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HONG KONG, June 30, 2021 - (ACN Newswire) - China Dynamics (Holdings) Limited (the "Company", to be renamed as "EV Dynamics (Holdings) Limited"; Stock Code: 476, together with its subsidiaries, collectively "China Dynamics" or the "Group"), which provides new energy vehicles and technology integrated solutions, is committed to expanding business, stabilising the mainland market while increasing its overseas business penetration, in order to seize market opportunities and bring synergies to the Group. Thanks to increased vehicle sales and better economies of scale, the Group recorded revenue of approximately HK$23.8 million for the year ended 31 March 2021, up by 367% year-on-year,.
Going forward, the Group will continue to capture opportunities in the rapidly growing new energy vehicle market, capitalising on its technological advantages in the field to actively explore overseas markets, thereby driving overall revenue growth and building a sustainable business.
Actively expands the Hong Kong market
During the year under review, the Group completed the sales orders for two smart electric buses from the Hong Kong Productivity Council for trial run by the Airport Authority Hong Kong and the Hong Kong Anti-Cancer Society. Talks on orders for two more new smart electric buses are underway. The Company will also start selling its fully electric 65-seat coaches in the Hong Kong market in the latter half of this year. Two of the coaches have already arrived in Hong Kong ready to sell. The Group is optimistic about the revival of tourism post pandemic, and the big demand for electric coaches that follows. Given that its electric coaches are currently the only approved model of their type in Hong Kong, the Group has an obvious edge in the market that needs the service of more than 7,000 coaches. In addition, the fully electric 19-seat low-floor minibus which the Company unveiled late last year will be ready for sale in the second half of this year. With its unique low-floor design and no match in the market for now, the electric minibus is expected to assume a sizeable share in the minibus market.
Outstanding achievements in overseas market expansion
The Group also completed the development of COMET, a customised city bus for emerging markets in Southeast Asia, with the first orders having been unveiled and delivered during the year under review. The Group expects many more orders in the near future. For the year under review, several sales orders from the Philippines were completed. Following the successful showcase in the Philippines, the Company has received sizable follow-up orders and expects to deliver around 100 units of COMET in the third and early fourth quarter of this year. The Group believes COMET is by far the most suitable and feasible model for replacing the Jeepney in the Philippines and is confident of penetrating and assuming dominance in the market.
For the South American market, on the B2B business front, the Group has developed a 12-metre "rolling platform" for bus manufacturers there who lack the technology to develop their own. The Group has already secured a sizable order for 12-metre e-platforms and another for 12-metre city bus from Latin America, which are set to contribute positive revenue to the Group when completed.
On 30 April 2021, the Company entered into an investment agreement to subscribe for 4.98% of Quantron AG. The Group believes the investment gives it a good opportunity to further expand its business in Europe. The Company has secured orders through Quantron AG in Europe for its 12-metre electric bus and 12-metre hydrogen bus, with delivery expected in the third and fourth quarter of this year respectively. The demand for electric buses and vehicles in Europe is strong and growing, thus the Company expects a steady stream of orders to come in after the said buses are delivered. The Group strongly believes it is looking at an imminent boom of overseas markets and very bright prospects for orders from Europe.
Seizes the huge opportunities in the Chinese mainland market
During the year, the Group's subsidiary Chongqing Suitong New Energy Automotive Manufacturing Co., Ltd. ("Suitong") completed the sales orders for its 8.5-metre buses from Wulong County, Chongqing. Although the massive electric vehicle market in the PRC remains highly competitive, the Group has confidence in its technical capabilities and advantages and in Suitong's commitment to seeking new sales orders and as such it will be able to tap the huge potential in the PRC market and reap rewarding returns from the market in the years to come.
Mr. Cheung Ngan, Chairman of China Dynamics, said, "The COVID-19 pandemic has complicated the business environment and posted challenges to the Group. However, we are confident of our business development strategy bearing fruit when different countries start to ease their lockdown measures and orders from overseas markets resume. The Group will closely monitor and prudently respond to market conditions, and continue to seize opportunities in the electric vehicle market, giving full play to our technological advantages in the new energy vehicle field. We will strive to expand our business overseas, plus enhance the Group's competitiveness so as to create long-term value for shareholders."
About China Dynamics (Holdings) Limited (Stock Code: 476)
China Dynamics (Holdings) Limited is a pioneer and a prominent player in China's new energy commercial vehicles market, as well as a whole-vehicle manufacturer of specialty passenger vehicles and new energy passenger vehicles. It is an integrated driving and logistics solutions provider with a solid technological foundation in diverse areas including new energy platform power systems and key components. The Group has a production base in Chongqing and it has developed its sales network in Mainland China, Hong Kong, Asia Pacific and South America. To better reflect the Group's business and its development direction to globalise its electric vehicles to world markets, the Company has proposed to change its name to "EV Dynamics (Holdings) Limited".
Media Enquiry
Strategic Financial Relations Limited
Vicky Lee +852 2864 4834 vicky.lee@sprg.com.hk
Phoebe Leung +852 2114 4172 phoebe.leung@sprg.com.hk
Eddie Li +852 2114 4170 eddie.li@sprg.com.hk
Website: www.sprg.com.hk
Topic: Press release summary
Source: China Dynamics (Holdings) Limited
Sectors: Daily Finance, Automotive, Daily News
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From the Asia Corporate News Network
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