidou technology applications, promoting the implementation of new technologies and products through open innovation scene applications.

Hashtag: #Xiongan

The issuer is solely responsible for the content of this announcement.

Stella’s First-Half Net Profit Surges 54% and Cash Balance Doubles

Board Approves Plan to Return US$180 million to Shareholders over Three Years in Addition to Normal Dividend


Highlights:

  • Shipment volume increased by 12.3%, led by Sports category
  • Revenue increased by 7.5% to US$770.0 million
  • Further enhanced customer portfolio
  • Gross profit margin expanded by 2.7 percentage points to 25.8%
  • Reported operating profit margin increased to 12.9% from 9.0% same period last year
  • Adjusted net profit increased by 54.1% to US$92.9 million
  • Strong net cash position reached US$326.1 million, compared to US$162.5 million as at 30 June 2023
  • Declared interim dividend of HK65 cents per share, representing a dividend payout ratio of about 71.5% based on adjusted net profit
  • Board resolves to return additional cash up to US$180 million in total for the next three years (2024-2026) to shareholders through a combination of share repurchases and special dividends, on top of paying regular dividends with a payout ratio of 70%

HONG KONG SAR – Media OutReach Newswire – 22 August 2024 – Stella International Holdings Limited (“Stella” or the “Group”; SEHK: 1836), a leading developer and manufacturer of quality footwear and leather goods products, today announced its interim results for the six months ended 30 June 2024.

Enhanced Customer Mix Drives Margin Expansion

In the first half of 2024, the Group’s revenue and shipment volumes increased year-on-year, driven by Sports category orders, as well as earlier shipments to certain customers, amounting to approximately 1 million pairs, compared to the original shipment plan. ASP decreased year-on-year, due to the higher proportion of Sports products which have a lower ASP.

The Group’s non-Sports manufacturing facilities operated at close to full utilisation throughout the period under review. The Group saw continued gross profit margin improvement resulting from an enhanced customer mix. This, together with improved operating leverage from the increased utilisation of its Sports manufacturing facilities, drove an expansion of the Group’s operating profit margin.

Due to the factors outlined above, the Group recorded a net profit of US$91.5 million. Excluding a marked-to-market net fair value change from its investment in Lanvin Group, the Group recorded an adjusted net profit of US$92.9 million (first half of 2023: US$60.3 million). Its adjusted net profit margin was 12.1% (first half of 2023: 8.4%).

Maintain Steady Payout Ratio of around 70%

After considering the Group’s free cash flow situation, the Board has resolved to declare an interim dividend of HK65 cents per ordinary share for the six months ended 30 June 2024, representing a payout ratio of about 71.5%.

Board Approves Plans to Return US$180 million to Shareholders

Given the Group’s strong cash levels, the Board has also resolved to return additional cash up to US$60 million per year for the next three years (2024-2026) to shareholders, not exceeding US$180 million in total, through a combination of share repurchases and special dividends, on top of paying regular dividends of with a normal payout of 70% (comprising of final dividends and interim dividends).

Gain Recognition for Excellence in Sustainability and Investor Relations

In the first half of 2024, the Group’s MSCI ESG rating was upgraded to ‘A’ from ‘B’, reflecting its ongoing efforts to adopt better sustainability and transparency practices.

The Group was also named in the leading international financial magazine Institutional Investor’s annual Asia Executive Team Rankings” (Rest of Asia section – ex Japan and Mainland China) for the first time, earning the ‘Honoured Company’ designation in 2024. It ranked 3rd in the ‘Best Company Board’ (Sell-side) category and 6th (overall) in the Consumer Discretionary sector. In addition, it was one of the winners for the ‘Best IR Company’ (small-cap) award at the 10th Investor Relations Awards 2024 held by the Hong Kong Investor Relations Association.

Stella to unlock Global Opportunities with HSCI Inclusion and Stock Connect Trading

Hang Seng Indexes Company has announced that Stella International will become a constituent of the Hang Seng Composite Index (“HSCI”) effective on 9 September 2024. From this date, the Group will also meet the requirements to become tradeable via the Stock Connect scheme.

Outlook: Maintain or Expand on Strong Margin Levels on Full-Year Basis

For the full year 2024, the Group expects to maintain or expand on the same strong operating margin level it achieved in 2023, as it continues to implement the strategies and meet the targets set out in its Three-Year Plan (2023-2025), namely achieving an operating margin of 10% and a low-teens annualised growth rate on profit after tax by the end of 2025.

