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Dear valued shareholders and partners,

Unlocking New Opportunities

  • Building on Accrelist’s change and revitalisation in the previous financial year, FY2018 was a significant year of continued progress towards pursuing new opportunities. Following the Group’s transformation into the provision of Corporate Accretion Services with a key focus in Financial Technology (Fintech), Accrelist has been actively pursuing new growth opportunities in the Fintech sector through its subsidiary corporations, namely, WE Crowdfunding Pte. Ltd. (“WE Crowdfunding”) and WE9 Pay Pte. Ltd. (“WE9Pay”).
  • WE Crowdfunding is a securities-based crowdfunding platform where both the Group and third-party investors can participate in potential investment opportunities, with a focus on the medical aesthetics arena in the near term. Also in the Fintech space, WE9Pay is a mobile payment solutions provider that integrates physical retailers with consumers by leveraging on Tencent Holdings’ mobile payment platform, WeChat Pay. We remain firm in our belief that corporate Accretion Services is a strong and sustainable business model for Accrelist in the long term given the constant need for corporate financing.
  • At the same time, the Group will strive to increase its value and competitiveness by maximising the potential of its current resources, expanding its business lines and capitalising on growth opportunities. Amidst these potential opportunities, we remain selective and cautious in our approach as we seek to create long-term value by unlocking potential and adding value to the companies we invest in. Our management experience across a wide range of businesses over the years further adds to our quiet confidence in the long-term value and sustainable returns of Corporate Accretion Services in the years ahead.
  • In FY2018, we continued to advance and focus on the Group’s key business segments through its subsidiary corporations, comprising WE Crowdfunding, WE9Pay and Jubilee Industries Holdings Ltd. (“Jubilee”). In addition, the Group also explored new business opportunities for synergistic growth, increased shareholder value in the future and a broader revenue stream.

Brief Overview of FY2018

  • Despite external headwinds and global economic uncertainties, the Group demonstrated its resilience and returned to profitability, bouncing back from a net loss of S$8.3 million in FY2017 to a net profit of S$0.2 million in FY2018. The increase in net profit was mainly due to the consolidation of Jubilee into the Group, resulting in the former to be accounted for as a subsidiary corporation with effect from FY2018 and further contributing positively to the Group’s bottom line. The Company increased its stake in Jubilee from 29.10% in FY2017 to 71.89% in FY2018 due to the conversion of convertible loan into shares in Jubilee. In FY2018, the Group achieved a more than hundredfold increase in revenue which stood at S$112.5 million as compared to S$0.9 million in FY2017.
  • In the financial year under review, the Group set out to focus on stability and sustainable returns through its strategic involvement and turnaround plans for Jubilee to enhance the Group’s performance. Following the consolidation of Jubilee as a subsidiary corporation, we are pleased that our vision for Jubilee to become a significant contributor to the performance of Accrelist in the years ahead is coming to fruition. This is clearly reflected in Jubilee’s continued improvement and turnaround in FY2018.
  • Jubilee staged a full year turnaround, posting a net profit of S$0.9 million in FY2018 as compared to a net loss of S$7.5 million in FY2017. Revenue rose $51.2 million or 47.1% from S$108.8 million in FY2017 to S$160.0 million in FY2018. This growth was mainly driven by Jubilee’s Electronics Business Unit (“EBU”) which recorded an admirable 51.2% improvement in revenue to S$151.8 million as compared to S$100.4 million in FY2017.
  • Underpinning the contribution to the EBU was the Electronic Components Distribution business held under Jubilee’s wholly-owned subsidiary corporation WE Components Pte. Ltd., which saw healthy sales of product lines from SK Hynix, Samsung Electro-Mechanics Co. Ltd. and NeoPhotonics Corporation.

