China Art Financial Announces Positive Profit Alert for 2017 Inerim Results
Hong Kong - Jul 28, 2017 (PRN):
China Art Financial Holdings Limited ("China Art Financial" or the "Company", together with its subsidiaries, the "Group", stock code: 1572.HK), the leading art finance service provider in China is pleased to announce that, the Group expects to record an increase by over 100% in its profit and total comprehensive income attributable to owners of the Company for the six months ended 30 June 2017.
The significant increase in the consolidated profit for the first half of 2017 was primarily attributable to the significant increase in revenue from art auction business and the significant increase in revenue from art pawn loan business. In the first half of 2017, China Art Financial successfully held its first spring auction after listing and two pure online auctions that gained enthusiastic reactions from the market. The total hammer price was approximately RMB270.0 million (without calculating buyer's commission), representing an increase of approximately 47.6% as compared with the same period last year.
Mr. Fan Zhijun, Chairman, Executive Director and Chief Executive Officer of China Art Financial, said: "The first half of 2017 was full of opportunities and challenges, facing the complicated economic situation, the management of the Company proactively adapted to the new situation of economic and industrial development, stayed at the cutting edge of market trends, actively pursued innovation, and achieved boosting business development as well as a rapid growth, the synergy of art auction and art pawn loan business performed very well. Looking forward, we will continue to expand auction portfolio, and plan to hold auctions in other cities such as Hong Kong and Shanghai, so as to bring about growth of market share and profitability. In the first half of the year, both art auction and art pawn loan business of the Company presented rapid growth, reflecting a strong demand of art finance industry. We believe that with our in-depth understanding of the industry, effective risk management system, strong brand reputation in the industry and leading market position, we will achieve sustainable growth in our business, so as to maximize the investment value for our shareholders."
About China Art Financial Holdings Limited
China Art Financial Holdings Limited ("China Art Financial" or the "Company") is the leading art finance service provider in China. The Company is principally engaged in the art pawn loan business and art auction business. According to F&S, in 2016, the Company was the largest art pawn loan service provider in China in terms of revenue; the second largest art pawn loan service provider in China in terms of the size of the art pawn loan portfolio and registered capital; the second largest art auction house in Jiangsu province in terms of aggregate art auction revenue and the largest auction house for Zisha Artworks in China in terms of Zisha Artworks auction revenue. The Company is headquartered in Yixing, Jiangsu, which is the only origin of Zisha clay, the major raw material for producing Zisha Artworks, and where some of famous Zisha Artworks masters are based.