TIDMBSST
RNS Number : 0701T
BlueStar SecuTech, Inc.
30 November 2011
BlueStar SecuTech, Inc.
Interim results for the six months ended 30 September 2011
BlueStar SecuTech, Inc. (AIM: BSST), ("BlueStar","the Company"
or "the Group") a leading provider of digital video surveillance
solutions in China, announces its unaudited interim results for the
six months ended 30 September 2011.
Financial Highlights
! Revenue for the period down by 23.5% to RMB 79.1 million (2010: RMB 103.4 million)
! Gross Profit for the period down by 22.1% to RMB 42.2 million (2010: RMB 54.2 million)
! Profit before tax for the period is RMB 0.4 million (2010: RMB 15.7 million)
! Cash at period end of RMB 37.5 million (2010: RMB 28.6 million)
Mr. Xiao Gang, CEO of BlueStar commented:
"Despite the performance of the Group in the first half of 2011
being below our expectation, looking at our current contracts and
order book, we expect a strong second half year. Thus, at this
stage we remain confident about our full year results. "
Enquiries to:
BlueStar SecuTech, Inc. www.bstar.com.cn
Romeo Kwok, Senior VP & CFO + 86 10 8225 5855
Antonia Ping, Company Secretary
Westhouse Securities www.westhousesecurities.com
Tom Price / Petre Norton +44 (0)20 7601 6100
Chairman's statement
Operational Review
Revenue in the six months ended 30 September 2011 declined to
RMB 79 million from RMB 103 million, in the same period last year,
due to lower orders of digital video recorder ("DVR") and
surveillance solutions related to longer sales cycles.
Although the revenue and profit are behind comparatives for the
same period last year, based on the contracts and order book, we
expect to recognise an increase in revenue in the next few months
and we are confident the Company can achieve growth on a year on
year basis.
During the period, the Group won a number of major contracts
totaling over RMB 15.4 million, of which RMB 11.9 million was
recognised as revenue by the Company in the period. Of particular
note were contracts signed with The Bank of China worth RMB 8.54
million and a contract with the Bank of China-Hebei Branch, worth
RMB 6.86 million.
In addition, since the period end, the Group has signed one more
major contract with Bank of Beijing, Beijing Branch (RMB
7.43million) and also signed frame work contracts with several
Chinese banks, including Industrial and Commercial Bank of China,
Beijing Branch(RMB 8.3million), China Construction Bank, Hebei
Branch (RMB 3 million), Industrial and Commercial Bank of China,
Ningxia Branch (RMB 1.88million), and China Construction Bank,
Hunan Branch (RMB 4 million), worth approximately RMB 24.61 million
(GBP2.46 million) to serve as the general contractor and systems
integrator of the surveillance network in China. The contracts
signed with these new clients represent a significant step in the
Company's growth plans.
The surveillance command centre BlueStar established in Beijing
in February 2009 with Kaiyuan Company is now fully operational. To
date, 753 financial outlets have been connected to the centre and
675 of them have begun using the centre's services, generating
recurring service fees for BlueStar of RMB 0.49 million for the
period. The Company estimates that a further 250 outlets will begin
using the centre's services by the end of this financial year, and
the total annual recurring revenue will be approximately RMB 1.5
million .
Financial review
Revenue in the first six months of 2011 amounted to RMB 79.1
million compared to RMB 103.4 million in the same period of last
year. Operating profit was RMB 0.7 million in the first half of
2011, compared to RMB 15.5 million in the same period 2010.
Gross profit for the period was RMB 42.2 million (2010: RMB 54.2
million) with an average gross profit margin of 53.4% (2010:
52.4%).
BlueStar has always invested in research and development and, as
planned, during the period, the Company's investment in R&D
amounted to RMB 10.9 million (2010: RMB 10.4 million) of which RMB
5.8 million was capitalised.
Finance cost
Finances cost for the financial period ended 30 September 2011
was RMB 0.64 million. This was largely attributable to the payment
to the bank loans during the current period.
Profit before tax
In view of the above, the group recorded a profit before tax of
RMB 0.4 million for the first half year 2011 as compared with
profit before tax of RMB 15.7 million for the corresponding period
in 2010.
Earnings / (loss) per share for the period was (0.17) fen (2010:
21.56 fen).
