Hengdeli (3389-HK) Continues Share Repurchase, Reflects the Comp
Hengdeli (3389-HK) Continues Share Repurchase, Reflects the Company's Value
Hong Kong, Feb 6, 2013 - (ACN Newswire) - Hengdeli (3389-HK) repurchased its own shares for four consecutive days, respectively on January 31, February 1, February 4 and February 5 with an aggregate amount of over HK$44 million, which reflects a full confidence of the Company to its future development.
As a retail group of multi-branded watches, Hengdeli distributes over 50 middle-to-high-end watch brands. The Company adopts different strategies in different markets. The Company owns four different retail systems, including "Elegant", "Prime Time/Hengdeli", "With Time" and single-brand boutiques, to satisfy a wide range of customer groups. Mainland China and Taiwan are focuses on mid-to-high-end market and for Hong Kong, it is focuseson high-end market.
Under the economic slowdown of China in 2012, the Company still managed to achieve a 8.8% YoY growth in China sales in 1H2012, and a satisfactory growth in the sales of mid-end brands, representing a YoY growth of 24%, which implies a promising operating condition of the Company. In 2012, Hengdeli became a major shareholder of Ming Fung Jewellery Group Limited upon completion of the acquisition of a share swap with the jewellery company, it is believed that the development of jewellery business will be a profit growth driver for Hengdeli.
Recently, Hengdeli announced an issuance of senior notes for the purpose of s future development, which included the redemption of outstanding convertible bonds due in 2015 and for general corporate purposes. It is reported that the market response for the senior notes is overwhelming with 15 times of oversubscription.
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