huayi tencent 2016

The listed platform
拓新媒體文化業務
under
No. 1 Chinese Entertainment
Group and Internet Mogul
線上線下同創價值
for global investment
Disclaimer
This presentation is prepared in good faith, based on audited financial data, publicly available information, and
management’s outlook as of today. Macroeconomic parameters could change unexpectedly. The operating
environment of Huayi Tencent Entertainment Company Limited (“Huayi Tencent Entertainment”, the “Company,
Stock Code: 00419.HK) and thus strategies could change as a result and without notice.
This presentation does not constitute any offer or invitation to make an offer for sale, purchase or otherwise
subscribe of the shares in the Company. Stock price can goes down as well as up and historical performance is no
guarantee for the futures.
This presentation does not constitute any advice or recommendation to invest in the Company and is not intended to
form the basis of any investment decision.
The presentation includes certain statements and estimates of the Company based on various assumptions that
may or may not prove to be correct and involve various risks and uncertainties. Accordingly, there can be no
assurance that such statements or estimates will be realized.
2
Company Profile
Huayi Tencent Entertainment Company Limited (formerly
known as “China Jiuhao Health Industry Corporation Limited”, the
“Company”, Stock Code: 00419.HK) is a new media company
integrating culture and entertainment. We produce quality
international films, animations and TV dramas, and invest in
international entertainment companies through M&A and resource
integration, aiming at building an integrated platform with both
content development and online-to-offline entertainment channels.
Currently, Huayi Brothers (Stock Code: 300027.SZ) and Tencent
(Stock Code: 0700.HK) are the controlling shareholders of Huayi
Tencent Entertainment.
Tencent Holdings
Huayi Brothers
15.68%
18.17%
Joint Investment
Overseas M&A
As of 22 April 2016, total no. of issued shares is 13,498,106,577
Direct Investment
In addition, Huayi Tencent Entertainment also operates an online
to offline (“O2O”) health management solutions platform in China,
which includes “Kangxun Xuetang,” a cloud-based health
management service platform.
66.15%
O2O Healthcare and
Wellness Service
New Media
Through Huayi Brothers’ and Tencent’s rich resources in contents
and new media business, Huayi Tencent is able to capitalize on
international investment opportunities. On 23 March 2016, we
announced the proposed investment in HB Entertainment, a
prominent Korean entertainment and agency company. In
Hollywood, where Chinese cultural influences and themes have
been successful lately, Huayi Tencent Entertainment has invested
a number of film and animation projects. Our latest investment,
“Rock Dog,” is scheduled to be released in July 2016.
Others
Online
Healthcare Services
Offline Healthcare
and Wellness
Services
High quality film & TV projects /
Quality intellectual property (“IP”)
Online platforms / distribution channels
3
Industry
Overview
4
China’s Film Industry Ecosystem
IP
Upstream
Midstream
Quality
IP Resources
Producer
Traditional Distributor
Huayi Brothers
Huayi Brothers
Huayi Chuangxing
China Film Co., Ltd.
Tencent Games
Galloping Horse
Tencent Literature
Enlight Media Group
Tencent Comic
Huace Film & TV
Baidu Literature
Bona Film Group Limited
Huace Film & TV
Le Vision Pictures
Downstream
Theater Chain
Huayi Brothers Cinema
Wanda Cinemas
Wuzhou Film Distribution
BONA International Cinema
Enlight Media Group
SFC International Cinema
Bona Film Group Limited
Wanda Media
Internet-based Cinema &
Movie Television Channels
Online Ticketing
Wepiao.com
Internet-based Distributor
Tencent Video
Tencent Video
Youku Tudou
LETV iQIYI
Baidu Nuomi
Gewara
Jiangsu Broadcasting Cable
Maoyan Movie
Wepiao.com Taobao Movie
Chongqing Cable Networks
Dianping.com
Baidu Nuomi Maoyan Movie
Oriental Cable Network
Taobao Movie
iQIYI
Youku Tudou
Maizuo.com
Regulatory Authority
State Administration of Press, Publication, Radio, Film, and Television of The People’s Republic of China (SAPPRFT)
Ministry of Industry and Information Technology of the People's Republic China (MIIT)
5
50
China’s Film Market Statistics
60.00%
Box office revenue
45
48.70%
Achieved the highest growth rate in 5 years
Ranked No.2, with 16% of the total market
in 2015
40
35
50.00%
36.40%
40.00%
30
26.90%
25
30.00%
44
30.50%
28.40%
20
20.00%
29.6
15
10
5
13.1
17.1
2011
2012
21.7
10.00%
0
Total Box Office
44.07 bn
48.7%↑
0.00%
Cinema
Admissions
2013
2014
Box office revenue (RMB bn)
1.26 bn
51.8%↑
2015
Growth Rate
51.80%
1400
Cinema admissions
1200
60.00%
50.00%
36.10%
1000
No. of
Movie Showings
2015
30.00%
1,260
32.10%
600
27.00%
20.00%
830
400
54.43 mn
36.5%↑
40.00%
29.80%
800
200
370
470
2011
2012
610
10.00%
0
0.00%
2013
2014
Cinema admissions (mn)
2015
Growth Rate
7
No. of Theaters
7,205
24.5%↑
No. of Cinema
Screens
6
5
31,626
34.1%↑
Per capita attendance
4
4.20
4.10
4.00
3.90
3
2
1
0.4
0.5
0.9
0.6
0
2012
2013
China
Source : National Bureau of Statistics of China (NBSC), SAPPRFT, EntGroup, H. Brothers Research, Deloitte China
2014
2015
U.S.
