SYSWIN Inc. (NYSE: SYSW; “SYSWIN” or “the Company”), a leading
primary real estate service provider in China, today announced its
unaudited financial results for the fourth quarter and fiscal year
ended December 31, 2011.
FOURTH QUARTER 2011 FINANCIAL & OPERATION
SUMMARY:
- Aggregate gross floor area (“GFA”) of
properties sold increased 24.7% from 4Q2010 to 1.7 million square
meters and aggregate transaction value of properties sold decreased
2.7% from 4Q2010 to RMB16.2 billion
- Net revenue decreased 35.7% from 4Q2010
to RMB126.8 million
- Gross profit decreased 70.0% from
4Q2010 to RMB41.0 million
- Loss from operations was RMB46.1
million compared to an income from operations of RMB77.8 million in
4Q2010
- Non-GAAP loss from operations was
RMB37.1 million compared to a Non-GAAP income from operations of
RMB77.8 million in 4Q2010
- Net loss was RMB38.5 million compared
to net income of RMB56.9 million in 4Q2010
- Non-GAAP net loss was RMB29.6 million
compared to a Non-GAAP net income of RMB56.9 million in 4Q2010
- Basic and diluted loss per ADS (1 ADS
representing 4 ordinary shares) was US$0.13, compared to basic and
diluted earnings per ADS of US$0.21 in 4Q2010
- Non-GAAP basic and diluted loss per ADS
was US$0.10, compared to a Non-GAAP basic and diluted earnings per
ADS of US$0.21 in 4Q2010
FULL YEAR 2011 FINANCIAL & OPERATION SUMMARY:
- Aggregate GFA of properties sold
increased 23.6% year-over-year to 5.4 million square meters and
aggregate transaction value of properties sold increased 15.1%
year-over-year to RMB57.5 billion
- Net revenue decreased 5.5%
year-over-year to RMB594.6 million
- Gross profit decreased 33.3%
year-over-year to RMB287.6 million
- Income from operations decreased 89.3%
year-over-year to RMB30.5 million
- Non-GAAP income from operations
decreased 85.5% year-over-year to RMB41.2 million
- Net income decreased 96.2%
year-over-year to RMB7.3 million
- Non-GAAP net income decreased 90.8%
year-over-year to RMB17.4 million
- Basic and diluted earnings per ADS was
US$0.02, compared to US$0.76 in 2010
- Non-GAAP basic and diluted earnings per
ADS was US$0.06, compared to US$0.76 in 2010
BUSINESS HIGHLIGHTS:
Fiscal year ended December 31 Three
months ended December 31 2011 2010
Change 2011 2010 Change Number of
cities entered 28 17 11 28
17 11 Aggregate GFA of the properties sold (in
thousand square meters) 5,368 4,344 23.6%
1,723 1,382 24.7% Average selling price
per square meters (in RMB) 10,720 11,505 -6.8%
9,376 12,009 -21.9% Aggregate
transaction value (in million RMB) 57,546 49,976
15.1% 16,155 16,596 -2.7%
Effective commission rates (%) 1.0 1.2 -0.2
0.8 1.1 -0.3 Effective base commission
rates (%) 0.8 0.9 -0.1 0.8
1.0 -0.2 Number of projects under sales 204
98 106 172 98 74
“Over last year, the Chinese real estate sector has been
severely pressured by the government’s policies to tighten the
market and curb property prices,” said Mr. Liangsheng Chen, CEO and
director of SYSWIN, “Despite suppressed market conditions, however,
SYSWIN delivered better than expected fourth quarter results and
achieved positive returns for the full fiscal year. In this
difficult market environment, we took focused measures to boost
sales and control costs. We believe that our efforts helped to
maintain our leading market share in Beijing and the neighboring
cities, establish a solid foundation in Category II and III cities
and build up a more diversified client base.”
Mr. Chen continued: “After nationwide expansion in the first
half of 2011, we have undertaken series of key operational
initiatives aimed at aligning our business with a lean and
efficient regional management structure to establish a competitive
cost structure, while maintaining our leading quality of service to
clients. We consider this optimal balance between scale, cost and
quality is critical to our long term success. Although we believe
the benefits from these operational initiatives are long-term, we
have already witnessed a two-fold positive impact on SYSWIN.
