Retail in general p1

NBS: Total retail sales of consumer goods up by 10.7% yoy in 2015 CNCIC: Retail sales of 100 key retailers in China edge down 0.1% yoy in 2015 CCFA: Satisfaction with retailer-supplier cooperation improves in 2015 Chinese outbound travelers spend 1.5 trillion yuan in 2015; the millennials become the

biggest purchasers of luxury goods in Asia Pacific E-commerce p2

China to implement Agriculture E-Commerce Trial Scheme in 10 provincial regions Taxation policy in pilot cities for cross-border e-commerce to be extended to whole

country Shanghai’s cross-border e-commerce to experience five- to ten-fold growth in 2016 First cross-border bonded shopping street in Hangzhou starts trial operation Tmall partners with China Mobile PostNord teams up with Alibaba to bring Nordic brands to China Tmall to provide video support, countdown timer and other new services in 2016 Alibaba’s Miao Street app to launch “Miao Street Chinese New Year” event Amazon China obtains U.S. license for ocean freight delivery German pharmacy HCP opens store on Mengdian.hk to tap mobile social e-commerce Alipay: Over 100 million users access urban public services through Alipay China UnionPay rolls out QuickPass service; partners with Carrefour and over 50 m-

commerce enterprises to provide special offers Convenience stores p6

Japanese convenience store chains Lawson and 7-Eleven to connect with Alipay Department stores and shopping malls p6

Eight shopping centers of Xinhua Department Store Group to join Feifan platform Aeon to build 15 shopping malls in China in 2016 Japan-based Kintetsu Department Store to connect with Alipay

Supermarkets and hypermarkets p7

Lianhua taps cross-border e-commerce market Jiajiayue launches rural e-commerce platform in Weihai City

FMCG p8

Nestlé strikes e-commerce deal with Alibaba Cosmetics p8

Shiseido opens flagship store on Tmall Global Kaola.com signs direct sourcing agreement with cosme

Consumer electronics p9

Suning to open 16 stores in Wanda plazas Luxury goods p9

Bain: China’s sales of luxury goods decline by 2% in 2015 Hurun: Luxury gift-giving by Chinese wealthy rebounds

15 January 2016 – 21 January 2016

1 China Retail Weekly Updates (15 January 2016 – 21 January 2016)

Retail in general

NBS: Total retail sales of consumer goods up by 10.7% yoy in 2015 According to the National Bureau of Statistics (NBS), total retail sales of consumer goods reached 30.1 trillion yuan in 2015, up nominally by 10.7% year-on-year (yoy). Of which, retail sales of companies above designated size were 14.3 trillion yuan, up by 7.8% yoy. By area, retail sales in urban areas reached 25.9 trillion yuan, up by 10.5% yoy while retail sales in rural areas were 4.2 trillion yuan, up by 11.8 yoy. In 2015, online retail sales grew 33.3% yoy to 3.9 trillion yuan, accounting for 12.8% of total retail sales. NBS, 19 January 2016 http://www.stats.gov.cn/tjsj/zxfb/201601/t20160119_1306103.html

CNCIC: Retail sales of 100 key retailers in China edge down 0.1% yoy in 2015 According to the China National Commercial Information Centre (CNCIC), retail sales of 100 key large-scale retail enterprises edged down 0.1% year-on-year (yoy) in 2015. Compared with 2014, the growth rate dropped 0.5 percentage points (ppt), fell for the fourth consecutive year since 2012. By category, sales of apparel dropped 0.3% yoy, 1.3 ppts lower than that in 2014. Among which, childrenswear saw the fastest growth in 2015 with a growth rate of 1.5% yoy while sales of menswear and womenswear were down 1.2% and 0.9% yoy respectively. Sales of consumer electronics, jewelry and daily necessities dropped 3.8%, 3.5% and 0.9% yoy respectively. On the other hand, sales of cosmetics rose 1.8% yoy, 1.2 ppts higher than that in 2014. CNCIC, 15 January 2016 http://www.cncic.org/index.php?option=com_content&task=view&id=41888&Itemid=14 (in Chinese only)