Cash and bank balance of the Group increased from RMB 28.6
million at 30 September 2010 to RMB 37.5 million at 30 September
2011.
Trade and other receivables increased to RMB 234 million at the
period end (2010: RMB 218 million). Debtor days increased during
the period to 539 days (2010: 384 days). With the fourth quarter of
the calendar year traditionally a period of significant cash
collection for companies in China, the Company is expecting that
approximately 50% of the outstanding debtors will be received by
the end of March 2012.
Inventory before impairment increased during the period to RMB
37 million (2010: RMB 36 million) which is consistent with the
Group undertaking more network projects. A higher inventory level
is required to ensure each project runs smoothly and has the added
benefit of shortening delivery lead times and improving overall
client satisfaction.
Intangible assets increased from RMB 35 million at 31 March 2011
to RMB 38 million at 30 September 2011. The increase was mainly due
to the developed of the copyrights.
Term loan increased from 3.0 million at 31 March 2011 to RMB
28.0 million at 30 September 2011 mainly due to the new loan RMB 15
million acquired from Huaxia bank (HXB) and RMB 10 million from
China Minsheng Banking Corporation (CMBC) during the period.
Outlook
Looking ahead to the second half of 2011, the business
environment in the surveillance industry is still full of
opportunities and challenges. With the Group's organic growth, and
the number of framework contract wins from our new customers, we
can see an increased level of demand for networking projects and
DVR devices both in the financial sector and in other areas. The
Company is confident of achieving its revenue and profit targets
for the year to 31 March 2012.
Liu Xiaochuan, Chairman
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2011
Consolidated statement of comprehensive income for the period
ended 30 September 2011
Note 6 months ended 6 months ended 12 months
ended
------------------------- ----- --------------- --------------- ----------
30 September 30 September 31 March
2011 2010 2011
------------------------- ----- --------------- --------------- ----------
Unaudited Unaudited Audited
------------------------- ----- --------------- --------------- ----------
RMB'000 RMB'000 RMB'000
------------------------- ----- --------------- --------------- ----------
Revenue 5 79,077 103,374 212,671
------------------------- ----- --------------- --------------- ----------
Cost of sales (36,841) (49,167) (99,733)
------------------------- ----- --------------- --------------- ----------
Gross profit 42,236 54,207 112,938
------------------------- ----- --------------- --------------- ----------
Other income 45 812 4,289
------------------------- ----- --------------- --------------- ----------
Distribution costs (22,420) (23,099) (50,374)
------------------------- ----- --------------- --------------- ----------
Administrative expenses (19,006) (20,801) (29,866)
------------------------- ----- --------------- --------------- ----------
Other expenses (32) (66) (109)
------------------------- ----- --------------- --------------- ----------
Share-based payments
charge (163) (399) -
------------------------- ----- --------------- --------------- ----------
Other gains and losses - 4,820 3,926
------------------------- ----- --------------- --------------- ----------
Operating profit 660 15,474 40,804
------------------------- ----- --------------- --------------- ----------
Finance cost (635) (62) (193)
------------------------- ----- --------------- --------------- ----------
Finance income 385 281 390
------------------------- ----- --------------- --------------- ----------
Profit before tax 410 15,693 41,001
------------------------- ----- --------------- --------------- ----------
Income tax expense 6 (531) 4 (8,011)
------------------------- ----- --------------- --------------- ----------
(LOSS)/PROFIT FOR THE
PERIOD (121) 15,697 32,990
------------------------- ----- --------------- --------------- ----------
Other comprehensive - - -
income
------------------------- ----- --------------- --------------- ----------
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD (121) 15,697 32,990
------------------------- ----- --------------- --------------- ----------
(Loss)/earnings per
ordinary share (fen)
------------------------- ----- --------------- --------------- ----------
Basic 7 (0.17) 21.56 45.31
------------------------- ----- --------------- --------------- ----------
Diluted (0.17) 21.53 45.31
------------------------- ----- --------------- --------------- ----------
All operations are continuing.
