A director of the struggling Oppo distributor OMC electronics “Alex” Chao Duan has just stumped up $20.5M to buy a Sydney North Shore trophy home despite Oppo sales falling in Australia, and the distribution business wallowing in debt, there is now speculation that he is a son of Oppo founder, Duan Yongping.
Mystery has surrounded the distributor and their relationship with the Chinese phone manufacturer who use to trade as Oppo China-Australia, with speculation now emerging that “Alex” Chao Duan is actually the son of Duan Yongping the founder of BBK electronics, who own the struggling Oppo, Realme, Vivo and One Plus brands.
Another OMC Electronics Director Thanh Dai M. Tran who likes to use the name Michael Tran is still claiming he is the Director of Global Marketing and Brand Strategy at Oppo despite Oppo issuing a press statement that Lie LIU is the President of Global Marketing, who also doubles as CMO of Chinese Mainland.
The statement claims that Lie LIU oversees worldwide marketing efforts, reporting directly to Tony Chen a director of BBK Electronics.
The Sydney Morning Heralds Title Deeds claims that Duan purchased the home of commercial property businessman John Virgona and his wife Anna.
The buyer’s agent who represented Duan in the deal made it clear his client did not want to discuss his business or property interests in Australia and selling agent C21’s Gary Ward would say even less.
In their last financial report to ASIC OMC Electronics reported a 23% fall in sales of their smartphones in Australi
Since then, sales have fallen further with the business getting out of the premium end of the smartphone market with the exception of their new foldable smartphone offering.
Apparently, he settled on his Warrawee residence with no need for a mortgage.
Current 2022 liabilities of the OMC Electronics business are listed at $66.67 million Vs $46.13 million in 2021.
OMC Electronics also has extensive borrowings, back in 2021 the Company listed borrowings from Singapore Company Long Shining Development Ltd of $13.3 million and a note in the financials recently lodged with the Australian Securities and Investment Commission claims that as of the 17th of February 2021, the company has entered a new loan agreement, Long Shining for $25M in US dollars and that the loan is secured and debt free.
ChannelNews understands that the business recently repaid this loan.
The business also has another loan listed on their books listed as ‘A Noncurrent loan payable’ of $30.49 million from a Sydney based business called Harmony Unity Pty Ltd.
A search of ASIC reveal that the director of this Company is one Yuchen Hou.
The business also has another loan listed on their books listed as ‘A Noncurrent loan payable’ of $30.49 million from a Sydney based business called Harmony Unity Pty Ltd.
A search of ASIC reveal that the director of this Company is one Yuchen Hou.
Chao Duan is also listed as a director of OPCA Holdings Pty Ltd that has the same directors as OMC Holdings.
Duan Yongping’s net worth was estimated at $1.5 billion
