Hong Kong, April 28, 2009 (ABN Newswire) - Xtep International (HKG:1368)(PINK:XTEPY) is one of the fastest growing sport brands in China. With over 5500 retailers sprawl across China, Xtep is a true market leader in shaping the sportswear and youth fashion landscape. They were just listed on the HK Stock Exchange in June 2008, their first annual report after listing gives a strong assurance to the shareholders of its growth potential. The company revenue rose by an impressive 110% to RMB $2,867 million and EPS also recorded a 78% growth to RMB 26.84 cents per share in FY2008. The company has also got a strong financial backbone with a current ratio of 4.8x.
Terry Ho explains, the company is in a very favourable business environment. China urbanization in the 2nd and 3rd Tier cities, the success of the Olympic game in 2008, the increasing awareness of health in the general public all play parts in the company success.
China has promulgated numerous measures and reforms over the last few years to urbanize and improve the living standard in 2nd and 3rd Tier cities, in which the company has a large present upon. In 2008, the GDP in Jiangsu, Zhejiang, Anhui, Shandong, Hunan and Hubei Provinces grew by approximately 12.5%, 10.1%, 12.7%, 12.1%, 12.8% and 13.4% respectively over last year. The figures reflect that the Group has adopted the right growth strategies to develop such provinces as their key expansion areas.
The success of the Beijing Olympic Game 2008 has bolstered people interests in sportswear. The general public are also becoming more concern about their overall health and fitness. It is believed that as China living standard improves, health and sport will only become more and more important in the society. This trend creates a great opportunity for well established sportswear brand name like Xtep International.
Xtep International has a well defined position in the market by targeting on the youth, fashion conscious market. Unlike their competitors, their products are designed to blend into people everyday's life with an emphasis on style and fashion. Apart from sponsoring domestic and international sport events, the group also employ famous Asian celebrities like Nicolas Tse, Jolin Tsai, Wilbur Pan, Charlene Choi and Gillian Chung as their image and brand representatives to further strengthen their brand image among the younger generation.
Terry also said that the growth of their 2008 result was on track with their expansion strategy as planned. In FY 2008, the group has opened 885 stores across China. In FY 2009, the group has plan for further expansion and is planning to open up another 800 to 1000 stores nationwide to cater for the growing demand from the China market, especially in the South East regions of China.
The company has also formed partnership with Walt Disney and obtained exclusive right in designing, manufacturing and selling of Walt Disney apparel and footwear products in China.
The company is also in the process of international expansion and recently opened a new marketing division in Hong Kong to specifically look after overseas sales and business development. Currently the group is planning to develop into Hong Kong, Macau, Taiwan and South East Asia as their first stage of globalization.
About Mr Ho Yui Pok (Terry)
Mr Ho Yui Pok, aged 43, is the chief financial officer, investor relations officer and authorised representative of the Company. He is also the company secretary and qualified accountant of the Company. He has over 18 years of experience in finance and accounting and is primarily responsible for our overall financial and accounting affairs and investor relations. Mr. Ho graduated from University of Kent at Canterbury, England with a bachelor's degree in accounting in 1987 and a master's degree in management science in 1989. Prior to joining the Group in 2007, he was a chief financial officer, company secretary and authorized representative of GST Holdings Limited from 2005 to 2007 and a financial controller of EC-Founder (Holdings) Co., Ltd. from 2000 to 2005, both of which are companies listed on the Main Board of the Hong Kong Stock Exchange. In addition, he worked for an international accounting firm as a manager from 1994 to 1996. He was an associate member of both the institute of Chartered Accountants in England and Wales and the HKICPA.
Terry Ho explains, the company is in a very favourable business environment. China urbanization in the 2nd and 3rd Tier cities, the success of the Olympic game in 2008, the increasing awareness of health in the general public all play parts in the company success.
China has promulgated numerous measures and reforms over the last few years to urbanize and improve the living standard in 2nd and 3rd Tier cities, in which the company has a large present upon. In 2008, the GDP in Jiangsu, Zhejiang, Anhui, Shandong, Hunan and Hubei Provinces grew by approximately 12.5%, 10.1%, 12.7%, 12.1%, 12.8% and 13.4% respectively over last year. The figures reflect that the Group has adopted the right growth strategies to develop such provinces as their key expansion areas.
The success of the Beijing Olympic Game 2008 has bolstered people interests in sportswear. The general public are also becoming more concern about their overall health and fitness. It is believed that as China living standard improves, health and sport will only become more and more important in the society. This trend creates a great opportunity for well established sportswear brand name like Xtep International.
Xtep International has a well defined position in the market by targeting on the youth, fashion conscious market. Unlike their competitors, their products are designed to blend into people everyday's life with an emphasis on style and fashion. Apart from sponsoring domestic and international sport events, the group also employ famous Asian celebrities like Nicolas Tse, Jolin Tsai, Wilbur Pan, Charlene Choi and Gillian Chung as their image and brand representatives to further strengthen their brand image among the younger generation.
Terry also said that the growth of their 2008 result was on track with their expansion strategy as planned. In FY 2008, the group has opened 885 stores across China. In FY 2009, the group has plan for further expansion and is planning to open up another 800 to 1000 stores nationwide to cater for the growing demand from the China market, especially in the South East regions of China.
The company has also formed partnership with Walt Disney and obtained exclusive right in designing, manufacturing and selling of Walt Disney apparel and footwear products in China.
The company is also in the process of international expansion and recently opened a new marketing division in Hong Kong to specifically look after overseas sales and business development. Currently the group is planning to develop into Hong Kong, Macau, Taiwan and South East Asia as their first stage of globalization.
About Mr Ho Yui Pok (Terry)
Mr Ho Yui Pok, aged 43, is the chief financial officer, investor relations officer and authorised representative of the Company. He is also the company secretary and qualified accountant of the Company. He has over 18 years of experience in finance and accounting and is primarily responsible for our overall financial and accounting affairs and investor relations. Mr. Ho graduated from University of Kent at Canterbury, England with a bachelor's degree in accounting in 1987 and a master's degree in management science in 1989. Prior to joining the Group in 2007, he was a chief financial officer, company secretary and authorized representative of GST Holdings Limited from 2005 to 2007 and a financial controller of EC-Founder (Holdings) Co., Ltd. from 2000 to 2005, both of which are companies listed on the Main Board of the Hong Kong Stock Exchange. In addition, he worked for an international accounting firm as a manager from 1994 to 1996. He was an associate member of both the institute of Chartered Accountants in England and Wales and the HKICPA.
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About Xtep International Holdings Limited
Xtep International Holdings Limited is a fashion sportswear company in the People’s Republic of China. The Company is engaged in the design, development, manufacture and marketing of sportswear, including footwear, apparel and accessory products. The Company’s products are sold under the Xtep brand, Koling brand and the Disney Sport brand, which is licensed by The Walt Disney Company (Shanghai) Limited for the Company in the People’s Republic of China. During the year ended December 31, 2008, the retail network of the Xtep, Disney Sport and Koling brands operated by the Company’s distributors and third-party retailers covered 31 provinces, autonomous regions and municipalities in the People’s Republic of China.
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