Ankündigung • Jul 01
Fengxing Co., Ltd. to Report First Half, 2026 Results on Aug 20, 2026 Fengxing Co., Ltd. announced that they will report first half, 2026 results on Aug 20, 2026 New Risk • May 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 52% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. New Risk • Apr 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,055% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 55% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Apr 09
Full year 2025 earnings released: EPS: CN¥0.19 (vs CN¥0.57 loss in FY 2024) Full year 2025 results: EPS: CN¥0.19 (up from CN¥0.57 loss in FY 2024). Revenue: CN¥633.1m (up 7.7% from FY 2024). Net income: CN¥20.2m (up CN¥81.0m from FY 2024). Profit margin: 3.2% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Ankündigung • Apr 09
Fengxing Co., Ltd., Annual General Meeting, Apr 29, 2026 Fengxing Co., Ltd., Annual General Meeting, Apr 29, 2026, at 14:30 China Standard Time. Location: Floor B1, No. 99, Jinjiang Road, Honggutan District, Nanchang, Jiangxi China Ankündigung • Mar 31
Fengxing Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 Fengxing Co., Ltd. announced that they will report Q1, 2026 results on Apr 28, 2026 Buy Or Sell Opportunity • Mar 23
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.6% to CN¥19.53. The fair value is estimated to be CN¥26.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. Ankündigung • Dec 31
Fengxing Co., Ltd. to Report Fiscal Year 2025 Results on Apr 09, 2026 Fengxing Co., Ltd. announced that they will report fiscal year 2025 results on Apr 09, 2026 Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: CN¥0.087 (vs CN¥0.011 in 3Q 2024) Third quarter 2025 results: EPS: CN¥0.087 (up from CN¥0.011 in 3Q 2024). Revenue: CN¥149.5m (up 11% from 3Q 2024). Net income: CN¥9.81m (up CN¥8.57m from 3Q 2024). Profit margin: 6.6% (up from 0.9% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Ankündigung • Sep 30
Fengxing Co., Ltd. to Report Q3, 2025 Results on Oct 27, 2025 Fengxing Co., Ltd. announced that they will report Q3, 2025 results on Oct 27, 2025 Ankündigung • Jul 02
Fengxing Co., Ltd. to Report First Half, 2025 Results on Aug 27, 2025 Fengxing Co., Ltd. announced that they will report first half, 2025 results on Aug 27, 2025 Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: CN¥0.03 (vs CN¥0.03 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.03 (in line with 1Q 2024). Revenue: CN¥152.6m (up 8.7% from 1Q 2024). Net income: CN¥3.05m (up 2.4% from 1Q 2024). Profit margin: 2.0% (down from 2.1% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Ankündigung • Mar 31
Fengxing Co., Ltd. to Report Q1, 2025 Results on Apr 25, 2025 Fengxing Co., Ltd. announced that they will report Q1, 2025 results on Apr 25, 2025 Reported Earnings • Mar 20
Full year 2024 earnings released: CN¥0.57 loss per share (vs CN¥0.55 loss in FY 2023) Full year 2024 results: CN¥0.57 loss per share (further deteriorated from CN¥0.55 loss in FY 2023). Revenue: CN¥588.1m (down 15% from FY 2023). Net loss: CN¥60.8m (loss widened 2.0% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Ankündigung • Mar 20
Fengxing Co., Ltd., Annual General Meeting, Apr 10, 2025 Fengxing Co., Ltd., Annual General Meeting, Apr 10, 2025, at 14:30 China Standard Time. Location: Floor B1, No. 99, Jinjiang Road, Honggutan District, Nanchang, Jiangxi China New Risk • Mar 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 36% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Ankündigung • Dec 31
Fengxing Co., Ltd. to Report Fiscal Year 2024 Results on Mar 20, 2025 Fengxing Co., Ltd. announced that they will report fiscal year 2024 results on Mar 20, 2025 Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CN¥0.011 (vs CN¥0.35 loss in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.011 (up from CN¥0.35 loss in 3Q 2023). Revenue: CN¥135.3m (down 9.4% from 3Q 2023). Net income: CN¥1.24m (up CN¥40.1m from 3Q 2023). Profit margin: 0.9% (up from net loss in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Ankündigung • Sep 30
