亨得利集团

What 亨得利集团 does

Hengdeli Holdings Limited (亨得利控股有限公司, HKEX stock code 3389) is a Cayman-incorporated holding company with headquarters in Kowloon, Hong Kong, founded in 1957 and listed on the Hong Kong Stock Exchange Main Board since 2005. The Group operates through three principal business segments: (1) high-end consuming accessories manufacturing — producing watch boxes, display items, packaging products, and commercial space design/installation through wholly-owned subsidiaries Guangzhou Artdeco (广州亨雅), Dongguan Born Talent (东莞生才), and Suzhou Henge (苏州亨冠); (2) international commodity trading — importing iron ore, thermal coal, and coking coal to Mainland China, supported by a bulk cargo transshipment logistics park in Mexico; and (3) international dry-bulk shipping — global maritime transportation of steel, coal, iron ore, manganese ore, food, and industrial salt. The Group also retains a luxury watch retail business via directly operated stores in Hong Kong, Macau, Taiwan, and Mainland China and authorized online single-brand flagship stores.

Manufacturing operations use integrated ERP, BIM, and MES systems and are ISO9000 certified across all production facilities. The Group serves internationally renowned watch, jewelry, cosmetics, and mobile phone brand suppliers for the manufacturing and retail segments; international mines and Chinese large-scale state-owned enterprises for commodity trading; and bulk-cargo counterparties for shipping. Strategic shareholders include the founding Zhang family and the SWATCH Group, which is also a JV partner through SMH Swiss Watch (瑞韵达, established 2003). Revenue mechanics span hardware sales (manufacturing), transaction-based fees (commodity trading and shipping), and exclusive distribution/brand licensing arrangements (luxury watch retail).

Name

亨得利集团

Legal name

Hengdeli Holdings Limited

Website

https://hengdeligroup.com

Company type

Public

Founded year

1957

Operating status

Operating

Headcount range

51–100 employees

Short description

Hengdeli Holdings Limited (HKEX: 3389) is a Hong Kong-listed holding company operating high-end watch accessory manufacturing, international dry-bulk commodity trading, and global maritime shipping, plus luxury watch retail across Greater China. It serves SWATCH Group, LVMH brands, international mines, and Chinese state-owned enterprises.

Ownership category

akta.pro rank

Headquarters

HQ city

Hong Kong

HQ country

China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D

Revenue model

1. High-end Consuming Accessories Manufacturing: Manufacturing of furniture, display items, watch boxes, and packaging products for watches, jewelry, cosmetics, and mobile phones; commercial space design, production and decoration services
2. International Commodity Trading: Importation of iron ore, thermal coal and coking coal to Mainland China; logistics and supply chain services including bulk cargo transshipment logistics park in Mexico
3. International Shipping: Global maritime transportation of dry bulk cargo including steel, coal, iron ore, manganese ore, food and industrial salt
4. Watch Retail and Distribution: Retail and distribution of internationally renowned brand watches; exclusive distribution agreements with luxury brands

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Hengdeli manufactures high-end watch boxes, retail furniture, display items and packaging for watches, jewelry, cosmetics and mobile phones, and provides commercial-space design, production, installation and after-sales services. It also distributes internationally renowned watches and trades bulk commodities, provides related logistics services, and operates international dry-bulk shipping.

Product overview

Hengdeli Holdings Limited operates a diversified business portfolio consisting of three main segments: (1) High-end Consuming Accessories Manufacturing through subsidiaries including Guangzhou Artdeco, Dongguan Born Talent, and Suzhou Henge, producing watch boxes, accessories, and commercial space solutions; (2) International Trading of commodities including iron ore, thermal coal, and coking coal with a logistics park in Mexico; and (3) International Shipping services for global dry bulk cargo transportation. The company also operates retail stores for internationally renowned watches and an online retail platform. The company listed on the Hong Kong Stock Exchange in 2005 (Stock Code: 3389) with shareholders including the Zhang family and Swatch Group.

