Zhuhai Holdings Investment Group Limited Overview
Zhuhai Holdings Investment Group is the former Hong Kong-listed red-chip platform of Zhuhai's municipal tourism-and-transport SOE, ZJ Holdings. It is a diversified conglomerate anchored in Zhuhai.
Its activities span:
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cross-boundary and coastal high-speed passenger ferries, branded "Jiuzhou Blue Sea Jet";
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marine sightseeing ("Blue Marine Tourism");
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operation of the Jiuzhou Passenger Port, a category-one national port;
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the Zhuhai Holiday Resort Hotel;
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the New Yuanming Palace theme park and Fantasy Water World;
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the Lakewood Golf Club;
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high-end residential development (Cuihu Xiangshan, Pingsha);
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refined-oil wholesale and filling stations;
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a commercial factoring arm.
By revenue it was dominated by low-margin fuel trading (about 66% of FY2020 revenue). By profit it was dominated by property development (about 119% of FY2020 consolidated segment results). The ferry and tourism franchises gave it strategic relevance to Greater Bay Area connectivity. Structurally, however, they were eroded by the Hong Kong–Zhuhai–Macao Bridge (October 2018) and then hit hard by COVID-19.
Low minority-attributable earnings, heavy land-appreciation tax, a thin free float and SOE reform priorities led to privatisation in 2021. The business now sits inside the Huafa Group ecosystem.
Company's own description (latest annual results, FY2020)
The FY2020 annual results announcement (29 March 2021) groups the company's principal businesses into three pillars: (1) Jiuzhou Blue Sea Jet and Blue Marine Tourism; (2) Green Leisure Tourism and Composite Real Estate; and (3) Public Utilities and Financial Investments.
For reporting, these are split into eight operating segments:
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ferry services;
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management of holiday resort hotels;
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management of a theme park and an amusement park;
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development of properties for sale;
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golf club facilities;
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public utilities (port facilities, fuel oil trading and distribution, river-regulating construction and river maintenance);
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financial investments (factoring);
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corporate and others (investment holding, securities trading and corporate costs).
Management presented the ferry strategy as a shift from "traditional maritime transportation" to "maritime transportation + tourism". This was to be driven by Greater Bay Area policy, the Hong Kong–Zhuhai–Macao Bridge (HZMB) and Zhuhai's coastal tourism resources.
Business model and revenue model
| Revenue stream | Nature | Model type | Revenue recognition (FY2020) |
|---|---|---|---|
| Refined-oil wholesale and filling stations (Jiuzhou Energy) | Commodity trading and retail fuel | Product sale, thin margin | Point in time |
| Property development (Cuihu Xiangshan; Pingsha under development) | Residential sale | Product sale, lumpy on delivery | Point in time |
| Ferry tickets (HK, Shekou, islands, sightseeing) | Passenger transport | Service, per-ticket | Point in time / over time |
| Port facilities (Jiuzhou Port) | Terminal use fees, ticket agency, retail and advertising leasing | Service plus rental | Over time / other sources |
| Hotel (rooms, F&B, MICE) | Hospitality | Service | Over time |
| Theme park / water park | Admission, performances, venue leasing, study tours | Service | Point in time |
| Golf club | Green fees, memberships, annual passes | Service / subscription-like | Over time |
| Factoring and commodity trading (Jiuzhou Holdings Finance Lease) | Finance income | Financial service | Other sources |
| Rental income (station shops, car parks, investment property) | Leasing | Rental | Other sources |
In FY2020, HKFRS 15 revenue split as RMB9,490.3 million recognised at a point in time and RMB316.6 million over time, plus RMB55.7 million from other sources (FY2020 annual results). The model is therefore overwhelmingly transactional product sales (fuel and property). Recurring, service-type revenue amounted to less than 4% of total.
Value-chain position, customers and end-markets
Ferry and port: The company was both an asset-owning operator (fleet through Zhuhai High-speed Passenger Ferry Co., Ltd., the "Ferry Company", 49% owned and consolidated) and the infrastructure landlord at Jiuzhou Port. Customers are cross-boundary travellers (Hong Kong city, HK Airport, Shenzhen Shekou), island residents and tourists, and sightseeing visitors.
Property: Integrated developer of master-planned, golf-adjacent residential communities in Zhuhai. Customers are PRC home buyers, many using mortgages guaranteed by the company. Mortgage guarantees stood at RMB1,478.6 million at FY2020.
Energy: Mid-stream wholesaler sourcing from majors and selling to corporate customers. Jiuzhou Energy described itself as a key Sinopec partner in Zhuhai and was shortlisted on CNOOC's refined-oil supplier list in FY2020. Two customers each exceeded 10% of group revenue in FY2020 (three in FY2019), which indicates concentration in the trading book.
Tourism and hospitality: Domestic and regional leisure tourists, MICE organisers, government receptions, schools (study tours), and golf members.
Independent characterisation
Analytically, the group was a municipal SOE holding vehicle with three economically distinct profiles:
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a cash-generative but structurally challenged transport franchise that was profitable until 2019, loss-making in 2020, and exposed to HZMB substitution;
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a profit engine in property development, where segment margins rose to 39% in FY2020 but a large share of value leaked to land appreciation tax (LAT) and non-controlling interests;
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a revenue-inflating but value-light fuel trading arm, earning segment margins below 1%.
Reported revenue therefore overstated economic scale. The effective tax rate of 60–76% (FY2018–FY2020) and the 81% share of FY2020 profit attributable to non-controlling interests explain why reported group profit of RMB238.8 million translated into only RMB44.4 million for shareholders.
Strategy
Stated strategy themes (FY2020 annual results; paraphrased)
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"Maritime transportation + tourism": move the ferry franchise from point-to-point transport into marine tourism, using the Greater Bay Area plan, the HZMB and Zhuhai's coastline. Expand the route network, notably a Jiuzhou Port–Macao (Taipa) route.
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Upgrade tourism assets: use the new hotel opening to upgrade the resort into a comprehensive hotel; pursue a "secondary planning scheme" for New Yuanming Palace; carry out a full upgrade of Fantasy Water World.