Consolidated statement of financial position as at 30 September
2011
Note 30 September 30 September 31 March
2011 2010 2011
------------------------------- ----- ------------- ------------- ---------
Unaudited Unaudited Audited
------------------------------- ----- ------------- ------------- ---------
RMB'000 RMB'000 RMB'000
------------------------------- ----- ------------- ------------- ---------
ASSETS
------------------------------- ----- ------------- ------------- ---------
Non-current assets
------------------------------- ----- ------------- ------------- ---------
Property, plant and equipment 8 11,385 13,476 12,990
------------------------------- ----- ------------- ------------- ---------
Intangible assets 9 37,939 25,099 35,498
------------------------------- ----- ------------- ------------- ---------
Deferred tax assets 1,249 2,782 1,249
------------------------------- ----- ------------- ------------- ---------
Total non-current assets 50,573 41,357 49,737
------------------------------- ----- ------------- ------------- ---------
Current assets
------------------------------- ----- ------------- ------------- ---------
Inventories 32,937 31,822 30,448
------------------------------- ----- ------------- ------------- ---------
Trade and other receivables 252,123 237,057 217,216
------------------------------- ----- ------------- ------------- ---------
Cash and cash equivalents 37,467 28,598 55,212
------------------------------- ----- ------------- ------------- ---------
Total current assets 322,527 297,477 302,876
------------------------------- ----- ------------- ------------- ---------
Total assets 373,100 338,834 352,613
------------------------------- ----- ------------- ------------- ---------
EQUITY & LIABILITIES
------------------------------- ----- ------------- ------------- ---------
Equity attributable to owners
of the parent
------------------------------- ----- ------------- ------------- ---------
Share capital 10 134,861 134,861 134,861
------------------------------- ----- ------------- ------------- ---------
Merger reserve (7,575) (7,575) (7,575)
------------------------------- ----- ------------- ------------- ---------
Retained earnings 121,151 114,304 127,868
------------------------------- ----- ------------- ------------- ---------
Option reserve 4,683 4,482 4,520
------------------------------- ----- ------------- ------------- ---------
Other reserves 32,622 29,323 32,622
------------------------------- ----- ------------- ------------- ---------
Total equity 285,742 275,395 292,296
------------------------------- ----- ------------- ------------- ---------
Current liabilities
------------------------------- ----- ------------- ------------- ---------
Trade and other payables 25,803 32,820 28,661
------------------------------- ----- ------------- ------------- ---------
Short-term borrowing 11 28,000 - 3,000
------------------------------- ----- ------------- ------------- ---------
Income tax payable 6,274 3,050 6,274
------------------------------- ----- ------------- ------------- ---------
Other tax payable 20,523 21,803 16,292
------------------------------- ----- ------------- ------------- ---------
Total Current liabilities 80,600 57,673 54,227
------------------------------- ----- ------------- ------------- ---------
Non-current liabilities
------------------------------- ----- ------------- ------------- ---------
Deferred consideration 2,061 3,435 2,061
------------------------------- ----- ------------- ------------- ---------
Deferred tax liabilities 4,697 2,331 4,029
------------------------------- ----- ------------- ------------- ---------
Total non-current liabilities 6,758 5,766 6,090
------------------------------- ----- ------------- ------------- ---------
Total liabilities 87,358 63,439 60,317
------------------------------- ----- ------------- ------------- ---------
Total equity and liabilities 373,100 338,834 352,613
------------------------------- ----- ------------- ------------- ---------
Consolidated statement of cash flow for the period to 30
September 2011
6 months 6 months 12 months
ended ended ended
------------------------------------------- ------------- ------------- ----------
30 September 30 September 31 March
2011 2010 2011
------------------------------------------- ------------- ------------- ----------
Unaudited Unaudited Audited
------------------------------------------- ------------- ------------- ----------
RMB'000 RMB'000 RMB'000
------------------------------------------- ------------- ------------- ----------
Cash flows from operating activities
------------------------------------------- ------------- ------------- ----------
Profit before interest and tax 606 15,693 40,670
------------------------------------------- ------------- ------------- ----------
Adjustments for:
------------------------------------------- ------------- ------------- ----------
Allowance for doubtful debts (26) - 440
------------------------------------------- ------------- ------------- ----------
Depreciation of property, plant
and equipment 2,088 1,965 3,834
------------------------------------------- ------------- ------------- ----------
Amortisation of intangible assets 3,374 2,500 4,823
------------------------------------------- ------------- ------------- ----------
Loss on disposal of property, plant
and equipment - 13 33
------------------------------------------- ------------- ------------- ----------
Other gains and losses - - (3,926)
------------------------------------------- ------------- ------------- ----------
Share-based payments 163 399 437
------------------------------------------- ------------- ------------- ----------
Operating cash flows before movement
in working capital 6,205 20,570 46,311
------------------------------------------- ------------- ------------- ----------
Increase in inventories (2,489) (7,498) (5,631)
------------------------------------------- ------------- ------------- ----------
