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Tri-way Industries Ltd

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Last Post: 7/8/2019 1:03:00 PM - Followers: 13 - Board type: Free - Posts Today: 0

Company Description

Tri-way Industries, Ltd. "TW" is a Hong Kong based cooperation that has the intention to list on the Hong Kong Exchange. TW is currently operating 5 on-shore Aquaculture farms in China using Recirculating aquaculture systems “RAS” technology.

CR No.:    1004146
Chinese Company Name: 
Link to Registered Company Filings: https://www.icris.cr.gov.hk/csci/

Contact Information:
Phone (China):  +86 20-38880923
Email: info@tri-way.hk
Homepage: http://www.tri-way.hk/

Room 3801, 38th Floor, Block A,
China Shine Plaza, No. 9 Lin He Xi Road,
Tianhe District, Guangzhou City,
Guangdong Province, 510610,
People's Republic of China

Investor Relations:

Company Auditor:

Management Team and Directors 
Tri-way industries is currently building and appointing Directors and Managment team. So far two directors has been appointed, but the work of building robust key management is under work.

Mr. Lee Yip Kun (Solomon Lee)
A Pioneer of Modern Fishery Projects in the South Pacific Region, who has over 35 years experience in the Fishery Industry and Food Industry created various sizable projects in the Asian region. 

Mr. Lee is the founder of Sino Agro Food, Inc., and has served as Executive Director and President, Chairman and Chief Executive Officer since August 2007. From March 2004 to date he has been Group Managing Director of Capital Award Inc. Since May, 1993, he has been the CEO of Irama Edaran Sdn. Bhd. (Malaysia), a modern fishery developer. Mr. Lee received a B.A. in Accounting and Economics from Monash University, Australia in July 1972.

As a member of the board, Mr. Lee contributes his holistic knowledge of the company and a deep understanding of all aspects of our business, products and markets, as well substantial experience developing corporate strategy, assessing emerging industry trends, and business operations. His experience, skills and know-how encompass over twenty years of project management and financial management in agriculture, aquaculture and food industries.

Citizen of Australia

Mr. Colanukuduru Ravindran
Global Business Leader with 36 years of experience in strategy, finance, fund raising, techno commercial expertise having worked for IPOs across India, Singapore and USA successfully. Have also covered running and operating as Chief Executive in traditional industries, Oil & Gas, Power and IT.

Recognized Business Development Specialist having established strategic partnerships and trading network with companies and trading boards in over 20 different countries spanning APAC, Western Europe, Africa and the Americas.

Demonstrated global trade expertise managing foreign trade and currency volatility across APAC, Middle East and European markets.

Fund raising and expertise in managing listed companies in India, Singapore and USA.

Citizen of India
The Aquaculture Farms

Aquafarm 1

AF1 represents the typical development model and is built on a block of land measuring 9,900 square meters that contain staff quarters providing accommodation for up to 15 workers, a self-contained office, a laboratory, external live bait holding tanks, all season red worms nurturing tanks, dry and cold storage, workshops, processing facilities, a heating room, 500 MT of water holding tanks, landscape gardens, standby generator rooms, all related underground and above ground infrastructure, and a 4,000 square meter fish grow-out farm supporting 16 RAS tanks, each measuring 10 m x 10 m x 3 m in depth holding up to 240,000 liters (or 240 Metric Tons (MT) of water with the production capacity to grow up to 80 MT of aquatic animals per year depending on its stocking cycles (or frequency of stocking of fish) and the initial size of the fish being stocked in each cycle.

Currently, AF1 grows sleepy cod, Flower Pattern eels, prawns (or shrimp), and other fish species. AF1's operations are expected to produce up to 2,000 metric tons of seafood annually.

View of APRAS tanks inside Aquafarm 1 (AF1)

Offices on the Aquafarm 1 campus

Another view inside the "superdome"

Aquafarm 2
AF2 is located in the City Enping. The Company believes that Aquafarm 2 represents the first indoor RAS prawn farm in Asia. Going forward, AF2 will carry out its rotational stocking and harvesting program targeting to increase yields of live prawns annually.