Differentiator

Problem solved

Functional benefit

Products and services

• High-End Consuming Accessories Manufactures furniture, display items, watch boxes and packaging products used to present and package watches, jewelry, cosmetics and mobile phones.
• Commercial Space Design and Decoration Provides product design, production, on-site installation and after-sales service for counters, props and stores serving luxury-goods brands and retailers.
• International Commodity Trading and Supply Chain Services Imports iron ore, thermal coal and coking coal to Mainland China and provides bulk-cargo logistics through a Mexico transshipment park integrating customs clearance, import, transportation and warehousing.
• International Dry-Bulk Shipping Provides global maritime transportation for dry-bulk cargo including steel, coal, iron ore, manganese ore, food and industrial salt.
• Luxury Watch Retail Retails internationally renowned watches through directly operated physical stores in Hong Kong, Macau, Taiwan and Mainland China.
• Online Single-Brand Flagship Stores Provides brand-authorized online retail through single-brand flagship stores for internationally branded watches and related products.

Named customers4 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• OMAS (LVMH)coreChannel Partner/ Reseller/ Distributor · 1 January 2007Acquisition agreement signed with OMAS, a prestigious brand carried by LVMH, to exclusively distribute all its products including luxury writing instruments and leather goods in Mainland China, Hong Kong, Macau and Taiwan.
• Elegant International (三宝集团)coreChannel Partner/ Reseller/ Distributor · 1 January 2006Acquired Elegant International, a well-established luxurious watch retail operator with 4 shops in Hong Kong, to expand the retail business into Hong Kong market.
• SWATCH GroupcoreStrategic or Co-development Partner · 1 January 2003Established joint venture 'SMH Swiss Watch' (later '瑞韵达') with the Swatch Group in 2003. The Swatch Group is also a shareholder of Hengdeli Group. In 2007, signed memorandum of understanding to establish a joint venture to develop a retail network for watches, jewelries and accessories of SWATCH and other brands.
• Beijing Yi Shang Group (北京第一商业集团)minorStrategic or Co-development Partner · 1 January 1997In 1997, Zhang's Family joined hands with Beijing Yi Shang Group to invest in Beijing Hengdeli, laying the foundation for the Group's business development.

Scale indicators2 records

Recent moves17 records

Expansion highlights5 records

Direct peers

• Diplôme SA:
• Genco Shipping & Trading: US-listed dry-bulk shipowner transporting iron ore, coal, grain, and bauxite globally. Comparable to Hengdeli's expanding dry-bulk shipping routes (Colombia-Korea coal, Turkey-China bauxite), particularly in commodity-corridor focus.
• Star Bulk Carriers: US-listed dry-bulk shipping operator focused on transporting iron ore, coal, and grains worldwide. Comparable to Hengdeli's international shipping business launched in 2021 that transports dry bulk cargo (steel, coal, iron ore, manganese ore).
• Citychamp Watch & Jewellery Group: Hong Kong-listed watch and jewelry manufacturer/distributor focused on the Greater China market, with both manufacturing (Eterna, Corum) and retail distribution. Closely comparable to Hengdeli in HK-listed status, Greater China focus, and integrated manufacturing-and-retail model for mid-to-high-end watches.
• Bergeon & Cie: Swiss maker of watchmaker's tools, watch boxes, and luxury accessories serving the global watch industry. Comparable to Hengdeli's watch accessories manufacturing subsidiaries in Guangzhou and Dongguan producing high-end watch-related accessories for international brands.

Broad incumbents

• Movado Group: US-listed company that designs, manufactures, and distributes watches under multiple brands (Movado, Concord, MVMT, etc.) and operates retail stores. Comparable to Hengdeli's watch manufacturing and retail distribution across multiple brands, with overlapping wholesale and DTC channels.
• Glencore: One of the world's largest commodity trading houses dealing in iron ore, coal, and other bulk materials with logistics and shipping arms. Comparable to Hengdeli's international commodity trading segment (iron ore, thermal/coking coal) and its bulk transshipment logistics park in Mexico.
• Watches of Switzerland Group: UK-listed multi-brand luxury watch retailer with authorized boutiques for Rolex, Omega, TAG Heuer and other brands across the UK, US, and Europe. Comparable to Hengdeli as a multi-brand authorized watch retailer serving luxury consumers, though larger and more geographically Western-focused.
• Trafigura: Global commodity trader with extensive metals, minerals, and energy books plus integrated logistics. Comparable to Hengdeli's international trading division that handles iron ore, coal and coking coal imports to China with logistics services.

Others

• Swatch Group: World's largest watch manufacturer and Hengdeli's strategic shareholder/JV partner (SMH Swiss Watch / 瑞韵达). Included as a peer given the deep operational and equity linkage — Swatch supplies the brands Hengdeli distributes and co-governs the JV.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/%E4%BA%A8%E5%BE%97%E5%88%A9%E9%9B%86%E5%9B%A2

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about 亨得利集团