6
Imported Films’ Performance
in 2015
China's Film Importation Policies
and the Performance of Imported Films
Imported
Films, 38.42%
•
Policies
•
The quota for foreign films is 20 per year on a revenue-sharing basis as part of the terms of China’s
entry into WTO.
China and U.S. reached an MOU pursuant to which additional 14 foreign films may be imported into
China. These 14 films must in 3D or IMAX formats. The MOU will be expired in 2017.
Market Share
Domestic
Films, 61.58%
Flat-fee Film
Co-production
Film
• Chinese distributors purchased the right of showing at a flat rate (Usually
US$50,000-100,000)
• Foreign studios do not receive additional revenue from film’s gross in
China
• Delayed release over half year as compared with the release date in
North America and normally not Hollywood blockbuster films
• Around 30 films annually
• Fulfill the criteria set by China Film Co-production corporation
(“CFCC”) for Chinese-Foreign Film Co-production, including the
proportion of investment by Chinese signature party shall be no less
than 1/3, main cast from Chinese actors/actresses, shot in China, etc.
• Approval from CFCC & “The Chinese-Foreign Film Co-production
Permit”
• Enjoy equal treatment as domestic films (No quota per year)
Source : NBSC, SAPPRFT, EntGroup, H. Brothers Research, Deloitte China
Total box office
China’s Film Market
Imported Films
Revenue-sharing
Film
• Foreign studios retain the film’s copyright
• Release the film through agents
• Foreign studios are entitled to a proportion of gross box office takings
(Usually 25%)
• 34 films per year (a minimum of 14 must be released in 3D or IMAX
formats)
RMB16.61 bn
Growth rate of
total box office
23%
Contribution rate of the
top six Hollywood film
studios (the “Big Six”)
80.9%
No. of movies released
by the Big Six
27
7
Co-production Films’
Performance in 2015
China’s M&A Boom
and the Performance of Co-production Films
Hong Kong
42.60%
U.S.
France
Comparison of Box Office in China and U.S.
and Trends in China’s Film Market
China is on track to surpass U.S. and expected to be the world’s
biggest film market by 2017
China’s film market is expected to exceed RMB100 billion by 2018
Domestic Film Companies
Huayi Brothers, Wanda,
1,132
736
602
Overseas M&A Boom
748
741
10.80%
Korea
5.70%
Access to
Account for over
54% of box office
Top 5 countries
3.00% in terms of contribution
U.K.
rate of box office
（1Q2015）
Alpha, Dreams of the Dragon
826
730
37.80%
Approved Film Co-production Project
82
Quality Overseas IP
440
China
U.S.
Countries reached film coproduction agreements with China
13
2015
2016EST
2017EST
2018EST
The Big Six Studios
Universal, Disney, Paramount
China box office totaled RMB 44.07 bn in 2015
The World’s Second-biggest Film Market
Columbia, Warner Brothers
Box Office Records
Monster Hunt RMB2.43bn
Furious 7
RMB2.426 bn
21 Century Fox
Co-production Status
Massive and growing China’s market
Limited quota of revenue-sharing films
Strong demand for
Cooperate with Chinese film production/distribution
companies
Establish joint venture / Film co-production
Source : NBSC, SAPPRFT, EntGroup, H. Brothers Research, Deloitte China
The first year after
the
agreement came into force, 7
Chinese-Korean co-production
projects
and
1
assistedproduction project launched.