Increase in trade and other receivables (34,881) (61,533) (36,104)
------------------------------------------- ------------- ------------- ----------
Increase/(decrease) in trade and
other payables 1,373 9,425 (4,878)
------------------------------------------- ------------- ------------- ----------
Cash used in operations (29,792) (39,036) (302)
------------------------------------------- ------------- ------------- ----------
Interest paid (582) - (59)
------------------------------------------- ------------- ------------- ----------
Income tax paid 137 (705) (1,630)
------------------------------------------- ------------- ------------- ----------
Net cash (used in)/generated from
operating activities (30,237) (39,741) (1,991)
------------------------------------------- ------------- ------------- ----------
Cash flow from investing activities
------------------------------------------- ------------- ------------- ----------
Interest received 385 - 390
------------------------------------------- ------------- ------------- ----------
Proceeds of disposal of property,
plant and equipment - 1 1
------------------------------------------- ------------- ------------- ----------
Purchase of property, plant and
equipment (482) (2,914) (4,289)
------------------------------------------- ------------- ------------- ----------
Expenditure on intangible assets (5,815) - (12,721)
------------------------------------------- ------------- ------------- ----------
Net cash flow arising from acquisition - 3,881 3,881
------------------------------------------- ------------- ------------- ----------
Net cash used in investing activities (5,912) 968 (12,738)
------------------------------------------- ------------- ------------- ----------
Cash flow from financing activities
------------------------------------------- ------------- ------------- ----------
Cash received from borrowing 25,000 - 3,000
------------------------------------------- ------------- ------------- ----------
Dividends paid (6,596) (6,078) (6,508)
------------------------------------------- ------------- ------------- ----------
Net cash generated from/(used in)
financing activities 18,404 (6,078) (3,508)
------------------------------------------- ------------- ------------- ----------
Net decrease in cash and cash equivalents (17,745) (44,851) (18,237)
------------------------------------------- ------------- ------------- ----------
Cash and cash equivalents at the
beginning of the period 55,212 73,449 73,449
------------------------------------------- ------------- ------------- ----------
Cash and cash equivalents at the
end of the period 37,467 28,598 55,212
------------------------------------------- ------------- ------------- ----------
Consolidated statement of changes in equity as at 30 September
2011
Share Merger Retained Other Option Total
capital Reserve earnings reserves reserves
------------------------------- --------- --------- ---------- ---------- ---------- --------
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
------------------------------- --------- --------- ---------- ---------- ---------- --------
Balance at 31 March 2011 134,861 (7,575) 127,868 32,622 4,520 292,296
------------------------------- --------- --------- ---------- ---------- ---------- --------
Total comprehensive loss
for the period - - (121) - - (121)
------------------------------- --------- --------- ---------- ---------- ---------- --------
Dividends distribution - - (6,596) - - (6,596)
------------------------------- --------- --------- ---------- ---------- ---------- --------
Share-based payment - - - - 163 163
------------------------------- --------- --------- ---------- ---------- ---------- --------
Balance as at 30 September
2011 134,861 (7,575) 121,151 32,622 4,683 285,742
------------------------------- --------- --------- ---------- ---------- ---------- --------
Balance at 31 March 2010 134,861 (7,575) 104,685 29,323 4,083 265,377
------------------------------- --------- --------- ---------- ---------- ---------- --------
Total comprehensive income
for the period - - 15,697 - - 15,697
------------------------------- --------- --------- ---------- ---------- ---------- --------
Dividends distribution - - (6,078) - - (6,078)
------------------------------- --------- --------- ---------- ---------- ---------- --------
Share-based payment - - - - 399 399
------------------------------- --------- --------- ---------- ---------- ---------- --------
Balance as at 30 September
2010 134,861 (7,575) 114,304 29,323 4,482 275,395
------------------------------- --------- --------- ---------- ---------- ---------- --------
Balance at 31 March 2010 134,861 (7,575) 104,685 29,323 4,083 265,377
------------------------------- --------- --------- ---------- ---------- ---------- --------
Total comprehensive incomefor
the period - - 32,990 - - 32,990
------------------------------- --------- --------- ---------- ---------- ---------- --------
Dividends distribution - - (6,508) - - (6,508)
------------------------------- --------- --------- ---------- ---------- ---------- --------
Transfer to statutory
reserve - - (3,299) 3,299 - -
------------------------------- --------- --------- ---------- ---------- ---------- --------
Share-based payment - - - - 437 437
------------------------------- --------- --------- ---------- ---------- ---------- --------
Balance as at 31 March
2011 134,861 (7,575) 127,868 32,622 4,520 292,296
------------------------------- --------- --------- ---------- ---------- ---------- --------
Notes to the unaudited interim financial information for the
period to 30 September 2011
1 General information
BlueStar SecuTech, Inc. is a company incorporated in British
Virgin Islands. The address of its registered office is Offshore
Incorporations Centre, P.O. Box 957, Road Town, Tortola, British
Virgin Islands. The Company's ordinary shares are traded on the AIM
market of the London Stock Exchange.