Fengxing Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Fengxing Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CN¥0.085 (vs CN¥0.064 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.085 (up from CN¥0.064 in 2Q 2023). Revenue: CN¥160.8m (down 22% from 2Q 2023). Net income: CN¥10.1m (up 34% from 2Q 2023). Profit margin: 6.3% (up from 3.7% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. New Risk • Aug 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.3% average weekly change). Ankündigung • Jun 29
Fengxing Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Fengxing Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Ankündigung • Apr 29
Fengxing Co., Ltd., Annual General Meeting, May 21, 2024 Fengxing Co., Ltd., Annual General Meeting, May 21, 2024, at 14:30 China Standard Time. Location: 2F, The Company, North of Dongcheng Avenue, Ningguo Economic and Technological Development Zone, Anhui China Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: CN¥0.03 (vs CN¥0.13 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.03 (down from CN¥0.13 in 1Q 2023). Revenue: CN¥140.3m (down 15% from 1Q 2023). Net income: CN¥2.98m (down 78% from 1Q 2023). Profit margin: 2.1% (down from 8.2% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Ankündigung • Mar 30
Fengxing Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Fengxing Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Ankündigung • Feb 26
Fengxing Co., Ltd. (SZSE:002760) announces an Equity Buyback for CNY 50 million worth of its shares. Fengxing Co., Ltd. (SZSE:002760) announces a share repurchase program. Under the program, the company will repurchase up to CNY 50 million worth of its A shares. The shares will be repurchased at a price not more than CNY 26 per share. The repurchased share will be used for employee stock ownership plan and equity incentives. The program will be valid for a period of 12 months. New Risk • Feb 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (6.6% average weekly change). Ankündigung • Jan 25
Fengxing Co., Ltd. Approves Election of Directors Fengxing Co., Ltd. held its 1st Extraordinary General Meeting of 2024 on 23 January 2024, during which the following proposal(s) was/were approved the election of Xu Maohua, Li Wenjie, Zhao Guoliang, Liang Shanshan as non-independent directors, Bao Qiang and Zhao Yuguang as independent directors, Huang Jian and Guo Yanwen as non-employee supervisor. Board Change • Jan 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Wei Rao was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Dec 29
Fengxing Co., Ltd. to Report Fiscal Year 2023 Results on Apr 27, 2024 Fengxing Co., Ltd. announced that they will report fiscal year 2023 results on Apr 27, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: CN¥0.35 loss per share (vs CN¥0.16 profit in 3Q 2022) Third quarter 2023 results: CN¥0.35 loss per share (down from CN¥0.16 profit in 3Q 2022). Revenue: CN¥149.3m (down 17% from 3Q 2022). Net loss: CN¥38.8m (down 325% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥27.70, the stock trades at a trailing P/E ratio of 40.6x. Average trailing P/E is 30x in the Metals and Mining industry in China. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥22.98, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 31x in the Metals and Mining industry in China. Total returns to shareholders of 39% over the past three years. Board Change • Nov 16
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. No experienced directors. No highly experienced directors. Acting President, Director, Executive VP & Board Secretary Jieping Li is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: CN¥0.16 (vs CN¥0.29 in 3Q 2021) Third quarter 2022 results: EPS: CN¥0.16 (down from CN¥0.29 in 3Q 2021). Revenue: CN¥180.2m (down 27% from 3Q 2021). Net income: CN¥17.3m (down 34% from 3Q 2021). Profit margin: 9.6% (in line with 3Q 2021). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 31
