HONG KONG, Aug. 11, 2018 /PRNewswire/ -- Times China Holdings Limited ("Times China" or the "Company", which together with its subsidiaries are referred to as the "Group", HKSE stock code: 1233) announces that, the Company has been selected as a constituent of the Hang Seng Composite LargeCap & MidCap Index, Hang Seng Stock Connect Hong Kong Index, and Hang Seng Stock Connect Big Bay Area Composite Index. The change will be effective on 10 September 2018 (Monday). The inclusion of Times China as a constituent of these important indices demonstrates market's high recognition and positive evaluation towards the Company's various performance indicators, which will further boost Times China's share liquidity, broaden its investor base, and raise the Company's valuation.
Outstanding Operation Performance in the First Half of 2018
In the first half of 2018, the Group's contracted sales rose by 53% year on year to RMB26.0 billion; gross profit and net profit increased by 29% and 42% to RMB3 million and RMB1.1 million respectively. Profit attributable to shareholders increased significantly by 138% year on year.
The ratings and outlook of Times China were upgraded by international credit rating agency in past six months
In March and April this year, Fitch Ratings and Moody's upgraded the ratings of the Group to "BB-" and "Ba3" respectively. In August, the Group's outlook was upgraded to "Positive" by S&P Global Ratings. The Group has continued to expand its business whilst adopting a prudent financial discipline. The recognition of these three international credit rating agencies demonstrates the capital market's confidence in the Group's well managed credit profile.
The Group is covered by renowned brokers in China and global market
Focusing on the development and investment in the Guangdong-Hong Kong-Macau Greater Bay Area, the Group's business model and profitability is well-recognized by the market. Renowned brokers in China and global market initiated coverage on Times China and upgraded its target price.
The inclusion of the Company's shares into these key indices and the Stock-Connect market is an important milestone of the Company since it was listed.
Looking ahead, the Group will pursue its development in the Guangdong-Hong Kong-Macau Greater Bay, procuring business expansion with prudent financial management, bringing favorable returns to shareholders and investors.
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About Times China Holdings Limited
Times China Holdings Limited is one of the leading property developers in China, focusing on the development of residential properties which are targeting the first-time home buyers and those who have the upgrader demand for the first time. The Group's shares have been listed on the Main Board of The Stock Exchange of Hong Kong since 11 December 2013. Times China positions itself as a "life stylist", with a vision of introducing modern and artistic lifestyles to increasingly affluent middle- to high-income households with relatively high disposable income and strong purchasing power. As at 30 June 2018, the Group had a total of 87 major projects in various stages of development in major cities of Guangdong Province, including Guangzhou, Foshan, Jiangmen, Dongguan, Huizhou, Zhuhai, Zhongshan and Qingyuan as well as in Changsha, Hunan Province.