10 Chinese-American film coproduction projects have been
approved and initiated, highest
among the signatory countries
8
Investment
Highlights
9
Strong Support from Shareholders with Extensive Resources
China’s largest entertainment flagship which covers
the entire industry chain
One of China’s largest and most popular internet service portals
Huayi Brothers
Tencent Holdings
(Hold approx. 18.17% of the issued share capital of the Company,
the largest shareholder)
(Hold approx. 15.68% of the issued share capital of the Company)
Rich resources in the filmed entertainment industry
World’s top popular social-media networks
•
•
•
Create a comprehensive product matrix with abundant A-listers under its flagship
Through the acquisition of Dongyang Merah Media, Huayi Brothers enriched its
resources in top-tier film directors and enhanced high-quality film production
capacity which have a strong box office appeal.
Huayi Brothers reached a three-year deal with STX Entertainment, an LA studio to
finance, co-produce and release no less than 18 feature films which Huayi Brothers
is entitled to the copyright and profits from global market for the co-production films
in proportion to its investment by 2017
Tencent QQ
As of 31 December 2015,
642 mn monthly active users
Focus on
online entertainment and
take on the fan economy
Huayi Brothers Cinema
Beijing Hero
Mutual Entertainment
Focus on video games
Focus on theater operations
and electronic sports
As of 31 Dec 2015,
Strengthen its presence in
HBC was operating 15
online entertainment with
theaters, including 1 investee accumulated quality IP
Well-established location-based entertainment
business
• Huayi Brothers expands its scope of business into location-based entertainment and
theme park, including development and operation of Huayi Brothers Film Culture Town,
Huayi Brothers Movie Theme Park to pursue revenue from film derivative products
• At the end of 3Q2015, there were 13 location-based entertainment projects initiated.
• Integrating with location-based entertainment, Huayi Brothers implements its
strategies of creating a full film industry chain. Huayi Brothers pursues a new business
model comprising of artist-based fan economy, IP-oriented production, Online games
and offline location-based entertainment.
Source : Haitong Securities, Huayi Brothers, Tencent, EntGroup, Deloitte China
As of 31 December 2015,
697 mn monthly active users
Tencent’s interactive entertainment matrix with
accumulated quality IP resources
Huayi’s Strategy on the entire industrial chain of
China’s cultural industry
Huayi Chuangxing
Wechat
Quality IP
+
Channels
Tencent Games
Tencent Comic
Tencent Literature
Tencent Pictures
Tencent has accumulated abundant quality IP resources and is able to
maximize the value of IP content through its diversified internet-based
platforms and online channels.
Diverse strategy to tap in the film industry
Tencent Video
One of China’s top 5 paid video online platforms
with a leading market share in
live sports streaming and live concert streaming
Wepiao.com
China’s leading e-ticket platform,
distributed 18 movies in 2015
with a total box office revenue of
RMB6.39 bn
10
Strong Support from Shareholders –
Synergy effect from shareholders enable the Company to accelerate its expansion in new media business
Three major investment modes
Direct Investment
Overseas M&A
Joint Investment
Two major investment strategies
Quality IP / High quality film & TV projects
Predominant Chinese entertainment
mogul with abundant
entertainment resources
Huayi Brothers
22 years of experience
in filmed entertainment industry
Long-term partnership with top-tier directors and
A-listers for movie, music and TV
Rich resources and vast network in the cultural industry
Source : Huayi Tencent Entertainment Company Limited
Online platforms / distribution channels
Online platforms and channels
Financial support
Tencent Holdings
Online channels and social media networks
Abundant Capital
Quality IP resources accumulated from the major platforms
under Tencent’s interactive entertainment business
(including games and online literature, etc.)
11
Diversified Expansion –
Comprehensively involved in filmed entertainment industry
Film Industry Chain
Quality IP
Film Production
Film Distribution
Theatre Chain
Marketing
Three major investment modes
Direct Investment
Overseas M&A
Joint Investment
Two major investment strategies
Quality IP / High quality film & TV projects
Online platforms / distribution channels
Latest
Updates
Entered into a film production
cooperation agreement with
China Lion Entertainment
Production, Inc. in the U.S.,
pursuant to which the Company
will invest in 10 film projects
produced and distributed by the
China Lion in the next five years.