Firstly, sales management process has notably improved with higher
efficiency and better returns. Secondly, we have effectively
increased the number of projects with less staff, achieving an
improvement of 12.5% in transaction value per employee in the
fourth quarter.”
“Looking into 2012, we expect the industry to remain strained as
the Chinese government maintains firm control of the market, with
overall transaction volume and prices continuing to exhibit
downward trends. In particular, the real estate industry will see
the slowest movement in the first quarter, due to seasonality.”
“Despite of the unfavorable market conditions in the near term,
we strongly believe that SYSWIN has the right strategy, a strong
management team, a streamlined operational structure and a
competitive cost base that put us in best position to ride through
the downturn and ready to seize opportunities in the upturn.”
FOURTH QUARTER & FULL YEAR 2011 FINANCIAL REVIEW:
Net Revenue
Net revenue in 4Q2011 decreased 35.7% from 4Q2010 to RMB126.8
million. Net revenue in 2011 decreased 5.5% from 2010 to RMB594.6
million.
Real Estate Sales Agency
Services
Net revenue from real estate sales agency services for 4Q2011
decreased 34.2% from 4Q2010 to RMB123.1 million, due to the fact
that no bonus commission was recognized in this quarter, and a
decrease in effective base commission rate, from 1.0% to 0.8%. Net
revenue from real estate agency services in 2011 decreased 7.7%
year-over-year to RMB561.5 million.
- The aggregate GFA of properties sold in
4Q2011 increased 24.7% from 4Q2010 to 1.7 million square meters.
The aggregate GFA of properties sold in 2011 increased 23.6%
year-over-year to 5.4 million square meters. The increase primarily
reflected a significant increase in aggregate GFA of properties
sold in Category II and III cities, including Tianjin, Qingdao,
Chengdu and Chongqing during 2011.
- Average selling price per square meter
of the projects to which we provided sales agency services was
RMB9,376 in 4Q2011 compared to RMB12,009 during the same period in
2010. Average selling price per square meter of the projects to
which we provided sales agency services was RMB10,720 in 2011
compared to RMB11,505 during the same period in 2010. The decrease
was primarily due to the increased sales in cities other than
Beijing with lower average selling price per square meter.
- Aggregate transaction value in 4Q2011
was RMB16.2 billion, a decrease of 2.7% from 4Q2010. The decrease
is a direct outcome of the government’s tightening policies on the
real estate market. Aggregate transaction value in 2011 was RMB57.5
billion, an increase of 15.1% year-over-year. The increase was
primarily due to the strong demand for real estate in Category II
and III cities during the first half of 2011.
- Overall commission rates in 4Q2011 were
0.8%, compared to 1.1% in 4Q2010. Overall commission rates in 2011
were 1.0%, compared to 1.2% in 2010.
- There is no bonus commission recognized
in 4Q2011, compared to 8.3% of total net revenue in 4Q2010. The
bonus commission in 2011 accounted for 17.3% of total net revenue,
compared to 23.7% for 2010.
- Excluding the bonus commission, base
commission rate was 0.8% in 4Q2011 and 2011, compared to 1.0% in
4Q2010 and 0.9% for 2010, respectively.
Real estate consultancy
services
Net revenue from real estate consultancy services in 4Q2011
decreased 64.0% from 4Q2010 to RMB3.7 million, and accounted for
2.9% of our total net revenue in 4Q2011. Net revenue from real
estate consultancy services in 2011 increased 62.8% year-over-year
to RMB33.1 million, and accounted for 5.6% of our total net revenue
in 2011. The whole year improvement was mainly due to the increase
in the number of land consultancy projects and pre-sale consultancy
projects.
Gross Profit and Gross Margin
Gross profit in 4Q2011 decreased 70.0% from 4Q2010 to RMB41.0
million. Gross profit in 2011 decreased 33.3% year-over-year to
RMB287.6 million.
Cost of revenues in 4Q2011 increased 40.8% from 4Q2010 to
RMB85.8 million. The increase was primarily attributable to a rise
in staff costs. Cost of revenues in 2011 increased 55.4%
year-over-year to RMB307.1 million, which include increase in staff
costs and office rental expenses attributable to the Company’s
expansion occurred in the first half of 2011.
