Reported Earnings • Aug 13
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down CN¥9.34m from profit in 1H 2021). Profit margin: (down from 2.6% in 1H 2021). The decrease in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Aug 01
Investor sentiment improved over the past week After last week's 29% share price gain to HK$1.52, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 7x in the Tech industry in Hong Kong. Total returns to shareholders of 88% over the past three years. Announcement • Jul 13
EVOC Intelligent Technology Company Limited to Report First Half, 2022 Results on Aug 12, 2022 EVOC Intelligent Technology Company Limited announced that they will report first half, 2022 results on Aug 12, 2022 Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 17% share price gain to HK$1.29, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 8x in the Tech industry in Hong Kong. Total returns to shareholders of 47% over the past three years. Announcement • May 02
EVOC Intelligent Technology Company Limited, Annual General Meeting, Jun 10, 2022 EVOC Intelligent Technology Company Limited, Annual General Meeting, Jun 10, 2022, at 10:30 China Standard Time. Location: 20/F, EVOC Technology Building, No. 31 Gaoxinzhongsi Road, Nanshan District, Shenzhen China Agenda: To consider and approve the report of the directors of the Company for the year ended 31 December 2021; to consider and approve the report of the supervisory committee of the Company for the year ended 31 December 2021; to consider and approve the audited financial statements and the report of the auditors of the Company for the year ended 31 December 2021; to consider and approve the making of appropriation to statutory surplus reserve fund and statutory public welfare fund for the year ended 31 December 2021; and to discuss other matters. Reported Earnings • Apr 03
Full year 2021 earnings released Full year 2021 results: Revenue: CN¥1.30b (down 16% from FY 2020). Net income: CN¥117.1m (down 44% from FY 2020). Profit margin: 9.0% (down from 14% in FY 2020). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to HK$1.15, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 8x in the Tech industry in Hong Kong. Total returns to shareholders of 21% over the past three years. Reported Earnings • Aug 13
First half 2021 earnings released: EPS CN¥0.008 (vs CN¥0.013 loss in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: CN¥360.9m (down 11% from 1H 2020). Net income: CN¥9.34m (up CN¥25.7m from 1H 2020). Profit margin: 2.6% (up from net loss in 1H 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Executive Departure • Jun 01
Independent Non-Executive Director has left the company On the 21st of May, Chun Kwok Ling's tenure as Independent Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Chun Kwok's name. A total of 6 executives have left over the last 12 months. Executive Departure • Jun 01
Independent Non-Executive Director has left the company On the 21st of May, Da Ming Zhang's tenure as Independent Non-Executive Director ended after 6.0 years in the role. We don't have any record of a personal shareholding under Da Ming's name. A total of 6 executives have left over the last 12 months. Executive Departure • Jun 01
Vice Chairman & Head of Business Development Strategy Cheng Shun Tso has left the company On the 21st of May, Cheng Shun Tso's tenure in the role of Vice Chairman & Head of Business Development Strategy ended. We don't have any record of a personal shareholding under Cheng Shun's name. A total of 6 executives have left over the last 12 months. Executive Departure • Jun 01
Independent Non-Executive Director has left the company On the 21st of May, Tat Chi Yu's tenure as Independent Non-Executive Director ended after 5.0 years in the role. We don't have any record of a personal shareholding under Tat Chi's name. A total of 6 executives have left over the last 12 months. Reported Earnings • Apr 24
Full year 2020 earnings released: EPS CN¥0.17 (vs CN¥0.21 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥1.54b (down 8.5% from FY 2019). Net income: CN¥210.5m (down 20% from FY 2019). Profit margin: 14% (down from 16% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS CN¥0.17 (vs CN¥0.21 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥1.54b (down 8.5% from FY 2019). Net income: CN¥210.5m (down 20% from FY 2019). Profit margin: 14% (down from 16% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Mar 16
EVOC Intelligent Technology Company Limited to Report Fiscal Year 2021 Results on Mar 31, 2021 EVOC Intelligent Technology Company Limited announced that they will report fiscal year 2021 results on Mar 31, 2021 Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥1.37, the stock is trading at a trailing P/E ratio of 6.2x, down from the previous P/E ratio of 7.5x. This compares to an average P/E of 11x in the Tech industry in Hong Kong. Total returns to shareholders over the past three years are 21%. Announcement • Nov 10
EVOC Hi-Tech. Holding Group Co., Ltd cancelled the acquisition of an additional 25% stake in EVOC Intelligent Technology Company Limited (SEHK:2308). EVOC Hi-Tech. Holding Group Co., Ltd entered into a voluntary takeover offer to acquire an additional 25% stake in EVOC Intelligent Technology Company Limited (SEHK:2308) for approximately HKD 460 million on June 22, 2020. Under the terms of the transaction, EVOC Hi-Tech. will acquire approximately 310 million H shares for HKD 1.5 per share in cash. EVOC Hi-Tech. will not increase the offer price. Prior to the transaction, EVOC Hi-Tech and Shenzhen Haoxuntong together holds 75% stake in EVOC Intelligent Technology with EVOC Hi -Tech holding approximately 880 million shares and Shenzhen Haoxuntong holding 46.2 million shares. The transaction will be funded from a combination of cash available in Hong Kong from the Offeror’s internal resources and a term loan facility provided to the Offeror by ICBC International Securities Limited. EVOC Hi-Tech also has internal resources and cash available in the PRC and may also seek to obtain and draw down debt facility from ICBC Shenzhen in the PRC. Subject to receiving the relevant regulatory approval from the SAFE, the EVOC Hi-Tech may consider remitting the Alternative PRC Funds into Hong Kong for partial payment of acceptance of the H Share Offer. Upon completion, EVOC Intelligent Technology will continue with the existing business and there will not be any material changes to the current business operations. EVOC Hi-Tech has no rights under the laws of the PRC and the Articles of Association of the Company to compulsorily acquire the H Shares that are not tendered for acceptance pursuant to the H Share Offer.
