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.