Outlook and Future Plans

  • The Group has been actively seeking new opportunities and synergistic growth, culminating in several ongoing projects and plans which are at various stages of development. The progress of these key initiatives throughout the next 12 months will potentially enable the Group to achieve new milestones following its strategic shift into a provider of Corporate Accretion Services.
  • The Group’s mobile payment subsidiary corporation, WE9Pay, which now holds a remittance license from the Monetary Authority of Singapore, has set up an Apps team and begun production of point-of-sale terminals for its mobile payment system. In May 2018, WE9Pay successfully formalised merchant agreements to offer Accrelist-owned point-of-sale terminals at the merchants’ outlets. In partnership with Tencent Holdings’ WeChat Pay, WE9Pay’s innovative mobile payment system is set to be installed at WE9GO, an unmanned store currently under development which will offer advanced “grab-and-go” technology. The technology combines radio-frequency identification (RFID) tags, QR codes and facial recognition capabilities to eliminate the need for traditional checkout counters altogether for the convenience of shoppers.
  • Accrelist remains focused on leveraging its crowdfunding platform, WE Crowdfunding, to reach out to potential investors for the Group’s proposed expansion into the medical aesthetic services sector via the Refresh Laser Clinics (“RLC”) network that it is in the midst of acquiring. Through WE Crowdfunding, the Group intends to seek future growth funding, via the participation of third-party investors, to add more medical aesthetic clinics.
  • In May 2018, Accrelist also made further inroads into Fintech with the proposed acquisition of AmazingTech Pte. Ltd., a blockchain IT solutions provider and an online platform developer. In line with the Group’s plans to expand its Corporate Accretion Services, Accrelist entered into a non-binding memorandum of understanding with Liaoning Meal Plus Technology Ltd. (“Liaoning Meal Plus”) in April 2018 for a proposed acquisition of the company. Liaoning Meal Plus develops software and machinery for the food and beverage industry. These proposed acquisitions and plans are in line with the Group’s strategic plans to increase shareholder value in the future and broaden the Group’s revenue stream.
  • Going forward, we expect the operating environment to remain challenging. The Group will continue to work and devote its resources to unlock new opportunities in new business segments. The Group remains vigilant on costs, credit and cash management to mitigate the challenges posed by the volatile operating environment as we pursue our expansion strategy.

A Note of Appreciation

  • In closing, I would like to thank all our valued shareholders, business partners and colleagues who continue to be firm in their support for Accrelist amidst a challenging operating environment. Accrelist remains focused and committed to unlocking new business opportunities which will deliver long term benefits to the Group and build sustainable value for our shareholders.
  • Last but not least, on behalf of the Board of Directors and management of Accrelist, I would like to welcome and congratulate Mr Liu Song (“Mr Liu”) who was appointed as a Non-Executive Director of the Group, as well as Mr Lim Yeow Hua @ Lim You Qin (“Mr Lim”) who was appointed as a Non-Executive and Independent Director of the Group. The appointment of Mr Liu and Mr Lim further strengthens the Board of Directors, as their guidance and wisdom will help maintain the Group’s steady path forward as we continue to unlock new opportunities.

Thank you.

Mr Terence Tea

Executive Chairman and Managing Director

Accrelist

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发掘新商机

  • FY2018对亚联盛来说是重要的一年,在上个财政年推动变革 并重振业务后,本集团在FY2018继续发掘新商机,并取得了进展。在转型为提供企业扩增服务(Corporate Accretion Services)并着重于金融科技(Fintech)的企业后,本集团就持续通过WE Crowdfunding和WE9Pay这两家负责新业务的子公司,积极地在金融科技领域中大展拳脚,以把握新的增长机会。
  • WE Crowdfunding是一个以证券作为基础(securities-based)的众筹平台,本集团和第三方投资者可通过此平台进行投资,其近期内的主要目标是医学美容领域。WE9Pay则是一家提供手机付款方案的公司,其业务是令实体店零售商和消费者能够利用腾讯控股的手机支付平台(微信支付)收取和支付款项。
  • 我们坚信,长期而言,企业扩增服务对亚联盛来说将是一个强大且可持续发展的业务模式,因为企业总需要融资。与此同时,本集团将尽力发挥现有资源的潜力、扩增业务和把握增长机会,从而提高企业价值和竞争力。在投资之前,我们都会慎重地评估和筛选,因为我们投资于一家公司的目的在于发挥和增添其价值,进而创造长期价值。我们的管理层在不同的商业领域中累积了多年经验,我们因此颇具信心,并预计企业扩增服务这个发展策略能带来长期价值,并能在将来持续带来回报。
  • 我们在F Y 2 0 1 8 持续推动主要业务部门的发展, 包括WE Crowdfunding、WE9Pay和千禧业工艺控股公司。此外,本集团也探寻了能够推动业务增长、增加股东价值和增添收入来源的新商机。