The Group expects its non-Sports manufacturing facilities to continue operating at close to full utilisation in the second half of 2024, as it further enhances its product category mix as part of its Three-Year Plan. On a full-year basis, the Group expects shipment volumes to grow moderately compared to 2023, led by its Sports category

Mr. Chi Lo-Jen, Chief Executive Officer of the Group said, “As we seek to further improve our product mix, we are prioritising the ramp-up of our new factory in Solo, Indonesia, and improving worker skill levels in order to expand our capacity for higher-margin products and transition the production of some Fashion category products there from our factories in Vietnam. This will ensure that we continue meeting the profit growth targets of our Three-Year Plan.”

Mr. Lawrence Chen, Chairman of the Group, said, “We will continue to enhance our customer mix, expand and diversify our manufacturing base, optimise management effectiveness and efficiency, and strengthen our use of working capital in order to deliver further growth and value to our shareholders.”
Hashtag: #Stella

The issuer is solely responsible for the content of this announcement.

About Stella International Holdings Limited

Stella International (SEHK: 1836) is a leading developer and manufacturer of quality footwear and leather goods. A trusted partner to many of the world’s most sought-after brands, it offers a unique proposition of unparalleled craftsmanship, production flexibility, and strong speed-to-market and commercialization capability, supported by a broad, diverse and proven manufacturing base across China and Southeast Asia.

Stella International was listed on the Hong Kong Stock Exchange in 2007 and is a constituent of the MSCI Hong Kong Small Cap Index.

Vinhomes: Elevating Vietnam’s real estate standards through innovation


HANOI, VIETNAM – Media OutReach Newswire – 22 August 2024 – Vinhomes has redefined urban living in Vietnam, creating exceptional residential spaces that seamlessly blend luxury, technology, and community. With a portfolio of 29 projects across eight provinces and cities, the company has set new standards for urban lifestyles in Vietnam. Building on its success and capitalizing on Vietnam’s economic growth, Vinhomes is now attracting foreign buyers with strategic vision and unwavering commitment to quality and innovation.

Vinhomes Ocean City
Vinhomes Ocean City


Over 3 decades of development, Vingroup has emerged as a pioneering force in Vietnam, building a portfolio of top brands across a range of nascent industries.

In 2013, the conglomerate also launched Vinhomes, marking its entry into the real estate market. This venture rapidly evolved into a series of high-end residential and commercial developments that reshaped Vietnam’s urban skyline and introduced international living standards to the country.

Redefining Vietnam’s Skyline

In the early 2000s, when the Vietnamese real estate market demanded little more than basic shelter, Vingroup’s Vinhomes introduced a new concept: the gated, amenity-rich luxury condominium. Vincom Ba Trieu, with its civilized living spaces, was a pioneering example. Soon after, Vinhomes elevated its ambitions with the “all-in-one” urban model embodied by Vinhomes Royal City and Vinhomes Times City.

As this concept gained traction, Vinhomes again redefined the market with a dual focus on green living and integrated utilities. With each successive project, the developer eschewed repetition, introducing fresh elements and solidifying its reputation as a dynamic force capable of consistently reimagining the residential experience.

Vinhomes has cemented its position as a real estate titan through a nationwide portfolio of projects. Investors have recognized the company’s ability to seamlessly navigate the entire real estate value chain, from market analysis to post-sale management. This comprehensive approach, characterized by meticulous planning and execution, has been instrumental in Vinhomes’ development of pioneering products. By consistently researching global trends and best practices, the company has maintained its leadership role in the industry.

Even during the real estate market’s downturn between 2011 and 2013, Vinhomes properties remained in high demand. Data from leading market research firms like CBRE, Savills, and JLL consistently show the brand accounting for a significant portion of total supply, particularly in 2016 and 2017.

Beyond its financial success, Vinhomes has cultivated a strong reputation for creating exceptional living environments. Residents benefit from a comprehensive ecosystem of amenities, including schools, healthcare facilities, recreational spaces, and retail outlets. With a commitment to fostering community engagement, Vinhomes has transformed its developments into thriving urban hubs, earning accolades as one of the nation’s most desirable places to live. This holistic approach has propelled the company to the forefront of Vietnam’s real estate industry.

In a bold reimagining of urban living, Vinhomes has created an aquatic oasis in the heart of Hanoi. At the center of its Ocean City megaproject lies a 6.2-hectare saltwater lake, a first-of-its-kind amenity in the Vietnamese capital.

