2019.12.19

Times China Holdings Limited (stock code: 01233.HK) announced on December 9, 2019, that Times Neighborhood Holding Ltd. would be split and listed on the main board of the Hong Kong Stock Exchange.

Times Neighborhood Holdings Limited (Times Neighborhood, stock code 09928.HK) also held a luncheon that day for investors at the Four Seasons Hotel in Hong Kong. The management teams of Times China and Times Neighborhood attended the event, where they had conversations with more than 80 investors.

Times China and Times Neighborhood management teams at the investors' luncheon

Mr. Wang Meng, the executive director and CEO of Times Neighborhood, introduced the company's general status, property industry prospects, corporate advantages, development strategy, financial situation, investment highlights and other aspects to the participating investors, effectively demonstrating the value of investing in Times Neighborhood. During the question-and-answer session, Mr. Shum Chiu Hung, the controlling shareholder of Times Neighborhood and board chairman of Times China, together with the management team from Times Neighborhood, gave detailed answers to investors' questions.

Mr. Shum Chiu Hung, controlling shareholder of Times Neighborhood and board chairman of Times China, talks with investors.

Times Neighborhood, which was spun off and listed by Times China Holdings Limited, is one of China's leading and fastest-growing comprehensive property-management service providers. In terms of comprehensive strength, Times Neighborhood ranked thirteenth among the top 100 property-service companies, according to the China Index Academy in 2019. In 2018 comprehensive strength evaluation of property-service companies, Times Neighborhood rose to eleventh place.

Times Neighborhood is deeply rooted in the vibrant world-class urban agglomeration -- the Guangdong-Hong Kong-Macao Greater Bay Area. Thanks to favorable policies, the economy of the Greater Bay Area has shown great potentials. As of December 31, 2018, 83 Times Neighborhood projects were located in the Greater Bay Area, which accounted for about 82.7% of Times Neighborhood management area. According to the report of China Index Academy, this proportion ranked the first among Top 20 real estate service companies in China. In the "2019 Guangdong-Hong Kong-Macao Greater Bay Area Property Services Market Leading Company Study Report" released by the China Index Academy on December 5, Times Neighborhood won the "2019 Property Services Market Leading Enterprise in the Guangdong-Hong Kong-Macao Greater Bay Area" and "2019 Property Service Development Potential Leader for Outstanding Performance as a Property Services Enterprise in the Guangdong-Hong Kong-Macao Greater Bay Area."

Times Neighborhood's offering on the Hong Kong Stock Exchange comprised a total of 161.82 million new shares, accounting for approximately 17.8% of its total shares. The price at the initial offering ranged from HKD 4.23 to HKD 5.80 per share. If globally offered, Times Neighborhood's market cap would range from HKD 3.844 billion to HKD 5.27 billion Hong Kong dollars. Times Neighborhood shares were expected to begin trading on the Hong Kong Stock Exchange on December 19, 2019.

As of June 30, 2019, Times Neighborhood had a total of 210 projects under management, which were located in 15 cities, constituting a gross floor area of more than 42.7 million square meters. Additionally, Times Neighborhood's net profit rose at a compound annual growth rate of 78.8% from 2016 to 2018, giving the company a fourth-place ranking among the top 20 providers of property services.

Times Neighborhood Chairman Bai Xihong speaks

Times Neighborhood Chairman Bai Xihong, in describing the company's prospects, said, "Since the establishment of Times Neighborhood, we have had close and extensive cooperation with Times China. Times China has promoted the development of Times Neighborhood and supported the reserve property projects of Times Neighborhood, and in the process it has helped set a solid foundation for our sustainable development." In recent years, amid the ever-accelerating trend of urbanization and the increase of per-capita disposable income, the floor area of property management in China's property-service sector has grown rapidly. The integration of property-management industries has also accelerated. Moreover, the large-scale expansion of enterprises through mergers and acquisitions has become relatively commonplace. Accordingly, Times Neighborhood will strengthen strategic cooperation with third-party developers and acquire property-management companies with good growth potential and profitability so as to expand the company's business scale and increasing profitability. Mr. Bai added, "I believe that with the support of various investors, Times Neighborhood will continue to move steadily toward a better stage and create greater value."