Entered into an agreement with Mandoo
Pictures, pursuant to which the Company will
invest in 3 animations with an aggregate
amount of HK$187 mn
On 23 March 2016, the Group announced to
acquired 30% equity interest in HB Entertainment,
a reputable Korean Entertainment Company
The first Chinese animated film
Plan to commerce and effect a simultaneous list of
intended for global release
the HB Entertainment’s shares on a reputable stock
“Rock Dog”
exchange of Korea or other reputable stock
exchange by 31 December 2020.
Scheduled to be released in
July 2016
Source : Huayi Tencent Entertainment Company Limited
HB Entertainment
12
Focusing on Overseas M&A to
Access to and Accumulate Quality Overseas IP
The Company is Huayi Brothers’ international M&A platform with a focus on
Focus on
overseas market. The Company is principally engaged in accumulating quality IP
resources through mergers and acquisitions of overseas film production companies
and movie theater chains or direct investment in high quality international film and
TV contents, with a view to penetrating the local markets and strengthening its
M&A
global presence.
On 23 March 2016, the Group announced to acquired 30% equity interest in HB
Entertainment, a reputable Korean Entertainment Company.
High quality
entertainment companies
Access
Quality IP
Joint Investment,
Co-production
and distribution
Overseas film and TV contents
with strong market appeal
Penetrate the U.S. and Korean market
to increase market share
In addition, a wholly owned subsidiary of the Company has entered into
agreements with China Lion Entertainment Production, Inc. in the U.S. and Mandoo
Pictures, pursuant to which the Company will invest in 10 film projects and 3
animations respectively.
Source : Huayi Brothers, Huayi Tencent Entertainment Company Limited
Strengthen the
global presence
13
First Step of International M&A –
A reputable Korean entertainment company HB Entertainment
High-quality and Popular TV Drama Series
• My Love from the Star
• Yong Pal
• You’re All Surrounded
Famous South Korean Artists
• Ji Jin-Hee
• Kim Rae-Won
• Ahn Jae-Hyeon
• Shin Seong-Rok
HB Entertainment’s IPO by the End of 2020
Upon the completion of share subscription, HB Entertainment, HB Entertainment’s major shareholder and HB Corporation shall use their
respective best efforts to commence and effect an initial public offering of HB Entertainment’s shares and a simultaneous listing of the HB
Entertainment’s shares on a reputable stock exchange of Korea or other reputable stock exchange by 31 December 2020.
Source : Wikipedia, Huayi Tencent Entertainment Company Limited
14
Accumulate Quality IP Resources –
“Rock Dog” is scheduled for release in July 2016
“Rock Dog”
• The first Chinese animated film intended for global release (100% Chinesefinanced + Chinese copyright + Hollywood production)
3D animated film with a total investment of US$60 mn (of which US$22 mn are
invested by the Company)
The film will be completed by May 2016 and is scheduled for release in July 2016.
• An innovative international cooperation matrix for authentic Chinese
animation
Quality Chinese IP (the Core)
↓
Top-tier Hollywood producer
in initial stage
↓
Production in China/ India
↓
Hollywood distribution
• Given the western audiences’ growing interest in mysterious oriental
culture, Tibetan culture shown in “Rock Dog” has strong market appeal in
overseas market. Findings from preview screening of Market North
America:
91% good rating among children, 6 ppt. higher than the average (80-85%)
79% good rating among parents, 4 ppt. higher than the average (70-75%)
• Reputation guaranteed – Top-tier Hollywood producers
Director
Ash Brannon
Famous animator
Productions:
“Toy Story”
“Surf’s Up”
Source : Mtime, Huayi Tencent Entertainment Company Limited
Producer
Reel FX
One of the world’s best CG animation and
visual effects studio
Productions:
“Free Birds”
”Kung Fu Panda”
“Despicable Me”
15
Core Management Members –
Predominant leaders in their respective fields
Lau Seng Yee
Wang Zhonglei
Executive Director
Vice Chairman of the Board
Executive Director
Mr. Lau Seng Yee currently an
employee of Tencent Holdings Limited,
a substantial share holder of the
Company (HKSE:700) and oversees
Tencent Online Media Group which
includes Tencent Media, Tencent
Video, Tencent Weibo, Tencent Weishi
and a diversify of mobile media
products such as Tencent News and
Tencent Portfolio.
