Flying Financial Reports Interim Results 2017; Revenue Steadily Increased to RMB190.3 million

Monday, 14 August 2017, 21:58 HKT/SGT

HONG KONG, Aug 14, 2017 - (ACN Newswire) - Flying Financial Service Holdings Limited ("Flying Financial" or "Company" and its subsidiary companies called "Group"; Stock Code: 8030.HK) was pleased to announce the unaudited condensed consolidated results of the Group for the six months ended 30 June 2017 ( "Reporting period"). During the reporting period, the Company's performance improved steadily, the revenue increased by approximately 31.6% compared with 2016 to approximately RMB190.3 million, the increase in the revenue was mainly due to the contribution of investment income from the property development projects through limited partnerships; Profit attributable to owners of the Company was approximately RMB75.7 million as compared to last year, representing an increase of approximately 31.0%.

During the reporting period, the Group generated revenue from investment from the property development projects of approximately RMB121.9 million, representing an increase of approximately 73.7%. The Group generated revenue from platform services of approximately RMB14.3 million. The Group's revenue from provision of financial consultation services was RMB48 million. The Group's revenue from provision of finance lease and factoring services was RMB4.8 million.

The Group is principally engaged in investment in property development projects, operation of financial services platforms, provision of entrusted loan, pawn loan and other loan services, financial consultation services, and finance lease and factoring services mainly in the PRC. In the first half 2017, the Group focus on investments in property development projects and development of financial services platforms. The Group had invested in fifteen property development projects in, among others, Dongguan, Shenzhen, Fujian, Xiangyang and Wuhan in the PRC, aggregate investment amount of approximately RMB473.0 million.

In addition, "Huilicai", a channel for professional services in financial management under "Huilianyijia" (www.hlej.com), financial services platforms website of the Group for the PRC real estate industry is the most active financial services platform of the Group. Number of registered members of "Huilicai" was approximately 777,000 as at 30 June 2017, out of which approximately 199,000 registered numbers joined the platform during the reporting period. The transaction amount of "Huilicai" achieved RMB1.9 billion for the six months ended 30 June 2017 (2016: RMB945.6 million).

During the reporting period, the Company and Shenzhen Branch of the Bank of Shanghai ("Bank of Shanghai") entered into the strategic cooperation agreement ("Strategic Cooperation Agreement") pursuant to which the parties shall cooperate to form a strategic alliance in developing various financial services for a term of three years. The cooperation between the Company and Bank of Shanghai covers areas on financing of online spending, online financial management services, online payment, joint sales and marketing, clearing and settlement services, grant of syndicate credits and other related financial services. The Directors believe that the entering into of the Strategic Cooperation Agreement with Bank of Shanghai represents an opportunity to the Group to expand its financial service offerings for its online financial service platforms. Through its cooperation with Bank of Shanghai, which is a well-established financial institution in the PRC with strong financial resources, the Group expects that the demand for its financial products and/or services would increase, which may bring returns to the shareholders of the Company.

Encouraging results were achieved by virtue of the efforts spent by the management and the Group's staff during the first half of 2017. To share the fruits of the Company's development with its shareholders, the Board resolved to declare and pay to the shareholders of the Company an interim dividend of HKD$0.01 per Share for the six months ended 30 June 2017. On the basis that the Group's future results shall enjoy steady growth, it is hoped that the Company can continue to distribute returns to shareholders who support the Company continuously by way of payment of dividends.

Mr. Zheng Weijing, the CEO and chairman of the Company Stated, "As Internet economy has become more important in the structural reform of China's economy, the Group is confident in the industry outlook and its performance in 2017. In the future, Flying Financial will constantly focus on the development of credit business for consumption scenario, assets management and finance lease business. The Group has faith in every employee and expects surprising results through their devotion and progress."

Topic: Press release summary Sectors: Daily Finance, Daily News
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