Financial Performance - For the year ended March 31, 2022, the Group's revenue was approximately HK$441.1 million, a decrease of 12.2% compared to HK$502.6 million in the previous year[13]. - Profit attributable to owners of the Company was approximately HK$60.2 million, down from HK$189.6 million in 2021, primarily due to increased impairment losses[14]. - Basic earnings per share for the year were HK0.62 cents, a decrease from HK1.96 cents in 2021[15]. - The broking business reported a profit of approximately HK$7.4 million for the year ended March 31, 2022, a decrease of 62.1% compared to HK$19.5 million in 2021[32]. - Revenue from broking decreased by 12% to approximately HK$62.7 million in 2022, down from HK$71.3 million in 2021[32]. - The money lending business recorded a profit before tax of approximately HK$13.3 million for the year ended March 31, 2022, down from HK$62.6 million in 2021[41]. - The investment division reported a profit of approximately HK$6.4 million in 2022, down from HK$13.0 million in 2021, mainly due to fair value losses on investment properties[46]. Impairment and Credit Risk - The Group recorded a net impairment loss on accounts receivable from margin clients of approximately HK$130.1 million, up from HK$55.7 million in the previous year[14]. - The decrease in revenue was mainly due to reduced interest income from margin financing, money lending, and debt securities[13]. - The Group focused on debt recovery during the year to manage credit risk effectively[26]. - Net impairment loss on margin clients receivable was approximately HK$130.1 million in 2022, significantly higher than HK$55.7 million in 2021[33]. Market Conditions - The average daily turnover on the Main Board and GEM during the year was approximately HK$147.0 billion, a decrease of 5.2% compared to HK$155.1 billion in the prior financial period[25]. - The Hang Seng Index closed at 21,996 points at the end of March 2022, down from 28,378 points at the end of March 2021[25]. - The property market sentiment in Hong Kong was sluggish in Q1 2022, with transaction volume plunging 34% quarter on quarter[30]. Assets and Liabilities - As of March 31, 2022, equity attributable to owners of the Company was approximately HK$5,751.5 million, an increase of approximately HK$142.4 million or 2.5% compared to the previous year[65]. - The Group's net current assets increased to approximately HK$5,341.7 million, with a current ratio of 6.8 times, up from 6.6 times in 2021[70]. - Bank balances and cash on hand rose to approximately HK$1,835.2 million, a significant increase from HK$658.9 million in 2021, primarily due to cash inflow from bank borrowings and a deposit received for the disposal of a subsidiary[70]. - The Group had bank borrowings of approximately HK$94.6 million as of March 31, 2022, compared to nil in the previous year, with undrawn banking facilities amounting to approximately HK$763.4 million[71]. - The gearing ratio as of March 31, 2022, was 0.02, up from 0.01 in 2021, indicating a slight increase in leverage[72]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions, except for the separation of the roles of chairman and CEO until May 31, 2022[114][119]. - The Board currently comprises six Directors, with more than one-third being non-executive and independent of management[125]. - The Company emphasizes good corporate governance practices to enhance investor confidence and accountability[112][115]. - The Board has established three committees to delegate various responsibilities, ensuring effective governance and oversight[120]. - The Company has adopted a board diversity policy to improve effectiveness by ensuring a balanced mix of skills, experience, and perspectives among board members[130]. Dividends - The Directors recommended a final dividend of HK0.5 cent per share, resulting in total dividends of HK1 cent per share for the financial year[83]. - The Company has adopted a dividend policy to maintain adequate cash reserves for future growth when recommending or declaring dividends[177]. - The Board has the discretion to declare and distribute dividends, considering the Group's financial position and future cash requirements[177]. Management and Leadership - Mr. Hung Hon Man, aged 68, is the chairman and founder of the Group, overseeing corporate strategy and operations[96]. - Mr. Kam Eddie Shing Cheuk, aged 47, was appointed as CEO on June 1, 2022, and has over 25 years of experience in auditing and financial management[101]. - The management remains cautiously optimistic about future business development and overall performance, focusing on high-quality investments in Asia and Europe[66].

Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 236,976,000, a decrease of 5.2% compared to HKD 250,778,000 in the same period last year[4] - Customer contract revenue increased to HKD 38,238,000, up 29.2% from HKD 29,608,000 year-on-year[4] - Profit before tax for the period was HKD 165,780,000, representing a 40% increase from HKD 118,347,000 in the previous year[4] - Net profit for the period was HKD 128,782,000, compared to HKD 98,127,000 in the same period last year, reflecting a growth of 31.2%[4] - Total comprehensive income for the period was HKD 382,362,000, significantly higher than HKD 142,304,000 in the previous year, marking a 168.5% increase[6] - Basic earnings per share increased to HKD 1.07, up from HKD 0.81 in the same period last year, representing a growth of 32.1%[8] - For the six months ended September 30, 2021, the profit attributable to equity holders was HKD 103,090,000, compared to HKD 78,744,000 for the same period in 2020, representing a year-over-year increase of approximately 31.0%[53] - Basic earnings per share for the six months ended September 30, 2021, was HKD 1.07, up from HKD 0.81 in the same period of 2020, reflecting a growth of approximately 32.1%[61] Assets and Liabilities - The company reported a total asset value of HKD 7,090,525,000 as of September 30, 2021, compared to HKD 6,724,321,000 at the end of the previous reporting period[12] - Non-current assets, including investment properties, increased to HKD 1,298,540,000 from HKD 851,849,000, indicating a growth of 52.5%[10] - The company’s assets in Hong Kong increased to HKD 1,626,635,000 as of September 30, 2021, up from HKD 1,291,597,000 as of March 31, 2021, representing a growth of 25.9%[41] - The company reported unallocated liabilities of HKD 272,136,000 as of September 30, 2021, compared to HKD 178,209,000 as of March 31, 2021, showing an increase of 52.7%[37] - The company’s non-current assets in Hong Kong rose to HKD 1,626,635,000 as of September 30, 2021, compared to HKD 1,291,597,000 as of March 31, 2021, marking an increase of 25.9%[41] Cash Flow - The company’s cash and cash equivalents totaled HKD 1,485,539,000, compared to HKD 658,914,000 in the previous reporting period, showing a significant increase[10] - The company reported a net cash increase of HKD 826,837 thousand for the six months ended September 30, 2021, compared to a decrease of HKD 425,745 thousand in the same period of 2020[24] - Operating cash flow generated was HKD 889,108 thousand, a significant improvement from a negative cash flow of HKD 237,182 thousand in the previous year[24] - The total cash and cash equivalents at the end of the period amounted to HKD 1,485,539 thousand, up from HKD 479,450 thousand at the end of the previous year[24] Dividends - The company declared dividends amounting to HKD 96,628,000, compared to HKD 86,965,000 in the previous year, reflecting an increase of 11.5%[8] - The company declared an interim dividend of HKD 0.5 per share, maintaining the same level as the previous year, with total dividends paid amounting to HKD 48,314,000 for the six months ended September 30, 2021[46] - The proposed interim dividend of HKD 0.5 per share for the six months ended September 30, 2021, reflects the company's commitment to returning value to shareholders[6] Risk Management - The company maintains a rigorous risk management policy, particularly regarding capital risk management to optimize debt and equity balance for maximum shareholder returns[87] - The company faces cash flow interest rate risk due to accounts receivable, loans, and bank borrowings, but currently has no interest rate hedging policy in place[88] - The company monitors credit risk by setting limits on the risk amounts for borrowers and regularly reviews these limits[92] - The company has limited currency risk as most transactions are conducted in HKD, with only a minor exposure to GBP from an investment property in the UK[90] - The company has implemented measures to manage liquidity risk associated with timing differences in settlements with clearing houses and clients[94] Business Operations - The company’s main business includes investment holding, lending, property development, and financial services, including securities trading and brokerage services[26] - The company aims to enhance its investment strategies and expand its market presence through various financial services[26] - The company continues to adopt a prudent approach in managing credit risk and focuses on debt recovery during the period[107] - The company will maintain a balance between