Mr. Wang Zhonglei holds a college
degree from Beijing Youth Political
College. He currently serves as Vice
Chairman and General Manager of
Huayi Brothers Media Corporation and
as Non-executive Director of Guru
Online (Holdings) Limited, a company
listed on the GEM Board of the Hong
Kong Stock Exchange (HKSE: 8121).
As a seasoned professional with more
than 20 years of experience in the
media and marketing industry, Mr. Lau
is an actively sought-after industry
thought leader in the areas of the
digital economy, Internet trends, and
digital marketing.
Source : Huayi Tencent Entertainment Company Limited
Wang Zhongjun
Chairman of the Board
Executive Director
Chief Executive Officer
Mr. Wang Zhongjun currently serves
as Chairman and Director of Huayi
Brothers Media Corporation, a
substantial shareholder of the
Company and a company listed on
Shenzhen Stock Exchange (SZSE:
300027).
Mr. Wang is a film mogul with strong
experience in the cultural industry.
Mr. Wang is a film mogul with strong
experience in the cultural industry.
16
Experienced Management Team –
Exploring new media business on the back of substantial shareholders’ resources and network
•
•
•
Filmed entertainment industry is a social network-driven industry
Huayi Brothers is the leading company in China’s cultural industry with high brand recognition, which maintains long-term cooperation with famous Chinese film directors, owns
extensive actor resources and produced numerous high profile films.
Mr. Wang Zhongjun, Chairman of the Board, and Mr. Wang Zhonglei, Executive director, are also the top management of Huayi Brothers. With over 20 years of experience in filmed
entertainment industry, they are top entrepreneurs in China’s film entertainment industry.
Huayi Brothers
•
•
•
Top-tier film directors
•
Extensive actor resources
•
High-profile films Mr. Six (2015), Aftershock (2012), Kung Fu Hustle (2004), The Message (2009), Mr. GO (2013)
Feng Xiaogang, Jiang Wen, Teng Huatao, Zhang Jizhong, Chen Daming
Li Bingbing, Angelababy (Yang Ying ), Alec Su ( Su Youpeng), Jing Boran
Extensive distribution channels are considered the most important strength in the internet+ era. Tencent runs QQ and Wechat, two of the world’s most popular social meadia
networks with over 1.3 billion monthly active users. In addition to its social-networking platforms, Tencent owns extensive online channels enabling Tencent to get involved in film
distribution, exhibition (internet-based cinema chain) and ticketing. Moreover, Tencent has accumulated abundant quality IP resources from literature contents, animation contents and
Tencent Games., Tencent is able to maximize the value of each IP by leveraging its strong presence in online platforms and channels.
Mr. Lau Seng Yee, Vice Chairman of the Board, currently oversees Tencent Online Media Group. With more than 20 years of experience in the media and marketing industry, Mr. Lau
is one of the most influential people in the areas of the digital economy, Internet trends, and digital marketing. Mr. Lin Haifeng, Executive Director, also serves as the general manager
of the merger and acquisitions department of Tencent Holdings and has 13 year experience in investment and M&A, which is expected to benefit the Company’s global expansion.