Gross margin was 32.3% in 4Q2011 compared to 69.1% in 4Q2010.
Gross margin was 48.4% in 2011 compared to 68.6% in 2010.
Operating Expenses
Operating expenses including selling, marketing and
administrative cost increased 49.9% from 4Q2010 to RMB87.2 million
in 4Q2011. The increase was mainly due to the increase in staff
cost, rental fee, provision for doubtful accounts, and the
impairment of goodwill.
Operating expenses increased 72.3% year-over-year to RMB261.4
million in 2011. The increase was mainly due to the increase in
staff costs and expenses brought by the Company’s expansion
strategy, including the depreciation of increased facilities,
rental fee and marketing promotions expenses, as well as the
increase of provision for doubtful accounts and the impairment of
goodwill.
Income/loss from Operations and Operating Margin
Loss from operations in 4Q2011 was RMB46.1 million compared to
an income from operations of RMB77.8 million in 4Q2010. Income from
operations for 2011 decreased 89.3% year-over-year to RMB30.5
million.
Non-GAAP loss from operations in 4Q2011 was RMB37.1 million
compared to Non-GAAP income from operations of RMB77.8 million in
4Q2010. Non-GAAP income from operations for 2011 decreased 85.5%
year-over-year to RMB41.2 million.
Operating margin in 2011 was 5.1% compared to 45.0% in 2010.
Income/loss from Continuing Operations and Earnings per
ADS
Loss from continuing operations in 4Q2011 was RMB38.5 million,
compared to income from continuing operations of RMB56.9 million in
4Q2010. Income from continuing operations for 2011 decreased 96.5%
year-over-year to RMB7.3 million. The decrease mainly reflected the
decreased income from operations.
Non-GAAP loss from continuing operations in 4Q2011 was RMB29.6
million, compared to Non-GAAP income from continuing operations of
RMB56.9 million in 4Q2010. Non-GAAP income from continuing
operations for 2011 decreased 91.7% year-over-year to RMB17.4
million.
Basic and diluted loss per ADS was US$0.13 in 4Q2011, compared
to earnings per ADS of US$0.21 in 4Q2010. Basic and diluted
earnings per ADS were US$0.02 for 2011, compared to US$0.76 for
2010.
Non-GAAP basic and diluted loss per ADS was US$0.10 in 4Q2011,
compared to earnings per ADS of US$0.21 in 4Q2010. Non-GAAP basic
and diluted earnings per ADS were US$0.06 for 2011, compared to
US$0.76 for 2010.
Cash Flow
As of December 31, 2011, the total balance of cash and cash
equivalents was RMB479.0 million. The net cash provided by
operating activities in 4Q2011 was RMB67.7 million, compared to
RMB71.8 million in 4Q2010. The net cash provided by operating
activities in 4Q2011 was primarily attributable to the RMB11.4
million and RMB57.1 million cash collection from accounts
receivables and other receivables respectively.
The net cash provided by investing activities in 4Q2011 was
RMB0.9 million, compared to net cash provided by investing
activities of RMB10.7 million in 4Q2010. The net cash provided by
investing activities in 4Q2011 were attributable to a net release
of restricted cash of RMB6.0 million, offset by the cost of RMB5.1
million in property and equipment purchased.
The net cash used in operating activities for 2011 was RMB68.8
million, compared to net cash provided by operating activities of
RMB158.9 million in 2010. The net cash used in operating activities
in 2011 were primarily attributable to an increase of RMB62.2
million in accounts receivable.
The net cash used in investing activities for 2011 was RMB29.9
million, compared to net cash provided by investing activities of
RMB80.0 million in 2010. The net cash used in investing activities
in 2011 were primarily attributable to the cost of RMB18.5 million
in property and equipment purchased and the consideration of RMB8.8
million paid for the acquisition of subsidiary, net of cash
acquired.
FIRST QUARTER 2012 GUIDANCE
SYSWIN anticipates net revenue in the first quarter of 2012 to
be at least RMB67 million - RMB75 million, representing a decrease
of at least 60% - 55% year over year. The first quarter is
traditionally a low season in China’s real estate market. For the
first half of 2012, the management expects the real estate sector
in China will continue to face harsh conditions, with both
aggregate transaction value and aggregate GFA sold trending down.