Google Map coordinates - 22°18'45.58"N 112°22'18.80"E 
Google Map link:  

Aquafarm 3
AF3 is located in Zhongshan and is currently the primary shrimp hatchery for the MegaFarm project, producing yearly over 2 billion postlarvae (shrimp larvae that have just metamorphosed into tiny animals that resemble shrimp, from more unrecognizable larvae stages, the nauplii, zoea, and mysis stages). The hatchery at AF3 is targeted for construction to expand production to 5 billion postlarvae (“PL”).

AF3 raises postlarvae of the giant freshwater prawn (Macrobrachium rosenbergii), and the marine Pacific white shrimp (Litopenaeus vannmei) and tiger shrimp (Penaeus monodon).

Full presentation of the Aquafarm 3 can be found here - http://sinoagrofood.com/content/AF3_2017

Google Map coordinates - 22°39'35.12"N 113°27'41.84"E 
Google Map link  

The main property of AF3 is located on 153 mu (or about 25.5 acres, or 10 hectares) of land in San Jiao town of Zhongshan City, PRC.  An additional 250 mu of adjacent land operated by AF3 is contracted by other farmers for pond aquaculture.

Construction and development of AF3 began in 2012, with operations starting in 2013. Completion of build-out of AF3 is targeted by the end of 2018.

In addition to the hatchery, in 2015-2016, AF3 began building its next generation Open Dam Recirculating Aquaculture System (ODRAS).To extend the growing season to near year-round, the next generation of ODRAS, started in 2016-2017, targeted to cover ponds with a more permanent structure. To release heat during summer months, the sides of the structure are left open. During winter, the sides are closed off with plastic

Aquafarm 4 and 5 (also know as the Mega Farm )

In Guangdong province, between Guangzhou, China’s third largest city, and China’s Special Administrative Region of Macau, Triway is building the largest integrated and sustainable indoor aquaculture project in the world.

Located in the largest urban agglomeration on our planet, the New Zhongshan Prawn Project commands 1,300 acres of valuable land on the Pearl River estuary. Over 600 acres will showcase the Company’s A Power Recirculating Aquaculture System (APRAS). Target production is 300,000 MT of aquaculture products per year by 2035.

Known as “the Mega Farm,” the project is unprecedented in size and scope, and promises to be a model of sustainable farming practices. It will continue to advance the use of environmentally, biologically, and socially responsible technologies that support and promote Zhongshan’s progressive urban development plans.

The Original project brochoure of the Mega Farm 

Google Map coordinates - 22°32'38.47"N 113°34'36.83"E 
Google Map link

Video Presentation of the Mega Farm


Valuation of Tri-way Industries

Since Tri-way industries is not publically traded yet on any exchange, there is no up to date market valuation of the comapny. However an independent appraisal was conducted in the beginning of 2017 to determine fair value of Tri-way industry when the company was carved out from it's former owners. It was conducted the the enterprise value of Tri-way at the time was $340.6M. As the company grows the valuation will increase.

Dun and Bradstreet has issued a 5A 1 rating for Tri-Way Industries in June 2017. The D&B corporate profile for Tri-way also reported a tangible net worth at 3,007,347,794 HKD, or 385M USD.

Tri-way is underway to raise capital to accelerate the growth and build out of the Aquaculture farms. This new IPO will indicate the current market value. 
How to invest?
Tri-Way Industries is current not listed on any exchange. However, they are currently in a process of an Pre-IPO to let institutions take an interest of the company before the final IPO on a mayor Asian exchange. DBS (Development Bank of Singapore) Hong Kong, has been provided a pre-IPO mandate by Tri-way, having garnered encouraging feedback from some potential initial investors, indicating that they may begin securing initial private placement funding by July 2017.