CCFA: Satisfaction with retailer-supplier cooperation improves in 2015 China Chain Store & Franchise Association (CCFA) has released a report on the retailer-supplier relationship in 2015. The report shows that satisfaction with retailer-supplier cooperation improved in 2015: Suppliers began to increase its investment in personnel and sales channels, and focused on the efficiency of communication and decision-making in all levels; while retailers were gradually undertaking internal reform and strategic adjustments to adapt to the market trends. Amid the impact of e-commerce, the report points out that suppliers should differentiate between the products provided to online and offline retailers, and collaborate with physical stores on supply chain system. Retailers should adjust their product structure and increase O2O operations. China Chain Store & Franchise Association, 14 January 2016 http://www.ccfa.org.cn/portal/cn/view.jsp?lt=33&id=423490 (in Chinese only)

2 China Retail Weekly Updates (15 January 2016 – 21 January 2016)

Chinese outbound travelers spend 1.5 trillion yuan in 2015; the millennials become the biggest purchasers of luxury goods in Asia Pacific According to a report by Germany's market research institute Gfk, a total of 109 million Chinese travelled overseas in 2015, spending US$229 billion (around 1.5 trillion yuan). Half of China's outbound travelers are aged 15-29 years old - the millennials - while over 37% are aged 30-44 and 10% are 45-59. The report also shows that 66% of Chinese millennials belong to the high income bracket and their financial standing is expected to increase as their careers advance. Moreover, compare with their predecessors aged 50 and above, Chinese Millennials are more willing to spend money to indulge and pamper themselves; they are also slightly less price sensitive and becoming the biggest purchasers of luxury goods in Asia Pacific. Prnewswire, 20 January 2016 http://www.prnewswire.com/news-releases/chinese-tourists-spend-us229-billion-in-2015-565212571.html Linkshop, 20 January 2016 http://www.linkshop.com.cn/web/archives/2016/342613.shtml (in Chinese only)

E-commerce

China to implement Agriculture E-Commerce Trial Scheme in 10 provincial regions General Office of Ministry of Agriculture (MOA) has released the Agriculture E-Commerce Trial Scheme. The MOA will set up agriculture e-commerce trial spots in 10 provincial regions including Beijing City, Hebei, Jilin, Heilongjiang, Jiangsu, Hunan, Guangdong, Hainan, Chongqing City and Ningxia in 2016. The scheme will cover three areas, namely fresh agricultural produce, agricultural production resources and agritourism. The goal is to find out the development paths of different categories of agricultural e-commerce, and form a series of business models and institutional norms for agricultural e-commerce, so that replicable practices and experiences can be gathered and provided for the promotion of agriculture e-commerce. Ebrun, 19 January 2016 http://www.ebrun.com/20160119/163078.shtml (in Chinese only)

Taxation policy in pilot cities for cross-border e-commerce to be extended to whole country It was reported that the Ministry of Finance, the Ministry of Commerce and the Customs have come up with a proposal for the adjustment of import tax policy for cross-border e-commerce, which is expected to be implemented in 1H16. First, the government will offer greater support for cross-border e-commerce, and extend the taxation policy in the pilot cities for cross-border e-commerce to the whole country, so that a unified tax policy is implemented. Second, it will raise the import tax rate to 30% to 50% higher than the current tax rate for personal postal articles, so that the tax rate lies between that for personal postal articles and for general imported goods. These can not only reduce the

3 China Retail Weekly Updates (15 January 2016 – 21 January 2016)

differences in taxation system across the cities, but also encourage traditional importing enterprises transform into e-commerce enterprises, thus promoting cross-border e-commerce development. China Chain Store & Franchise Association, 15 January 2016 http://www.ccfa.org.cn/portal/cn/view.jsp?lt=3&id=423502 (in Chinese only)

Shanghai’s cross-border e-commerce to experience five- to ten-fold growth in 2016 Shanghai municipal government’s leading group for cross-border e-commerce predicts that Shanghai’s cross-border import e-commerce will experience an explosive growth this year, and the value of imports will see a five- to ten-fold year-on-year (yoy) growth. In 2015, the Shanghai Cross-border Trade E-commerce Service Platform handled direct-mail import worth 122 million yuan and bonded import worth 317 million yuan, for a total of 439 million yuan. Industry analysts said that some cross-border e-commerce pilot cities have relaxed their supervision policies over the past few years, putting Shanghai at a disadvantage. However, as the Central Government is set to introduce new measures, there will be unified supervision policies among the cities. As a result, Shanghai’s strengths in port costs and infrastructure will be showed. Moreover, Shanghai is planning for support policies for cross-border e-commerce, such as subsidies or venture capital funds. Ebrun, 14 January 2016 http://www.ebrun.com/20160114/162554.shtml (in Chinese only)