This forecast reflects the Company’s current and preliminary view,
which is subject to change.
CONFERENCE CALL DETAILS
Mr. Liangsheng Chen, CEO/Director, and Mr. Ray Han, CFO of
SYSWIN, are expected to host a conference call on March 16, 2012 at
8:00 am ET. To participate in the conference call, please dial the
following numbers:
US (Toll free) +1-866-519-4004 Hong Kong (Toll free)
800-930-346 China, Domestic Mobile (Toll free) 400-620-8038 China,
Domestic (Toll free) 800-819-0121 Other international locations
(Toll) +65-6723-9381
An operator will answer your call and please use “SYSWIN” as the
verbal passcode to access the call.
Replays of the conference call will be available until March 23,
2012 by dialing the following numbers:
US (Toll) +1-718-354-1232 Hong Kong (Toll) 800-901-596 China
(Toll) 400-692-0026 Other international locations (Toll)
+61-2-8235-5000 Passcode 51292353
A live webcast can also be accessed through the investor
relations section of the Company’s website at
http://ir.syswin.com.
ABOUT SYSWIN
SYSWIN is a leading primary real estate services provider in
China. Its core business is to provide real estate sales agency
services to developers with regards to new residential properties.
The company currently operates in 28 cities in the Bohai Rim (North
China), Western China, Yangtze River Delta region (East China) and
Southern China. In Beijing and Northern China, we believe SYSWIN
has the largest market share based on the transaction value of new
properties sold. The company works with 14 of China’s top 30
developers, including well-known names such as China Vanke, Poly,
Agile, China Merchants Property Development Co., Ltd, Sino-Ocean
Land Holdings, Guangzhou R&F Properties and Gemdale Group.
CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements;
including statements regarding the quarterly earnings forecast,
anticipated performance, general business outlook and projected
results of operations. These statements are made under the "safe
harbor" provisions of Section 21E of the Securities Exchange Act of
1934, as amended. SYSWIN has based these forward-looking statements
largely on its current expectations and projections about future
events and financial trends that it believes may affect its
financial condition, results of operations, business strategy and
financial needs. SYSWIN may also make written or oral
forward-looking statements in its reports filed or furnished with
the U.S. Securities and Exchange Commission (the "SEC"), in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about beliefs
and expectations, are forward-looking statements and are subject to
change, and such change may be material and may have a material
adverse effect on SYSWIN's financial condition and results of
operations for one or more periods. Forward-looking statements
involve inherent risks and uncertainties. All forward-looking
statements are subject to various risks and uncertainties,
including but not limited to regulatory developments, deteriorating
economic conditions and unavailability of real estate financing,
which could cause actual results to differ materially from
expectations. The factors that could affect SYSWIN's future
financial results are discussed more fully in SYSWIN's filings with
the SEC. Unless otherwise specified, all information provided in
this press release is as of the date of this press release, and
SYSWIN does not undertake any obligation to update any such
information, except as required under applicable law.
About Non-GAAP Financial Measures
To supplement SYSWIN Inc.’s consolidated financial results
presented in accordance with United States Generally Accepted
Accounting Principles (“GAAP”), SYSWIN Inc. uses in this press
release the following non-GAAP financial measures: (1) Non-GAAP net
income attributable to SYSWIN Inc., (2) Non-GAAP net income, (3)
Non-GAAP income from operations, (4) Non-GAAP income from
continuing operations, and (5) Non-GAAP net income per shares,
basic and diluted, each of which excludes amortization of
intangible assets resulting from business acquisitions and goodwill
impairment charge. The presentation of these non-GAAP financial
measures is not intended to be considered in isolation or as a
substitute for the financial information prepared and presented in
accordance with GAAP. For more information on these non-GAAP
financial measures, please see the table captioned “Reconciliation
of GAAP and Non-GAAP Results” set forth at the end of this press
release.