Vinhomes has further expanded its vision with Vinhomes Royal Island, an 877-hectare development inspired by the world’s most coveted island getaways. This project offers residents a unique blend of luxury, natural beauty, and modern conveniences. The community boasts an extensive network of 31 parks, swimming pools, and sports facilities.

Vinhomes Can Leverage Vietnam’s Growth to Attract Foreign Buyers

With a proven track record and the allure of Vietnam’s growing economy, Vinhomes is now courting foreign investment for its internationally-benchmarked developments. The company’s strategic acumen and unwavering dedication to quality and innovation have propelled it to the forefront of the Vietnamese and global real estate industry.

A hallmark of Vinhomes’ success lies in its ability to anticipate and fulfill the evolving needs and aspirations of its clientele. By consistently investing in research and development, the company has stayed ahead of market trends and introduced groundbreaking concepts to the Vietnamese real estate market. For instance, Vinhomes’ integration of smart home technology has elevated the living experience for its residents, offering features such as remote control, enhanced security, and energy efficiency.

Moreover, Vinhomes has played a crucial role in enhancing Vietnam’s urban fabric. The company’s developments have spurred economic growth, created jobs, and improved the overall quality of life for residents.

As Vietnam continues its trajectory towards becoming a developed nation, Vinhomes is well-positioned to capitalize on the growing demand for high-quality real estate. With a strong foundation built on innovation, sustainability, and customer satisfaction, the company is poised to maintain its leadership position in the market and contribute significantly to the country’s economic and social progress.

Hashtag: #Vinhomes

The issuer is solely responsible for the content of this announcement.

APAS “5G-enabled Autonomous People Mover Service in a Residential Park”

Private Housing Estate to Host Groundbreaking Field Test of Self-driving Right-Hand Drive Vehicle


HONG KONG SAR – Media OutReach Newswire – 22 August 2024 – The Automotive Platforms and Application Systems R&D Centre (APAS) announced that “5G-enabled Autonomous People Mover Service in a Residential Park” pilot programme has officially launched following approximately two years of meticulous planning and technological research, like the collection of high-definition maps, artificial intelligence (AI) algorithm development, simulation testing, debugging and most importantly, safety tests. With Movement Permit for a Vehicle secured, the field tests at Fairview Park will commenced on 26 August. The programme received funding from the HKSAR Government’s Smart Traffic Fund and enjoyed the full support of Kwoon Chung Bus Holdings Limited (Kwoon Chung), TriTech Distribution Limited (Tritech), a subsidiary of MTT Group Holdings Limited, as well as the Fairview Park Property Management Ltd. and its Management Advisory Committee. It will serve as a reference point for transport officials and the local industry for developing self-driving right-hand drive vehicles, in order to better prepare for the wider adoption of autonomous driving technology in public transportation in the future.

The two autonomous shuttle light buses in the pilot programme have passenger capacities of 12 and 8 respectively, with the 8-seater being equipped with a wheelchair space. Both vehicles feature sensors to detect in real-time if the passengers are wearing their seat belts properly. The low-floor design not only facilitates senior citizens and wheelchair users, but also enhances the children’s safety during boarding and alighting. The operator has purchased third-party insurance for the vehicles to protect passengers. During the pilot project period, APAS will conduct monthly inspections of the vehicle and autonomous driving system, and collect relevant data to improve the service.

Dr Lawrence CHEUNG, Chief Executive Officer of APAS, says, “Since APAS began innovating autonomous driving in 2018, we have always dedicated to collaborating with the industry, academia, and technology institutions to commercialise the results of research and development (R&D) innovations, thereby promulgating the development of Hong Kong vehicle technology industry. With the support of Kwoon Chung, TriTech and Farview Park Property Management Ltd, we can launch the pilot programme at Fairview Park. We expect this to benefit the local industry by grooming talent and accumulating experience to facilitate the use of autonomous vehicles, thereby enabling the wider adoption of autonomous driving technologies in public transport soon. APAS will continue striving alongside the ‘Hong Kong Smart City Blueprint 2.0’ by providing talent and experience to further speed up the implementation of wider application of autonomous vehicle technology in Hong Kong, as well as promoting the collaboration between Government, industry, academia and research sectors to accelerate the relevant R&D and application, making Hong Kong a more liveable, sustainable city.”