Sino Agro Food (OTCQX: SIAF, Merkur Market: SIAF-ME) is a majow owner of Triway Industries (36,6%) and is in the process to give a major part of it's holdings as a dividend to it's current shareholders.
Current owners of Triway Industries 
Total Outstanding Shares 99,990,000 
Owner No of shares Ownership in %
Sino Agro Food (OTCBB:SIAF) 36,590,000 36,6%
Ample Rise Limited 2,750,000 2,8%
Fortune Legend Investments Limited 2,750,000 2,8%
Sino Agro Food (HK) Limited  31,998,572 32%
Good Sea Limited 4,250,000 4,3%
Green & Natural Limited 3,250,000 3,3%
Lucky Shine Development Limited 2,750,000 2,8%
Yongfeng Agricultural Investment Co 4,180,068 4,2%
The Business Advocate 4,521,360 4,5%
Fine Happy Limited 2,750,000 2,8%
Flying Cristal Limited 4,200,000 4,2%
 Tri-way Industries Technology Advantage

Tri-way Industries has been granted a China Master License by Capital Award to develop and operate up to 20,000 units of its A Power Recirculating Aquaculture System ("APRAS" technology) over a 50-year period. This will allow Tri-way to develop and operate additional aquaculture facilities using the APRAS technology, opening up long-term expansion opportunities in China. For a frame of reference, AF4 uses 144 APRAS modules and plans for AF5 call for  864 APRAS modules. The proprietary APRAS technology produces seafood using less water, less land, less feed, and is more bio-secure than other methods of aquaculture. Moreover, it produces a higher seafood yield and, due to its climate-controlled environment, ensures more reliable production all year round, compared with other farming methods (such as net-pen or pond culture).

APRAS - A Power Recirculating Aquaculture Systems
APRAS, is an engineered, self-contained water treatment and re-circulating aquaculture system for the growing of aquatic animals on a commercial scale. It mainly consists of the A Power Grow Out Basin and the A Power Treatment Stack equipment, and operating techniques and procedures, which Capital Award has established as essential or desirable for the establishment, development, and operation of the A Power Recirculating Aquaculture System.

In an APRAS designed fish growing system; fish produced are free from diseases commonly associated with outdoor aquaculture methods. The system is fully integrated, automated and climate-controlled, and with strict water quality management, the APRAS fish growing system creates a stress-free environment for the fish. These ideal growing conditions enable improved productivity, offer mortality rates of less than 8% and a feed-to-fish conversion ratio of 1:1 for pellet feed and 2:1 for non-pellet feed.

The system is housed on land in an enclosed environment under fully controlled conditions, and by avoiding contact with any outdoor contamination and using treated water; APRAS produces healthy farmed fish guaranteed free of antibiotics and other pollutants.

Tri-ways environmentally friendly system recycles all water used in the farm. It enables the consistent year round production and supply of fish in the vicinity of urban areas. Less evolved recirculating aquaculture systems have been commercially applied in Europe and Australia for the past 30 years and earlier versions of the technology have been commercially developed and used in Australia since 1998. However APRAS is relatively new to Asian countries, including China.

Competative Advantage 
APRAS Technology
– Increased survival
• Pathogen exclusion, stable environment
– Increased efficiency
• Increased density, feed efficiency
– Greater yield
• Phased & partial harvest strategy 
Focus on Live Seafood
– Higher price vs. fresh/frozen seafood
– Pearl River delta is world’s largest live seafood market
• 120,000,000 populaCon
• 35.1 kg per capita seafood consumpCon since 2010 (FAO, 2014)
– Rest of world = 15.4 kg per capita 
Low Cost of Production
– Guangzhou Consumer Price Index = 43.5 vs. NYC, USA
– Small APRAS footprint
– Large-scale/modular design 
Sustainable Production
– Biologically, environmentally, socially responsible
• Genetic conservation, water reuse, waste abatement, chemical & polluCon free, good labor practices
– Third party process certificaCon
– Product traceability 