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Property execution: sell and deliver the remaining Cuihu Xiangshan products; accelerate construction and sales at Pingsha; enforce quality control.
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Port modernisation: run the temporary clearance hall during relocation; design and build a new, "intelligent" passenger terminal; upgrade the integrated passenger-transport software.
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Energy diversification: expand beyond single-product refined-oil trading into other products and customers; pursue a gas-station JV with Sinopec.
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Factoring risk control: review the factoring business after the FY2020 impairment, possibly reducing volume.
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Four group-level targets: investment (post-investment management system), finance (wider and cheaper financing channels), risk management and internal control, and human-resources sharing.
Initiatives in the last 24 months (Oct 2024–Oct 2026)
| Date | Initiative | Level | Status |
|---|---|---|---|
| Jan 2024 (reference date 31 Jan 2024) | ZJ Holdings transferred in full to Huafa Group as a second-tier enterprise, intended to optimise property and cultural-tourism resource allocation and support Huafa's "Fortune Global 500" ambition | Parent | Completed per media reports |
| Jan 2024 | Marine-related resources of ZJ Holdings (along with those of Airport City, Agricultural Holdings and Gree Group) to be consolidated into the Zhuhai Ocean Group | Parent | Announced; specific ferry or port asset transfers not confirmed |
| Apr 2025 | Third round of Zhuhai SOE integration (e.g., Da Hengqin Group under Zhuguang Group) | Municipal | Ongoing |
Not publicly disclosed at the entity level. Known context comes from the parent-level restructuring:
Medium-term financial targets / guidance: none published before delisting, and none disclosed since.
Products & Services
Jiuzhou Blue Sea Jet & Blue Marine Tourism
| Offering | Description / capabilities | Target customer | Key disclosed metrics | Pricing model |
|---|---|---|---|---|
| Jiuzhou Blue Sea Jet — Hong Kong city routes (Jiuzhou Port ↔ HK China Ferry Terminal / HK–Macau Ferry Terminal) | High-speed catamaran service, about 1 hour crossing (58–59 km) | Cross-boundary business and leisure travellers | HK routes (incl. airport) about 0.95 million passengers in FY2019 (−55% YoY). The company held 36.61% of Guangdong–HK waterway routes in FY2019. Suspended from 30 Jan 2020. | Per-ticket fares; not disclosed |
| HK Airport route (Jiuzhou ↔ SkyPier) | Air–sea intermodal transfer | Air passengers | Included in HK total above | Per-ticket |
| Shekou route (Zhuhai ↔ Shenzhen Shekou) | Domestic Pearl River crossing | Commuters, business travellers | 1.13 million passengers FY2019 (+3%) | Per-ticket |
| Shenzhen Airport route (Jiuzhou ↔ Shenzhen Airport Pier) | Domestic airport connection | Air passengers | Restored to 8 round-trips per day from 15 Sep 2021 (Bendibao). Operator identity on this route not specified in sources. | Per-ticket |
| Zhuhai island routes (Guishan, Dong'ao, Wanshan, etc.) | "Land–island public transport" | Residents, island tourists | +6% passengers FY2019 | Per-ticket, subsidised in part |
| Marine sightseeing routes | Sea-viewing tours (Zhuhai coast, HZMB, Jiuzhou Island) | Tourists | About 0.24 million tourists in first full year (FY2019) | Per-ticket; sold via Trip.com and Tongcheng |
| Zhuhai–Macao Bay Tour (珠澳海灣遊) | Bay cruise run by Jiuzhou Cruises; added Wanchai Port–Macao route | Tourists | Visitors: 836,300 (FY2018), 1,089,200 (FY2019), 318,900 (FY2020) | Per-ticket |
| Guishan Island "Blue Coast" homestay | Island homestay and cultural tourism (fishing village theme, music parties, travel photography) | Leisure tourists | Recognised as "most beautiful homestay in Guangdong" (FY2019 results) | Room nights, packages |
| Changsha "Xiangjiang Cruise — Juzhou Star" | Night cruise on the Xiang River via JV Hunan Jiuzhou Longxiang | Changsha tourists | Selected as a 2020 Changsha cultural-tourism consumption demonstration project | Per-ticket |
| Hainan / Sanya Blue Sea Jet | Maritime bus and nearshore tours with CCCC Hainan; "rail–sea" combined transport | Sanya tourists, commuters | — | Per-ticket, subsidies |
| Zhuhai Sailboat Station | Planned water-sports hub (sailing, yachts, kayaks, marine dining) | Leisure / sports | Pre-JV infrastructure stage (FY2019) | — |
| Taizhou Rongyuan Project | External marine-tourism project | — | — | — |
| HZMB shuttle bus (associate Zhuhai Yuegong Xinhai) | Sole operator of shuttle buses across the HZMB boundary facilities | Bridge travellers | 14.64 million passengers FY2019, about 40,000/day | Per-ticket; equity-accounted |
Green Leisure Tourism & Composite Real Estate
| Offering | Description | Target customer | Key metrics | Pricing |
|---|---|---|---|---|
| Zhuhai Holiday Resort Hotel (珠海度假村酒店) | Long-established resort with villas, recreational complex, health centre; 35th anniversary in 2019; awards for Cantonese cuisine and MICE | Government receptions, MICE, leisure | Occupancy fell in FY2019 (figure not disclosed). Hotel revenue RMB102.9 million FY2020. | Room / F&B / events |
| New hotel building (New Hotel Project) | New main building, opened Aug 2020. Phase 2 commercial-office complex in piling stage (FY2020). Aim to become a full-service integrated hotel. | Upscale leisure / business | Funded by RMB550 million project facility (RMB225.9 million drawn by Mar 2021) | As above |
