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CHINA Sports International on Thursday issued a statement in response to queries from Singapore Exchange (SGX) on its announcement of unaudited results for the first quarter ended March 31, 2015.
In the statement, the mainboard-listed company clarified that its usage of placement proceeds of some 27.9 million yuan (S$6.05 million) for the "development of online shopping platform" - as detailed in its unaudited first quarter results - refers to the "production of the advertisements and promotions and setup for Internet sales over the various e-commerce platforms including T-mall, Tao Bao and shop.qq.com".
When queried about the performance of these platforms, China Sports said the revenue generated from the various shopping platforms for Q1 2015 was less than 5 per cent of its total revenue.
However, the company said that it will continue to develop its e-commerce platforms as increasingly, consumers shop using these platforms.
When asked about its trade receivables, which were reported to have increased by 23.4 per cent from 429.904 million yuan to 530.405 million yuan, China Sports said about 75 per cent of the trade receivables relate to "breathable shoes", where royalty fees will be paid.
"The group has yet to make any payment of the royalty fees," added China Sports in the statement.