HONG KONG, 22 February 2018 – Computime Group Limited (“Computime” or the “Company”; stock code: 0320), today announced that it has made a strategic decision to gradually scale down its brand distribution division in order to focus on further strengthening its core capabilities in electronic controls and wireless technologies to capture opportunities in the thriving Internet-of-Things (“IoT”) market. The Company believes that this enhanced resource allocation will greatly improve its profitability as well as sharpen its competitive edge in the smart home sector for years to come.
The brand distribution team was formed approximately 4 years ago to explore the E-commerce market potential of promoting and selling child safety-related branded products from Europe and USA into China. Given the strong and lucrative growth opportunities for smart home products in recent years, the Company made the strategic decision to increase focus and investments into this core area, and to de-emphasize other non-core activities.
In line with this strategic decision, Computime today announced that Mr. Dennis Au will be leaving his position as Deputy Chief Executive Officer of the Company to pursue other opportunities, effective 28 February 2018. Mr. Au has, however, agreed to remain as a non-executive director of the Company. For the past 4 years, Mr. Au has been responsible for overseeing the brand distribution division, and will now focus on providing his advice and counsel to the Company as a member of the Board of Directors.
Dr. King Owyang, Executive Director and CEO of Computime, commented, “I would like to thank Dennis for all of the effort and commitment he has put into Computime over the past 4 years as Deputy CEO. As Computime continues to transition into a technology driven company, and given the strong performance and vast market opportunities of smart home products, we concluded that focusing on IoT capabilities best aligns with the Company’s strategic direction. The resources released from the brand distribution division will be used to ramp up our R&D initiatives, supporting us in further expanding business opportunities and driving innovations for our smart home products. I am confident that this move will drive sustainable long term growth for the Company as well as maximize value for our shareholders.”
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