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China Saite Group Company Limited

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EQS-News News vom 02.06.2017

China Saite Group Company Limited held its annual general meeting in Yixing

EQS-News / 02/06/2017 / 17:26 UTC+8


[2 June 2017, Hong Kong] China Saite Group Company Limited ("China Saite" or the "Company", together with its subsidiaries, the "Group"; stock code: 153), a leading integrated steel structure and prefabricated construction solution providers in Jiangsu Province, held its annual general meeting earlier in Yixing, and all resolutions were passed with 100% of shareholder's votes cast in favour.

Mr. Jiang Jianqiang, the Group's founder, chairman and executive director, presented to the shareholders in person the latest business development of the Company, 'On the front of steel structures, the Company has completed in succession projects including the Dongguan logistics warehouse for Alibaba's affiliate Cainiao, as well as the Cairns crocodile farm in Queensland, Australia, for the largest crocodile leather supplier of the Hermes brand. Currently, projects under construction include Shandong Jiuyang Group's eco-material plant, one of the domestic steel frame projects with the greatest span. All these initiatives have laid a solid foundation for a good start of the Group's fifth "five-year development" plan.'

'With the benefit of the Group's forward planning for its industries and the local government's policy guidance, and to align itself with national efforts to fully promote green buildings through prefabricated construction, the Group has succeeded in undertaking a number of commercial and residential building projects in Shanghai, Nanjing, Anhui and Henan using prefabricated components, including high-rise commercial and residential buildings in Shanghai. These efforts have ensured a stable growth in the Group's profit. Meanwhile, the Group has continued to maintain good relationships in its cooperation with enterprises under the central authorities, including Shanghai Tunnel Engineering Co., Ltd., China National Building Material Group Co., Ltd., China Railway Seventh Group Co., Ltd. and China Railway No.10 Engineering Group Co., Ltd., which are poised for tapping into regions covered by the "Belt and Road" initiative. Substantive project cooperation initiatives in the construction of affordable housing as well as municipal, transportation, industrial and civil facilities have been carried out,' Mr. Jiang added.

With 20 years of history, China Saite enjoys a leading position in the steel structure and prefabricated construction industry. For the year ended 31 December 2016, the Group's revenue amounted to approximately RMB1,650.8 million, with steel structure projects and prefabricated construction projects accounting for 66% and 34% respectively. Gross profit reached approximately RMB230.3 million; and profit for the year attributable to owners of the Company amounted to approximately RMB288.3 million. During the year, there were 24 newly signed contracts in total with a combined contract value of approximately RMB2,093.9 million. The closing value of backlog in 2016 increased to approximately RMB735.0 million from approximately RMB291.9 million in 2015.

Under the backdrop of national efforts for fully promoting the concept of collaborative development under the "Belt and Road" initiative, the Group has continued to develop other domestic markets apart from Jiangsu, including Shanghai, Guizhou, Anhui, Zhejiang, Hunan, Liaoning and Guangdong. In recent years, the Group has proactively stepped up the development of overseas business under the "Belt and Road" initiative and cooperated with multinational companies to vigorously tap into other overseas markets.

Looking ahead, Mr. Jiang said, 'the Group has basically completed its fourth "five-year development" plan and made a number of achievements. Looking forward to the next five years, the Group will make incessant efforts to uphold its business philosophy of "honest operations, regulated practices, innovative developments" and fully leverage the opportunities arising from the development of China's economy and capital market to boost China Saite's strength and its capabilities in business development and innovation. China Saite will build itself into a premium domestic green construction enterprise in prefabricated construction and steel structures in return for shareholders' steadfast support.'

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About China Saite Group Company Limited
China Saite Group Company Limited is a leading integrated steel structure and prefabricated construction solution providers in Jiangsu Province, the PRC. With an aim to enhance its research capability, China Saite has established a research centre for steel structure housing construction in Yixing, Jiangsu Province with Southeast University, and teamed up with Tongji University in the research and development of prefabricated construction. Highly tailored to meet technical specifications and requirements, The Group's integrated construction solutions have wide applications in bridges, factories, public infrastructure, as well as residential and commercial buildings. The Company's shares have been listed on the main board of The Stock Exchange of Hong Kong Limited since November 2013.

Document title: China Saite Group Company Limited held its annual general meeting in Yixing

02/06/2017 Dissemination of a Financial Press Release, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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