– A global company that sells, designs, and manufactures interconnect products such as connectors, cables, and wire harnesses.
– Industrial, automotive, robotics, medical devices, computers, communications and consumer product applications.
– Signed an International Purchasing Agreement with SHI / LIGHTCARE-SOLUTIONS ApS for the manufacture and supply of healthcare lighting products.
– Signed a strategic cooperation framework agreement with Innogetic International Limited regarding digital technologies, including AI applications.
– Construction of the new European Supply Chain Management Centre in the Republic of Serbia is scheduled to begin in August 2024.
– The new center has received full support from the Serbian regional government, with a memorandum of understanding signed, and the total investment in the center is estimated at US$6 million.
– A 30-year industry veteran has been named the new chief strategy officer.
– Strong financial results were reported for the first six months of the current financial year.
CCSC Technology International Holdings Limited (Nasdaq: CCTG) is a Hong Kong-based company that distributes, designs and manufactures interconnect products. CCTG specializes in customized interconnect products such as connectors, cables and wire harnesses used in a variety of applications across multiple industries, including industrial, automotive, robotics, medical devices, computers, networking, communications and consumer products.
CCTG manufactures original equipment manufacturer (OEM) and original design manufacturer (ODM) interconnect products for manufacturers who produce end products, and for Electronic Manufacturing Services (EMS) companies who source and assemble products on behalf of such manufacturers. CCTG has a diversified global customer base spanning more than 25 countries across Asia, Europe and the Americas.
International Purchasing Agreement with SHI / LIGHTCARE-SOLUTIONS ApS
On June 20, CCTG announced that it had signed an International Purchase Agreement, dated June 4, 2024, with Danish company SHI/LIGHTCARE-SOLUTIONS ApS (“SHI”), a primarily medical lighting provider.
Under the agreement, CCTG agrees to manufacture and supply medical lighting products based on designs provided by SHI in the Asia Pacific region. SHI agrees to be the design provider for medical lighting. The agreement is non-binding, but estimated purchase values are expected to begin at $500,000 in 2025 and increase to $3.5 million by 2030.
Kung Lok Chiu, CEO and Director of CCTG, commented, “We are excited to partner with SHI to expand our medical lighting business in the Asia-Pacific market. This partnership aligns with our strategic goal of diversifying our product portfolio and increasing our presence in the medical sector. By combining SHI's cutting-edge designs with our strong manufacturing capabilities, we will be able to provide innovative and effective lighting solutions that meet the complex needs of medical environments. We believe this collaboration will not only drive growth for both our companies, but also significantly improve the quality of care in medical facilities through better lighting solutions.”
Strategic Cooperation Framework Agreement with Innogenics International LimitedOn June 13, CCTG announced a strategic cooperation framework agreement with Innogenics International Limited, a Hong Kong-based company engaged in industrial software development and system integration, automation equipment and smart assembly line development, digital transformation services, etc. The partnership aims to leverage each company's strengths in technology research and manufacturing integration to explore and apply digital technologies such as artificial intelligence (“AI”) in the manufacturing sector. Under the agreement, CCTG and Innogenics have agreed to cooperate by establishing a joint venture in Hong Kong. The two parties have also agreed to share information on AI technology trends and applications in representative industries such as manufacturing platforms and services. New Supply Chain Management Centre Planned for Central Europe
On May 16, CCTG announced plans to begin construction of a new European supply chain management center in the city of Merocina, Republic of Serbia, in August 2024. The 50,000 square meter facility will be CCTG's first supply chain center project and is scheduled for completion in 2025. Once complete, it will serve as the headquarters for CCTG's supply chain operations in Europe.
To further optimize production efficiency and increase synergies, CCTG established a new subsidiary, CCSC Technology Doo Beograd, in Belgrade, Serbia in February 2024. The subsidiary will be responsible for CCTG's European supply chain management operations. CCTG plans to adopt the latest automation solutions and three-dimensional storage technologies to optimize storage space usage and leverage the latest digital technologies to build a smart supply chain management platform at the center. The facility will serve as a key integrated supply chain transit hub supporting CCTG operations across Europe.
