Valuation, page-170

2 other elements :
- in 2017, 92 % of their air freight volume was directed to China, including HK (source : prospectus),
- H1 21 wages (excluding contractor costs) increased by 1.7 % yoy, which seems in line with the stability of the number of full time employees.

I still try to find logical explanations for the increase of freight revenues (+ 25 % during H1 21).
One thing we have seen with the wine market : because of the large tariff increase for Australian wine in China, a lot of imports went via HK (which has different tariffs) which had a strong increase for their import of Australian wine.
I don't think that wine is a major product for Wiseway, but we may have seen a similar redirection via HK for other products.