Final Results

RNS Number : 2377W

Starcrest Education The Belt & Road

22 April 2021

 

22 April 2021

Starcrest Education The Belt & Road Limited

("Starcrest" or the "Company" or the "Group")

Final Results

Starcrest Education The Belt & Road Limited (LSE: OBOR), the international developer and operator of education services in Europe, is pleased to announce its audited final results for the year ended 31 December 2020.

Highlights

· Cash balance of £1,454,672 as at 31 December 2020

· Loss before tax of £1,327,754 for the year ended 31 December 2020

· In September 2019, the Company signed a non-legally binding heads of terms to acquire sixty per cent. of the issued share capital of The London School of Science and Technology Limited (the "Proposed Transaction")

o  Due to the uncertainties of the COVID-19 pandemic, it is now likely that there will be no further progression of the Proposed Transaction until after 30 June 2021.

John McLean OBE, Non-Executive Chairman, commented:

"We are pleased to announce Starcrest's final results for the year ended 31 December 2020.

"Since the Company's admission on the London Stock Exchange Main Market, our ambition has been to seek relevant acquisition opportunities to enable the Company to provide forward-thinking, value-added solutions for students, employees and societies in the 'One Belt, One Road' countries.

"The Board believes that there remains significant potential for long-term growth within the international education sector and that Starcrest is well-positioned and sufficiently funded to deliver upon its strategy and to capitalise on this growth.

"Due to the uncertainties of the COVID-19 pandemic, it is now likely that there will be no further progression of the Proposed Transaction until after 30 June 2021. As such, we continue to work to identify other suitable acquisition targets that fit with the Company's search criteria and provide valuable opportunities for Starcrest and its shareholders.

"Throughout the year, we have remained proud to support UK-China relations and we have continued to sponsor the UK-China Charity Initiative in order to raise funds for The Lord Mayor's Appeal charities in the UK and China Chamber of Commerce in the UK's poverty alleviation projects in China. 

"We would like to take this opportunity to thank the Company's shareholders for their support during what are still very uncertain times and all employees for their hard work.

"We look forward to providing further updates to the market in due course."

- Ends -

Enquiries:

Starcrest Education John McLean OBE, Non-Executive Chairman	[phone]
Allenby Capital Limited (Financial Adviser and Broker) John Depasquale / James Hornigold	[phone]
Yellow Jersey PR (Financial PR) Sarah Hollins Henry Wilkinson	[phone]

Notes to editors:

Starcrest is an international developer and operator of education services in Europe. The newly formed entity has been established to seek acquisition opportunities in the international education sector. 

The Company intends to capture opportunities arising from the 'One Belt, One Road' ("OBOR") initiative, a foreign policy and economic strategy of the Chinese Government.   The term derives from the Silk Road, the ancient trade route, and encompasses the overland 'Silk Road Economic Belt' and the '21st-Century Maritime Silk Road,' concepts introduced by Chinese President Mr Xi Jinping in 2013. These are the two major axes along which China proposes to economically link Europe to China through countries across Eurasia and the Indian Ocean. The OBOR initiative also links to Africa and Oceania.

Starcrest listed on the Main Market of the London Stock Exchange on 31 January 2019 under the ticker symbol (LSE: OBOR). Further information can be found on the Company's website at  https://www.starcresteducation.com

Chairman's Statement

Introduction

I am pleased to report the final results for the year ended 31 December 2020.

As announced upon the Company's admission to trading, Starcrest's strategic objective has been to provide innovative solutions that add value to students, employees and the wider society in 'One Belt, One Road' ("OBOR") countries.

In line the Group's strategy, we have been proactively seeking relevant acquisition opportunities that fit with the Group's search criteria and that offer attractive growth potential. As a result, on 18 September 2019, Starcrest announced its intention to acquire sixty per cent. of the issued share capital of The London School of Science and Technology Limited ("LSST") (the "Proposed Transaction"). Given it is now likely that there will be no further progression of the Proposed Transaction until after 30 June 2021, due to the uncertainties of the COVID-19 pandemic, we are now pushing on at pace to seek other suitable acquisition targets. We hope to update the market in this regard in due course.

