JOYCE BOUTIQUE (00647-HK) intends to submit a reorganization plan to shareholders. The current subsidiary Joyce Boutique Group Limited will become a new holding company after the reorganization comes into effect.

The listing status of JOYCE BOUTIQUE will be revoked and replaced by the new holding company to introduce its listing on the main board.

The registered place of holding company will be changed from Bermuda to Hongkong.

The group pointed out that the reason for this reorganization is the size reduction of the group, the company's management and main operation base in Hong Kong, and the special consideration that "the maintenance cost is expected to increase after the implementation of the economic requirements in Bermuda". Considering the size and profitability, the cost of increasing the cost and the administrative failure of the company, it has exceeded the benefits of maintaining the registration in Bermuda.

JOYCE recorded a net loss of about 22 million 292 thousand yuan for the year ended March 31, 2019, and a loss of 1.4 cents per share.

No dividends.

Since the mid fiscal year of 2015/16, it has been losing for 4 and a half years. The group stores have been shrinking from the peak of the 2014/15 financial year to the current 34, and the number of stores in Hongkong has shrunk from 30 to 21 in a few years.