SYSWIN Inc. believes that these non-GAAP financial measures
provide meaningful supplemental information to investors regarding
its operating performance by excluding amortization of intangible
assets resulting from business acquisitions and goodwill impairment
charge, which may not be indicative of SYSWIN Inc.’s operating
performance. These non-GAAP financial measures also facilitate
management’s internal comparisons to SYSWIN Inc.’s historical
performance and assist its financial and operational decision
making. A limitation of using these non-GAAP financial measures is
that amortization of intangible assets resulting from business
acquisitions are recurring expenses that will continue to exist in
SYSWIN Inc.’s business for the foreseeable future. Management
compensates for these limitations by providing specific information
regarding the GAAP amounts excluded from each non-GAAP measure. The
accompanying tables have more details on the reconciliation between
non-GAAP financial measures and their most comparable GAAP
financial measures.
SYSWIN INC.
Unaudited Condensed Consolidated
Statements of Operations
(in thousands, except shares and per
share data)
Three Months Ended
December 31,
Year Ended
December 31,
2010
RMB
2011
RMB
2010
RMB
2011
RMB
Net revenue 197,260 126,764
629,022 594,619 Cost of revenues (60,918)
(85,795) (197,619) (307,056)
Gross profit
136,342 40,969 431,403 287,563
Selling, marketing and administrative expenses (58,163) (87,199)
(151,724) (261,373) Other operating (expenses)/income, net (343) 97
3,662 4,261
Income/(loss) from operations
77,836 (46,133) 283,341 30,451 Interest
income 335 2,512 2,340 5,507 Foreign currency exchange loss (1,486)
(855) (1,486) (13,651) Other (expenses)/income – net (273) (620)
(467) 2,597
Income/(loss) from continuing operations
before income tax 76,412 (45,096) 283,728
24,904 Income tax (19,499) 6,629 (74,088) (17,649)
Income/(loss) from continuing operations
56,913 (38,467) 209,640 7,255 Loss from discontinued operations,
net - - (20,054) -
Net
income/(loss) 56,913 (38,467) 189,586
7,255 Less: Net loss attributable to non-controlling
interest - (368) - (250)
Net income/(loss) attributable to
SYSWIN Inc. 56,913 (38,099) 189,586
7,505 Income/(loss) per share from continuing
operations, basic and diluted 0.33 (0.20) 1.32 0.04 Loss per share
from discontinued operations, basic and diluted - - (0.13) - Net
income/(loss) per share, basic and diluted 0.33 (0.20) 1.19 0.04
Shares used in calculating income/(loss) per share, basic and
diluted (weighted average number of ordinary shares outstanding)
171,088,333 193,275,000 158,872,808 193,275,000
SYSWIN INC.
Unaudited Condensed Consolidated
Balance Sheets
(in thousands)
December 31, December 31, 2010
RMB
2011
RMB
ASSETS Current assets: Cash and cash equivalents
581,765 479,001 Restricted cash 3,000 3,000 Accounts receivable,
net 281,374 366,050 Prepaid expenses - related party - 7,968 Other
receivables 16,502 15,884 Deferred tax assets 24,230 34,293
Total current assets 906,871 906,196
Non-current assets: Property and equipment, net 50,165
40,067 Intangible assets, net 3,507 24,426 Deferred tax assets
2,954 18,889 Prepaid expenses - related party - 5,312 Other
non-current assets 19,300 28,250
Total assets 982,797
1,023,140 Current liabilities: Accrued
expenses and other current liabilities 134,256 171,043 Income tax
payable 28,109 26,862 Dividend payable 15,197 12,153
Total
current liabilities 177,562 210,058
Non-current liabilities: Deferred revenue 2,434 1,521
Deferred tax liabilities - 2,065
Total liabilities
179,996 213,644 Shareholders’ equity:
Ordinary shares 1 1 Additional paid-in capital 637,289 635,029
Statutory reserve 37,669 43,659 Retained earnings 127,842 129,357
Total shareholders’ equity 802,801 808,046
Non-controlling interest - 1,450
Total liabilities and
shareholders’ equity 982,797 1,023,140
SYSWIN INC.