The project is fully supported by the Government of Merosina and a Memorandum of Understanding of cooperation has been signed between CCTG Doo Beograd and the Municipality of Merosina. Total investment in the center is estimated at USD 6 million.
Kung Lok Chiu, Chief Executive Officer and Director of CCTG, commented, “As part of our ongoing strategic plan, we continue to expand our strategic advantage by investing in our supply chain infrastructure to further enhance our business agility and resilience. We are confident that the new centre will drive long-term growth and better support our business. This initiative is also pivotal in our efforts to become a leader in the interconnection products market. We are focused on adopting cutting-edge technologies, developing replicable and scalable solutions, and fostering innovative ideas and products.”
CCTG Appoints Cheong Yi Chiu as Chief Strategy Officer
On April 25, CCTG announced the appointment of Jung Yi Chiu as Chief Strategy Officer, effective May 1, 2024.
Mr. Chiu is a seasoned professional with over 30 years of experience in various leadership roles in the electronics industry, specializing in sales, marketing and business development. He has a proven track record of driving strategic initiatives and fostering innovation to drive growth and profitability. Mr. Chiu joined CCTG in August 2020 as Head of Development Strategy and has since successfully led strategic initiatives and driven Industry 4.0 related projects and new business development for the company.
Prior to joining CCTG, Mr. Chiu held senior positions in several leading companies in the electronics industry, leading strategic initiatives to develop and promote innovative technology solutions. From February 2017 to July 2020, he served as Project Development Leader at Kenmec Group (a listed company on the Taipei Stock Exchange), where he led a team to develop water cooling solutions for data centers. From January 2013 to January 2017, he served as Special Assistant to the General Manager at AVC Thermal Cooling Corporation (a listed company on the Taipei Stock Exchange), where he oversaw various projects on energy-saving solutions in the data center and solar energy fields. His professional achievements also include co-founding a Taiwan-based company specializing in environmentally friendly packaging materials. Mr. Chiu holds a Master's degree in Industrial Management and a Bachelor's degree in Electrical Engineering from National Taiwan University of Science and Technology.
First half of fiscal 2024 results
On February 23, CCTG released its unaudited financial results for the first half of fiscal 2024 ending September 30, 2023.
Kun Lok Chiu, Chief Executive Officer and Director of CCTG, commented, “In the first half of fiscal 2024, our revenue and gross profit decreased year-on-year due to macroeconomic uncertainties and rising supply chain costs, but our gross profit margins remained stable despite the challenging environment. In addition, we expect to make an initial public offering and list on the Nasdaq Capital Market under the ticker symbol “CCTG” in January 2024, which will enhance our global competitiveness. Going forward, we plan to strategically focus on growth industries such as new energy, robotics and healthcare. We also plan to continue investing in research and development to provide our customers with innovative, cost-effective products. We are committed to providing our customers with high-quality products and creating long-term value for our shareholders.”
CCTG Financial Highlights for the First Half of Fiscal Year 2024
Revenue for the six months ending September 30, 2023 was $7.5 million, up from $15.6 million in the same period last year.
Gross profit for the six months ended September 30, 2023 was $2.3 million, an increase compared to $5.4 million in the same period last year.
Operating loss for the six months ended September 30, 2023 was $0.3 million, down compared to operating profit of $2.1 million in the same period last year.
Net income for the six months ended September 30, 2023 was $0.4 million, up from $2.8 million in the same period last year.
Basic and diluted earnings per share for the six months ended September 30, 2023 were $0.04, down compared to $0.28 in the same period last year.
Total revenue for the six months ended September 30, 2023 was $7.5 million, down 52.0% from $15.6 million in the same period last year.
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Media Contact
Company Name: CCSC Technology International Holdings Limited
Contact: CEO Kung Lok Chiu
Email: Send an email [http://www.universalpressrelease.com/?pr=new-international-agreements-for-ai-applications-and-healthcare-lighting-plus-plans-for-european-supply-chain-center-to-serve-varied-tech-industries-ccsc-technology-nasdaq-cctg]
Phone: 852-26870272
Address: 1301-03, Shatin Galleria, 13th Floor, 18-24 Shan Mei Street, Fotan
City: Shatin
State: Hong Kong
Country: China
Website: http://www.ccsc-interconnect.com
This release was published on openPR.