| New Yuanming Palace (圓明新園) | 1.39 sq km cultural theme park with 1:1 Yuanmingyuan replicas; national 4A scenic spot; free general admission since Oct 2012; paid performances, boats, night shows; venue leasing; study tours | Domestic tourists, schools | Visitors: about 3.97 million (FY2018), 3.56 million (FY2019), about 1.06 million (FY2020). Venue leasing +44% in FY2019. | Free entry plus paid experiences |
| Fantasy Water World (夢幻水城) | Water park open May–October, with partial winter events; A-grade water quality for 9 consecutive years (FY2019) | Families, youth | Visitors: 209,200 (FY2018), 209,200 (FY2019), about 116,700 (FY2020) | Tickets, annual passes |
| Jiuzhou · Greentown Cuihu Xiangshan (翠湖香山) | High-end tourism real estate: high-rises, villas, "French villas", kindergarten, primary school, community commercial centre; co-branded with Greentown | Upper-middle / high-income buyers | Property revenue RMB2,993.4 million FY2020; segment margin 39.0% | Unit sales, mortgage-guarantee supported |
| Pingsha Project | Residential land (72,600 sq m site, about 145,000 sq m GFA incl. 14,300 sq m of talent / public-rental housing; plot ratio 1.99; estimated investment above RMB1 billion) | Mass-market buyers, western Zhuhai | Land cost RMB706 million; planning permits obtained FY2020 | Unit sales (future) |
| Zhuhai Lakewood Golf Club (翠湖高爾夫) | Golf club incl. Norman course; League Club Annual Pass, Xiangshan Practice Pass, packages with Shenzhen Tiema Golf | Golfers, corporate teams | Rounds: about 43,050 (FY2018), 50,879 (FY2019), 52,679 (FY2020). Named among "Top 10 Most Outstanding Golf Courses in China". | Green fees, passes, memberships |
Public Utilities & Financial Investments
| Offering | Description | Target customer | Key metrics | Pricing |
|---|---|---|---|---|
| Jiuzhou Passenger Port (九洲港) | Category-one national port linking the east and west Pearl River banks with HK and Macao; ticketing (WeChat, OTA), self-service real-name gates, retail, advertising and car-park leasing. Terminal relocation under way from Dec 2020, with operations in a temporary clearance hall pending a new terminal. | Ferry operators, passengers, tenants | Lease compensation of RMB19 million from ZJ Holdings (Dec 2020) | Terminal fees, agency commissions, rents |
| Jiuzhou Energy — refined-oil wholesale | Wholesale of refined oil products; designated CNOOC Guangdong supplier (FY2020); described as a key Sinopec partner in Zhuhai; planned gas-station JV with Sinopec | Corporate buyers, stations | Drove public-utilities revenue of RMB6,524.3 million (FY2020) | Commodity-linked |
| Filling stations | Zhuhai Jiuzhou Port Petro-Filling Station; Zhuhai Shihuadong Resort Petro-Filling Station | Motorists | Not disclosed separately | Retail fuel prices |
| Port ship bunkering | Bunkering at Hengqin Port passenger station (from FY2020) | Ferry operators | — | Commodity-linked |
| River regulation and maintenance | Construction of river-regulating facilities and maintenance | Government | Not disclosed separately | Contract |
| Shenzhen Jiuzhou Holdings Finance Lease — factoring | Commercial factoring, commercial-bill factoring, an "oil trade + factoring" model, commodity trading with core enterprises | Corporate counterparties | Factoring receivables RMB910.7 million (FY2018), RMB581.8 million (FY2019), RMB327.9 million (FY2020). Full impairment on one customer in FY2020. | Interest / fees |
Post-2021 portfolio changes (route additions or closures, asset transfers within the Huafa system) are not publicly disclosed at the entity level.
Financial Narrative
Data boundary. The five most recent disclosed fiscal years are FY2016–FY2020. FY2016 was reported in HKD and FY2017–FY2020 in RMB, so the tables are split by currency. Blank cells mean the figure was not available in the primary sources reviewed. FY2021–FY2025: not publicly disclosed (company unlisted).
Income statement — RMB
Sources: FY2017 from Annual Report 2017/2018 (revenue, profit, attributable profit, EPS, PBT); FY2018–FY2020 from FY2019 and FY2020 annual results announcements. FY2017 NCI is derived by subtracting attributable profit from profit for the year.
Income statement — HKD (pre-RMB presentation)
Source: Annual Report 2016 (financial highlights): ### Margins and growth (analyst calculations)
Revenue CAGR: FY2017–FY2020 about 37.0% per year, inflated by the scaling of fuel trading and property deliveries. FY2018–FY2020 about 3.3% per year.
Trend commentary.
FY2018 step-change: Revenue rose 2.4x, from RMB3.84 billion to RMB9.25 billion. This came from large Cuihu Xiangshan deliveries (property revenue RMB3.10 billion) and fuel trading (RMB5.22 billion of public-utilities revenue). Attributable profit peaked at RMB177.0 million.
FY2019 inflection down: Revenue hit a record RMB11.81 billion on fuel volume, but gross profit fell 6.4%. Attributable profit fell 54% because of the full-year HZMB diversion of ferry traffic and hotel competition from new Zhuhai supply.
FY2020 COVID year: Revenue fell 16.5%, yet gross profit rose 5% on a richer property mix. LAT (RMB474.1 million) and impairments (RMB59.8 million on financial assets) cut attributable profit to RMB44.4 million (EPS RMB3.11 cents).
Structural leakage: Over FY2018–FY2020, taxes absorbed 60–76% of pre-tax profit. Non-controlling interests then took 55–81% of what remained, because the key profit centres (property company, golf, port, ferry, energy) were non-wholly owned.
Balance sheet
Goodwill: none presented on the face of the statement of financial position. Source: FY2019 and FY2020 annual results announcements.
Debt maturity profile at 31 Dec 2020 (RMB million): 2021: 1,910.5; 2022: 444.4; 2023: 254.9; 2024: 34.5; 2025–2034: 159.0. A large bullet was due in 2021, essentially the HK$2 billion 2017 syndicated facility maturing August 2021. This explains the March 2021 facilities (HK$300 million and HK$500 million) and the controlling-shareholder comfort letter.
