Polytec Asset Holdings

Polytec Asset Holdings Limited (stock code: 208), formerly known as Kin Don Holdings Limited, was incorporated in the Cayman Islands on 17 April 1998 and it has been listed on the main board of The Stock Exchange of Hong Kong Limited since 9 September 1998. Mr. Or Wai Sheun, the current Chairman of the Board, acquired 26% interest of the Company in 2000 when the Company was in financial difficulties. Following a debt restructuring scheme with the Company's creditors in 2001, Mr. Or became the controlling shareholder of the Company with his interest in the Company increasing to 56%. In January 2004, the Company changed its name to Polytec Asset Holdings Limited and the change in the Company's name reflects a new group with clear directions, visions and strategies. The Group was previously engaged in the garment industry but ceased the entire operation in 2004. It then started to invest in the property market in Macau. During the course of 2004, the Group acquired certain property interests located in the central district of Macau, including The Macau Square, China Plaza and Va Iong, as well as a development site in Taipa, Macau. In addition, it also acquired the leading ice manufacturer in Hong Kong, namely The Hong Kong Ice & Cold Storage Company Limited. In November 2005, as part of reorganization, Kowloon Development Company Limited, a Hong Kong listed company (stock code: 34) which was also controlled by Mr. Or, acquired Mr. Or's entire interest in the Company, becoming the major shareholder of the Company. The Group made a significant move in the property market in Macau in the following year when it acquired 80% interest in three property development projects in the Orient Pearl District, with total GFA exceeding 10 million sq ft. The Group currently focuses on the property market in Macau. It also engages in the oil business in Kazakhstan and the ice and cold storage business in Hong Kong.