Advantages of RAS 
• Low water consumption
– Recirculation (<5% loss/d)
• Minimal land use
– Higher densities (50 vs. 15 kg/m3 for salmon net pen)
• Better hygiene and disease management
– Eliminates “excludable” diseases & controlled environment reduces stress on animals
• Reduces environmental effects
– Controlled waste management & nutrient cycling
• Prevents biological effects
– No escapees
• Reduces visual effects
– Minimal land use
• Reduces carbon footprint
– Can locate farm close to markets 

Economical Advantage

Gross Profit Advantage

APRAS Strategy -Yield Maximization

 The market for aquatic products and aquaculture in China
The information in this section regarding aquatic and aquaculture, including graphs, is taken from the USDA’s GAIN Report Number: CH12073 per 12/28/2012 unless otherwise stated.

Total Aquatic Products Production
China has the world’s largest aquatic production and its market share of the world’s fish production has risen from 7 percent in 1961 to 37 percent by 2012. China alone accounted for 62.3 percent of the aquaculture production in the world by volume in 2012. Aquaculture represents more than 70 percent of the total fish production in China. Total 2012 aquatic production in China increased 7.5 percent to reach 58.9 million tons, compared to the 54.8 million tons in 2011, per the FAO.

Fish production accounts for 59 percent of the total aquatic production, followed by shellfish and crustaceans at 22.6 percent and 10 percent, respectively. Fish production is, per the USDA, expected to continue its upward growth trend to reach 34.5 million tons in 2012, up from 33 million tons in 2011 and 31.3 million tons in 2010. In 2011, Shandong, Guangdong, Fujian and Zhejiang provinces profited from favorable coastal locations and abundant freshwater resources/facilities to rank as the top four aquatic production areas. In terms of freshwater cultured production, Hubei, Guangdong, and Jiangsu provinces are the largest producers


China remains the world largest aquaculture producer with total cultured aquatic production accounting for about 70 percent of the world total in recent years. Total aquaculture production is increasing steadily and world aquaculture reached 90.4 million tons, with 66.6 million tons of food fish and 23.8 million tons of aquatic algae in 2012. Unconfirmed numbers state that world food fish aquaculture production rose 5.8 percent to 70.5 million tons in 2013. China alone accounted for 43.5 million tons of food fish and 13.5 of aquatic algae in 2013. China has had a CAGR of 5.5 percent in aquaculture production from the year 2000 through 2012.

Total aquatic products in China amounted to 59.1 million tons, where seawater aquatic products represented 30.3 million tons or 51.34 percent and freshwater aquatic products amounted to 28,743,000 tons or 48.66 percent of the total production. Fish is the most produced product and accounts for almost 61 percent of the total production, followed by shrimp, prawn and crab and shellfish. The majority of the production is in the region Shandong, Guangdong, Fujian, Zhejiang and Jiangsu. These five regions represented more than 55 percent of the total production of aquatic products in China. All regions are located nearby water and fish and other aquatic products is a common source of protein for the inhabitants in these regions.

Aquatic consumption

As China’s processing and distribution systems become more developed and consumers rising affluence increases, their interest in a more diversified and nutritious diet, seafood consumption is on the increase. According to the National Statistics Bureau, the per capita consumption of aquatic products was 14.62 kg per urban dweller and 5.36 kg per rural inhabitant in 2011. Per capita consumption is expected to increase steadily, with strong growth potential in the rural sector.

The per capita consumption of aquatic products is highest in coastal regions, for example in Shanghai and Guangdong, (where aquatic products have been a traditional source of protein) and locations with relatively high disposable income.

Per the National Bureau of Statistics of China the overall price level of aquatic products increased 3.9 percent in July 2014 compared to the same month in 2013.