First cross-border bonded shopping street in Hangzhou starts trial operation “Haibigou” cross-border bonded shopping street, the first of its kind in Hangzhou, has started trial operation. The “Haibigou” shopping street is a new business model undertaken by Hangzhou Cross-Border E-Commerce Pilot Zone. In the first phase, a 3,500-sqm experiential center has been launched, in which 14 cross-border stores such as Tokyu Hands, Hong Kong, Macao and Taiwan Mall, OKM Italy Mall and Spain Mall have been under trial operation. On the “Haibigou” shopping street, duty-paid goods are sold in the stores, whereas bonded goods can only be ordered online. Linkshop.com.cn, 18 January 2016 http://www.linkshop.com.cn/web/archives/2016/342421.shtml (in Chinese only)

Tmall partners with China Mobile Tmall revealed that it has reached a strategic partnership with China Mobile. The two companies will cooperate in three areas, namely terminals, channels and cloud. Terminals refer to mobile phone manufacturers and sales platforms, while channels refer to telecommunications operators. Tmall said that if the three areas can be integrated together, it will be very powerful and can provide excellent experience for users. Tmall will collaborate with telecommunications

4 China Retail Weekly Updates (15 January 2016 – 21 January 2016)

operators on joint production and marketing, as well as contract-bound mobile phones. The partnership between Tmall and China Mobile is non-exclusive. Tmall can choose to work with other telecommunications operators. Ebrun, 15 January 2016 http://www.ebrun.com/20160115/162657.shtml (in Chinese only)

PostNord teams up with Alibaba to bring Nordic brands to China Recently, PostNord signed a collaboration agreement with Alibaba Group. The partnership will allow PostNord to set up online shopping site for Nordic brands on Tmall Global. PostNord has experience teaming up with China Post before, whose portal Ule.com served as a gateway for several Danish online retailers hoping to enter the China ecommerce market. Ebrun, 21 January 2016 http://www.ebrun.com/20160121/163441.shtml

Tmall to provide video support, countdown timer and other new services in 2016 Tmall said that it will help offline merchants leverage Tmall, Taobao, Juhuasuan and other services to integrate their online and offline businesses in 2016. Meanwhile, Tmall will give merchants more freedom to carry out customized and scenario marketing. For example, video support and countdown timer will be provided to online stores to help them improve operations. Ebrun, 14 January 2016 http://www.ebrun.com/20160114/162495.shtml (in Chinese only)

Alibaba’s Miao Street app to launch “Miao Street Chinese New Year” event More than 60 shopping centres across China have joined hands with Alibaba’s Miao Street app to launch a “Miao Street Chinese New Year” event from 23 to 30 January, allowing consumers to buy Spring Festival products in shopping centres conveniently and inexpensively. Participating shopping centres include large-scale multi-business complexes in different regions such as Highlong Plaza in Hangzhou and Xidan Department Store in Beijing. These shopping centres will leverage Miao Street app to provide three services to compete with e-commerce players: online sales of Spring Festival products, offering electronic red packets and giving out gifts. Linkshop.com.cn, 21 January 2016 http://www.linkshop.com.cn/web/archives/2016/342728.shtml (in Chinese only)

5 China Retail Weekly Updates (15 January 2016 – 21 January 2016)

Amazon China obtains U.S. license for ocean freight delivery USA Today reported that Amazon China has obtained a license from the U.S. Federal Maritime Commission to become an ocean freight forwarder. The license will allow Amazon China to make ocean freight delivery on its own or provide the service for other companies. It could also mean that Amazon is moving into the US$ 350 billion ocean freight market. Industry insiders said that in the future, Amazon may directly buy goods from China and ship them to the U.S. on its own, thus greatly reducing costs. Amazon resellers who buy from China and sell to customers in the U.S. will be the loser. China Chain Store & Franchise Association, 15 January 2016 http://www.ccfa.org.cn/portal/cn/view.jsp?lt=2&id=423497 (in Chinese only)

