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HONG KONG, Apr 12, 2010 - (ACN Newswire) - Hong Kong Resources Holdings Company Limited ("HKRH" or the "Company", or the "Group", together with its subsidiaries; SEHK: 2882) announced that its jewellery brand 3D-GOLD has joined hands with Agricultural Bank of China ("Agricultural Bank") to launch high-end gold-ornated products with unique Chinese cultural designs. The launch ceremony at Grand Hyatt Beijing today was officiated by Madam Li Qingping, Chief Retail Officer and General Manager of Personal Banking Department of Agricultural Bank, Dr. Kennedy Wong, Chairman of HKRH and 3D-GOLD Group, and Ms. Kelly Chen, the celebrity endorser of 3D-GOLD.
The first phase of cooperation between Agricultural Bank and 3D-GOLD will last for two years. It is expected that the sales of gold will reach 600 to 800 kilograms in the first six months of the cooperation. The weight of the limited edition gold-ornated products ranges from 10 grams to 600 grams, and these ornaments will be available exclusively at the VIP customer service counters within the branches of the Agricultural Bank in four cities and five provinces in the PRC, namely Beijing, Shenzhen, Shanghai, Xiamen, as well as Jiangsu, Zhejiang, Hunan, Henan and Liaoning Provinces from 18 April targeting high net worth individuals. The ornaments will be priced according to their weight and international price of gold at the time of purchase. It is expected that 1,000 points-of-sale will be set up through Agricultural Bank's branches across the country phase by phase.
The cooperation is the first one between 3D-GOLD and Agricultural Bank. It also represents a milestone for 3D-GOLD to expand the gold and silver jewellery market further in the PRC. Dr. Kennedy Wong, Chairman of HKRH and 3D-GOLD, said, "We are pleased to be working with Agricultural Bank, one of the four largest banks in the PRC, to launch the gold-ornated products. The move enables 3D-GOLD to utilise our resources more efficiently by introducing our brand and products from our own stores in the first-tier cities to additional points-of-sale in branches of the Agricultural Bank within the second- and third-tier cities in the PRC. Riding on the bank's sales network with nearly 25,000 branches, we expect the sales of gold-ornated products to generate promising returns and a significant expansion of income sources for us in the near future."
Both the sheer number of people and the spending power of the middle class in the PRC have rapidly increased which has in turn significantly boosted the retail market in the country. According to the data released by the National Bureau of Statistics of China, the total retail sales of gold and silver jewellery in the PRC in 2009 was approximately RMB80.8 billion, rising 15% from last year. The figure is expected to further surge to nearly RMB100 billion in 2010.
3D-GOLD will be the first retail brand in the PRC to have the brand name stamped on gold-ornated products sold in local banks. The first batch of gold-ornated products will have four series of themed gold bars, featuring Chinese traditional culture, auspicious figures, Chinese zodiac and Chinese prominent figures. The unique design and fine craftsmanship make these beautiful creations the perfect choice for investment, collection or a fine gift.
In addition, to further expand its sales network in Northern China, 3D-GOLD has opened a new image store in Wangfujing providing a foothold for future expansion. To build the 3D-GOLD brand, the Group has embarked on partnerships within different sectors, including becoming Gold Sponsor of HKSAR's Participation in Shanghai Expo, to lay a broader foundation for future growth. Currently, 3D-GOLD's total points-of-sale have increased to 277 covering 24 provinces and more than 100 cities in the PRC.
"Looking ahead, we will extend our retail operations through a franchise system, opening about 100 stores in the PRC during each of the coming three years with a target of 500 stores by 2012. 3D-GOLD's sales network expansion strategies and stronger brand image together with the collaboration with Agricultural Bank will strengthen it in extending the reach within the PRC market, positioning it well to benefit from the high potential RMB100 billion gold consumer market," Dr. Wong concluded.
Contact:
Hong Kong Resources Holdings Company Limited
Herbert Hui, Head of Investor Relations &
Corporate Communications Department and Executive Director
Thisby Wong, Manager, Corporate Communications Department
Phone: +852 3926 3613
Email: hh@hkrh.hk / thisby@hkrh.hk
Strategic Financial Relations Limited
Heidi So / Derek Lee / Angelus Lau / Angela Ng
Phone: +852 2864 4826 / 4858 / 4805 / 4855
Email: heidi.so@sprg.com.hk / derek.lee@sprg.com.hk / angelus.lau@sprg.com.hk / angela.ng@sprg.com.hk
Topic: New market for product
Source: Hong Kong Resources Holdings Company
Sectors: Retail & eCommerce
https://www.acnnewswire.com
From the Asia Corporate News Network
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