PDF《2016》

2016 turned out to be as difficult as I said it would be when I was writing our

2015 report. The retail market in Hong Kong was hit hard, more so than it was in China. For the first time, profit contribution from our Mainland operation overtook Hong Kong'

s. In 2015, the Group made a gain of HK$246 million on the disposal of part of its holding of shares of Hong Kong Exchanges and Clearing Limited. There was no disposal made in 2016. Excluding this gain, the Group'

s profit from operations in

2016 dropped by 16% to HK$742 million. Rental expenses in Hong Kong only started to come down near the end of the year, as some of the major leases were up for renewal then. We do expect more relief in rental and personnel expenses in

2017 as we continue to negotiate renewals for street level shops and close under- performing shops located in tourist areas. Despite lower sales, our inventory level is healthy, thanks to an on- going regimen of tight control. In the current climate, gemset and other jewellery generally fared better than pure gold products. Aiming to add value to our securities business, we have partnered with Harvest Fund Management Co., Ltd. to submit an application to the China Securities Regulatory Commission to operate a brokerage on the Mainland, under the CEPA scheme. I wish to pay tribute to Dr. CHOW Kwen Lim, my father and fellow director, who passed away in September 2016. He and his two brothers founded the Company that led to the Chow Sang Sang Group. In his prime he was tireless in supporting community work and education, and for his efforts he was awarded a doctorate, the BBS, the MBE and named a justice of the peace. He was always eager to help others, garnering a wide circle of friends. He was 89. As always, I sincerely thank our shareholders, staff and customers for their support and loyalty. Vincent CHOW Wing Shing Chairman Hong Kong

27 March

2017 BOARD OF DIRECTORS AND SENIOR MANAGEMENT 董事会及高级管理人员 CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED ANNUAL REPORT

2016 周生生集团国际有限公司2016 年报4Mr. CHOW Kwen Ling, aged 93, is a Non-executive Director of the Company, the Honorary Chairman of the Group and a director of a number of subsidiaries within the Group.........