Portfolio Companies
IGO Home Shopping Holdings Limited ("IGO")
Shanghai IGO Business Services Company Limited ("Shanghai IGO") designs and produces TV home shopping programmes and supplies them to TV companies. It targets audiences in Hangzhou and Shaoxing, two cities to the south of Shanghai in the PRC which have a combined population of approximately 11 million. Pre-recorded home shopping programmes produced by Shanghai IGO are currently broadcast on the Hangzhou and Shaoxing TV stations. Although the business is growing fast and is generating sales, it is still in its infancy and is currently loss making.
As IGO cannot invest in Shanghai IGO directly due to the current regulations restricting foreign ownership in the media industry in the PRC, it has entered into an exclusive product supply agreement and cooperation agreement with Shanghai IGO.
Onbest Technology Holdings Limited ("Onbest")
Shanghai Onbest Business Services Company Limited is a technology company established as a WFOE on 5 November 2007 in Shanghai, China and will principally be engaged in the design, manufacture and sales of fiscal/tax processing solutions installed in integrated circuit ("IC") chips which are then imbedded in the motherboards of point-of-sale ("POS") machines, tax-controlled cash registers and fiscal-tax controlled cash registers.
The Onbest technology has been developed to meet the recently passed law that requires PRC businesses in the retail, entertainment, service and transport sectors to use a POS device that has the capability to record electronically every sale to a customer and the relevant sales tax paid and to generate an associated till receipt in a prescribed format. To date, Onbest is not aware of any such product being available. The Onbest technology has so far met the rigorous testing standards of the PRC government. Onbest intends to sell not only the fiscal/tax processing solution but also the IC chips and the motherboards incorporating such solutions as well as ultimately manufacturing and selling POS machines containing the technology itself.
Creative Picture Development Limited ("Creative Picture")
Creative Picture intends to carry on a technology research, production and sale business based in Chang Sha City, Hunan Province, in the PRC. Creative Picture owns technology for developing glasses-free 3-D flat-screen displays and 3-D software content.
The company's business will be the sale and rental of 3-D TV monitors/displays sourced from third party manufacturers and which have been fitted with the 3-D technology developed by Creative Picture. Creative Picture will also be engaged in content production, with the aim of entering into framework agreements to provide 3-D technology for 3-D advertisement displays installed in public areas such as theatres, train stations and supermarkets.
Aesthetic International Holdings Group Ltd (“Aesthetic”)
Aesthetic is involved in the sale of beauty and skincare products and services, marketed under the brand names of “Aesthetic” and “O’rola”. These beauty and skincare products are distributed in the Peoples Republic of China using a franchise beauty centre sales network.
To date, Aesthetic has developed a variety of product lines, totalling approximately 200 items. The business generates revenues principally through the sale of its products, which are manufactured by two independent manufacturers. In addition to product sales, Aesthetic also generates revenues through licensing and franchising fees resulting from the use of the brand names of “Aesthetic” and “O’rola” by franchisees. As at 31 May 2008, Aesthetic had, through its agent, 621 direct franchised beauty centres and 696 sub-franchised beauty centres, totalling 1,317 shops throughout the PRC.