revenue and risk while implementing credit control measures in its margin financing business[111] Corporate Governance - The company has adhered to the corporate governance code as per the listing rules, with some deviations noted regarding the appointment of non-executive directors and the roles of the chairman and CEO[148] - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ending September 30, 2021[149] - All directors confirmed compliance with the standards set out in the Securities Trading Code during the review period[151] - The company is led by experienced executives, including the chairman and CEO, who believe that the current structure benefits overall operations[148] - The company has maintained a balanced power structure within the board, ensuring regular meetings to discuss operational matters[148] - The company has not specified a term for the appointment of non-executive directors, which deviates from the corporate governance code[148] - The chairman and CEO roles are held by the same individual, which is not in compliance with the corporate governance code[148] - The company has confirmed that all directors have adhered to the required standards of conduct during the review period[151] - The audit committee's review included the accounting principles and practices adopted by the group[149]

Annual Report 2021 年 報 GET NICE HOLDINGS LIMITED 結好控股有限 公 司 (Incorporated in the Cayman Islands with limited liability) 於 開 曼 群 島 註 冊 成立之 有 限 公 司 Stock code 股 份 代 號 : 64 CONTENTS 目錄 CORPORATE INFORMATION 2 公司資料 CHAIRMAN'S STATEMENT AND MANAGEMENT DISCUSSION AND ANALYSIS 主席報告書及管理層討論及分析 4 BIOGRAPHICAL DETAILS OF DIRECTORS 14 董事履歷 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|-------|-------|-------|-------|-------| ...

Financial Performance - Revenue for the six months ended September 30, 2020, was HKD 250,778,000, a decrease of 8.8% compared to HKD 275,060,000 in the same period last year[4] - The net loss from other gains and losses was HKD (24,779,000), compared to HKD (2,597,000) in the previous year, indicating a significant decline[4] - The pre-tax profit for the period was HKD 118,347,000, down 12.8% from HKD 135,647,000 in the prior year[4] - The net profit for the period was HKD 98,127,000, a decrease of 10.0% from HKD 109,067,000 year-on-year[4] - Total comprehensive income for the period was HKD 142,304,000, compared to HKD 94,820,000 in the previous year, reflecting an increase of 50.1%[7] - Basic and diluted earnings per share were both HKD 0.81, down from HKD 0.96 in the previous year, a decline of 15.6%[7] - The company reported a significant decline in net profit, with a loss of HKD (38,591) thousand compared to a profit of HKD 1,061,514 thousand in the previous year[18] - Profit attributable to the company's owners for the same period was approximately HKD 78.7 million, down from HKD 92.8 million in 2019[89] - Basic earnings per share decreased to HKD 0.81 from HKD 0.96 in the previous year[89] Assets and Liabilities - The total assets as of September 30, 2020, were HKD 6,078,935,000, an increase from HKD 5,899,920,000 at the end of the previous fiscal year[9] - The company’s total assets as of September 30, 2020, were HKD 6,638,008 thousand, reflecting a decrease from HKD 7,232,000 thousand in the previous year[18] - The company’s liabilities totaled HKD 1,257,235,000 as of September 30, 2020, compared to HKD 663,489,000 as of March 31, 2020, indicating a significant increase[36] - Total receivables as of September 30, 2020, amounted to HKD 4,133,324,000, an increase from HKD 3,564,867,000 as of March 31, 2020, indicating a growth of approximately 15.9%[56] - The company reported a provision for losses of HKD 223,443,000 for receivables as of September 30, 2020, compared to HKD 148,318,000 as of March 31, 2020, representing an increase of approximately 50.6%[55] Cash Flow - The company reported a net cash outflow from operating activities of HKD (237,182) thousand for the six months ended September 30, 2020, compared to HKD (31,815) thousand in the same period of 2019[23] - The net cash used in investing activities was HKD (599,954) thousand, a significant decrease from HKD 119,156 thousand in the previous year[23] - The company generated net cash from financing activities amounting to HKD 411,391 thousand, contrasting with a net cash outflow of HKD (189,138) thousand in the prior year[23] - The total cash and cash equivalents decreased by HKD (425,745) thousand, compared to a decrease of HKD (101,797) thousand in the same period last year[23] - The ending cash and cash equivalents stood at HKD 