Throughout the year, Starcrest remained highly supportive of UK-China relations and continued to sponsor the UK-China Charity Initiative, launched by The Lord Mayor's Appeal ("LMA") and China Chamber of Commerce in the UK ("CCCUK") to raise funds for the LMA's charities in the UK and CCCUK's poverty alleviation projects in China.

Results and Trading

As of 31 December 2020, the Group had cash balances of £1,454,672. Loss before tax for the year ended 31 December 2020 was £1,327,754. 

The majority of the losses reported in the year, representing approximately £1.03m is attributed to professional fees and associated costs relating to the reverse takeover project in 2020 and funds incurred in legal, commercial and financial due diligence relating to the Proposed Transaction.

Since the year-end, the Group can confirm that its trading activity has remained in line with the Board's expectations.

Working Capital

As at 31 March 2021, funds held at our banks equated to £1,127,398.

The Board has reviewed its cash flows for the next 12 months on a stand-alone basis, having taken into account current overheads and projected costs associated with the due diligence on the Proposed Transaction. The Board is satisfied that the Group has sufficient funds for the next 12 months.

Strategy and COVID-19

The Group continues to seek acquisition targets across Europe, which will add value and support this strategy. The Directors look forward to updating the market with our progress as and when possible.

While the global situation regarding COVID-19 persists, the wellbeing of our staff remains our ultimate priority. Following Government advice, in order to ensure the health and safety of all employees, all of the Company's personnel are now working from home as the Company's range of corporate activities continues. Additionally, for the foreseeable future, the Company does not plan to have an office within the UK as everything will be managed virtually.

As a direct result of the virus, we have noted a monumental shift in the education sector towards online, remote learning. The Board believes this trend will continue even once the negative effects of the virus have passed, and believes that it is right in aligning its strategy and search criteria for acquisition targets with this growing trend.

Summary and Outlook

The Board remains of the belief that Starcrest is well placed and has adopted the right strategy to capitalise on the enormous potential of the Chinese education sector and the opportunities arising from China's OBOR initiative.

We anticipate our Annual General Meeting for 2021 will be held remotely. We will notify shareholders of our proposed date when the Annual Accounts are circulated. 

The Board will continue to prioritise the safeguarding of all employees and we look forward to updating existing and prospective investors with our progress regarding our search for acquisition targets and other corporate news in due course.

John McLean OBE

Non-Executive Chairman

22 April 2021

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the period ended 31 December 2020

		Note	Year Ended 31 December 2020 £		Year Ended 31 December 2019 £
Administrative expenses			(1,537,335)		(1,214,374)
Operating loss		10	(1,537,335)		(1,214,374)
Finance expense			-		(2,372)
Loss before taxation			(1,537,335)		(1,216,746)
Taxation		13	-		-
Loss for the year			(1,537,335)		(1,216,746)
Other comprehensive loss
Exchange gain/(loss) arising on translation to presentation currency			209,581		(113,428)
Total comprehensive loss for the year			(1,327,754)		(1,330,174)
Loss per share - basic and diluted (pence per share)		14	(7.13)		(6.15)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

For the year ended 31 December 2020

			As at 31 December 2020			As at 31 December 2019
	Note		£			£
Assets
Non-current assets
Right-of-use assets			-			70,197
Total non-current assets						70,197
Current assets
Cash and cash equivalents	16		1,454,672			2,787,046
Trade and other receivables			16,681			14,600
Total current assets			1,471,353			2,801,646
Total assets			1,471,353			2,871,843
Equity and liabilities Capital and reserves attributable to owners of the company
Share capital	18		215,600			215,600
Share premium	19		3,454,364			3,454,364
Other reserve			-			-
Retained earnings			(2,943,779)			(1,406,444)
Foreign exchange reserves			96,153			(113,428)
Total equity			822,338			2,150,092
Liabilities Current liabilities Trade and other payables	17		649,015			658,822
Lease liability			-			62,929
Total liabilities			649,015			721,751
Total equity and liabilities			1,471,353			2,871,843

