The following table sets out the key milestones of our Group’s business development:
Our first operating subsidiary, Qualiman Industrial Co. Limited, was incorporated. Qualiman Industrial Co. Limited entered into the first processing agreement dated 8 December 1996 with 佛山市南海區新和新美玩具廠 (Foshan City Nanhai District Xinhe Xinmei Toys Factory*) (“Processing Factory”) pursuant to which our products were manufactured by the Processing Factory in return for processing fees paid by Qualiman Industrial Co. Limited.
We started to engage in project development with a major toy manufacturer based in the USA when we started to manufacture our mechaical plush toy integrating the skills of soft toys, electronic and plastic knowhow.
Qualiman Technology & Products Co.Limited, one of our operating subsidiaries, was incorporated.
Sunmart company Limited, one of our operating subsidiaries, was incorporated. CIDE became our customer of electronic learning toys.
Our production plant located in Foshan City, Guangdong Province, PRC, commenced production.
LeapFrog (H.K) Limited, a group member of LeapFrog Enterprise, Inc., became our customer of plastic and soft learning toys. We started to comply with the Restriction of Hazardous Substances Directive (RoHs) requirements, as our electronic components manufacturing standards.
We started to manufacture TV game toys.
We started to manufacture hand-held games which became stable products.
2009 to 2013
We manufactured dolls and playsets for Tollytots Limited, a subsidiary of JAKKS Pacific, Inc. , which became one of our key customers.
Seeing the sharp increase in labour costs and labour shortage in the PRC where our production facilities and the Processing Factory are located, our management decided to improve the productivity by lean improvement.
In 2011, in order to expand our production capacity, we commenced construction of a new factory building for establishing additional production lines for packaging and assembly of products to be operated by our PRC operating subsidiary which is expected to be done by stages and completed before the end of 2013 in order to increase our production capacity, improve our production efficiency and utilisation rate as well as lower our production costs.
On 23 January 2013, we succesfully listed on the Main Board of the Stock Exchange in Hong Kong.
In December 2014, we acquired the PMT Group and commenced our Information Technology Division, primarily engaged in the digital publishing, mobile and web application solutions.
In November 2015, we acquired the Crosby Group (specifically Crosby Securities Limited and Crosby Asset Management (Hong Kong) Limited) and since then expanded to engage in Financial Services Division, primarily engaged in the business of principal investments, institutional sales, financial products, research, corporate access, advising on corporate finance and asset management.
In October 2016, we disposed the entire equity interest in the wholly owned subsidiaries, Sunmart Company Limited and Foshan Nanhai Haoda Precision Toys Co., Ltd, both being engaged in the trading and manufacture of toy products mainly focusing on serving newer and smaller customers of the Group. Following the disposal, the Group still maintain its toy OEM business operating by its other wholly owned subsidiary, Qualiman Industrial Co. Limited.
In late December 2017, we disposed the entire equity interest in the PMT Group and had the information technology business discontinued since then.
On 3 May 2022, we completed the subscription of 52% of the issued share capital of Ballas Group Limited through our wholly-owned subsidiary of the Company, Crosby Asia Limited. Ballas Group Limited owns the entire issued share capital of Ballas Capital Limited, which is a company incorporated in Hong Kong and licensed to carry on Type 1 (dealing in securities) and Type 6 (advising on corporate finance) regulated activities under the Securities and Futures Ordinance of Hong Kong. Ballas Capital Limited is also licensed to act as sponsors for listings on the Stock Exchange and advise on matters relating to the Hong Kong Codes on Takeovers and Mergers.
* unofficial English translation only