Second quarter 2022 earnings released: EPS: CN¥0.089 (vs CN¥0.24 in 2Q 2021) Second quarter 2022 results: EPS: CN¥0.089 (down from CN¥0.24 in 2Q 2021). Revenue: CN¥195.3m (down 3.3% from 2Q 2021). Net income: CN¥9.39m (down 55% from 2Q 2021). Profit margin: 4.8% (down from 10% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Shareholder Representative Supervisor Yuhai Li is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Ankündigung • Apr 13
Fengxing Co., Ltd., Annual General Meeting, Apr 29, 2022 Fengxing Co., Ltd., Annual General Meeting, Apr 29, 2022, at 14:30 China Standard Time. Agenda: To consider 2021 work report of the board of directors; to consider 2021 work report of the supervisory committee; and to discuss other matters. Reported Earnings • Apr 10
Full year 2021 earnings released: EPS: CN¥1.03 (vs CN¥0.69 in FY 2020) Full year 2021 results: EPS: CN¥1.03 (up from CN¥0.69 in FY 2020). Revenue: CN¥945.0m (up 34% from FY 2020). Net income: CN¥95.5m (up 57% from FY 2020). Profit margin: 10% (up from 8.7% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥22.99, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 27x in the Metals and Mining industry in China. Total returns to shareholders of 12% over the past three years. Board Change • Nov 13
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Shareholder Representative Supervisor Yuhai Li is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment deteriorated over the past week After last week's 18% share price decline to CN¥33.81, the stock trades at a trailing P/E ratio of 44.5x. Average trailing P/E is 29x in the Metals and Mining industry in China. Total returns to shareholders of 125% over the past three years. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 24% share price gain to CN¥38.23, the stock trades at a trailing P/E ratio of 50.3x. Average trailing P/E is 30x in the Metals and Mining industry in China. Total returns to shareholders of 111% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥29.07, the stock trades at a trailing P/E ratio of 38.3x. Average trailing P/E is 28x in the Metals and Mining industry in China. Total returns to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥21.84, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 29x in the Metals and Mining industry in China. Total returns to shareholders of 29% over the past three years. Ankündigung • May 26
Anhui Fengxing Wear Resistant Materials Co., Ltd. Implements A Shares Final Cash Distribution for 2020, Payable on May 31, 2021 Anhui Fengxing Wear Resistant Materials Co., Ltd. implemented A shares final cash distribution of CNY 1.20000000 per 10 shares for 2020. Record date: May 28, 2021. Ex-date: May 31, 2021. Payment date: May 31, 2021. Ankündigung • May 22
Anhui Fengxing Wear Resistant Materials Co., Ltd. Approves Cash Dividend for the Year 2020 Anhui Fengxing Wear Resistant Materials Co., Ltd. at its AGM held on May 20, 2021 approved cash dividend/10 shares (tax included) of CNY 1.20000000 for the year 2020. Is New 90 Day High Low • Mar 01
New 90-day high: CN¥19.87 The company is up 3.0% from its price of CN¥19.27 on 01 December 2020. The Chinese market is also up 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Metals and Mining industry, which is up 10.0% over the same period. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥17.90, the stock is trading at a trailing P/E ratio of 24.2x, up from the previous P/E ratio of 20.8x. This compares to an average P/E of 30x in the Metals and Mining industry in China. Total return to shareholders over the past three years is a loss of 64%. Is New 90 Day High Low • Jan 13
New 90-day low: CN¥15.39 The company is down 25% from its price of CN¥20.40 on 15 October 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 28
New 90-day low: CN¥16.60 The company is down 17% from its price of CN¥19.97 on 29 September 2020. The Chinese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 11
New 90-day low: CN¥18.69 The company is down 13% from its price of CN¥21.57 on 11 September 2020. The Chinese market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Nov 17