These financial statements were approved by the Board of Directors for issue on 22 April 2021 and signed on behalf by:

John McLean OBE

Non-Executive Chairman

22 April 2021

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2020

	Share capital	Share premium		Other Reserve		Retained earnings		Foreign exchange reserves	Total equity
	£	£		£		£		£	£
Balance at 01 January 2020	215,600	3,454,364		-		(1,406,444)		(113,428) 2,150,092
Loss for the year	-	-		-	(1,537,335)			-  (1,537,335)
								-
Total comprehensive income	215,600	3,454,364			(2,943,779)			(113,428)                 612,757
Other comprehensive loss for the year	-	-		-		-		209,581	209,581
Balance at 31 December 2020	215,600	3,454,364		-	(2,943,779)			96,153                  822,338

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2019

	Share capital	Share premium		Other Reserve		Retained earnings		Foreign exchange reserves	Total equity
	£	£		£		£		£	£
Balance at 01 January 2019	8,000	-		3,773,141		(189,698)		- 3,591,443
Shares issued	207,600	-		(207,600)		-		-	-
Transferred from other reserves to share premium	-	3,565,541		(3,565,541)		-		-	-
Transactions costs deducted from equity	-	(111,177)		-		-		-	(111,177)
Loss for the year	-	-		-	(1,216,746)			-             (1,216,746)
								-
Total comprehensive income	215,600	3,454,364		-	(1,406,444)			- 2,263,520
Other comprehensive loss for the year	-	-		-		-		( 113,428)	( 113,428)
Balance at 31 December 2019	215,600	3,454,364		-	(1,406,444)			(113,428)   2,150,092

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 December 2020

	Year Ended 31 December 2020			Year Ended 31 December 2019
	£			£
Cash flows from operating activities
Loss for the year Depreciation	(1,537,335) -			(1,216,746)  88,531
Finance cost (Increase) in receivables	- (2,081)			2,372 -
(Decrease) /increase in payables	(2,539)			281,377
Net cash used in operating activities Cash flows from financing activities	(1,541,955)			(844,466)
Expenses paid on share issue Principal paid on lease liabilities Interest paid on lease liabilities	- - -			(174,837) (98,171) (2,372)
Net cash (used)/generated from financing activities	-			(275,380)
Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of the financial period	(1,541,955) 2,787,046			(1,119,846) 4,020,320
Exchange losses on cash and cash equivalents	209,581			(113,428)
Cash and cash equivalents at end of financial period	1,454,672			2,787,046

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2020

1.  GENERAL INFORMATION

Starcrest Education The Belt & Road Limited ("the Company") was incorporated and registered in the Cayman Islands as a private company limited by shares on 23 May 2018 under the Companies Law (as revised) of The Cayman Islands, with the name Starcrest Education The Belt & Road Limited, and registered number 337619.

The Company's registered office is located at Cricket Square, Hutchins Drive PO Box 2681, Grand Cayman KY1-1111, Cayman Islands.

2.  PRINCIPAL ACTIVITIES

The principal activity of the Group is to seek education related acquisition opportunities in Europe.

3.  RECENT ACCOUNTING PRONOUNCEMENTS 

(a)  New interpretations and revised standards effective for the year ended 31 December 2020

The International Accounting Standards Board (Board) has issued an amendment to IFRS 16 Leases to make it easier for lessees to account for COVID-19-related rent concessions such as rent holidays and temporary rent reductions.

The Group's lease had a term of 6 months and therefore the Group have elected not to recognise an asset or liability as per the short-term lease exemption of IFRS 16. The lease payments have been recognised in profit or loss on a straight-line basis over the lease term.