Mr Timothy WONG, Chief Operating Officer, Kwoon Chung says that the group has been actively exploring autonomous electric light bus services in recent years and is also glad to see an increased number of infrastructure projects to introduce autonomous electric vehicles and transport systems. “At Kwoon Chung, our smart mobility initiatives shoulder the responsibilities of a technical enabler, localisation and commercialisation. By positioning as a technical enabler, Kwoon Chung is committed to applying advanced technologies in the domain of smart mobility, and promoting industry innovation and development. Our vision is to become a pioneer in the localisation and commercialisation of autonomous driving, marrying technological advancements with the demands of Hong Kong and the world while nurturing the implementation and commercialisation of technology.”

As one of the largest private residential villa estates in Hong Kong, Fairview Park has long and wide main carriageways while its low-density residential environment makes it ideal for the trial of autonomous driving. This pilot project deploys two autonomous driving shuttle light buses with Cellular-Vehicle-to-Everything (CV2X) that run through the southeastern and northwestern parts of Fairview Park, providing residents with an additional option on top of the existing two estate shuttle bus routes. During the two-month trial period, the two autonomous driving shuttle light buses will operate between 9am and 6pm on Monday to Friday (excluding public holidays), with seven bus stops for residents within the estate. The approximately 2.5km-long circular route observes bus stops #3 and #9 in a clockwise direction.

The Fairview Park estate management believes these shuttle light buses can potentially provide residents with extra transportation options, and express their gratitude to the research and development team for selecting Fairview Park as the pilot project for 5G autonomous driving implementation. Fairview Park hopes to integrate ‘green technology’ and ‘Smart City’ concepts through application of ‘smart mobility’ technologies. The estate aims to create a greener and more livable environment for residents, as well as upgrading Fairview Park to be in line with future developments of the Northern Metropolis area. The estate management hopes to continue cooperation with government and private sector through technological innovation, striving to create a sustainable community model and participate in the Smart City development concept for Hong Kong.

Each autonomous driving shuttle light bus in the pilot project is equipped with various sensors, a 5G receiver and AI technologies, from high-definition digital maps, object detection, route planning and vehicle dynamic control (VDC) and more. They are also equipped with CV2X function that integrates cameras, light detection and ranging (LIDAR), and GPS positioning system to enhance the light bus’s localisation accuracy. Furthermore, the autonomous driving vehicles can detect surrounding vehicles, pedestrians, cyclists and other obstructions, and respond appropriately to avoid any collusions.

Meanwhile, the approved Movement Permit for a Vehicle stipulates a speed limit of 30km/hr for the autonomous driving shuttle light buses in this project. A safety driver will be on board on standby on each trial vehicle, overtaking the controls manually in cases of emergencies for the safety of passengers. Assigned by Kwoon Chung, the safety drivers are holders of valid and designated driving licenses in Hong Kong. They must complete compulsory, professional training conducted by Kwoon Chung to ensure they understand the operation, functions and working guidelines of the autonomous driving shuttle light buses and have the written recognition from the technology developer. During the pilot programme’s service hours, a safety officer will be stationed at the bus terminus to monitor the driving data in real-time through the 5G wireless network, and assist the safety drivers in handling any emergencies.

The “5G-enabled Autonomous People Mover Service in a Residential Park” was launched in August 2022. It is coordinated by APAS, who also supports the trial of various autonomous driving technologies and the charging of the autonomous driving shuttle light buses. It is supported by the Government’s Smart Transport Fund. For details of the project, please visit: https://stf.hkpc.org:8443/psri-25-2112-ra/.

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Photo Captions:

  1. The pilot of “5G-enabled Autonomous People Mover Service in a Residential Park” is officially launched at Fairview Park, including two autonomous driving shuttle light buses with passenger capacities of 12 and 8 respectively. The eight-seater is equipped with a wheelchair space (small photo).
  2. (From left) Mr Timothy WONG, Chief Operating Officer, Kwoon Chung; Mr Clement AU, Group General Manager and Financial Controller, Fairland Holdings; Mr WONG Leung Pak, Matthew, BBS, Chairman, Kwoon Chung; Mr DU Yonghai, General Manager, APAS; Mr LAM Sai Hung, GBS, JP, Secretary for Transport and Logistics; Dr Lawrence CHEUNG, Chief Executive Officer, APAS; Mr LIU Chun San, JP, Undersecretary for Transport and Logistics; Mr Douglas WU, Executive Director, Fairland Holdings; and Mr CHAN Yuet Chuen, Alfred, Political Assistant to the Secretary for Transport and Logistics, witness the trial run of the autonomous driving shuttle light buses.
  3. Mr LAM Sai Hung, GBS, JP, Secretary for Transport and Logistics, inspecting the trial run of the “5G-enabled Autonomous People Mover in a Residential Park” at Fairview Park.