FY2018整体表现

  • 尽管全球经济状况不明朗,同时受到外在不利因素影响,但本集团在截至2018年3月31日的财政年中表现稳定,同时转亏为盈,与FY17蒙受830万元净亏损相比,本财年取得20万元净利。净利增加主要是因为并入千禧业工艺的业绩。在将债务转换为股票之后,本公司在千禧业工艺的股份从FY17的29.10%增加至71.89%,使其自FY2018起成为旗下的子公司。本集团在FY2018参与并推行了千禧业工艺的振兴计划,确保其业务表现稳定且能持续带来回报,从而使集团的整体表现进步。管理层一直以来的计划,就是令千禧业工艺成为亚联盛的一大收入来源,随着千禧业工艺成为其子公司,此计划的目标正逐渐达成。千禧业工艺的表现在FY2018持续改善,就充份反映了这一点。
  • 千禧业工艺的全年表现改善,与FY2017蒙受750万元净亏损相比,它在本财年取得90万元净利。其FY2018收入则从FY2017的1亿零880万元增加47.1%或5,120万元至1亿6,000万元,这主要是因为其电子业务部门(EBU)的收入从FY2017的1亿零40万元增加51.2%至1亿5,180万元。E BU的收入来源是千禧业工艺旗下负责经营电子元件分销业务的全资子公司威新电子有限公司, 其客户S K 海力士(SKHynix)、三星电机(Semco)和新飞通光电子技术公司(NeoPhotonics Corporation)带来的销售额都不错。

展望及未来计划

  • 本集团一直积极地探寻新商机和谋求增长,目前正在进行的项目和计划都处在不同的发展阶段。随着本公司转型并采取提供企业扩增服务的策略,这些主要发展计划在接下来12个月所取得的进展,将有望令公司达到新里程碑。负责经营手机付款业务的WE9Pay已获得新加坡金融管理局所发出的汇款执照,而它也建立了一支应用程式团队,并开始为其手机付款系统生产销售点系统(point-of-sale terminal)。在2018年5月WE9Pay已经与一些商家签署正式协议,将在这些商家的门市设置亚联盛所拥有的销售点系统。WE9Pay接下来的其中一个计划是在WE9GO这家商店设置其手机付款系统。WE9GO将是新加坡第一间“无店员”商店,公司将与腾讯控股的微信支付合作,顾客可在店内取货后就离开,无需到柜台付款。
  • 亚联盛也将通过其众筹平台WE Crowdfunding,为其医学美容业务招揽投资者。本公司计划收购Refresh Laser Clinics(简称“RLC”)这家连锁医美诊所业者,以进军医学美容行业。本集团希望能通过WE Crowdfunding吸引第三方投资者,从而筹措资金谋求未来发展,开设更多医美诊所。
  • 在2018年5月,为了在金融科技领域大展拳脚,亚联盛也计划收购AmazingTech私人有限公司,它是一家提供区块链资讯科技方案和开发网络平台的企业。为了配合本集团提供企业扩增服务的策略,亚联盛也签署了一份谅解备忘录,以收购辽宁餐加科技科有限公司,后者的业务是为食品和饮料领域开发软件和机器。这些收购计划都符合公司的发展策略,即增加股东价值,而公司的收入来源也将随之增加。展望未来,我们预计业界仍将充满挑战。本集团将继续努力,妥善运用资源,以把握住新商业领域中的新商机。管理层也将继续谨慎地管理业务,控制好成本、信贷和现金,在拓展业务的同时,妥善地应对起伏不定的市场所带来的挑战。

鸣谢

  • 本人要衷心感谢一直以来支持亚联盛的股东、商业伙伴和同事。亚联盛将继续发掘能带来长期益处、持续为股东创造价值的新商机。最后,本人谨代表亚联盛的董事局和管理层欢迎和祝贺刘嵩先生和林祐嶔先生,他们分别受委为本集团的非执行董事和非执行及独立董事。他们将增强本集团董事局的实力,凭借他们的指引和智慧,本集团的前路将更为平顺。

 

谢谢

鄭耀楗

亚联盛控股公司

执行主席及董事经理