(b)  Standards and interpretations in issue but not yet effective

There are a number of standards and interpretations which have been issued by the International Accounting Standards Board that are effective for periods beginning subsequent to 1 January 2020. The Directors do not believe these standards and interpretations will have a material impact on the financial statements once adopted.

4.  BASIS OF PREPARATION

The consolidated financial information has been prepared in accordance with International Financial Reporting Standards adopted pursuant to Regulation (EC) No. 1606/2002 as it applies to the European Union ("IFRS") and prepared under the historic cost convention.

The consolidated financial statements include the audited financial statements for the Company for the year ended 31 December 2020 and its subsidiary companies (See Note 15 ).

The Group's functional currency is USD. The Company listed its shares on the Main market of the London Stock Exchange on 31 January 2019. The directors have decided to present the financial information in Pounds Sterling (£), which is the Company's presentation currency, as the Company is listed in the UK.

These financial statements have been prepared on a going concern basis. The Directors consider that, having reviewed current cash flow forecasts, including specific consideration of the potential risks associated with COVID-19, they have a reasonable expectation the Group has reasonable resources to continue its operations for the foreseeable future.

5.  SIGNIFICANT ACCOUNTING POLICIES

5.1  Foreign currency translation

Transactions in currencies other than the entity's functional currency (foreign currencies) are recognised at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences are recognised in profit or loss in the period in which they arise.

Results at 31 December 2020 are translated into the presentation currency. Assets and liabilities are translated at the closing rate while income and expenses are translated at exchange rates at the dates of the transactions. Differences arising are recognised in Other Comprehensive Income in the period in which they arise.

5.2  Financial instruments

A financial asset or a financial liability is recognised only when the Group becomes a party to the contractual provisions of the instrument.

Financial instruments are initially recognised at the transaction price as this represents fair value, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest.

Financial assets

Financial assets are initially recognised at fair value, less transaction costs. Subsequent to initial recognition, they are recorded at amortised cost.

Financial liabilities

Financial liabilities are initially recognised at fair value less transaction costs. Subsequent to initial recognition, they are recorded at amortised cost.

5.3  Share Capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares or options in relation to ordinary shares are shown in equity as a deduction, net of taxation, from the proceeds. 

5.4  Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks and other short term highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

5.5  Earnings per share

Basic earnings per share is computed using the weighted average number of shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of shares during the period plus the dilutive effect of dilutive potential ordinary shares outstanding during the year.

5.6  Leases

Where the Group enters into leases that are longer than 12 months, the Group recognises right-of-use assets measured at an amount equal to the lease liability. The lease liability is measured at the present value of the remaining lease payments, discounted using the Group's incremental borrowing rate at date of lease commencement. Lease modifications are accounted for at the effective date of the lease modification.

6.  ACCOUNTING ESTIMATES AND JUDGEMENTS

Preparation of financial information in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources.

There are no significant accounting estimates or judgements that affect reported amounts of assets, liabilities, income and expenses in this period.

7.  FINANCIAL RISK MANAGEMENT

The Group has exposure to liquidity risk, foreign currency risk and capital risks from its use of financial instruments. Credit, interest rate and market risks are not considered to be material to the Group. The Group is not subject to any external imposed capital requirements.

The Group's financial instruments consist mainly of cash and accounts payable.

a) Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities. The Group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation.

The Group's financial liabilities comprise amounts due to the parent company and accruals. The Group's financial assets comprise cash and cash equivalents.

The Group has sufficient cash to meet their liabilities as they fall due.

b) Foreign currency risk

During the period, the board decided to convert 80% of the U.S. Dollars in Singapore's OCBC Bank to British pounds and transfer them to HSBC bank account in the UK. Financial risks of variations in foreign currency exchange rates have been significantly reduced as a result.

