The First Share of DongFangCity — HHKSY
KUALA LUMPUR, Mar. 6, 2020 — Malaysia's Hock Heng Industrial Group officially passed the approval of the Securities and Exchange Commission (SEC), and officially announced the stock trading code – HHKSY on March 16 of the same year, and will move to the New York Stock Exchange in the future. This is also the second industrial group company under DongFangCity Holding Group Company Limited to be successfully listed in the United States after DongFangCity Holding Group Company Limited.
DongFangCity is a large-scale global tourism demonstration project established by Malaysia. The Selangor State Government and the PKNS Development Agency attach great importance to its strategic layout. With this in mind, the Chairman of the board, Dato’ Dr. Li Wei, coordinated the planning and strategized the acquisition of Hock Heng Stone Industries Bhd, a listed company of Malaysia's largest industrial group, to demonstrate its determination to dedicate his life’s energy to DongFangCity and its economic strength, the government thus offer helping hands and sold 6,000 acres of land to DongFangCity.
At the same time, in order to accelerate the U.S. listing process faster and allow the families of DongFangCity to enjoy the peak dividends brought by the capital market as soon as possible, Chairman Dato’ Dr. Li Wei decided to designate Hock Heng Stone Industries Bhd, a listed industrial group company in Malaysia, as DongFangCity's second listed company in the United States. The company is also a physical industrial subsidiary of DongFangCity Holding Group Company. The U.S. Securities and Exchange Commission has taken a fancy to the future development vision of DongFangCity – a city that can enjoy the ethnic customs and humanities of the 48 countries of the East, bringing together the humanities to live, study for knowledge, seek wealth and dreams, health and old-age care, realize the value of life, and live a quality life. It is also a realistic dream home for the material civilization and spiritual civilization that human beings around the world yearn for! After the continuous promotion of Charles, the Chief Financial Advisor of DongFangCity, and his team in full swing, and according to the company's scheduled time, Hock Heng Stone Industries Bhd officially passed the approval of the SEC on March 6, 2020, and officially became a legal and compliant company listed in the United States, and officially announced the stock trading code – HHKSY on March 16.
At the beginning of the New Year in 2020, Dato’ Dr. Li Wei, Chairman of DongFangCity, has entrusted the Bank of New York Mellon Corporation (Bank of New York Mellon Corporation) as the chief underwriting of Hock Heng's U.S. OTC listing business, and asked it to send local U.S. executives to personally operate. Bank of New York Mellon has more than 1 trillion U.S. dollars in assets under management, and has ranked among the world's largest asset managers. It has become the world's leading asset service provider with more than 18 trillion U.S. dollars in escrow and custody assets, and has been listed on the New York Stock Exchange under the trading code “BK”. According to the U.S. Securities and Exchange Commission's disclosure on March 13, 2020, Buffett increased his holdings in BNY Mellon on March 3. After the increase, he held 89 million shares of Bank of New York Mellon, accounting for more than 10% of the total share capital. In the face of the established fact that the COVID-19 pandemic has dragged the US economy into recession, US stocks have continued to plummet at an “epic” level, and Bank of New York Mellon has shown a rebound, as can be seen in its business and economic strength.
On March 19th, the underwriting bank of New York Mellon officially announced the starting price of Hock Heng (HHKSY) stock – $1.79. As we all know, applying for listing in the United States is subject to accountability once the issuance of new shares is delisted in the future, and the pricing of the underwriters must be close to the true valuation of the listed company. On the next day (March 20), the stock price of Hock Heng (HHKSY) increased to – $1.82, an increase of 1.68%, judging from this that HHKSY must be in a spiral upward trend, and the price of this stock is expected in the future.
In the international market, the growth rate of stone products is higher than that of the world economy. Hock Heng has natural mines worth more than 3 billion US dollars. According to the situation of international stone trade in recent years, the growth trend of the world stone consumer market is still continuing.