•
World’s most popular social-media networks
Tencent QQ & Wechat
Unparalleled potential capacity to reach potential audiences
Tencent Holdings
•
Strong presence in the interactive entertainment industry Accumulate quality IP resources and maximize the value of each IP
•
Tencent Games
Tencent Literature
Tencent Comic Tencent Pictures
Extensive online channels –
A leading internet-based entertainment company (Distribution, Theater chain, Ticketing)
Tencent Video & Wepiao.com
17
Financial
Review
18
Financial Highlights
As at 31 December
2015
2014
Change
HK$‘000
HK$’000
(%)
Revenue Breakdown
from Continuing Operations
(HK$ ‘000)
9,806
FY2015
1,946
Continuing Operations:
Total revenue
122,838
110,137
+11.53
55,179
25,806
+113.82
44.92%
23.43%
+21.49ppt
(Loss)/profit before finance costs and taxation
(127,813)
27,231
-
(Loss)/profit for the year
(132,645)
52,035
-
(Loss)/profit attributable to equity holders of the
Company
(129,319)
56,084
-
66,957
56,084
+19.39
Gross profit
111,086
Gross profit margin
Profit attributable to equity holders of the
Company before impairment provision
Discontinued operations:
Loss for the year
Source : Huayi Tencent Entertainment Company Limited FY2015 Annual Report
Online healthcare services
Offline healthcare and wellness services
Media business
FY2014
5,646
104,491
(364,351)
(906)
-
19
Income Statement
As at 31 December
Continuing Operations:
Revenue
Cost of sales
Gross profit
Share of results of joint ventures, net
Provision for impairment of interests in joint ventures and amounts
due from a joint venture and its subsidiary
Finance (costs)/income, net
2015
HK$‘000
2014
HK$’000
122,838
110,137
(67,659)
(84,331)
55,179
25,806
(12,544)
585
(164,124)
-
(220)
20,569
(128,033)
47,800
(132,645)
52,035
Discontinued Operations:
Loss for the year from discontinued operations
(364,351)
(906)
(Loss)/profit for the year
(496,996)
51,129
(Loss)/profit attributable to equity holders of the Company
Basic (loss)/earnings per share attributable to the equity holders
of the Company for the year (HK cents)
(493,670)
55,178
(7.47)
1.07
(7.47)
1.05
(Loss)/profit before taxation
(Loss)/profit for the year from continuing operations
Diluted (loss)/earnings per share attributable to the equity holders
of the Company for the year (HK cents)
Source : Huayi Tencent Entertainment Company Limited FY2015 Annual Report
20
Financial Position
2015
HK$‘000
2014
HK$’000
Assets
Non-current assets
128,440
110,185
Current assets
546,584
686,992
280,400
162,745
-
2,247,737
Total assets
675,024
3,044,914
Equity and liabilities
Total equity
Equity attributable to the equity holders of the Company
Non-controlling interest
576,855
579,211
(2,356)
2,294,374
2,293,447
927
98,169
12,216
85,953
750,540
6,997
102,550
-
640,993
675,024
3,044,914
As at December 31
Among current assets
Cash and Cash Equivalent
Assets of disposal group classified as held for sale
Total liabilities
Non-current liabilities
Current liabilities
Liabilities of disposal group classified as held for sale
Total equity and liabilities
Note: On 5 February 2016, the Company completed the issuance and allotment of subscription shares to new investors including Huayi Brothers, Tencent and Yunfeng
Capital. Upon the completion, the cash and the share capital increased HK$ 547 million respectively
Source : Huayi Tencent Entertainment Company Limited FY2015 Annual Report
21
Legacy
Business
22
O2O Healthcare and Wellness Services
Healthcare and Wellness Services
Business Review
Tencent Holdings
Huayi Brothers
Others
Online Healthcare Services
15.68%
18.17%
66.15%
•
As of 31 Dec 2015, registered users of “Kangxun
Xuetang” has exceeded 400,000
•
Online healthcare services recorded an annual revenue
of approximately HK$1.9 million
Offline Healthcare and Wellness Services
•
The Company disposed of “Beijing Bayhood No. 9 Club”
and the development and operating rights of its adjacent
land to Eternity (Stock code:00764.HK) in 2015 at an
aggregate consideration of HK$1.65 billion, and
distributed the cash proceeds of HK$500 million and
1,500,000,000 consideration shares of Eternity arising
from the disposal of relevant assets to its shareholders.
Upon completion of the disposal, the Group continues to
operate “Beijing Bayhood No.9 Club” through a leasing
arrangement.
•
The Group’s healthcare and wellness center located in
Chaoyang District, Beijing also officially commenced
operation in 2015.
•
Offline healthcare and wellness services continued to
make steady contributions to the Group, recording an
annual revenue of approximately HK$111.1 million,
representing a Y-o-Y increase of 6%.
O2O Healthcare and Wellness Services
New Media
Online Healthcare
Services
•
“Kangxun
Xuetang”
service
platform
for
chronic disease and
health management
•
“Kangxun Xuetang” iOS
and Android-based Apps
•
“Kangxun
Xuetang”branded smart blood
glucose monitors
Source : Huayi Tencent Entertainment Company Limited
Offline Healthcare and
Wellness Services
•
Beijing Bayhood No. 9 Club
23