Cash flow
FY2018–FY2019 cash-flow lines are from the HKFRS 16 transition note in the FY2019 results. FY2020 operating and financing cash flows were not contained in the results announcement reviewed (full FY2020 annual report published 28 Apr 2021).
Capex is dominated by properties under development (RMB1,015.2 million in FY2020) and the hotel rebuild (RMB161.1 million in FY2020; RMB808.3 million in FY2018). As a result, free cash flow was structurally negative while the land bank and hotel were being built out.
Ratios (analyst calculations on reported data; year-end balances)
Cash conversion cycle: not computable from the disclosed data (inventory days are dominated by multi-year property work-in-progress). A third-party screen (Jitta) flagged a CCC above 120 days. Company-defined gearing includes trade, construction and other payables in "net debt", so it is not comparable with the bank-debt ratio.
Ratio commentary.
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Returns compressed sharply: ROE fell from 9.1% to 2.1% over two years.
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Leverage improved on a net basis in FY2020, but maturity mix worsened. Current borrowings rose to 68% of bank debt, which drove the current ratio down to 1.13.
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Gross interest coverage stayed comfortable at above 5x. Most interest was capitalised into property development: RMB80.1 million of RMB120.2 million in FY2020.
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Pillar Details
| Pillar | Reporting segment | Contents | Principal operating entities |
|---|---|---|---|
Jiuzhou Blue Sea Jet & Blue Marine Tourism | Ferry services | High-speed ferries Zhuhai–Hong Kong (city and airport), Zhuhai–Shekou, Zhuhai island routes, Zhuhai–Macao bay tours, sightseeing | Zhuhai High-speed Passenger Ferry Co., Ltd. (49%, consolidated); Zhuhai Jiuzhou Cruises Co., Ltd.; Zhuhai Haichang Investment Co., Ltd. |
Green Leisure Tourism & Composite Real Estate | Hotel | Zhuhai Holiday Resort Hotel (old and new buildings) | Zhuhai Holiday Resort Hotel Co., Ltd.; Zhuhai Jiuzhou Property Development Ltd. (JPD) |
| — | Tourist attraction | New Yuanming Palace; Fantasy Water World | New Yuanming Palace Tourist Co., Ltd. of Zhuhai S.E.Z.; Zhuhai Water Entertainment Co., Ltd. |
| — | Property development | Cuihu Xiangshan high-end tourism real estate; Pingsha residential project | Zhuhai Jiuzhou Holdings Property Development Co., Ltd. (non-wholly owned); Zhuhai Pingsha Jiuzhou Development Co., Ltd. |
| — | Golf club operations | Zhuhai Lakewood Golf Club (incl. Norman course) | Zhuhai Jiuzhou Holdings Sports Management Co., Ltd. (non-wholly owned) |
Public Utilities & Financial Investments | Public utilities | Jiuzhou Port facilities; refined-oil wholesale and filling stations; river-regulating construction and maintenance | Zhuhai Jiuzhou Port Passenger Traffic Services Co., Ltd.; Zhuhai Jiuzhou Energy Co., Ltd. (49%, consolidated, via Zhuhai Jiuzhou Public Utilities) |
| — | Financial investments | Commercial factoring, bill factoring, commodity trading | Shenzhen Jiuzhou Holdings Finance Lease Co., Ltd. |
Corporate | Corporate and others | Investment holding, securities trading, corporate expenses | Company (Bermuda); Jiuzhou Tourist Development Co., Ltd.; Jiuzhou Tourism Property Co., Ltd. |
Revenue by Segment
| Segment (external revenue, CNY Mn) | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
Ferry services (Blue Sea Jet & Blue Marine Tourism) | 680.3 | 546.0 | 155.5 |
Hotel | 160.0 | 134.4 | 102.9 |
Tourist attraction | 29.7 | 31.5 | 15.6 |
Property development | 3,097.6 | 2,534.9 | 2,993.4 |
Golf club operations | 28.6 | 33.6 | 37.2 |
Public utilities | 5,215.1 | 8,475.9 | 6,524.3 |
Financial investments | 37.1 | 55.9 | 33.7 |
Total group revenue | 9,248.4 | 11,812.3 | 9,862.6 |
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View Subscription PlansRevenue by Segment by Segment Result
| Segment result (CNY Mn) | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
Ferry services | 290.0 | 218.1 | -39.9 |
Hotel | 11.6 | -12.4 | -25.8 |
Tourist attraction | -6.8 | -13.6 | -32.7 |
Property development | 745.5 | 795.5 | 1,167.0 |
Golf club operations | -26.8 | -21.3 | -14.7 |
Public utilities | 71.3 | 64.9 | 43.9 |
Financial investments | 30.4 | 40.1 | -32.8 |
Corporate and others | -47.4 | -53.2 | -52.4 |
Inter-segment eliminations | -84.9 | -87.0 | -29.7 |
Consolidated segment results | 983.0 | 931.0 | 982.9 |
Segment margin (% of external revenue)
| Segment margin (% of external revenue) | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
Ferry services | 42.6 | 39.9 | -25.7 |
Hotel | 7.2 | -9.3 | -25.1 |
Tourist attraction | -22.9 | -43.0 | -209.0 |
Property development | 24.1 | 31.4 | 39.0 |
Golf club operations | -93.8 | -63.5 | -39.5 |
Public utilities | 1.4 | 0.8 | 0.7 |
Financial investments | 82.0 | 71.8 | -97.2 |
YoY revenue growth (%)
| YoY revenue growth (%) | FY2019 | FY2020 |
|---|---|---|
Ferry services | -19.7 | -71.5 |
Hotel | -16.0 | -23.4 |
Tourist attraction | 6.2 | -50.4 |
Property development | -18.2 | 18.1 |
Golf club operations | 17.7 | 10.8 |