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About Fairland Group

Fairland is a Hong Kong-based property developer founded in the 1970s, and is well-regarded for introducing to Hong Kong the house-living concept in a well-planned suburban estate. The group’s renowned developments include Fairview Park near Yuen Long and Hong Lok Yuen in Tai Po. Fairview Park is the first and largest low-density suburban estate in Hong Kong, with over 5,000 house units, a community retail mall and country club, and located next to the famous Mai Po Nature Reserve. Currently, Fairland is growing the ‘Spark City’ series of neighborhood lifestyle and retail properties, serving the community’s everyday needs such as education and restaurants. Spark City locations include Cheung Sha Wan, To Kwa Wan and Mongkok.

About Kwoon Chung Bus Holdings Limited

Kwoon Chung Bus Holdings Limited was established in 1948 and is the largest non-franchised public bus and luxury car operator in Hong Kong. It was listed on the Main Board of the Hong Kong Stock Exchange in 1996 and operates over 1,300 buses and 400 limousines. Its subsidiary, KC Bus, holds a strong market position in areas such as school bus services and tourist bus services. Additionally, Kwoon Chung Bus Holdings owns subsidiary companies including New Lantao Bus Company (1973) Limited, Lantau Tours Limited and Intercontinental Limousine Company Limited, providing services such as Lantau Island franchised buses, cross boundary non-franchised buses, and luxury car services.

The group is committed to delivering high-quality, safe, and convenient transportation options, including cross boundary bus routes between Hong Kong and Shenzhen. It also offers limousine rental services for occasions such as weddings, business purposes, and tourism, as well as airport transfers and professional chauffeur services.

With its long-standing involvement and development in the transportation industry in Hong Kong, Kwoon Chung Bus Holdings has become an important player in the city. The company continues to expand its business scope to meet market demands and provide reliable transportation choices for passengers.

About the Automotive Platforms and Application Systems (APAS) R&D Centre

The Automotive Platforms and Application Systems R&D Centre (APAS) is set up under the R&D Centre Programme of the Innovation and Technology Commission and was hosted by the Hong Kong Productivity Council (HKPC). The Centre continues to undertake market-led R&D programmes as well as commercialises R&D results in collaboration with industry, universities and technology institutes in the area of automotive parts and accessory systems. The aim is to enhance the capabilities and competitiveness of Hong Kong’s automotive parts and accessory systems industry, which is made up of different industry sectors including the foundation industries.

About Hong Kong Productivity Council

The Hong Kong Productivity Council (HKPC) is a multi-disciplinary organisation established by statute in 1967, to promote productivity excellence through relentless drive of world-class advanced technologies and innovative service offerings to support Hong Kong enterprises. As a market-driven applied research and development organisation, HKPC promotes new industrialisation in Hong Kong and the Greater Bay Area and facilitates the development of new productive forces, leveraging innovation and technology (I&T), as well as bolstering Hong Kong to be an international I&T centre and a smart city. The Council offers comprehensive innovative solutions for Hong Kong industries and enterprises, enabling them to achieve resources and productivity utilisation, effectiveness and cost reduction, and enhance competitiveness in both local and overseas marketplaces. The Council partners and collaborates with local industries and enterprises and world-class R&D institutes to develop applied technology solutions for value creation. It also benefits a variety of sectors through product innovation, technology transfer, and commercialisation, bringing enormous business opportunities ahead. HKPC’s world-class R&D achievements have been widely recognised over the years, winning an array of local and overseas accolades.

In addition, HKPC offers SMEs and startups immediate and timely assistance in coping with the ever-changing business environment, and strengthens talent nurturing and Hong Kong’s competitiveness with FutureSkills training for enterprises and academia to enhance digital capabilities and STEM competencies.

For more information, please visit HKPC’s website:

Lao Government Launches Detailed Plan to Tackle Inflation, Stabilize Currency by Year-End

Lao Government Launches Detailed Plan to Tackle Inflation, Stabilize Currency by Year-End
A pile of Lao kip bank notes (photo credit: Lao Government Launches Detailed Plan to Tackle Inflation, Stabilize Currency by Year-End)

In a bid to curb inflation and stabilize the Lao economy, Prime Minister Sonexay Siphandone unveiled a strategic plan on 14 August. This new initiative, targeting the last five months of 2024, aims to bring inflation under control, manage the currency exchange rate, and ensure economic stability.