German pharmacy HCP opens store on Mengdian.hk to tap mobile social e-commerce German pharmacy HCP has entered into a strategic partnership with Mengdian, a mobile social e-commerce platform. HCP will open a flagship store on Mengdian.hk. HCP said that it will focus on cross-border mobile social development and leverage Mengdian.hk to expand its mobile social cross-border sales channels. The HCP online store on Mengdian.hk will gradually increase its product offerings to 1,000 stock keeping units (SKUs), thereby expanding its social marketing network. It also targets to increase its proportion of mobile sales to 80% in 2016 and strive for a larger share of the mobile social market. Ebrun, 19 January 2016 http://www.ebrun.com/20160119/163090.shtml (in Chinese only)

Alipay: Over 100 million users access urban public services through Alipay According to a report published by Alipay, more than 100 million users in 124 cities of 19 provinces had access to the urban public service platform through Alipay by the end of 2015. There are nine major categories of services offered by Alipay, including services for car owners, government affairs, medical and transport, with a total of 40 sub-categories and 4,000 different kinds of services. Zhejiang Province boasts the highest penetration rate of “Internet plus” urban public services, followed by Guangdong, Shanghai, Beijing and Hubei. China Chain Store & Franchise Association, 19 January 2016 http://www.ccfa.org.cn/portal/cn/view.jsp?lt=3&id=423540 (in Chinese only)

China UnionPay rolls out QuickPass service; partners with Carrefour and over 50 m-commerce enterprises to provide special offers China UnionPay has launched the QuickPass service, which is based on host card emulation (HCB) and token technologies, offering safe and convenient mobile payment service. A User can hold a mobile phone near a QuickPass-enabled POS

6 China Retail Weekly Updates (15 January 2016 – 21 January 2016)

terminal for offline payment. Moreover, he does not need to log-in any third-party account or input any card number for online payment. At present, credit cards issued by Industrial Bank, Bank of Ningbo, Huishang Bank and Bank of Guangzhou have supported the QuickPass service. More banks and merchants will support the service in the future. From now on to 23 February, China UnionPay will partner with Carrefour and over 50 mobile commerce enterprises such as Gome and Xiaomi to provide special offers for QuickPass users, who may get discounts or gifts. Linkshop.com.cn, 18 January 2016 http://www.linkshop.com.cn/web/archives/2016/342442.shtml (in Chinese only)

Convenience stores

Japanese convenience store chains Lawson and 7-Eleven to connect with Alipay Lawson, a Japanese convenience store chain, will have its convenience store in Narita Airport connected with Alipay from 25 January. From 1 February onwards, nine Lawson convenience stores in Haneda Airport, Kansai Airport, etc. will also support Alipay payment. The service is expected to be extended to about 12,000 stores across Japan in summer 2016. Another convenience store chain 7-Eleven also plans to have its Tokyo stores connected with Alipay from mid-February, and extend the service to about 18,000 stores in the future. Moreover, FamilyMart plans to place automatic currency exchange machines in its stores, in a move to offer more payment options to tourists. China Chain Store & Franchise Association, 21 January 2016

http://www.ccfa.org.cn/portal/cn/view.jsp?lt=3&id=423584 (in Chinese only)

Department stores and shopping malls Eight shopping centers of Xinhua Department Store Group to join Feifan platform Feifan, an e-commerce open platform under Wanda Groups , has signed a partnership deal with Ningxia-based Xinhua Department Store Group. Xinhua’s eight shopping centers, including its headquarters store and CC Mall, will join the Feifan open platform. Feifan will provide complete “Internet plus” solutions for Xinhua and build IT infrastructure (e.g. Wi-Fi and Beacon) for its eight shopping centers. Feifan will also share membership data, big data and other Internet resources with Xinhua. These will help Xinhua transform into a smart commercial enterprise. Linkshop.com.cn, 20 January 2016 http://www.linkshop.com.cn/web/archives/2016/342619.shtml (in Chinese only)

7 China Retail Weekly Updates (15 January 2016 – 21 January 2016)

Aeon to build 15 shopping malls in China in 2016 Japan’s major retailer Aeon Group recently announced that it plans to build 15 major shopping malls in China by end of 2016; it hopes to open a total of 50 shopping malls by 2020. The company will increase its investments in China. The group’s investment between 2014 and 2016 will exceed 100 billion yen, up 40% from 70 billion yen-investment between 2011 and 2013. Chinasspp, 20 January 2016 http://www.chinasspp.com/News/Detail/2016-1-20/329848.htm (in Chinese only)

