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Annual Report CORPORATE PROFILE COOLPAD GROUP LIMITED 酷派集團有限公司 (Incorporated in the Cayman Islands with limited liability) (stock code : 2369) 2016 ANNUAL REPORT CORPORATE PROFILE Coolpad Group Limited (the “Company”), formerly known as China Wireless Technologies Limited, was incorporated in the Cayman Islands as an exempted company with limited liability on 11 June 2002. The shares of the Company (the “Shares”) were listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 9 December 2004 (Stock Code: 2369). Yulong Computer Telecommunication Scientific (Shenzhen) Co., Ltd. (“Yulong Shenzhen”) is an indirect wholly owned subsidiary of the Company. It was founded by Mr. GUO Deying (the Company’s former chairman, former executive director and former chief executive officer) in April 1993. Yulong Shenzhen is a leading developer and provider of integrated solutions for Coolpad 酷派 smartphone sets, mobile data platform system, and value-added business operations in the People’s Republic of China (the “PRC” or the “Mainland China”). Yulong Shenzhen mainly provides its Coolpad products for enterprises, government and mobile operators as well as individual consumers in the PRC. In the last decade, capitalizing on the development of wireless telecommunications technological know-how in wireless telecommunications across multiple wireless telecommunications network standards including TD-LTE, FDD-LTE, TD-SCDMA, CDMA-EVDO, WCDMA, GSM, and CDMA1X networks, the Company and its subsidiaries (collectively, the “Group”) have developed a large number of proprietary technologies and patents in mobile operating systems, radio frequency, protocols and wireless data decomposed transmission technology, etc. The Group has developed advanced research and development capabilities in mobile communications and gradually becomes a leader of 4G and 3G smartphone in the Mainland China’s telecommunications market. The Group never stops enhancing its R&D ability and is striving to be an important participant and a leader in the latest field of 5G and Artificial Intelligence. In spite of being a leading smartphone developer in Mainland China’s telecommunications market, the Group has succeeded in breaking into the global telecommunications market in respect of Coolpad brand with the overseas telecommunications operators. The Group has established strong and close strategic cooperation relationships with certain global telecommunication operators and is striving to further develop its business in the global telecommunication markets. The Group is committed to providing every individual with the privilege to enjoy the extravagant experience of using integrated terminal of wireless data solutions. To achieve this goal, the Group is striving to realize its dream by providing customized products and services based on its differentiated mobile operating systems and applications. COOLPAD GROUP LIMITED ANNUAL REPORT 2016 CORPORATE INFORMATION REGISTERED OFFICE AUDITOR Cricket Square Ernst & Young Hutchins Drive Certified Public Accountants P.O. Box 2681 22/F, CITIC Tower Grand Cayman 1 Tim Mei Avenue KY1-1111 Central Cayman Islands Hong Kong HEAD OFFICE AND PRINCIPAL PLACE OF LEGAL ADVISERS TO THE COMPANY AS BUSINESS IN THE PRC TO HONG KONG LAW Coolpad Information Harbor DLA Piper Hong Kong NO.2 Mengxi Road 17th Floor Hi-Tech Industry Park (Northern) Edinburgh Tower Nanshan District The Landmark Shenzhen 15 Queen’s Road Central PRINCIPAL PLACE OF BUSINESS IN Hong Kong HONG KONG LEGAL ADVISERS TO THE COMPANY AS Room 1902, China Evergrande Centre TO CAYMAN ISLANDS LAW 38 Gloucester Road Wanchai, Hong Kong Conyers Dill & Pearman 2901 One Exchange Square COMPANY SECRETARY 8 Connaught Place Central Mr. JIANG Chao, ACCA (Resigned on 19 January 2018) Hong Kong Mr. LEUNG Siu Kee (Appointed on 19 January 2018) PRINCIPAL SHARE REGISTRAR AND AUDIT COMMITTEE & REMUNERATION TRANSFER OFFICE COMMITTEE Royal Bank of Canada Trust Company (Cayman) Limited Mr. CHAN King Chung (Chairperson) Royal Bank House, 24 Shedden Road Dr. HUANG Dazhan George Town Mr. XIE Weixin Grand Cayman KY1-1110 Cayman Islands NOMINATION COMMITTEE Mr. GUO Deying (Chairperson resigned on 5 August 2016) HONG KONG BRANCH SHARE Mr. JIA Yueting (Chairperson appointed on 5 August REGISTRAR AND TRANSFER OFFICE 2016, resigned on 17 November 2017) Computershare Hong Kong Investor Services Limited Mr. CHAN King Chung (Chairperson appointed on 17 Shops 1712-16 November 2017) 17th Floor Mr. JIANG Chao (Appointed on 17 November 2017) Hopewell Centre Mr. XIE Weixin 183 Queen’s Road East Hong Kong AUTHORISED REPRESENTATIVES Mr. JIANG Chao PRINCIPAL BANKERS Mr. LI Bin (Resigned on 1 March 2017) Bank of Communications Co., Ltd. Mr. LIU Hong (Appointed on 1 March 2017) DBS Bank (Hong Kong) Ltd. Mr. LIU Hong (Resigned on 8 February 2018) Bank of China Limited Mr. LEUNG Siu Kee (Appointed on 8 February 2018) Hong Kong and Shanghai Banking (Hong Kong) Co., Ltd. CONTACT INFORMATION FOR INVESTOR COMPANY WEBSITE RELATIONS www.coolpad.com.hk Tel: +86 755 3302 3607 Email: [email protected] STOCK CODE 2369 2 COOLPAD GROUP LIMITED ANNUAL REPORT 2016 FINANCIAL HIGHLIGHTS The financial data below are extracted from the Group’s audited financial statements prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”). RESULTS Year ended 31 December (HK$’000) 2016 2015 2014 2013 2012 Revenue 7,969,477 14,667,866 24,900,471 19,623,652 14,390,166 (Loss)/profit before tax* (4,356,068) 2,311,011 606,629 437,373 418,160 Income tax expense (45,352) (34,505) (92,551) (89,121) (93,857) (Loss)/profit for the year (4,401,420) 2,276,506 514,078 348,252 324,303 FINANCIAL POSITION As at 31 December (HK$’000) 2016 2015 2014 2013 2012 Non-current assets 2,741,032 5,745,328 1,625,586 1,251,002 1,244,373 Current assets 7,113,372 8,537,979 11,218,500 8,810,732 6,859,028 Non-current liabilities 67,213 225,116 1,704,409 57,904 98,645 Current liabilities 6,248,881 6,641,496 7,779,761 7,242,936 5,591,769 Net assets 3,538,310 7,416,695 3,359,916 2,760,894 2,412,987 * The loss before tax for 2016 included a loss on disposal of an investment in a joint venture amounting to HK$1,837,114,000 and the impairment of investments in associates amounting to HK$793,445,000, respectively. The profit before tax for 2015 included a gain on the loss of control of a subsidiary amounting to HK$2,635,391,000. 3 COOLPAD GROUP LIMITED ANNUAL REPORT 2016 CHIEF EXECUTIVE DIRECTOR’S STATEMENT Dear fellow shareholders: I am deeply honored to report the consolidated results for the year ended 31 December 2016 to the Shareholders of the Group. China’s smartphone market went through a fierce competition and significant adjustment stage in the year of 2016. Under such fierce competition smartphone market, the Group didn’t achieve a satisfactory result and received a decline in sales volume and revenue. Jiang Chao Vice Chairman, Executive Director and CEO The Group saw a large decline in both shipment and 2016 was approximately HK$4,401.4 million, which revenue in the past year of 2016, due to the fierce decreased by 293.3% from the net profit of HK$2,276.5 competition of the smartphone market and the million in the year 2015. Gross profit margin for the year restructuring of its business, strategies and organization 2016 was 4.4%, representing a decrease of 6.4% as structure. For the year ended 31 December 2016, the compared with 10.8% for the year ended 31 December Group had a turnover of approximately HK$7,969.5 2015. The decline in gross profit margin was primarily million, which decreased 45.7% from HK$14,667.9 attributable to the intensive competition of the 4G million in 2015. The decrease was mainly due to the smartphone market and the Group strengthened the fact that the process of the business restructuring, stock management and accelerated the disposal of the intensive competition of the smartphone business slow-moving inventories in the year of 2016. Both of in China and the decrease in market share and sales the basic and diluted loss per share of the Company was volume for the current year. The net loss of the year HK89.82 cents for the year ended 31 December 2016. 4 COOLPAD GROUP LIMITED ANNUAL REPORT 2016 CHIEF EXECUTIVE DIRECTOR’S STATEMENT online. And the Group landed official flagship store into JD and Tmall platform respectively, which is the largest two e-commerce platforms in domestic market. On 5 August 2016, Leview Mobile HK Limited (“Leview Mobile”) became the single largest shareholder of the Group, announcing that the day of deep and comprehensive cooperation with LeEco arrived. For the year of 2016, the Group tried to turn itself into an Internet hardware ecosystem company operating both The Group mainly ran its business by three divided sales hardware and software at the same time. channels (carrier channel, retail open channel and online channel) in the Mainland China in order to better adapt The Group reconstructed its organization structure into to the variations and competitions of the smartphone a flatter one in order to improve general operation market. Carrier channel would be a fundamental one to efficiency and to further adapt to the transition to an keep a certain market share while retail open and online Internet hardware company in the year of 2016. On 16 channels would be vigorous ones to acquire more market August 2016, the Group launched a new brand “Cool” share. Even though these sales channels undertook series, which was the first step to refresh Coolpad different function and weight, they all contributed to brand image into a younger one. All models under the Group to build a more diversified and solid sales the “Cool” brand owned 3-12 months of membership networks.
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