Public utilities | 62.5 | -23.0 |
Financial investments | 50.6 | -39.7 |
Group | 27.7 | -16.5 |
Contribution to group revenue (%)
| Contribution to group revenue (%) | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
Ferry services | 7.4 | 4.6 | 1.6 |
Hotel | 1.7 | 1.1 | 1.0 |
Tourist attraction | 0.3 | 0.3 | 0.2 |
Property development | 33.5 | 21.5 | 30.4 |
Golf club operations | 0.3 | 0.3 | 0.4 |
Public utilities | 56.4 | 71.8 | 66.2 |
Financial investments | 0.4 | 0.5 | 0.3 |
Segment assets (CNY Mn)
| Segment assets (CNY Mn) | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
Ferry services | 416.7 | 481.5 | 437.5 |
Hotel | 1,435.3 | 1,747.4 | 1,864.2 |
Tourist attraction | 272.4 | 269.8 | 240.7 |
Property development | 6,922.1 | 7,530.7 | 7,386.0 |
Golf club operations | 291.3 | 295.6 | 278.6 |
Public utilities | 1,173.5 | 1,199.1 | 1,817.5 |
Financial investments | 924.8 | 597.4 | 345.8 |
Corporate and others | 369.8 | 625.4 | 646.2 |
Income Statement and Per-Share Data
| Metric (CNY Mn unless stated) | FY2017 | FY2018 | FY2019 | FY2020 |
|---|---|---|---|---|
Revenue | 3,835.6 | 9,248.4 | 11,812.3 | 9,862.6 |
Cost of sales | — | 7,919.4 | 10,568.2 | 8,553.5 |
Gross profit | — | 1,329.0 | 1,244.1 | 1,309.2 |
Operating profit proxy (consolidated segment results) | — | 983.0 | 931.0 | 982.9 |
Depreciation & amortisation | — | 113.8 | 98.9 | 89.5 |
EBITDA (segment results + D&A, analyst-derived) | — | 1,096.8 | 1,029.9 | 1,072.4 |
Finance expenses (net of capitalised interest) | — | 9.3 | 23.8 | 40.2 |
Profit before tax | 368.6 | 1,003.6 | 936.5 | 974.6 |
Income tax (incl. PRC LAT) | — | 606.7 | 656.1 | 735.8 |
Of which PRC land appreciation tax | — | 261.9 | 403.6 | 474.1 |
Profit for the year | 157.9 | 396.8 | 280.3 | 238.8 |
Profit attributable to owners | 61.5 | 177.0 | 81.1 | 44.4 |
Profit attributable to non-controlling interests | 96.5 | 219.8 | 199.3 | 194.4 |
Basic EPS (MYR Bn cents) | 4.31 | 12.40 | 5.68 | 3.11 |
Diluted EPS (MYR Bn cents) | 4.31 | 12.40 | 5.68 | 3.11 |
Dividend per share declared for year (HK cents) | 2 | 2 | 0 | 0 |
Income Statement and Margin Analysis (%)
| Metric (HKD Mn) | FY2015 | FY2016 |
|---|---|---|
Revenue | 3,067.1 | 4,923.7 |
Profit for the year | 301.5 | 259.1 |
Profit attributable to owners | 124.7 | 84.7 |
Net profit margin (%) | 9.8 | 5.3 |
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View Subscription PlansMargin Analysis (%)
| Ratio (%) | FY2017 | FY2018 | FY2019 | FY2020 |
|---|---|---|---|---|
Gross margin | — | 14.4 | 10.5 | 13.3 |
Operating margin (segment results / revenue) | — | 10.6 | 7.9 | 10.0 |
EBITDA margin | — | 11.9 | 8.7 | 10.9 |
Pre-tax margin | 9.6 | 10.9 | 7.9 | 9.9 |
Net margin (profit for the year) | 4.1 | 4.3 | 2.4 | 2.4 |
Net margin attributable to owners | 1.6 | 1.9 | 0.7 | 0.4 |
Effective tax rate | 57.2 | 60.5 | 70.1 | 75.5 |
Revenue growth YoY | — | 141.1 | 27.7 | -16.5 |
Balance Sheet
| Metric (CNY Mn) | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
Total assets | 12,319.8 | 13,407.1 | 13,801.2 |
Cash and cash equivalents | 982.5 | 1,452.8 | 1,705.9 |
Restricted bank balances (current + non-current) | 595.5 | 932.7 | 686.4 |
Short-term interest-bearing bank borrowings | 701.7 | 1,257.3 | 1,910.5 |
Long-term interest-bearing bank borrowings | 2,146.5 | 2,168.9 | 892.8 |
Total bank borrowings | 2,848.2 | 3,426.2 | 2,803.3 |
Lease liabilities | 0.0 | 28.0 | 9.4 |
Net debt (borrowings − cash & equivalents) | 1,865.7 | 1,973.4 | 1,097.4 |
Net debt incl. restricted cash offset | 1,270.2 | 1,040.7 | 411.0 |
Properties under development (current + non-current) | 6,356.9 | 5,454.7 | 5,495.3 |
Completed properties held for sale | 76.1 | 786.6 | 1,008.6 |
Contract liabilities (current + non-current) | 2,580.1 | 2,569.0 | 2,498.4 |
Tax payable | 656.5 | 1,063.6 | 1,453.4 |
Goodwill | 0.0 | 0.0 | 0.0 |
Intangible asset | 3.9 | 3.9 | 3.9 |
Equity attributable to owners | 1,946.8 | 1,974.5 | 2,084.5 |
Non-controlling interests | 1,371.5 | 1,563.5 | 1,756.5 |
Total equity | 3,318.3 | 3,538.0 | 3,841.1 |
Working capital (current assets − current liabilities) | 1,724.6 | 2,257.5 | 1,016.6 |
Mortgage guarantees (contingent, off-balance sheet) | — | 1,791.6 | 1,478.6 |
Cash Flow
| Metric (CNY Mn) | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
Net cash from operating activities | -597.7 | 399.3 | — |
Net cash from financing activities | -137.2 | 371.2 | — |
Capex (PP&E + properties under development, segment disclosure) | 1,495.8 | 769.2 | 1,232.6 |
Free cash flow (OCF − capex, analyst-derived) | -2,093.5 | -369.9 | — |
Dividends paid to shareholders | 24.7 | 25.1 | 0.0 |
Share buybacks | 0.0 | 0.0 | 0.0 |
Interest paid on bank loans (incl. capitalised) | 111.8 | 161.7 | 119.5 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
ROE (attributable profit / YE owners' equity, %) | 9.1 | 4.1 | 2.1 |
ROA (profit for year / YE total assets, %) | 3.2 | 2.1 | 1.7 |
ROIC (approx. NOPAT / (equity + debt − cash), %) | 7.8 | 5.4 | 5.4 |
Current ratio (x) | 1.29 | 1.34 | 1.13 |
Company-defined gearing (net debt / (equity + net debt)) | 0.64 | 0.61 | 0.58 |
Bank debt / total equity (x) | 0.86 | 0.97 | 0.73 |