479,450 thousand, up from HKD 404,165 thousand at the end of the previous year[23] Dividends - The company declared dividends of HKD 86,965,000, a decrease from HKD 169,097,000 in the previous year, reflecting a reduction of 48.7%[7] - The company declared an interim dividend of HKD 0.5 per share for the six months ended September 30, 2020, down from HKD 0.75 per share in 2019[46] Business Segments - The brokerage segment generated revenue of HKD 29,850,000, while the corporate finance segment contributed HKD 860,000, and the investment segment brought in HKD 27,206,000 for the six months ended September 30, 2020[34] - The brokerage business recorded a profit of approximately HKD 8.1 million, compared to a loss of HKD 1.4 million in 2019, driven by increased turnover and larger corporate financing transactions[95] - Brokerage segment revenue increased by 50% to approximately HKD 29.9 million, up from HKD 19.9 million in the previous fiscal period[95] Risk Management - The company has a robust risk management policy in place to monitor financial risks, including market, credit, and liquidity risks[74] - Credit risk is managed through setting limits on the amount of risk per borrower and monitoring the credit quality of financial assets[79] - The company faces cash flow interest rate risk due to its receivables, loans, and bank borrowings, but currently has no interest rate hedging policy in place[75] Corporate Governance - The company has adhered to the corporate governance code but noted deviations regarding the appointment terms of non-executive directors and the roles of the chairman and CEO being held by the same individual[131] - All directors confirmed compliance with the trading code for securities during the review period[134] Employee Information - The total employee compensation cost for the period was HKD 12,500,000, compared to HKD 12,300,000 in 2019[114] - As of September 30, 2020, the company had 77 employees, a decrease from 78 employees on March 31, 2020[114]

Financial Performance - For the year ended March 31, 2020, the Group's revenue was approximately HK$524.5 million, a decrease of 6.7% compared to HK$561.9 million in the previous year[9]. - Profit attributable to owners of the Company was approximately HK$118.3 million, down from HK$195.1 million in 2019, primarily due to decreased revenue and increased net impairment losses[10]. - Basic earnings per share for the year were HK1.22 cents, a decrease from HK2.02 cents in the previous year[11]. - The decrease in revenue was mainly due to lower brokerage commissions and reduced turnover during the year[9]. - Interest income from margin financing and debt securities also decreased compared to the last financial year[9]. - The Group recorded a net impairment loss on accounts receivable from margin clients of HK$110.9 million, significantly higher than HK$20.1 million in the previous year[10]. - Imputed interest expenses from convertible bonds issued by GNFG were HK$31.2 million, down from HK$96.7 million in 2019[10]. - The Group did not record any loss on redemption of convertible bonds during the year, compared to a loss of HK$38.9 million in the previous year[10]. - The broking business posted a profit of approximately HK$1.4 million for the year ended 31 March 2020, a decrease of 90.8% from HK$15.2 million in 2019[27]. - Revenue from broking decreased by 26.9% to approximately HK$41.4 million in the year ended 31 March 2020, down from HK$56.6 million in 2019[27]. - Total interest income from securities margin financing dropped by 4.4% to approximately HK$325.2 million in the year ended 31 March 2020, compared to HK$340.3 million in 2019[27]. - The investments division reported a loss of HK$62.6 million for the year, compared to a profit of HK$59.2 million in 2019, primarily due to fair value losses on investment properties of HK$86.6 million[29]. Market Conditions - The market outlook remains cautious due to ongoing US-China trade tensions and political events affecting investor confidence[18]. - The Hang Seng Index closed at 23,603 points at the end of March 2020, a decrease of 18.8% compared to 29,051 points at the end of March 2019[24]. - Average daily turnover on the Main Board and GEM during the year ended 31 March 2020 was approximately HK$92.2 billion, a decrease of 4.4% from approximately HK$96.4 billion for the prior financial year[24]. - The COVID-19 pandemic caused disruptions in various business segments globally, leading to a liquidity crunch and panic selling in the markets[20]. - The local property market in Hong Kong shrank, with overall