Joyas International Holdings Limited and its subsidiaries (together the “Group”) is a Group that is primarily engaged in the financing business in the PRC and Hong Kong Special Administrative Region (“HKSAR”).
The Group is also engaged in nickel ore distribution and trading business. The Group’s associated company, PT Global Linker Indonesia (“PTGLI”) has obtained a license to sell nickel ore domestically in Indonesia. Domestic orders were received during FY2017, but due to lack of working capital and other commercial reasons, such orders were not fulfilled by PTGLI. No shipment was made in FY2019 and the timing of shipment remain uncertain at the moment.
As for HK Silver, no shipment has been made due to current export restriction for nickel ore in Indonesia and Philippines.
The Group was previously engaged in the design and manufacturer of metal gift products and jewellery “Metal and Jewellery” mainly for the export market. Due to the poor financial performance of the Metal and Jewellery division, the business was subsequently disposed.