Unaudited Condensed Consolidated
Statements of Cash Flows
(in thousands)
Three Months Ended
December 31,
Year Ended
December 31,
2010
RMB
2011
RMB
2010
RMB
2011
RMB
Cash flows from operating activities Net
income/(loss) 56,913 (38,099) 189,586 7,505 Adjustment to reconcile
net income to net cash provided (used in) by operating activities
Depreciation and amortization 3,421 6,058 11,052 20,087
Non-controlling interest - (368) - (250) Allowance for doubtful
accounts 300 6,478 1,770 5,847 Goodwill impairment charge - 8,337 -
8,337 Changes in operating assets and liabilities Accounts
receivables (42,233) 11,401 (78,988) (62,175) Other receivables
1,650 57,064 (9,111) 1,415 Increase of restricted cash (net) - 690
- - Prepaid expenses - related party - 1,093 - (13,279) Deferred
tax assets (7,023) (10,388) (16,734) (21,348) Deferred tax
liabilities - (172) - (602) Other non-current assets (8,500)
(3,750) (11,500) (8,950) Accrued expenses and other current
liabilities 48,902 26,233 60,033 7,489 Income tax payable 18,663
3,388 13,120 (11,989) Deferred revenue (304) (229) (304) (913)
Net cash provided (used in) by operating activities
71,789 67,736 158,924 (68,826)
Cash flows from investing activities Purchase of property
and equipment (3,312) (5,053) (50,733) (18,510) Proceeds from
disposal of office building to a related party - - 114,574 -
(Increase)/decrease of restricted cash (net) (3,000) 6,000 (3,000)
- Acquisition of subsidiaries, net of cash acquired - - - (8,831)
Acquisition of non-controlling interest - - - (2,560) Settlement of
receivables due from a related party 17,000 - 27,000 - Proceeds
from disposal of subsidiaries to related parties (net of cash
disposed) - - (7,846) -
Net cash provided (used in) by investing
activities 10,688 947 79,995
(29,901) Cash flows from financing activities
Proceeds from issuance of ordinary shares, net of issuance costs
400,764 - 400,764 - Issuance cost paid - - - (993) Dividends paid
to shareholders (89,525) - (254,803) (3,044) Capital injected by a
shareholder prior to listing 2,057 - 2,057 -
Net cash provided
(used in) by financing activities 313,296 -
148,018 (4,037) Net increase (decrease) in
cash and cash equivalents 395,773 68,683
386,937 (102,764) Cash and cash equivalents at the
beginning of the period 185,992 410,318 194,828 581,765
Cash and
cash equivalents at the end of the period 581,765
479,001 581,765 479,001
SYSWIN INC.
Reconciliation of GAAP and Non-GAAP
Results
(in thousands, except shares and per
share data)
Three Months Ended
December 31,
Year Ended
December 31,
2010
RMB
2011
RMB
2010
RMB
2011
RMB
GAAP income/(loss) from operations 77,836
(46,133) 283,341 30,451 Amortization of
intangible assets resulting from business acquisitions - 688 -
2,409 Goodwill impairment charge - 8,337 - 8,337
Non-GAAP
income/(loss) from operations 77,836 (37,108)
283,341 41,197 GAAP income/(loss) from
continuing operations 56,913 (38,467)
209,640 7,255 Amortization of intangible assets
resulting from business acquisitions (net of tax) - 516 - 1,807
Goodwill impairment charge - 8,337 - 8,337
Non-GAAP
income/(loss) from continuing operations 56,913
(29,614) 209,640 17,399 GAAP net
income/(loss) 56,913 (38,467) 189,586
7,255 Amortization of intangible assets resulting from
business acquisitions (net of tax) - 516 - 1,807 Goodwill
impairment charge - 8,337 - 8,337
Non-GAAP net income/(loss)
56,913 (29,614) 189,586 17,399
GAAP net income/(loss) attributable to SYSWIN Inc.
56,913 (38,099) 189,586 7,505
Amortization of intangible assets resulting from business
acquisitions (net of tax) - 475 - 1,662 Goodwill impairment charge
- 8,337 - 8,337
Non-GAAP net income/(loss) attributable to
SYSWIN Inc. 56,913 (29,287) 189,586
17,504 GAAP net income/(loss) per share, basic and
diluted 0.33 (0.20) 1.19 0.04 Non-GAAP net income/(loss) per share,
basic and diluted 0.33 (0.15) 1.19 0.09 Shares used in calculating
GAAP/Non-GAAP income/(loss) per share, basic and diluted (weighted
average number of ordinary shares outstanding) 171,088,333
193,275,000 158,872,808 193,275,000
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