[For Immediate Release]
Ten Pao’s First Overseas Production Facility Opens in Hungary
Marks New Milestone for Building Business Presence Abroad
(Hong Kong, 10 October 2017) – Ten Pao Group Holdings Limited (“Ten Pao” or “the Group;” stock code: 1979), an industry-leading one-stop provider of smart power supply solutions, opened its first overseas production facility on October 5 in Hungary, marking a new milestone for the Group in building business presence abroad.
Dignitaries including parliament officials and senior Miskolc government officials were present at the opening ceremony, among whom included Ms. Katalin Csöbör, Member of the Hungarian Parliament; Mr. Péter Pfliegler, Vice Mayor of Miskolc; and Mr. Török Dezső, President of BAZ County Assembly, along with representatives from the Hungarian Investment Promotion Agency. They were joined by the Group’s strategic partner BOSCH and other business partners from around the world, as well as local community groups, associations and the local media. Mr. Hung Kwong Yee, Chairman, Executive Director and Chief Executive Officer of Ten Pao, and the Ten Pao management team gave a warm welcome to all guests and together with them celebrated the opening of the new facility.
Expanding production presence overseas is one of Ten Pao’s business development strategies. In 2013, president Xi Jinping announced China’s ‘One Belt One Road’ aspirations, encouraging traditional industries to venture into Belt and Road markets such as Hungary. In line with national policies, Ten Pao took the initiative to set up a new production facility in Miskolc, Hungary. It is an ideal location as many of the Group’s key customers have started new businesses in Eastern Europe. This is also the reason the Group made the strategic deployment to help it expand the European market. Favorable policies including granting of cash subsidy (more than one billion HUF in all) of the Hungarian Government also provide strong incentive for foreign investment. The facility is TS16949, IS014001 and ISO9001 certified, and is capable of achieving Ten Pao’s production goals. As the facility’s production capabilities mature, the Group will be able to make better logistics arrangements and expand the supply chain for customers in Europe. The new facility will not only see Ten Pao become a key supplier of European customers, but will also give the Group geographical advantage enabling it to significantly shorten production and delivery cycles, hence quickly respond to and meet customers’ demand. Being closer to customers, the Group will be to provide them with more attentive services. It is a win-win for the Group and as well as its international customers and has helped pave the way for the Group to rapidly expand its business in the future.
Mr. Hung Kwong Yee, Chairman, Executive Director and Chief Executive Officer of Ten Pao, said, “The official opening of Ten Pao’s first overseas production facility is of great significance to the Group. We want to thank the Chinese and Hungarian governments for their strong support which has not only made the establishment of this overseas production facility of ours possible, but also braced our confidence in expanding our business presence outside China. We believe, with our facility in Hungary starting operation, we will be able to effectively increase production efficiency and meet the development needs of our partners. In the future, we will continue to boost our presence in Hungary and neighbouring markets and expand our customer base and geographical coverage, thereby lay a solid foundation for achieving future profit growth.”
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(From left to right)
Ten Pao opened its first overseas production facility on October 5 in Hungary.
About Ten Pao Group Holdings Limited (Stock Code:1979)
Ten Pao Group Holdings Limited is an industry-leading one-stop provider of smart power supply solutions and it has become a constituent stock in the MSCI Hong Kong Small Cap Index since the end of 2016. With almost 40 years of experience in the power supply industry, its clientele includes many leading and fast growing international brands. Ten Pao is equipped with strong R&D capabilities and is one of the few manufacturers that has its own CNAS-accredited testing laboratory, which enables it to transform in step with the changes of the technology market while it develops and produces diversified products catering for the specifications of clients’ new products. Company website: www.tenpao.com
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Ten Pao Group Holdings Limited
Mr. Eric Pang
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