residential property prices dropping due to various economic pressures including the US-China trade war and the COVID-19 pandemic[24]. - The overall economic environment is expected to remain weak, with uncertainties from the potential restart of the US-China trade war and the impact of COVID-19 on business operations[34]. Business Strategy and Outlook - The Group aims to enhance its market position through strategic initiatives and potential market expansions in response to current economic conditions[17]. - The company will continue to maintain a balance on yield relative to risk and adopt a cautious approach to credit control in its margin financing business[27]. - The Group's management remains cautiously optimistic about future business development and overall performance, focusing on quality investment properties in Asia and Europe[38]. - The Group aims to enhance its investment portfolio and provide steady rental income while managing risks prudently[38]. Corporate Governance - The company has complied with the Corporate Governance Code throughout the year ended 31 March 2020, except for a deviation from Code Provision A.4.1 regarding the appointment of non-executive directors[66]. - The board is committed to establishing good corporate governance practices to ensure transparency and accountability to shareholders[64]. - The independent non-executive directors have extensive experience in finance and investment, contributing to the company's governance[59]. - The Company aims to be a transparent and responsible organization, fostering trust among its investors[64]. - The Board currently comprises six Directors, with more than one-third being non-executive and independent of management[77]. - The Board has adopted a board diversity policy to enhance effectiveness, considering factors such as gender, age, culture, and professional experience[80]. - The Company has arranged liability insurance for its Directors and officers, reviewed annually to ensure adequate protection against potential legal liabilities[84]. - The Company has established a Nomination Committee, Remuneration Committee, and Audit Committee with defined terms of reference[108]. - The Company considers various factors, including reputation and experience, when assessing the suitability of director candidates[114]. Financial Position - As of March 31, 2020, the Group's net current assets amounted to HK$5,244.3 million, an increase from HK$4,986.5 million in 2019, with a current ratio of 9 times compared to 3.97 times in 2019[41]. - The Group's bank balances and cash on hand increased to HK$905.2 million from HK$505.9 million in 2019, primarily due to the redemption of an unlisted redeemable note of HK$300 million and a decrease in gross loans and advances by approximately HK$415.3 million[41]. - The Group had no bank borrowings as of March 31, 2020, down from HK$50 million in 2019, with unutilized banking facilities of approximately HK$1,083 million compared to HK$1,033 million in 2019[41]. - The equity attributable to owners of the Company was approximately HK$5,467.1 million as of March 31, 2020, reflecting a slight increase of approximately HK$2 million or 0.04% from the previous year[38]. - The Group's gearing ratio as of March 31, 2020, was 0.01, a decrease from 0.06 in 2019, indicating a stronger equity position[41]. Remuneration and Dividends - The total remuneration cost for employees was HK$24.5 million for the year, up from HK$23.4 million in 2019[44]. - The Board recommended a final dividend of HK0.4 cents per share, leading to total dividends of HK1.15 cents per share for the financial year[44]. - The Company has adopted a dividend policy to maintain adequate cash reserves for future growth when recommending or declaring dividends[107]. - The Board has the discretion to declare and distribute dividends, subject to Shareholders' approval for any final dividend for a financial year[107]. Risk Management - The Group's risk management policy and risk appetite statement were established, defining the types of risk the Group is prepared to pursue, retain, or tolerate[147]. - The internal audit personnel presented a report to the Audit Committee, confirming the adequacy and effectiveness of the Group's internal controls, including financial, operational, and compliance aspects[147]. - The Board confirmed that the risk management and internal control systems were reviewed and considered effective and adequate[148]. - The Group's independent audit function assists in regular reviews to ensure compliance with relevant laws and regulations[146].