2 Basis of preparation of the financial information
Compliance with accounting standards
These condensed financial statements have been prepared in
accordance with International Accounting Standard 34 Interim
Financial Reporting.
The Interim Report was approved by the Board of Directors on 30
November 2011. The report is unaudited and does not constitute the
Company's statutory accounts for the six months ended 30 September
2011.
3 Significant accounting policies
The condensed financial statements have been prepared under the
historical cost convention, except for the revaluation of certain
properties and financial instruments. The same accounting policies,
presentation and methods of computation have been followed in these
condensed financial statements as were applied in the preparation
of the Group's financial statements for the year ended 31 March
2011.
4 Seasonality of interim operations
The revenue of the Group has decreased significantly compared to
the first six months of last year. This is mainly due to customers
have not taken up the all the orders made and the goods are
expected to be delivered in the next two quarters of the financial
year.
The Group is sensitive to the seasonality of sales. Generally
many customers will make purchase in the fourth quarter of each
calendar year in order to use up their budgets.
5 Revenue and segmental analysis
The Group's revenue for continuing operations is as follows:
Revenue Revenue Segment profit Segment profit
------------------------------- ------------- ------------- --------------- ---------------
6 months 6 months 6 months 6 months
ended ended ended ended
------------------------------- ------------- ------------- --------------- ---------------
30 September 30 September 30 September 30 September
2011 2010 2011 2010
------------------------------- ------------- ------------- --------------- ---------------
RMB'000 RMB'000 RMB'000 RMB'000
------------------------------- ------------- ------------- --------------- ---------------
Continuing operations
------------------------------- ------------- ------------- --------------- ---------------
Sales of digital video
devices 77,186 102,552 13,521 25,435
------------------------------- ------------- ------------- --------------- ---------------
Sales of software 431 51 281 37
------------------------------- ------------- ------------- --------------- ---------------
Revenue from technological
service 1,460 771 974 593
------------------------------- ------------- ------------- --------------- ---------------
Total for continuing
operations 79,077 103,374 14,776 26,065
------------------------------- ------------- ------------- --------------- ---------------
Central administration
and director's salaries (14,116) (10,591)
------------------------------- ------------- ------------- --------------- ---------------
Finance income 385 281
------------------------------- ------------- ------------- --------------- ---------------
Finance cost (635) (62)
------------------------------- ------------- ------------- --------------- ---------------
Profit before tax (continuing
operations) 410 15,693
------------------------------- ------------- ------------- --------------- ---------------
Analysis of the Group's assets by operating segment:
Assets Assets
---------------------------- ------------------- -------------
30 September -2011 30 September
2010
---------------------------- ------------------- -------------
RMB'000 RMB'000
---------------------------- ------------------- -------------
Continuing operations
---------------------------- ------------------- -------------
Sales of digital video
devices 365,030 331,143
---------------------------- ------------------- -------------
Sales of software 1,844 6,309
---------------------------- ------------------- -------------
Revenue from technological
service 6,226 1,382
---------------------------- ------------------- -------------
Total for continuing
operations 373,100 338,834
---------------------------- ------------------- -------------
The Group's revenue and profit before taxation were all derived
from its principal activity. All revenue originates in the PRC and
assets are mainly held in the PRC.
All of the segment revenue reported above is from external
customers.
