History

Our Company was incorporated in Malaysia under the Act on 3 November 2009 as a public company limited by shares under the name of Maxwell International Holdings Berhad (麦斯威国际控股有限公司).

By an equity transfer agreement dated 20 November 2009 and a restructuring agreement dated 18 November 2009, we acquired our subsidiary Jinjiang Zhenxing Shoes & Plastics Co., Ltd. (晋江振兴鞋塑有限公司)(PRC Company No: 350500400009750) (“Zhenxing Shoes”).

We specialise in the design and manufacturing of sports shoes for domestic and overseas customers, which comprise mainly trading houses and brand distributors. We manufacture sports shoes on an OEM basis (i.e. we manufacture based on the specifications and designs provided by our customers) and on an ODM basis (i.e. we design and develop sports shoes for our customers’ selection and manufacture the selected designs for our customers).

Our business can be traced back to June 1999 when Chun Hing Industrial (Hong Kong) Ltd (振兴实业(香港)有限公司) (“Chun Hing”), which is owned by our Chairman, Li Kwai Chun (李桂真) and her husband Li Chun Tak (李进德) set up Zhenxing Shoes in Zhushuxia Industrial Zone, Jinjiang City, Fujian province, PRC (中国福建省晋江市竹树下工业区). However, Li Chun Tak was never involved in Zhenxing Shoes’ business since the incorporation. Zhenxing Shoes was established with an initial registered capital of HKD5.8 million and an aggregate investment amount of HKD7.0 million with Li Kwai Chun being the legal representative. The business of Zhenxing Shoes was to engage in the manufacturing and sale of sports shoes to domestic and overseas customers mainly through trading houses and brand distributors in the PRC and abroad. During the initial stage of our business, our Chairman, Li Kwai Chun was the key person securing sports shoe orders due to her well-established relationship with various footwear trading houses and brands distributors. We started with a single production line and an annual production capacity of approximately 1 million pairs of sports shoes.

Since the inception of our business, our founders have recognised the importance of producing quality sports shoes with aesthetically pleasing and unique designs which would appeal to consumers. As such, in the same year that Zhenxing Shoes was incorporated, we engaged South Korean and Taiwanese consultants to help set up our own Design and Development (“D&D”) Department, and to provide training and consultancy services on product innovation and technical improvement to ensure that our product design and quality are able to keep pace with the dynamism of the global sports shoe market.


2000

To meet increasing orders, we expanded our annual production capacity from approximately 1 million pairs of shoes to 2 million pairs of shoes by adding a second production line.


2001

We began participating in various trade fairs and exhibitions in the PRC and abroad including the “Global Shoes” trade show organised by Dusseldorf GmbH Germany held in Dusseldorf and the WSA Show organised by the World Shoe Association held in Las Vegas, USA, as well as other international trade fairs held in the PRC such as Jinjiang Footwear International Exposition (晋江国际鞋业博览会), China Guangzhou Export and Import Trade Fair (中国广州进出口商品交易会) and East China Fair (华东交易会). As a result, we were able to establish our market presence and expand our customer base.


2005

Zhenxing Shoes’ aggregate investment amount was increased from HKD7.0 million to HKD 26.2 million and the registered capital from HKD5.8 million HKD25.0 million.


2006

We also established business relationships with some new PRC procurement agents through whom we secured orders from various brands in the USA.

As the sales volume of our sports shoes increased, and in anticipation of higher future sales volume, Zhenxing Shoes added a third production line in late 2006.


2007

Zhenxing Shoes’ aggregate investment amount was further increased from HKD26.2 million to HKD34.1 million and the registered capital from HKD25.0 million to HKD32.9 million.


2008

Zhenxing Shoes’ aggregate investment amount was increased from HKD34.1 million to HKD61.2 million and the registered capital from HKD32.9 million to HKD60.0 million.

In March 2008, we became a member of SATRA Technology Centre Ltd (“SATRA”), which is an independent research and technology organisation for footwear and other consumer product industries.

In April 2008, as a testament to the stringent internal controls and quality management system adopted in our production process, we were accredited with the ISO9001:2000 certification by GIC.

Subsequently in July 2008, we installed a fourth production line to bring our annual production capacity to approximately 8 million pairs of sports shoes. By then, we had increased our workforce from 1,063 employees in 2006 to 1,440 employees in 2008 with a total production area of approximately 15,944 sq m.

During the second half of 2008, we ventured into manufacture of sports shoes under our own brand name – SODENG (速登). However, given the uncertain market conditions and strong competition from established local brand names, and potential expenditure to be incurred to launch and maintain a new brand, we decided to put the branding initiative on hold to focus on our OEM and ODM business, which is experiencing good growth.


2009

As part of the Listing, Maxwell had completed the acquisition of the entire interests in Zhenxing Shoes on 8 December 2009.


2010

Maxwell successfully listed on the Main Market of Bursa Malaysia Securities Berhad on 6 January 2011.