The impact of exchange rate fluctuations that are recognised through other comprehensive income are those that arise on translation from functional to presentation currency. The carrying amounts of the balances and transactions denominated in a currency other than the Group's presentation currency are as follows:

2020			United States Dollar		RMB
Cash at bank			256,446		-
Amounts due to the parent company			-		(167,781)
Total			256,446		(167,781)

2019			United States Dollar		RMB
Cash at bank			2,787,046		-
Amounts due to the parent company			-		(162,115)
Total			2,787,046		(162,115)

A ten percent strengthening of GBP (£) against the following currencies at 31 December would have (decreased)/increased reported equity and other comprehensive income by the following amounts:

	2020 Other comprehensive income	Equity
United States Dollar	(17,081)	(17,081)
RMB	15,253	15,253
	2019 Other comprehensive income	Equity
United States Dollar	(253,368)	(253,368)
RMB	14,738	14,738

A ten percent weakening of GBP (£) against the following currencies at 31 December would have (decreased)/increased reported equity and other comprehensive income by the following amounts:

		2020
		Other comprehensive income		Equity
United States Dollar		20,876		20,876
RMB		(18,642)		(18,642)
	2019
	Other comprehensive income		Equity
United States Dollar	309,672		309,672
RMB	(18,013)		(18,013)

The impact of the exchange rate fluctuations that are recognised through profit or loss are those that arise on translation to functional currency. The carrying amounts of the balances and transactions denominated in a currency other than the entity's functional currency (United States Dollar) are as follows:

2020			GBP		RMB
Amounts due to the parent company Creditors			(56,881) (63,143)		(229,005) -
Accruals Other creditors			(528,873) (7,940)		- -
Trade and other receivables			21,515		-
Total			(635,321)		(229,005)

2019			GBP		RMB
Amounts due to the parent company			(55,208)		(214,380)
Lease liabilities			(83,365)		-
Accruals			(602,805)		-
Trade and other receivables			19,341		-
Total			(722,036)		(214,380)

A ten percent strengthening of USD ($) against the following currencies at 31 December would have (decreased)/increased reported equity and profit or loss by the following amounts:

	2020 Profit or loss	Equity
GBP	51,749	51,749
RMB	20,819	20,819
	2019 Profit or loss	Equity
GBP	65,640	65,640
RMB	19,489	19,489

A ten percent weakening of USD ($) against the following currencies at 31 December would have (decreased)/increased reported equity and profit or loss by the following amounts:

	2020 Profit or loss	Equity
GBP	(42,316)	(42,316)
RMB	(25,445)	(25,445)
	2019 Profit or loss	Equity
GBP	(80,226)	(80,226)
RMB	(23,820)	(23,820)

c)  Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit allowances are made for estimated losses that have been incurred by the reporting date.

8.  CAPITAL MANAGEMENT

The Group actively manages the capital available to fund the Group, comprising equity and reserves. The Group's objectives when maintaining capital is to safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders.

9.  SEGMENT REPORTING

IFRS 8 defines operating segments as those activities of an entity about which separate financial information is available and which are evaluated by the Board of Directors to assess perfo rm ance and determine the allocation of resources. The Board of Directors are of the opinion that under IFRS 8 the Group has only one operating segment. The Board of Directors assess the perfo rm ance of the operating segment using financial information which is measured and presented in a m ann er consistent with that in the Financial Statements. Segmental reporting will be reviewed and considered in light of the development of the Group's business over the next reporting period.

10.  OPERATING LOSS

	The operating loss is stated after charging/(crediting):
		Year ended 31 December 2020		Year ended 31 December 2019
			£	£
	Foreign exchange (gains)		-		-

Administrative expenses incurred in the year principally include amounts incurred in connection with the Proposed Transaction, being legal and professional fees, together with directors and staff costs as shown in note 11.

