Qian Feng Fabric Tech Limited is engaged in the production, dyeing and post-processing treatment of synthetic knitted fabrics. The Company produces fabrics with functionalities, such as water-resistance, fire-resistance, chlorine resistance, and Ultra-violet (UV) protection, moisture wicking, anti-static, anti-mildew and anti-bacterial properties. Fabrics that it produces are used in a variety of products, such as casual wear, sportswear, shoes and bags. On February 3, 2008, the Company completed the acquisition of Fujian Jiamei. In July 2009, the Company announced that it has transferred its 100% interest in wholly owned subsidiary, Fujian Jia Mei Textile Co., Ltd to Qianfeng International Co., Ltd The Company also announced that its wholly owned subsidiary, Mega-Gain International Co., Ltd has transferred its 100% interest in capital of Fuzhou Jimei Textile Co., Ltd to Qianfeng International Co., Ltd. For the nine months ended 30 September 2009, Qian Feng Fabric Tech Limited's revenues decreased 33% to RMB223.8M. Net income decreased 50% to RMB42.6M. Revenues reflect a decreased in income from sales of luggage & bag fabrics and garment & apparel fabrics segment. Net income also reflects an increase in selling & distribution expenses, higher finance expenses and decreased gross & operating margin.
Revenue breakdown by products
Garment and apparel fabrics – 51.7%
Shoe Fabrics- 25.1%
Luggage and Bag Fabrics- 14.3%
Other Fabrics- 8.9%
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