Market bids up stock over the past week After last week's 17% share price gain to CN¥22.00, the stock is trading at a trailing P/E ratio of 29.7x, up from the previous P/E ratio of 25.5x. This compares to an average P/E of 34x in the Metals and Mining industry in China. Total return to shareholders over the past three years is a loss of 39%. Is New 90 Day High Low • Oct 29
New 90-day low: CN¥19.63 The company is down 11% from its price of CN¥22.05 on 31 July 2020. The Chinese market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 6.0% over the same period. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥65.0m, up 23% from the prior year. Total revenue was CN¥633.2m over the last 12 months, up 23% from the prior year. Ankündigung • Oct 20
Anhui Fengxing Wear Resistant Materials Co., Ltd. to Report Q3, 2020 Results on Oct 27, 2020 Anhui Fengxing Wear Resistant Materials Co., Ltd. announced that they will report Q3, 2020 results on Oct 27, 2020 Is New 90 Day High Low • Sep 30
New 90-day low: CN¥19.69 The company is down 12% from its price of CN¥22.32 on 02 July 2020. The Chinese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 5.0% over the same period. Ankündigung • Aug 17
Anhui Fengxing Wear Resistant Materials Co., Ltd. announced that it expects to receive CNY 354 million in funding from Jiangxi Tellhow Technology Development Co., Ltd. Anhui Fengxing Wear Resistant Materials Co., Ltd. (SZSE:002760) announced that it has entered into a share subscription agreement with Jiangxi Tellhow Technology Development Co., Ltd. for private placement of not more than 26,400,000 A shares at a price of CNY 1,783 per share for gross proceeds of not more than CNY 354,000,000 on August 14, 2020. The company will issue not more than 30% of the total share capital. The shares have a hold period of 36 months from the issuance date. The transaction has been approved at the 3rd meeting of the company's 5th directorate, and is subject to approval from the shareholders meeting and the China Securities Regulatory Commission. Ankündigung • Aug 04
Anhui Fengxing Wear Resistant Materials Co., Ltd. to Report First Half, 2020 Results on Aug 25, 2020 Anhui Fengxing Wear Resistant Materials Co., Ltd. announced that they will report first half, 2020 results on Aug 25, 2020 Ankündigung • Jul 30
Tellhow Group Co., Ltd. completed the acquisition of an additional 8% stake of Anhui Fengxing Wear Resistant Materials Co., Ltd from Chen Xiao, Chen Gonglin and Chen Jing. Tellhow Group Co., Ltd. signed a letter of intent to acquire an additional 8% stake of Anhui Fengxing Wear Resistant Materials Co., Ltd. (SZSE:002760) from Chen Xiao, Chen Gonglin and Chen Jing on December 21, 2019. Tellhow Group Co., Ltd. entered into share transfer agreement to acquire 8% stake of Anhui Fengxing Wear Resistant Materials Co., Ltd from Chen Xiao, Chen Gonglin and Chen Jing for approximately CNY 120 million on January 19, 2020. Under the transaction, Tellhow Group will acquire 7.04 million shares of Anhui Fengxing. Chen Xiao will transfer 2.6 million shares representing 3% stake, Chen Gonglin will transfer 2.2 million shares in Anhui Fengxing Wear Resistant Materials representing 2.5% stake, Chen Jing will sell 2.2 million shares representing 2.5% stake in Anhui Fengxing Wear Resistant Materials to Tellhow Group. Tellhow Group Co., Ltd. has paid CNY 80 million to the shareholders in accordance with the memorandum of cooperation and supplementary agreement on cooperation memorandum signed with Chen Xiao, Chen Gonglin, Chen Jing and Chen Yehan on November 19, 2018 and October 21, 2019. The remaining consideration of CNY 117 million will be paid in following manner, CNY 43.8 million will be paid to Chen Xiao, CNY 36.6 million will be paid to Chen Gonglin and CNY 36.6 million will be paid to Chen Jing.
Tellhow Group Co., Ltd. completed the acquisition of an additional 8% stake of Anhui Fengxing Wear Resistant Materials Co., Ltd from Chen Xiao, Chen Gonglin and Chen Jing on April 8, 2020. Tellhow Group Co., Ltd. obtained the securities transfer registration confirmation issued by China Securities Depository and Clearing Co., Ltd. on April 8, 2020. 