Financial Performance - The company reported revenue of HKD 275,060,000 for the six months ended September 30, 2019, a decrease of 1.8% compared to HKD 280,567,000 in the same period last year[4]. - The company experienced a net loss of HKD 55,432,000 in impairment losses on receivables, significantly higher than HKD 5,719,000 in the previous year, indicating a 868.5% increase[4]. - The pre-tax profit for the period was HKD 135,647,000, down 18.3% from HKD 165,932,000 in the prior year[4]. - The net profit for the period was HKD 109,067,000, a decrease of 13.2% compared to HKD 125,546,000 in the same period last year[4]. - The total comprehensive income for the period was HKD 94,820,000, down 21.9% from HKD 121,687,000 in the previous year[8]. - Basic earnings per share decreased to HKD 0.96 from HKD 1.14, reflecting a decline of 15.8%[8]. - The company reported a total revenue of HKD 6,670,118 thousand for the period ending September 30, 2019[20]. - The profit attributable to equity holders for the six months ended September 30, 2019, was HKD 92,775,000, a decrease of 15.7% compared to HKD 110,075,000 in 2018[54]. - The brokerage business recorded a loss of approximately HKD 1.4 million, a decline of 124.1% compared to a profit of HKD 5.8 million in 2018, with revenue decreasing by 36.2% to approximately HKD 19.9 million[110]. Assets and Liabilities - The company’s non-current assets totaled HKD 1,661,678,000 as of September 30, 2019, compared to HKD 1,652,917,000 as of March 31, 2019, showing a slight increase of 0.5%[11]. - The company’s total assets amounted to HKD 1,279,422 thousand, reflecting a stable asset base[20]. - The total assets as of September 30, 2019, amounted to HKD 7,988,188,000, compared to HKD 8,318,165,000 as of March 31, 2019, indicating a reduction of 3.9%[40]. - The company’s liabilities were reported at HKD 5,474,836 thousand, indicating a significant leverage position[20]. - The total liabilities as of September 30, 2019, were HKD 1,384,124,000, a decrease from HKD 1,685,283,000 as of March 31, 2019, reflecting a decline of 17.9%[40]. - The company’s cash and cash equivalents in customer accounts decreased to HKD 796,312,000 from HKD 1,143,120,000, a decline of 30.4%[11]. - The company reported a bank loan of HKD 250,000 thousand, significantly up from HKD 50,000 thousand, indicating a 400% increase[13]. - The total loans and advances as of September 30, 2019, amounted to HKD 868,007,000, down from HKD 1,086,200,000 as of March 31, 2019[65]. - The total liabilities from accounts payable decreased from HKD 1,196,203,000 to HKD 914,413,000, showing improved liquidity management[78]. Cash Flow - For the six months ended September 30, 2019, the net cash used in operating activities was HKD (31,815) thousand, a significant decrease from HKD 248,475 thousand in the same period of 2018[25]. - The net cash generated from investing activities was HKD 119,156 thousand, compared to a net cash used of HKD (153,839) thousand in the previous year[25]. - The net cash used in financing activities was HKD (189,138) thousand, an improvement from HKD (346,957) thousand in the same period of 2018[25]. - The total cash and cash equivalents decreased by HKD (101,797) thousand, compared to a decrease of HKD (252,321) thousand in the prior year[25]. - As of September 30, 2019, the cash and cash equivalents balance was HKD 404,165 thousand, down from HKD 496,966 thousand at the end of the previous year[25]. Dividends and Share Capital - The company declared dividends of HKD 169,097,000, down from HKD 193,254,000 in the previous year, representing a decrease of 12.5%[8]. - The proposed interim dividend for the six months ended September 30, 2019, is HKD 0.75 per share, compared to HKD 1.00 per share in the same period of 2018[47]. - The total issued and paid-up share capital as of September 30, 2019, was 9,662,706 thousand shares, amounting to HKD 966,270 thousand[83]. - The company has a stock option plan that allows for the issuance of up to 671,021,393 shares, representing 10% of the issued shares as of August 20, 2015[143]. - As of September 30, 2019, Mr. Hong Han-man held 2,898,049,874 shares, representing 29.99% of the company's issued share capital[135]. Risk Management - The company maintains a rigorous risk management policy, focusing on capital risk management to optimize debt and equity balance for maximum shareholder returns[86]. - The company faces cash flow interest rate risk due to accounts receivable, loans, and bank borrowings, with no current interest rate hedging policy in place[87]. - Credit risk is managed by setting limits on exposure to borrowers and monitoring their repayment capabilities regularly[91]. - The company faces liquidity risk due to timing differences in settlements with clearing houses and clients, which is managed through close collaboration between treasury and settlement departments[94]. - The company does not face significant currency risk as most transactions are conducted in HKD, with a potential 5% fluctuation in the HKD to GBP exchange rate deemed not materially impactful[90]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules, with some deviations noted regarding the appointment of non-executive directors[151]. - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ended September 30, 2019[152]. - All directors confirmed compliance with the required standards of the securities trading code throughout the review period[154]. - The company continues to maintain a balanced power structure within the board, ensuring effective governance despite some deviations from the corporate governance code[151]. - The company has not been informed of any other relevant interests or short positions in its issued share capital as of September 30, 2019[149].

