On 8 February 2019, a leading provider of integrated logistics, Wiseway Group Limited (ASX:WWG), announced that it has received approval and registration for the establishment of a wholly foreign-owned subsidiary, Wiseway Shanghai International Logistics Company Limited and has opened an office in Shanghai. Wiseway China will provide business development support to facilitate the growth of the outbound business from China to Australia and New Zealand.
Wiseway China will focus on developing China-based outbound business customers that will utilise Wiseway’s integrated logistics services in Australia and New Zealand including freight, customs clearance, local transportation and warehousing to accelerate the growth of the inbound business of the company.
The Wiseway China office is located within Changyang Campus, in Shanghai’s Yangpu district, an innovation hub that is the home to more than 7,600 small and medium-sized tech firms and other new businesses.
The company has announced that Mr Jonathan Qiao, a veteran in international logistics and supply chain management, has been appointed as CEO of Wiseway China. Jonathan has a proven track record in managing and growing businesses providing logistics services to major corporations and platforms. He joins Wiseway China from Sai Cheng Logistics International Co. Ltd, where he spent ten years managing the China Post and Australia Post joint venture company.
The Founder and the Managing Director of the company, Mrs Florence Tong, has announced with pleasure that the company has been able to attract Jonathan to lead their operations in China, which reflects well on the growing recognition of Wiseway since listing. Jonathan will be a key driver of future growth out of China working to enhance the relationship of the company with their global clients. The CEO of Wiseway China, Mr Jonathan Qiao, said that he is very excited to join the Wiseway team at a crucial juncture for the business and to help build further on its current success and look towards building Wiseway China into a major freight forwarder and logistics services provider.
On 20 December 2018, the company reported acquiring 8900 meter-square property adjacent to the existing Chipping Norton warehouse to facilitate future growth. The purchase enabled the consolidation of Sydney’s transport and outbound freight operations providing management and operational efficiencies and savings of costs. The acquisition will also increase the flexibility to capture new business growth.
Now let us quickly have a look at Wiseway Group Limited’s stock performance and the return it has posted over the last few months. The stock last traded at a price of $0.390 with a market capitalisation of $48.43 million. The stock has generated a negative YTD return of 3.61% and posted negative returns of 11.11% and 2.44% over the last three months and one-month period respectively.
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