(10 May, 2017, Hong Kong) Morris Holdings Limited (“Morris Holdings” or “the Company”,and together with its subsidiaries, the “Group”; stock code: 1575), is pleased to announce that the Company has received enthusiastic responses from investors during the first-round Hong Kong roadshow after the Company got listed, on 4 and 5 May 2017, reflecting investors’ great recognition of the Group’s future development.
Morris Holdings is the second largest upholstered sofa manufacturer and exporter in China, with more than 90% of its revenue coming from overseas markets such as the United States, Ireland, the United Kingdom, Australia and South Korea, in particular, some of our customers are mainly the largest furniture retail chains and retail warehouse clubs in the United States.
In recent years, the Group has gradually shifted its business focus to the OBM business (Original- Brand-Manufacturing), increasing the proportion of its income to more than 60%. Along with the pace of listing in the Hong Kong stock market on 12 January 2017 together with the improvement of our brand awarenss, the volume of new orders in 2017 has reached a higher level.
In response to the high demand of customer orders, the Group is currently expanding its production capacity. At present, in Haining City, China, we have already adopted light asset model to complete the ramp-up of our new production facilities, and it has officially put into operation in March 2017. In addition, the Group has completed the construction of a new plant in Cambodia and expected to start a trial production in the second half of 2017. The new production lines will further increase sofa production capacity of about 40%. Also, the Group will set up two more production facilities in the second half of the year in Haining City when necessary, to facilitate its future growth.
In addition to continuing promoting the development of its own brands "Morris Holdings Limited" and "Morris Zou", the Group has also set up a retail brand "MorriSofa" to target the fast-growing middle class customer base in China. Furthermore, the Group will set up retail flagship store in Hong Kong by August 2017 and in Shanghai by the end of 2017, striving to become an industry leader in smart-featured fashionable sofa brand in the next three to five years.
Announcement for Morris Holdings Limited provided joint liability guarantee for bank loan of Hunan Morris Fashion Home Company Limited.
MorriSofa new flagship store officially launched in Shanghai, China
MorriSofa first flagship store officially launched in Hong Kong
Interview with Chairman Mr. Morris Zou at RTHK
Morris Holdings held its first Annual General Meeting
Morris Holdings has been selected as constituent stock of MSCI Hong Kong Micro Cap Index
Morris Holdings finished first round of Hong Kong Roadshow and received enthusiastic responses from investors
Morris Holdings Limited (stock code: 1575.HK) commenced trading on the Main Board of The Stock Exchange of Hong Kong Limited
Morris Holdings announced details of proposed listing on SEHK Main Board