Net debt / EBITDA (x) | 1.70 | 1.92 | 1.02 |
Interest coverage (segment results / gross bank interest, x) | 8.8 | 5.7 | 8.2 |
Asset turnover (revenue / YE total assets, x) | 0.75 | 0.88 | 0.71 |
Revenue by Region
| Region (CNY Mn) | FY2018 | FY2019 | FY2020 |
|---|---|---|---|
PRC (Mainland, principally Zhuhai) | 9,248.4 | 11,812.3 | 9,862.6 |
Region growth (%)
| Region growth (%) | FY2019 | FY2020 |
|---|---|---|
PRC | 27.7 | -16.5 |
Share Price & Returns
| Reference point | Price (HKD) | Source |
|---|---|---|
Close 20 Jan 2020 (pre-MGO) | 1.20 | Caihua / Huasheng |
Mandatory offer price (Jan–May 2020) | 1.21 | HKEX |
90-day average to 15 Jan 2021 | 1.944 | Scheme Document |
30-day average to 15 Jan 2021 | 2.008 | Scheme Document |
Last trading day close, 15 Jan 2021 | 2.22 | Scheme Document |
Close 19 Apr 2021 | 2.93 | Scheme Document |
Cancellation price | 3.06 | Scheme Document |
Share price (HKD) | FY2019 | FY2020 |
Reference price (Jan of following year / cancellation) | 1.20 | 2.22 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Implied equity value | HK$4,369.1 million (about RMB3,677 million at RMB0.84164/HK$) | 1,427.8 million shares × HK$3.06 |
P/E (trailing FY2020) | About 82.7x | EPS RMB3.11 cents ≈ HK$3.70 cents |
P/B (reported NAV, FY2020) | About 1.76x | NAV per share HK$1.735 (76.4% premium) |
P/B (adjusted NAV incl. property revaluation, 28 Feb 2021) | About 0.78x | Adjusted NAV per share HK$3.899 (21.5% discount) |
EV/EBITDA (FY2020) | About 6.1x | EV ≈ equity RMB3,677 million + NCI RMB1,757 million + net debt RMB1,097 million |
EV/Sales (FY2020) | About 0.66x | — |
Dividend metric
| Dividend metric | FY2017 | FY2018 | FY2019 | FY2020 |
|---|---|---|---|---|
DPS declared (HK cents) | 2 | 2 | 0 | 0 |
Total dividend paid in year (CNY Mn) | — | 24.7 | 25.1 | 0.0 |
Debt Maturity Profile
| Maturity bucket (CNY Mn) | 2021 | 2022 | 2023 | 2024 | 2025-2034 |
|---|---|---|---|---|---|
Bank borrowings due | 1,910.5 | 444.4 | 254.9 | 34.5 | 159.0 |
Analyst Conclusions
Management guidance
The last guidance (FY2020 results, March 2021) was qualitative. It said 2021 performance would depend on:
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the timing of COVID containment and resumption of Hong Kong–Zhuhai ferry services;
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recovery in consumer travel sentiment for hotels;
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the timing and number of Cuihu Xiangshan deliveries;
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traffic and fuel-demand recovery.
No quantitative targets were given. No consensus estimates exist; the stock had no sell-side coverage pre-delisting and has no market today.
Bull case
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Reopening plus Greater Bay Area connectivity. Hong Kong–Jiuzhou sailings are running again in 2026 per public timetables. Island and Macao marine tourism had already grown strongly pre-COVID (Jiuzhou Cruises +30.2% in FY2019). That supports a rebound in the transport and port franchise from the FY2020 trough of 696,500 passengers.
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Embedded property value. The privatisation valuation implied a 21.5% discount to adjusted NAV of HK$3.899 per share. Pingsha (about 145,000 sq m GFA) and the remaining Cuihu Xiangshan inventory (RMB1.0 billion of completed properties at FY2020) offer cash-generation potential.
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Huafa synergies. Integration into a group with RMB178.7 billion of revenue (2023) gives access to cheaper funding, sales channels and hotel/tourism management scale. It could also help turn around chronically loss-making golf and attractions.
Bear case
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Structural transport erosion. The HZMB took about 55% of HK-route passengers within a year of opening. Route operation may now sit with other operators, or move to the Zhuhai Ocean Group under the 2024 marine-asset carve-out.
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Property cycle risk. PRC housing weakness, LAT of RMB474.1 million (FY2020) and RMB1.48 billion of mortgage guarantees threaten the only consistent profit engine.
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Weak parent and opacity. ZJ Holdings reported three consecutive net losses to 2023. With no public reporting since FY2020, creditors and counterparties face an information vacuum, and value may be reallocated within the SOE system rather than accruing to this entity.
Catalysts and monitorables (next 12 months)
- Disclosure of any transfer of ferry, port or marine assets to the Zhuhai Ocean Group or other Huafa entities.
Commissioning of the new Jiuzhou Port passenger terminal: and confirmation of route-operator arrangements (TurboJET vs. Ferry Company).
Pingsha sales launch: and Cuihu Xiangshan inventory clearance.
Huafa Group or Huafa Industrial disclosures: that consolidate or refer to ZJ Holdings / Zhuhai Holdings results.
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Any bond issuance by ZJ Holdings requiring a prospectus with subsidiary financial data.