The management and employees of EVOC Intelligent Technology will be retained following completion. The transaction is subject to the passing of a resolution by the Independent H Shareholders approving the Delisting at the H Share Class Meeting to be convened for this purpose, minimum valid acceptances of the H Share Offer being received amounting to at least 90% of the H Shares held by the Independent H Shareholders and all necessary authorizations, consents and approvals of any governmental or regulatory body, including the necessary filing and approval of Development and Reform Commission of Shenzhen Municipality and State Administration of Foreign Exchange Shenzhen Branch in relation to the H Share Offer having been obtained and remaining in full force and effect pursuant to the provision of any laws or regulations in Hong Kong, the PRC and other relevant jurisdictions. An Independent Board Committee comprises all of the independent non-executive Directors, namely, Mr. Michael Yu Tat Chi, Mr. Dong Li Xin, Mr. Wen Bing and Mr. Zhang Da Ming, each of whom has no direct or indirect interest in the H Share Offer and the Delisting was created to evaluate the transaction. The offer will will initially open for acceptances for at least 21 days from the date of the Composite Document. On September 15, 2020, the transaction is approved by Board of Directors of EVOC Hi-Tech. Holding Group Co., Ltd. in an extraordinary general meeting and the first and second introductory meeting will be held on September 23, 2020 and September 25, 2020. As per the update on September 18, 2020, it is recommended that the acceptance procedures should be completed as soon as possible by the end of September 2020. On October 19, 2020, EVOC Hi-Tech had received valid acceptances under the H Share Offer in respect of 220.828199 million H Shares, representing approximately 71.6% of the total issued H Shares as at the date of this joint announcement. The offer period is extended to November 9, 2020 or the date when the acceptance Condition is fulfilled, whichever is earlier.
Sorrento Capital Limited acted as a financial adviser to EVOC Intelligent Technology and Industrial and Commercial Bank of China Limited (SEHK:1398) acted as financial adviser to EVOC Hi-Tech.
EVOC Hi-Tech. Holding Group Co., Ltd cancelled the acquisition of an additional 25% stake in EVOC Intelligent Technology Company Limited (SEHK:2308) on November 9, 2020. As of November 9, 2020, total tendered shares were representing 88.83% stake and so minimum tender condition could not be fulfilled and hence tender offer lapsed. Valuation Update With 7 Day Price Move • Nov 02
Market bids up stock over the past week After last week's 37% share price gain to CN¥1.79, the stock is trading at a trailing P/E ratio of 8.4x, up from the previous P/E ratio of 6.1x. This compares to an average P/E of 10x in the Tech industry in Hong Kong. Total returns to shareholders over the past three years are 61%. Valuation Update With 7 Day Price Move • Oct 28
Market bids up stock over the past week After last week's 16% share price gain to CN¥1.49, the stock is trading at a trailing P/E ratio of 7x, up from the previous P/E ratio of 6x. This compares to an average P/E of 10x in the Tech industry in Hong Kong. Total returns to shareholders over the past three years are 31%. Is New 90 Day High Low • Oct 27
New 90-day high: HK$1.41 The company is up 10.0% from its price of HK$1.28 on 29 July 2020. The Hong Kong market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Tech industry, which is up 40% over the same period. Announcement • Jul 22
EVOC Intelligent Technology Company Limited to Report First Half, 2020 Results on Aug 10, 2020 EVOC Intelligent Technology Company Limited announced that they will report first half, 2020 results on Aug 10, 2020