Japan-based Kintetsu Department Store to connect with Alipay Headquartered in Osaka, Japan, Kintetsu Department Store recently announced that it will introduce Alipay payment in four out of ten of its department stores in Osaka starting from 1 February 2016. Kintetsu Department Store will be the first Japanese department store to connect with Alipay. According to the company, Alipay will be firstly accepted at selected sections including cosmetics and shoes at its Harukas store and cosmetics section at the other three stores. In the future, the use of Alipay will be extended to more sections. Linkshop, 20 January 2016 http://www.linkshop.com.cn/web/archives/2016/342579.shtml (in Chinese only) CHINADAILY.COM.CN, 20 January 2016 http://www.chinadaily.com.cn/business/tech/2016-01/19/content_23145146.htm

Supermarkets and hypermarkets Lianhua taps cross-border e-commerce market Cross-border e-commerce platform “Lianhua Yangdongxi”, jointly established by Hangzhou Lianhua Huashang Group and Hangzhou Yangdongxi E-commerce, has been launched. The platform mainly sells fresh produce, and focuses on flowers and fruits at present. In the future, it will also offer cosmetics and personal care products, maternal and baby products, dietary supplements, household products and snacks. These goods will be delivered to customers via the bonded area import model or cross-border direct mail model. Offline experiential areas will also be set aside in stores of Century Lianhua, a subsidiary of Lianhua Supermarket. ChinaSSPP.com, 18 January 2016 http://www.chinasspp.com/News/Detail/2016-1-18/329598.htm (in Chinese only)

Jiajiayue launches rural e-commerce platform in Weihai City Jiajiayue Supermarket Group has rolled out a rural e-commerce platform and 40 service points in Weihai City, Shandong Province. All products available in Jiajiayue supermarkets will be offered on the platform by batch, including home

8 China Retail Weekly Updates (15 January 2016 – 21 January 2016)

appliances, furniture, apparel, etc. The platform will cover the entire Weihai City by March. Jiajiayue said that the launch of the rural e-commerce platform is a rural O2O initiative based on the Internet plus concept. China Chain Store & Franchise Association, 18 January 2016 http://www.ccfa.org.cn/portal/cn/view.jsp?lt=2&id=423512 (in Chinese only)

FMCG

Nestlé strikes e-commerce deal with Alibaba Nestlé China has signed a strategic cooperation partnership with Alibaba, hoping to grow its online sales, build key brands, set up cross-border e-commerce business and expand into rural areas. According to the agreement, Nestlé China will leverage Alibaba’s supermarket channel, Tmall, Tmall Global, Cuntaobao and Juhuasuan to meet business targets and achieve growth. Nestlé China will launch new products on Tmall and also incorporate Alibaba’s online platforms into its commercials to improve brand image. In cross-border e-commerce business, Nestlé China will use Tmall Global to introduce some of its overseas products to Chinese consumers. It will use Cuntaobao to distribute selected products such as nutritious products, coffee, confectionary, dairy products, cereals and condiments in rural areas. Reuters, 19 January 2016 http://www.reuters.com/article/us-nestle-alibaba-idUSKCN0UX0Q9 Nestlé, 19 January 2016 https://www.nestle.com.cn/media/pressreleases/20160114-nestl%C3%A9-and-alibaba-sign-strategic-cooperation-agreement (in Chinese only)

Cosmetics

Shiseido opens flagship store on Tmall Global Japan-based renowned cosmetics group Shiseido has opened an overseas flagship store (shiseidojp.tmall.hk) on Tmall Global, offering 26 kinds of Japanese local products. The store is the second Shiseido flagship store on Tmall platform, following the official flagship store on Tmall (shiseido.world.tmall.com). Operated by a Shanghai-based e-commerce company on behalf of Shiseido, the overseas flagship store has several sections including skin care, makeup, body and hair care, men skincare and value packs. The store will participate in Tmall Global’s “Spring Festival Shopping Festival” and offer discounts for select products. Ebrun, 21 January 2016 http://www.ebrun.com/20160121/163450.shtml (in Chinese only)

Kaola.com signs direct sourcing agreement with cosme NetEase’s cross-border e-commerce platform, Kaola.com signed a direct sourcing agreement with cosme, a Japanese online cosmetics shopping site. According to the agreement, soap, scrub salt, cosmetic cotton, eyelash growth serum, makeup remover cleansing water and oil blotting sheets etc. will be the first bunch of beauty products sold on Kaola.com. By teaming up with Kaola.com,