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Hotel and attraction performance during Airshow China and peak holidays.
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Resolution of the long-running earnest-money damages assessment and receiver indemnity issue.
Analyst verdict
Zhuhai Holdings Investment Group is best understood today as an internal portfolio company, not an investable security. Its HKEX listing ended on 18 June 2021, when ZJ Holdings paid HK$3.06 a share, about HK$1.68 billion, for the 38.5% it did not own. In January 2024 ZJ Holdings itself was folded into Huafa Group. Any value assessment must therefore rest on the FY2020 audited accounts, which are now stale, and on fragmentary parent-level disclosures.
On the last disclosed numbers the group was a paradox. It booked revenue near RMB10 billion but kept only RMB44 million for shareholders. Fuel trading inflated the top line at sub-1% margins. Property earned rich segment margins but was taxed heavily through LAT, and most of the remaining profit went to minority partners.
The ferry and port franchise, once the strategic heart of the company, was structurally impaired by the HZMB before COVID nearly halted it. The resort, theme park and golf assets consistently destroyed value at the segment level.
The privatisation price looked full against market history: a 37.8% premium and a P/E of about 83x. It looked modest against revalued assets, at about 0.8x adjusted P/B. That pattern is typical of SOE take-privates aimed at reform flexibility rather than maximising minority value.
Looking forward, the entity's economics depend on decisions taken by Huafa and the Zhuhai SASAC. These include whether marine assets are carved out to the Ocean Group, how Pingsha is developed, and whether the hotel and attractions are put under professional management.
For creditors and counterparties, implicit state support remains the key credit anchor. For anyone seeking equity exposure, there is none. The nearest proxies are Huafa-listed vehicles, which carry very different risk profiles.
Overall assessment: strategically relevant to Zhuhai's Greater Bay Area connectivity, financially opaque since 2021, and controlled by policy rather than markets. Monitor parent-level disclosures and any asset-transfer announcements.
SOURCE LIST (principal documents)
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Zhuhai Holdings Investment Group — Annual Results Announcement FY2020 (29 Mar 2021): https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0329/2021032901210.pdf
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Annual Results Announcement FY2019 (26 Mar 2020): https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0326/2020032601118.pdf
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Scheme Document (21 Apr 2021): https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0420/2021042001483.pdf
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Annual Report 2018 (financial highlights incl. FY2017): https://www.hkexnews.hk/listedco/listconews/sehk/2019/0424/ltn20190424438.pdf
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Annual Report 2016 (FY2015–FY2016 HKD highlights): https://www.hkexnews.hk/listedco/listconews/sehk/2017/0426/ltn20170426173.pdf
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Annual Report 2017: https://www.hkexnews.hk/listedco/listconews/sehk/2018/0423/ltn20180423292.pdf
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Mandatory offer close announcement (8 May 2020): https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0508/2020050801074.pdf
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Joint announcement re directors' interests (30 Mar 2020): https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0330/2020033002505.pdf
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H1 2020 profit warning (9 Jul 2020): https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0709/2020070900469.pdf
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New Marine Tourism Line announcement (4 Dec 2020): https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1204/2020120400774.pdf
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Wanshan agency connected transaction (27 Dec 2019): https://www1.hkexnews.hk/listedco/listconews/sehk/2019/1227/2019122700696_c.pdf
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Finet — privatisation approval (19 May 2021): https://www.finet.hk/newscenter/news_content/60a4737ebde0b3583c91720d
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MarketScreener — privatisation deal news: https://www.marketscreener.com/quote/stock/ZHUHAI-HOLDINGS-INVESTMEN-6170736/
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Yicai — Huafa takes over ZJ Holdings (30 Jan 2024): https://www.yicai.com/news/101976004.html
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Southern Metropolis Daily — Zhuhai SOE restructuring (29 Jan 2024): https://m.mp.oeeee.com/a/BAAFRD000020240129905706.html
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21st Century Business Herald — Zhuhai SOE reform analysis (24 Jun 2024): https://www.21jingji.com/article/20240624/herald/197696d64f0a9cbb79e95daf09c50ec1.html
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Southern Metropolis Daily — three rounds of Zhuhai SOE reform (Apr 2025): https://m.mp.oeeee.com/oe/BAAFRD0000202504271078970.html
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Chinese Wikipedia — 珠海控股投资: https://zh.wikipedia.org/zh-hans/%E7%8F%A0%E6%B5%B7%E6%8E%A7%E8%82%A1%E6%8A%95%E8%B3%87
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MoneyDJ — company wiki: https://www.moneydj.com/kmdj/wiki/wikiviewer.aspx?keyid=997f7202-d53b-4b8e-a46a-b7b1720a5a50
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Huasheng / Caihua — HK$1.21 mandatory offer (22 Jan 2020): https://www.hstong.com/news/detail/20012208305361574
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China News Service — Typhoon Hato port damage (Oct 2017): https://www.chinanews.com/ga/2017/10-04/8346510.shtml
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The Paper — rainstorm closures (4 May 2024): https://www.thepaper.cn/newsDetail_forward_27261593
