HONG KONG, Dec. 16, 2015 /PRNewswire/ -- Success Dragon International Holdings Limited ("Success Dragon" or the "Group", SEHK: 1182) is pleased to announce that the Group has been officially renamed from "C Y Foundation Group Limited" to "Success Dragon International Holdings Limited" today. Following the official renaming, Success Dragon will actively expand its footprint in Southeast Asia and repositions itself as an outsourced business process management and IT services provider.
Develop Outsourced Business Process Management and IT Services Businesses
Success Dragon has been providing outsourced management services for electronic gaming to casino operators in Macau. It is specialized in sourcing and installing electronic gaming machines, slot monitoring systems and other associated equipment into gaming destinations as well as providing full managerial support to oversee the electronic gaming operations. Together with the Group's new IT services, whereby it provides gaming companies with a series of customized information technology solutions, including gaming software and development, hardware and software solutions, storage and data management solutions and etc. Success Dragon intends to reinforce its position in Vietnam's gaming industry and later tap into new business sectors other than electronic gaming.
In the past two months, Success Dragon has entered into agreements with three racing enterprises and two five-star hotels in Vietnam for the provision of racing systems and outsourced electronic gaming machine management services for a term of 10 years respectively. These agreements are expected to bring stable and substantial revenue steam to the Group, among which the three IT agreements are expected to generate minimum revenue of USD7.31 million per year.
Captures Business Opportunities in Vietnam
The Group has selected Vietnam as the first country for its international expansion of IT services and outsourced business process management business. According to the World Bank, the national economic output of Vietnam's GDP and GDP per capita were USD186.2 billion and USD1,077.91 respectively, in 2014, representing a year-on-year increase of 6.0% and 4.8% respectively. This high-level sustainable growth will economically empower the community in Vietnam which can in turn energize the entertainment sector and boost domestic gaming expenditure in Vietnam.
To cope with its expansion plan, Success Dragon has established an office in Ho Chi Minh City, Vietnam and recruited top talents with extensive experience and knowledge in local gaming industry.
Three-pronged Approach for Future Development
Looking ahead, Success Dragon will rapidly develop with a clear operational strategy and a three-pronged approach, which is to focus on its core business as an outsourced business process management and IT service provider, aggressively expand its presence in Vietnam and constantly explore potential markets to broaden its revenue source. Meanwhile, the Group has remodeled its existing packaging business to streamline it and lower operating costs.
Mr. Carlos Luis SALAS PORRAS, Chairman of Success Dragon, stated, "Through the Group's repositioning, we are ready to inaugurate another era of success. Our strategy is to nurture existing strengths and maintain high expectations. Our recent movements are only the first step to have Success Dragon become the industry leader. Our second step will be larger and bolder to totally transform and elevate our business to the next level."
About Success Dragon International Holdings Limited (SEHK: 1182)
Success Dragon International Holdings Limited is principally engaged in providing electronic gaming equipment management services for hotel and casino operators in Vietnam and Macau, and providing IT services for racing enterprises in Vietnam. The Group's business strategy has long been seeking investment opportunities proactively, especially in the gaming industry in Asia. Success Dragon will continue to procure new business relationship in Macau and Vietnam and plan to extend its geographical reach to other parts of Southeast Asia.
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