Intelligent Living Application Group: Helping People Stay Safe
Intelligent people need intelligent tools to make everyday life easier, and ILAP knows just what to do!
People live busy lives nowadays, and the more they spend their time out of their homes, the more they realize that all their precious things are inside their houses.
Being aware that thieves are like wolves waiting for unprotected sheep, people started changing their old-style lockets with new, more modern ones for better protection.
Bong Lau turned out to be a real far-seeing entrepreneur as he could smell the need for higher security systems when he joined Intelligent Living Application Group Inc.
The Intelligent Living Application Group was founded with the sole purpose of easing people’s lives knowing that their homes are protected, in an intelligent way.
So, stay with us and dig a little deeper into ILAG and find out how smart these high-quality lockets and revolutionary security systems can become a vital part of your home security.
Big Family - Huge Motivation
Born in Hong Kong, Bong Lau grew up in a big family. As a young boy surrounded by many relatives, he learned that being a part of a supportive family is priceless. He spent a lot of time with his brother Bun Lau but knew that he could stand out from the crowd only if he was hard-working and had unique ideas.
After finishing secondary school in 1996, Bong entered the University of Alberta. He spent 2 years studying Civil Engineering, which proved to be the right ticket towards his bright future. Impressed by the rich history behind Intelligent Living Application Group, Bong joined the company in 1999.
High Quality for Competitive Price
Intelligent Living Application Group began working as an unlimited company back in 1981. Founded in Hong Kong, this company was famous for selling door locksets to the area of the United States only. Two years later, in 1983, ILAG started processing its door locksets to fulfill orders from the United States customers with imported resources at a small-size manufacturing factory in China. It means that 1983 is the year that Intelligent Living Application Group's mission to “produce high-quality lockset products at affordable prices” was born.
ILAG is a company that produces and sells high-quality mechanical locksets mainly to clients in the United States and Canada. On its way to making life safer by designing and building affordable, top-quality lockets and modern smart security systems, Intelligent Living Application Group became the number one choice for hundreds of people.
After Bong became a part of the driving force of ILAG, he encouraged the rest of the employees to work together as a close-knit family if they wanted to achieve the best result. Surrounded by energetic people, Bong started working as hard as he could.
From Innovative Ideas to Outstanding Results
Hard work and innovative ideas always yield exceptional results. In 2000, ILAG began offering products that meet the terms of the ANSI (American National Standards Institute). Bong turned the focus of the company in designing and producing mechanical locksets, such as locksets for the outdoors (including gates and main entrances) and indoors. That has resulted in substantial growth of ILAG business and raised the company’s competitiveness.
To keep up growth, ILAG products became more than just simple locksets for security purposes. Intelligence Living Application Group turned into a prominent company that offers a vast array of ODM (Original Design Manufacturer) door locksets to several customer segments from “Economy-oriented Series” to “Premium Series” with classic to modern looks, colors, and functions.
Changing the Game Rules
The game changed in 2009, and ILAG was restructured because of modifications in local laws for imported materials in China. So, in March 2009, ILAG incorporated Hing Fat Industrial Limited, to continue its business of producing and selling modern door locksets.
The following years were pretty successful at selling door lockets, and Bong was proud to be part of such a great company. To cope with its development and to increase clients’ satisfaction in quality, Bong and ILAG continued investing in new craftsmanship, self-designed mechanized product lines, and developing modern products like smart locks. To win their customers’ confidence, Intelligent Living has obtained the prominent ISO9001quality assurance certificate.
2019 was pretty significant, and Intelligent Living Application Group Inc. was recognized as a holding company. Intelligent Living Application Group Inc. possesses 100% of the equity interest in Intelligent Living Application Group Limited that was incorporated in 2014 under the British Virgin Islands laws.
High Company Position Comes with Great Responsibilities
2019 was a glorious year for Bong as well. With more than 20 years of experience in managing the door security system business, in 2019, Bong was named a Director of the Board. However, he continued his fantastic work, delivering creative ideas, and a year later, in 2020, Bong became Chairman of the Board.
Unfortunately, at the beginning of 2020, the notorious COVID-19 pandemic caused a sudden pause in economic activities, and just like some of its competitors Schlage and Vivint, ILAG had to close its office. Bong, as a stable leader, was ready to do all that was necessary, and although the company stopped manufacturing facilities in China in the period between January 2020 and March 2020, he kept its employees.
Bong's hard work truly paid off. Working together with ILAG’s small and large partners, he built solid distribution networks systems and implemented new business expansion and marketing strategies. Bong is mainly responsible for the sales strategy, corporate strategies, and distribution management strategies of the Group.
Today, headquartered in Hong Kong, ILAG manufactures and sells top-quality mechanical locksets to a client in the United States and Canada, and has continued to spread and improve its product offerings during the last 30 years to meet its customers’ needs. Bong happily points out that ILAG is one of the pioneers in the mechanical lockset-manufacturing business in China.
Swimming With the Big Fish
Until 2018, Intelligent Living Application Group has maintained a highly profitable business with stable growth in its earnings and revenues. In 2018, the company experienced an unexpected impact that was caused by the harsh tariff war between China and the US. That resulted in a reduction or delay of orders in late 2018 and early 2019. Cash flow in 2018 and 2019, and Intelligence Living Application Group revenues during these years reached around $11.1 million and $14.4 million.
Intelligent Living intends to raise $19 million from an IPO of its regular shares, even though the final sum may be different. The mega-popular Intelligent Living Application Group announces 5,060,000 share IPO at a reasonably low price. More precisely, they decided to go with $5 per share. The symbol that they will use for their share is ILAG.
What's in Store for ILAG?
Intelligent Living Application Group has cosmic plans for a bright future. According to the management, ILAG will use its net proceeds from the IPO for growing its business. They plan to set up a new representative office and subsidiary to enhance both sales and service support for their customers and future growth in marketing and online sales of their self-branded products.
The company will also launch a production facility outside China to mitigate the effects of extra tariffs that can be charged thanks to the trade war between China and the U.S. and to leverage reduced labor costs in Southeast Asia counties.
Led by Bong Lau as a chairman on the Board of the Directors, Bun Lau, Wynn Hui as directors, and Monique Ho, Kevin Wai, Jochem Koehler, and Carina Chui as independent directors, ILAG, plans to use a part of its revenue on the working capital of their Hong Kong operation, such as marketing expenses, sales, research, and development costs of smart locks and security systems.
This company that counts over 300 employees is a veritable beast in the smart locks market that helps hundreds of people stay safe!