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Ferryscanner — HK–Jiuzhou route timetables (2026): https://www.ferryscanner.com/zh/ferry-routes/ferry-jiuzhou-harbour-zhuhai-hong-kong-all-ports
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Bendibao — Shenzhen Airport–Jiuzhou route restoration (Sep 2021): https://m.bendibao.com/show873746.html
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China Daily — Yuanmingyuan New Park profile: https://govt.chinadaily.com.cn/s/202406/07/WS667a1b7c498ed2d7b7eb1373/yuanmingyuan-new-park.html
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Zhuhai Port Co. 2018 preliminary results (SZSE): https://disc.static.szse.cn/disc/disk01/finalpage/2019-04-02/8ff93f57-628e-4613-acae-0d53b8f0c6d9.PDF
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Tenure / context | Other affiliations disclosed |
|---|---|---|---|
Zeng Jianping (曾建平) | Chairman, Executive Director | Chairman by March 2021 (signed FY2020 results) | ZJ Holdings leadership (implied) |
Jin Tao (金濤) | Executive Director | At least FY2019–FY2021 | Director of ZJ Holdings; held 1,742,000 shares (Mar 2020) |
Ye Yuhong (葉玉宏) | Executive Director | At least FY2019–FY2021 | Director of ZJ Holdings; held 700,000 shares (Mar 2020) |
Li Wenjun (李文軍) | Executive Director | At least FY2019–FY2021 | — |
Zou Chaoyong (鄒朝勇) | Non-executive Director | At least FY2019–FY2021 | Director of ZJ Holdings (excluded from the Independent Board Committee) |
Hui Chiu Chung (許照中) | INED | At least FY2019–FY2021 | Audit Committee member; IBC member |
Chu Yu Lin, David (朱幼麟) | INED | At least FY2019–FY2021 | Audit Committee member; IBC member |
Albert Ho (何厚鏘) | INED | At least FY2019–FY2021 | Audit Committee Chairman; IBC member |
Wang Yijiang (王一江) | INED | At least FY2019–FY2021 | IBC member |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
By 26 Mar 2020 | Huang Xin (黃鑫) chairman and executive director. Also a former ZJ Holdings director; held 720,000 shares. | Signed FY2019 results as Chairman. Chinese Wikipedia also describes him as Chairman and CEO. |
Between Mar 2020 and Mar 2021 | Zeng Jianping becomes Chairman; Huang Xin no longer on board | Transition in the controlling shareholder's nominee |
Between Mar 2020 and Apr 2021 | NEDs Datuk Wira Lim Hock Guan (alternate Lim Seng Lee) and Kwok Hoi Hing (alternate Zhu Minming) leave the board | Kwok Hoi Hing held 245,170,000 shares (about 17.2%) in March 2020 |
7 Dec 2018 / 31 Dec 2018 | Director appointments noted in Annual Report 2018 (names not captured in sources reviewed) | — |
Apr 2012 | Han Liang (NED since 1998) leaves | MarketScreener |
Jan 2012 | Zhong Danglan (executive director) leaves | MarketScreener |
Jun 2009 | Wu Hanqiu leaves the board | MarketScreener |
Major Shareholders
| Holder | Stake pre-privatisation (approx.) | Stake post-privatisation | Source |
|---|---|---|---|
Longway Services Group Ltd (wholly owned by ZJ Holdings) | Concert group about 61.5% combined (ZJ Holdings + Longway) | 83.53% | Scheme Document; offer announcements |
ZJ Holdings (direct) | (included above) | 16.47% | Scheme Document |
Kwok Hoi Hing (incl. via Surpassing Investment Ltd) | 245,170,000 shares (about 17.2%, Mar 2020) | 0 | HKEX joint announcement 30 Mar 2020 |
Directors (Huang Xin, Jin Tao, Ye Yuhong) | About 3.16 million shares combined (Mar 2020) | 0 | HKEX joint announcement 30 Mar 2020 |
Public / institutions | Balance; Simply Wall St noted negligible institutional ownership | 0 | Simply Wall St |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Type / relevance | Comparative data | Relative positioning |
|---|---|---|---|---|
Cross-boundary transport | Hong Kong–Zhuhai–Macao Bridge (cross-boundary coaches, shuttle buses, private cars) | Substitute mode | HZMB shuttle bus carried 14.64 million passengers in 2019 (the company's associate is sole operator) | Primary structural threat; partly hedged via the associate |
Cross-boundary ferries | Shun Tak Holdings — TurboJET (0242.HK) | HK–Macau / Pearl River Delta ferry operator; listed as HK–Jiuzhou operator in 2026 timetables | — | Larger HK-side network |
Cross-boundary ferries | Chu Kong Shipping Enterprises (0560.HK) / Chu Kong Passenger Transport | Pearl River Delta passenger ferries | — | Direct ferry peer |
PRD ferries | Shekou-based operators (China Merchants-affiliated) | Shenzhen–Zhuhai / Macau ferries | — | Competes on the Shekou corridor |
Macau ferries | Cotai Water Jet (Sands China) | HK–Macau ferries | — | Indirect (Macau gateway) |
Zhuhai property | Huafa Industrial (600325.SH) / Huafa Group | Dominant Zhuhai developer; now the ultimate parent | Huafa Group 2023: total assets RMB737.6 billion, revenue RMB178.7 billion, net profit RMB5.49 billion | Overwhelming scale; now a sister company rather than a rival |
Zhuhai property | Gree Real Estate (600185.SH) | Zhuhai-based developer | — | Local competitor |
Zhuhai tourism | Chimelong (Hengqin Ocean Kingdom; private) | Regional theme-park leader | — | Far larger draw than New Yuanming Palace |
Zhuhai hotels | International brands and new local supply (e.g., MGM/Diaoyutai JV planning Mhub by MGM Zhuhai Xianglu Bay, 2025) | Hospitality | — | Company cited new hotel supply as a reason for lower FY2019 occupancy |
Fuel wholesale | Sinopec, CNOOC, PetroChina (also partners and suppliers) | Integrated oil majors | — | Company is a small regional wholesaler dependent on majors |
Ports / logistics | Zhuhai Port Co. (000507.SZ) | Zhuhai cargo port and energy logistics | 2018 revenue RMB2.61 billion (preliminary results) | Different segment (cargo); sister municipal SOE, now under Zhuhai Transportation Holdings |
Peer Comparison FY2020
| Metric | Zhuhai Holdings (FY2020) | Huafa Group (2023) | Zhuhai Port Co. (2018) |
|---|---|---|---|
Revenue (CNY Mn) | 9,862.6 | 178,700 | 2,615.0 |
Revenue growth (%) | -16.5 | — | 33.4 |
Net margin (%) | 2.4 | 3.1 | — |
Recent Developments
Disclosure limitation. For the 18 months to October 2026 (April 2025–October 2026), no entity-specific material developments are publicly disclosed*. The company is unlisted, does not file with HKEX, and its parent publishes no consolidated reporting at this subsidiary level in sources accessible here.
Each item is labelled by period.