9 China Retail Weekly Updates (15 January 2016 – 21 January 2016)

cosme will quickly win customers’ acceptance in China. Kaola.com also plans to work with more international brands in the future. Ebrun, 16 January 2016 http://www.ebrun.com/20160116/162763.shtml (in Chinese only)

Consumer electronics Suning to open 16 stores in Wanda plazas Suning Commerce Group will open new Suning stores in 16 Wanda plazas across China this month, which will have a total operating area of over 120,000 sqm and are expected to attract customer traffic of 200 million annually. The new stores are mainly located in tier 1 and tier 2 cities such as Guangzhou, Hangzhou, Qingdao, Wuxi, Hefei and Xiamen. These stores will offer a full line of products. In addition, these stores will also be selectively equipped with Internet finance service, cross-border e-commerce cultural zones, live studios, catering service, etc. based on their geographical location. Ebrun, 19 January 2016 http://www.ebrun.com/20160119/163121.shtml (in Chinese only)

Luxury goods

Bain: China’s sales of luxury goods decline by 2% in 2015 According to Bain & Company’s 2015 China Luxury Market Study, China’s sales of luxury goods dropped 2% to 113 billion yuan in 2015 from 115 billion yuan in 2014, driven by a decline in watches, menswear and leather goods. In 2015, overseas travel among Chinese shoppers increased by 32% year-on-year (yoy), while overseas luxury purchases grew 10% yoy. In addition to increased overseas travel, luxury brands also reduced pricing disparities across countries, leading to a contraction of the “daigou” market. Moreover, Bain & Company predicts that the luxury industry will see more price adjustments in 2016, as a result of market competition and depreciation of Renminbi. ChinaSSPP.com, 21 January 2016 http://www.chinasspp.com/News/Detail/2016-1-21/329943.htm (in Chinese only) Bain & Company, 21 January 2016 http://www.bain.com/about/press/press-releases/China-Luxury-Report-2016-press-release.aspx link to the Chinese report: http://210.6.198.34/ich_flag/www.bain.com.cn/pdfs/201601210244112706.pdf

Hurun: Luxury gift-giving by Chinese wealthy rebounds According to the Chinese Luxury Consumer Survey 2016 released by the Hurun Research Institute, luxury gift market of high net-worth individuals (HNWIs) rebounded in 2015 after a two-year decline totaling 30%. Luxury gift-giving by men and by women increased 15% and 24% respectively in 2015. Hurun said that the rebound shows that the luxury gift market of HNWIs in China is no longer affected by the luxury gift market of government officials, which was hard hit by the anti-corruption campaign. It could also mean a recovery of China’s luxury market. Moreover, HNWIs have shown changing preferences from

10 China Retail Weekly Updates (15 January 2016 – 21 January 2016)

purchasing hard luxury goods to high-end services, health-related products and products with high brand power. Linkshop.com.cn, 18 January 2016 http://www.linkshop.com.cn/web/archives/2016/342474.shtml (in Chinese only)

Fung Business Intelligence Centre The Fung Business Intelligence Centre collects and analyses market data on sourcing, supply chains, distribution and retail. It also provides thought leadership on technology and other key issues shaping their future. Headquartered in Hong Kong, FBIC leverages unique relationships and information networks to track and report on trends and developments in China and other Asian countries. In addition, its New York-based Global Retail & Technology research team follows broader retail and technology trends, specialising in how they intersect and building collaborative knowledge communities around the revolution occurring worldwide at the retail interface. Since its establishment in 2000, the FBIC (formerly known as the Li & Fung Research Centre) has served as the knowledge bank and think tank for the Fung Group. Through regular research reports and other publications, it makes its market data, impartial analysis and expertise available to businesses, scholars and governments around the world. It also provides advice and consultancy services to colleagues and business partners of the Fung Group on issues related to doing business in China, ranging from market entry and company structure, to tax, licensing and other regulatory matters.

Contact

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Fung Business Intelligence Centre 10/F LiFung Tower 888 Cheung Sha Wan Road Kowloon, Hong Kong

T: (852) 2300 2466 F: (852) 2635 1598 E: TeresaLam@fung1937.com W: www.fbicgroup.com

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