Exports and imports

China is by far the largest exporter of aquatic products in the world, with total exports amounting to USD 19.6 billion in 2013 compared to Norway that is the second largest exporter in the world with exports amounting to USD 10.4 billion.

China has now become the third largest importer of aquatic products, behind only the United States and Japan. Total import of aquatic products in 2013 amounted to USD 8.0 billion. The increase in the import levels in China is mainly a result of outsourcing. China’s processors import raw material from all major regions, including South and North America and Europe, for re-processing and re-export. However, this growth also reflects China’s surging domestic demand of species not available from local sources.

Recirculating Aquaculture Systems 

Recirculating aquaculture systems (“RAS”) is a technology that enables the same water to be reused within the same tank, and operates through filtering this water, at a high frequency, making it an efficient and environmentally friendly method to operate water tanks. The advantages of RAS include improved productivity, lower labor requirements and lower mortality rate of the animals. Historically, the Chinese population are used to fresh aquatic products and prefer locally produced food if they can be assured of food quality and safety. Studies show that consumers overall are willing to pay an average premium of 3.9 percent for Closed Containment Aquaculture (“CCA”) compared to conventional farming methods such as sea water farming.


#28   Any update? nefariouswu 07/08/19 01:03:00 PM
#27   Swede, thanks for the info! I will not starfire394 04/06/18 02:56:12 PM
#26   Tri-way Operations Update The Swede 02/08/18 02:12:41 AM
#25   Thanks for starting this board, Swede! downthehatch 11/05/17 02:52:20 PM
#24   Chinese article about AF4 http://www.oeofo.com/news/201710/25/list232132.html The Swede 10/26/17 01:56:31 PM
#22   New pictures of the Mega Farm https://www.undercurrentnews.com/galleries/insid The Swede 10/17/17 11:59:07 PM
#21   Owners of Triway Industries The Swede 08/28/17 06:15:22 AM
#20   Don't expect to see any quarterly numbers from The Swede 08/17/17 03:33:59 AM
#19   Swede will they make quarterly numbers public soon Helium-3 08/16/17 11:53:29 AM
#18   Agricultural Bank of China Co. Ltd. Signs Bank-Enterprise The Swede 08/11/17 03:53:33 PM
#17   Upgraded Fish Species Developed at Aquafarm 2 The Swede 08/11/17 03:45:26 PM
#16   Progress at Aquafarm 4 The Swede 08/03/17 02:18:34 AM
#15   Aquafarm 4 Update The Swede 08/03/17 02:15:33 AM
#14   July 2017 Status of “AF3” The Swede 07/23/17 12:51:18 AM
#13   From a financing perspective you would expect them RealDutch 07/13/17 09:00:25 AM
#12   I don't think it's concrete. These buildings DougS. 07/13/17 08:43:01 AM
#11   Thank you, DougS! melehuna 07/13/17 04:18:01 AM
#10   You and your vegetation. LOL. Building nr. 3 RealDutch 07/13/17 03:41:28 AM
#9   Also, the Land Viewer portal now has (almost) DougS. 07/13/17 12:40:12 AM
#8   /i1305.photobucket.com/albums/s547/StockCharts1/Landsat7-08.07.17_zpsuyykgza1.png DougS. 07/13/17 12:26:01 AM
#7   SIAF updates “COSO” progress: Tri-way Industries, Ltd. earns melehuna 07/10/17 10:02:51 AM
#6   Chinese firm says it may match Vietnam’s total The Swede 06/29/17 06:06:07 AM
#5   A Paradigm Shift in 21st Century Aquaculture The Swede 06/27/17 03:32:14 PM
#4   Valuation of Tri-Way Industries The Swede 06/21/17 04:24:35 AM
#3   There's an updated version of the Aquaculture FAQ melehuna 04/28/17 04:09:56 AM
#2   Tri-way Industries is well positioned to gain significant melehuna 04/26/17 02:48:58 AM
#1   HELLO WORLD The Swede 04/24/17 03:23:54 PM
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