Brief History of Polytec Asset Holdings Limited

Polytec Asset Holdings Limited, formerly known as Kin Don Holdings Limited, was incorporated in the Cayman Islands on 17 April 1998 and its ordinary shares have been listed on the main board of The Stock Exchange of Hong Kong Limited since 9 September 1998.

In 1999, the Group went into financial difficulty.  In 2000, Mr. Or Wai Sheun, the existing Chairman of the Board, acquired 26% interest in the Company and became the single largest shareholder of the Company.  Since the acquisition by Mr. Or, new management has been appointed to the Company and the restructuring of the Group was commenced.

In 2001, with the financial support from Mr. Or, the Group successfully implemented a debt restructuring scheme with its creditors.  At the same time, Mr. Or acquired 56% interest in the Company and became the controlling shareholder of the Company.

Year 2004 signified the turnaround of the Group.  In January 2004, the Company changed its name to Polytec Asset Holdings Limited.  The change in Company’s name reflected that a new group with clear direction, vision and strategies has been developed. The Group was previously engaged in the garment industry, but, in view of the booming of the Macau economy, the Group started to invest in the property market in Macau and abandoned its low return garment business in 2004.  During 2004, the Group acquired certain property interests located at the central district in Macau, including The Macau Square, China Plaza and Va Iong, as well as a site at Taipa, Macau for the development of Pacifica Garden.   The Group also acquired the leading crushed tube ice manufacturer in Hong Kong, namely The Hong Kong Ice & Cold Storage Company Limited which contributes stable recurrent income to the Group.  In November 2005, Mr. Or’s interest in the Company was acquired by Kowloon Development Company Limited, a company also controlled by Mr. Or, as a part of the reorganization of their core businesses.

In June 2006, the Group has made a significant move in Macau property market.  It has acquired 80% interest in three property development projects at Oriental Pearl District of Novos Aterros da Areia Preta, Macau.  The total GFA of the three property development projects will be more than 10 million sq. ft.  Since then, the Group has become one of the leading property developer in Macau.