The annual recoverable volume of Hock Heng exceeds 2,000,000 m3, and each m3 can be made into 35 square meters of exquisite granite. The total recoverable value will exceed $4,000,000,000. Some experts predict that the natural mines owned by Hock Heng will only be mined within 50m of the horizon within a hundred years, while the actual mine's recoverable resources are estimated by experts to be within 200m of sea level (the concept of horizon and sea level is distinguished, kindly search by yourself), which can be described as rich in mineral resources and inexhaustible. It can be seen that Hock Heng was born with a “golden spoon", and the quarried stone will be used in the following aspects：
1. Natural stone has become the preferred material for the interior decoration of real estate in DongFangCity with its unique characteristics. There are 11,000 first-phase properties in DongFangCity, with a total construction area of about 4,000,000 square meters, and it is expected to consume more than one million square meters of stone；
2. The square stones, road stones, road barrier stones and 95 entity joint venture projects used in the development area of DongFangCity will all use pure natural granite, which is expected to consume more than 2,000,000 square meters of stone；
3. "Stepping on the stone – Lotus Stone", the landmark project of DongFangCity – DongFang Buddhist Country, is a world-class tourist Buddhist resort planned to cover an area of 500 acres built by DongFangCity. The purpose is to create a “palace, pagoda, temple” cultural project, a world-class leisure and tourism resort, and a world-renowned Buddhist cultural tourist destination. The Eastern Buddhist Kingdom, the exclusive area covered by the plan, uses Hock Heng's finely carved granite as the consecration stone. Each consecration stone means a merit stone. It is estimated that it will take 3,000,000 square meters of fine stone to be cut. For every merit stone enshrined by believers-enlightenment with stone, a hundred years of support, DongFangCity will charge a corresponding support fee.
4. Regularly export more than 1,000,000 square meters of granite to China every year, and the world granite consumer markets include Italy, Germany, France, the United Kingdom, Switzerland, Russia, etc. Nearly 1,000,000 square meters, the export volume gradually increases with the stability of the international market demand every year.
From relying on the Chinese market to knocking on the international door, from self-sufficiency to Buddhism, Hock Heng has completed the transition from traditional foreign trade to globalization; from a single stone supplier to a comprehensive stone service provider, it has realized the transformation from manufacturing to service; from traditional industry to listed companies, it seems to have successfully moved towards the capital market. With the successful application of Hock Heng in the U.S. OTC trading market, the transfer to the New York Stock Exchange will be just around the corner.
Founded in 1792, the New York Stock Exchange is the second largest stock exchange in the world. It is also recognized as the securities market with the most sound organizational structure, the most complete equipment, the most stringent management, and the highest listing standards in the world. In the New York Stock Exchange, companies with a long history and stability are more common, such as Coca Cola, Citigroup, IBM, and Walmart. As an industrial group established in 1988 with a 32-year history of development, Hock Heng will be transferred to the New York Stock Exchange in the future and enter the global capital market through stock issuance and bond issuance in the United States. By leveraging the huge amount of capital in the U.S. securities market, Hock Heng can establish a broader international investor base, helping to ensure Hock Heng's diversified and balanced ownership structure. Compared with unlisted private companies, listed on the New York Stock Exchange, Hock Heng can attract more media attention. On January 2, 2020, Chairman Dato’ Dr. Li Wei led many outstanding members to stand at the crossroads of the world economy and have sounded the capital horn for DongFangCity. International financial media – television and newspapers rushed to follow up on DongFangCity. This time, Hock Heng's application for listing was successful, and wider media attention will be transformed into Hock Heng's favorable market influence, market share and competitive position.
Hock Heng's successful application for listing in the United States is only a solid and powerful step for DongFangCity to enter the capital market. For the capital market, perhaps Hock Heng's transformation from products to DongFangCity's physical industry platform is more attractive. In fact, not every company can successfully pass the approval of the Securities and Exchange Commission (SEC). Generally speaking, only companies with promising prospects, the highest evaluation, and public attention are eligible to fight. As a unicorn company in Malaysia's physical industry, Hock Heng is also building its own investment ecosystem, which provides Hock Heng with a commercialization path beyond its core products and a means to generate additional cash flow. This is also the source of confidence for it to apply for listing in the United States within a given time. Hock Heng is fully prepared, let the stock price test all this!!!
Hock Heng's successful application for listing in the United States is only a solid and powerful step for DongFangCity to enter the capital market. For the capital market, perhaps Hock Heng's transformation from products to DongFangCity's physical industry platform is more attractive. In fact, not every company can successfully pass the approval of the Securities and Exchange Commission (SEC). Generally speaking, only companies with promising prospects, the highest evaluation, and public attention are eligible to fight. As a unicorn company in Malaysia's physical industry, Hock Heng is also building its own investment ecosystem, which provides Hock Heng with a commercialization path beyond its core products and a means to generate additional cash flow. This is also the source of confidence for it to apply for listing in the United States within a given time. Hock Heng is fully prepared, let the stock price test all this!!!