he Group is a leading supply chain service provider. We are primarily engaged in the provision of a whole spectrum of services including product design and development, fashion trend ascertaining and sampling, raw material sourcing, production order and merchandise sourcing management, quality control, packaging, inventory management and logistics management. We are also engaged in the apparel retail business operating in the PRC and the property development and investment.
nder the apparel supply chain servicing segment, we provide apparel supply chain services for the production of a wide range of men's and women's woven wear and cut-and-sewn knitwear products, which are mainly casual wear, such as t-shirts, shirts, denim jeans, pants, casual jackets and coats, to owners or agents of global reputable apparel retail brands.
or our apparel retail business, due to the unsatisfactory sales performance of the Unisex and Promod brands, their operations were ceased by the end of May 2015 accordingly. Instead, the Group will retain capital and is looking for other retail business opportunity with a better profitability. We announced on 6 August 2015 that we have entered into a memorandum of understanding with a third party relating to a possible acquisition of a target group principally engaged in wholesale and retail of apparel products in the PRC. We are currently in the course of negotiation with the vendor and will make further announcement in accordance with the Listing Rules as and when appropriate.
nder the property development and investment segment, we are progressing diligently with the development of the three pieces of land in Xinmi City, all of which are for industrial use. The first phase development comprising of industrial premises for self-use and investment and development purposes. We are of the view that the property investment and development business helps to diversify the Group’s business in order to magnify the Group’s development potential and shareholders’ return. Currently we have no concrete plan for further development of the land. We will closely monitor the property market in the PRC and determine the appropriate development strategy. We will consider the second phase development after completion or pre-sale of the first phase.