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万宝盛华大中华有限公司(02180.HK)

Wanbao Shenghua Greater China Co., Ltd. (02180.HK)

長雄證券 ·  Jun 28, 2019 00:00  · Researches

Business summary

The Group provides integrated human resources solutions and other human resources services to clients in various markets in Greater China (i.e. mainland China, Hong Kong, Macau and Taiwan). ManpowerGroup Inc., the group's biggest stakeholder, is listed on the New York Stock Exchange and is a global leader in human resources solutions and services. Headquartered in Wisconsin, USA, MAN is a Fortune 500 company with a global network of nearly 2,600 offices in 80 countries and regions, including the Americas, Europe, Asia Pacific and the Middle East. MAN led advanced forces in Greater China in 1997 and began operations in Hong Kong and Taiwan. They then advanced to mainland China and Macau in 2003 and 2007. As of today, the Group has served many enterprises and government customers in more than 130 cities in the Greater China market, operating more than 20 offices as of December 31, 2018. As of December 31, 2018, the Group has provided services to more than 22,500 clients, including over 260 Fortune 500 companies, as well as well-known local public and private employers, such as Lenovo and several other leading technology companies in mainland China.

Competitive advantage

World-renowned brands, trusted by international and local customers

It has the advantage of occupying one seat in the rapidly growing human resources services market in mainland China

Rooted in local markets, a long history of operation and a strong customer base

Risk Factors

Operating performance may be significantly adversely affected by fluctuations or uncertainties, and demand for group services may be affected by geopolitical events such as the Sino-US trade war and Brexit

If the group fails to continue to provide quality services, it may not be able to retain existing customers and attract new customers

May not be able to remain competitive in an ever-changing market

Use of proceeds

Approximately 30.0% will be used to further expand business scale and market share

About 30.0% will be used as a platform to invest in R&D, enhance technical capabilities and develop digital human resources

Approximately 25.0% were used to seek strategic mergers and acquisitions

Approximately 5.0% will be used to further invest in brand building and digital marketing

Approximately 10.0% is used as general working capital

The translation is provided by third-party software.


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