11.  STAFF COSTS AND KEY MANAGEMENT EMOLUMENTS

	Year ended 31 December 2020		Year ended 31 December 2019
		£
Key management emoluments
Remuneration		178,333	142,083
		£	£
Executive Directors
Xingchen Zhu Xiaojun Zhang Peng Luo		10,000 65,833 7,500	27,500 27,500 -
Non-executive Directors
John McLean OBE		35,000	32,083
Norman Cumming		30,000	27,500
Nicholas Petford DSc		30,000	27,500
		178,333	142,083
Employees Staff cost National Insurance Employers N.I. (Directors) Employers N.I. (Employees) Pension Staff pensions (Directors) Staff pensions (Employees)		131,917 5,921 9,026 14,947 1,375 4,121 5,496	- - - - - - -

12.  AUDITORS' REMUNERATION

	The following remuneration was received by the Company's auditors:
			Year ended 31 December 2020		Year ended 31 December 2019
				£	£
	Remuneration for the audit of the Company's financial statements			29,625		25,000
	Corporate finance services			90,000		175,000

13.  TAXATION

The Company is incorporated in the Cayman Islands, and its activities are subject to taxation at a rate of 0%.

14.  EARNINGS PER SHARE

The Company presents basic and diluted earnings per share information for its ordinary shares. Basic earnings per share is calculated by dividing the loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares in issue during the reporting period.

There is no difference between the basic and diluted loss per share.

	Year ended 31 December 2020		Year ended 31 December 2019
Loss attributable to ordinary shareholders (£)	(1,537,335)		(1,216,746)
Weighted average number of shares	21,560,000		19,796,822
Loss per share (expressed as pence per share)	(7.13)		(6.15)

The loss per share for the period has been calculated using the weighted average number of shares in issue during the year.

15.  SUBSIDIARIES

All subsidiaries which have been included in these consolidated financial statements, are as follows:

Name	Country of incorporation and principal place of business	Proportion of ownership interest at 31 December 2020	Proportion of ownership interest at 31 December 2020
Starcrest Education Plc	United Kingdom	100%	100%
Starcrest Education Management (UK) Limited	United Kingdom	100%	100%

16.  CASH AND CASH EQUIVALENTS

		Year ended 31 December 2020		Year ended 31 December 2019
		£		£
Cash at bank		1,454,672		2,787,046
Cash at bank earns interest at floating rates based on daily bank deposit rates.

17.  TRADE AND OTHER PAYABLES

			Year ended  31 December  2020	Year ended 31 December  2019
			£
Amounts due to the parent company Accruals Trade payables Other creditors			209,455  387,481     46,262       5,817	203,788   455,034   -   -
			649,015	658,822

All payables are financial liabilities measured at amortised cost.

Amounts due to the parent company are unsecured, interest free and repayable on demand.

18.  SHARE CAPITAL

	Number of shares	Nominal value £
Authorised
Ordinary shares of £0.01 each	1,000,000,000	10,000,000
Issued and fully paid
Issue of ordinary shares of £0.01 each	21,560,000	215,600

19.  SHARE PREMIUM

The transaction costs of £111,177 incurred in the year ended 31 December 2019 and £291,222 incurred in the year ended 31 December 2018 have been deducted from equity.

The opening and closing balance of Share premium of £3,454,364 has been recognised.

20.  RESERVES

The following describes the nature and purpose of each reserve within equity:

Reserve	Description and purpose
Share premium	Amount subscribed for share capital in excess of nominal value.
Other reserve	Consideration received for shares which are not yet issued.
Retained earnings	All other net gains and losses and transactions not recognised elsewhere.
Foreign exchange reserve	Gains/losses arising on retranslation of net assets from functional to presentation currency.

21.  RELATED PARTY TRANSACTIONS

As at 31 December 2020, an amount of £209,455 (31 December 2019: £203,788) was owed to Starcrest Education Management Company Ltd. This amount mainly arose from business expenses paid on behalf of the Company by the parent company.

The remuneration of the Directors, the key management personnel of the Company, is set out in note 11.

22.  ULTIMATE CONTROLLING PARTY

The immediate parent company is Starcrest Education Management Company Ltd. The ultimate parent company is Shenzhen Xing Chen Investment Holdings Limited. The ultimate controlling party is Mr Peng Luo, who is also a director of the Company.

 

END

 

 

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