Segment profit represents the profit earned by each segment
without allocation of central administration costs and director's
salaries, share of profits of associates, investment revenue and
finance costs. This is the measure reported to the chief operating
decision maker for the purposes of resource allocation and
assessment of segment performance.
6 Taxation
No provision for income tax has been made in this interim period
due to losses made in the PRC operating subsidiaries.
7 Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit
attributable to equity shareholders of the Company by the weighted
average number of ordinary shares in issue during the year.
30 September 30 September 2010
2011
-------------------------------------- ------------- ------------------
RMB'000 RMB'000
-------------------------------------- ------------- ------------------
(Loss)/profit attributable to equity
holders of the company (121) 15,697
-------------------------------------- ------------- ------------------
Weighted average number of shares in
issue (thousands) 72,808 72,808
-------------------------------------- ------------- ------------------
Diluted earnings per share
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares. The dilutive
potential ordinary shares in the Company are share options. A
calculation is done to determine the number of shares that could
have been acquired at fair value (determined as the average annual
market share price of the Company's shares) based on the monetary
rights attached to outstanding share options. The number of shares
calculated above is compared with the number of shares that would
have issued assuming the exercise of the share options. The
exercise prices for the options granted are above the average share
price of the company. As a result of this there is no diluted
effect. The weighted average number of shares in issue is the
number of shares issued.
8 Property, plant and equipment
During the period, the Group made additions of RMB 482,000 to
property, plant and equipment.
9 Intangible assets
During the period, the Group spent approximate RMB 5.8 million
on development of seven new software which will be embedded in the
equipment to be sold.
10 Share capital
The total authorised number of ordinary shares is 72,808,000
with a nil par value per share. The issued share capital of the
Company as at 30 September 2011 is RMB 134,861,215 fully paid.
There were no movements in the issued share capital of the company
in the current interim reporting period.
The holders of ordinary shares are entitled to receive dividends
as declared from time to time and are entitled to one vote per
share at meetings of the Company. All shares rank equally with
regard to the Company's residual assets.
At 30 September 2011, the Company had the following outstanding
share options:
Number Exercise price Date of grant Exercise period
(GBP)
---------- --------------- -------------- ----------------------------
1,456,160 0.48 18.06.2007 18.06.2007-17.06.2012
---------- --------------- -------------- ----------------------------
36,404 0.48 18.06.2007 18.06.2008-17.06.2017
---------- --------------- -------------- ----------------------------
15.07.2011 - 31.08.2011 and
1,008,904 0.23 14.04.2010 25.11.2011 - 31.03.2012
---------- --------------- -------------- ----------------------------
15.07.2012 - 31.08.2012 and
1,008,904 0.23 14.04.2010 25.11.2012 - 31.03.2013
---------- --------------- -------------- ----------------------------
15.07.2013 - 31.08.2013 and
1,008,904 0.23 14.04.2010 25.11.2013 - 31.03.2014
---------- --------------- -------------- ----------------------------
15.07.2014 - 31.08.2014 and
1,008,904 0.23 14.04.2010 25.11.2014 - 31.03.2015
---------- --------------- -------------- ----------------------------
11 Borrowings
During the period, the Group obtained two new short term bank
loans in the amount of RMB 15 million and RMB 10 million from
Huaxia Bank and China Minsheng Banking Corporation respectively.
These loans bear interest at 6.31% and 7.89% respectively. They are
repayable within one year.
12 Dividends
On 19 July 2011, the Directors proposed a dividend of 0.78 pence
per share (after tax), equivalent to 0.87 pence before tax in
respect of the financial period ended 31 March 2011, and the
dividend was paid on 29 September 2011 to shareholders.
13 Related party transactions
Mr. Xiao Gang, Mr. He Caiguang, and Ms. Liu Jinqing, directors
of the Company have provided personal guarantee up to RMB 15
million issuance of notes facility. In addition to this, two
personal vehicles of Mr. Xiao Gang have been used as security for
this credit facility.
During the period, the Group made sales to Beijing BlueStar
Software Technology Development Co., Ltd ("BBST") for the amount of
RMB 8.06 million which acts as an agent to the Company,merely
signing contracts on behalf of BlueStar due to the legal
restrictions of BlueStar establishment in PRC. Mr. Xiao, a director
and majority shareholder of BBST is also a director and majority
shareholder of BlueStar.
There are no other related party transactions apart from the
remuneration of key management.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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