Financial Performance - For the year ended March 31, 2019, the Group's revenue was approximately HK$561.9 million, a decrease of 3.9% compared to HK$584.8 million in the previous year[7] - Profit attributable to owners of the Company was approximately HK$195.1 million, down from HK$297.1 million in 2018, primarily due to decreased revenue and increased finance costs[7] - Basic earnings per share for the year were HK2.02 cents, compared to HK3.34 cents in 2018, reflecting the decrease in profit[7] - The Group recorded imputed interest expenses of HK$96.7 million from convertible bonds issued by Get Nice Financial Group Limited, an increase from HK$57.7 million in the previous year[7] - Loss on redemptions of convertible bonds amounted to HK$38.9 million during the year, with total principal amounts of HK$262.5 million[7] - Impairment losses on loans to securities margin clients and loans and advances were HK$20.1 million and HK$16.5 million, respectively, compared to nil in the previous year[7] - The decrease in revenue was mainly attributed to a reduction in brokerage commission due to lower turnover during the year[7] - Interest income from margin financing, money lending, debt securities, and property rental income recorded an increase compared to the last financial year[7] - The Group's financial performance was impacted by the loss on redemptions and recognition of impairment losses during the current year[7] - The slight decrease in revenue was offset by increases in interest income from various business segments[7] Market Conditions - The Hang Seng Index closed at 29,051 points at the end of March 2019, down from 30,093 points at the end of March 2018, reflecting a decline in market performance[10] - The average daily turnover on the Main Board and GEM during the year ended 31 March 2019 was approximately HK$96.4 billion, a decrease of 9.2% compared to approximately HK$106.2 billion for the previous year[10] - The Hong Kong stock market experienced a decline in monthly turnover trends during the current year, reflecting global economic and political issues[10] - Concerns over decelerating economic activity in China contributed to increased market pessimism and a decline in credit to the real economy[10] Business Segments Performance - The broking business reported a profit of approximately HK$15.2 million for the year ended 31 March 2019, a decrease of 76.6% from HK$64.9 million in 2018[12] - Revenue from broking decreased by 41.8% to approximately HK$56.6 million in 2019, down from HK$97.2 million in 2018[12] - The underwriting, placing, and proof of funds business contributed approximately HK$12.7 million in 2019, compared to HK$26.1 million in 2018, due to a decrease in the number of deals[12] - Money lending business recorded profit before tax of HK$85.6 million for the year ended 31 March 2019, compared to HK$99.3 million in 2018[15] - The investments division reported a profit of HK$59.2 million for the year, up from HK$29.8 million in 2018[17] Investment and Property - The Group's portfolio of investment properties had a total fair value of HK$881.9 million as at 31 March 2019, an increase from HK$788.1 million in 2018[17] - The investment portfolio's total fair value decreased to HK$815.1 million as at 31 March 2019, down from HK$894.3 million in 2018[17] - The Group acquired two investment properties in Hong Kong for a total consideration of HK$40 million during the year[17] - Rental income increased to HK$12.6 million in 2019, compared to HK$8 million in 2018[17] Corporate Governance - The Company has complied with the Corporate Governance Code provisions throughout the year ended 31 March 2019, except for a deviation from Code Provision A.4.1 regarding the appointment term of independent non-executive Directors[47] - The independent non-executive Directors are subject to retirement by rotation and re-election at least once every three years, rather than being appointed for a specific term[47] - The roles of the chairman and CEO are performed by the same individual, which is a non-compliance with Code Provision A.2.1, but the Board believes this structure does not impair the balance of power[51] - The Company is committed to good corporate governance practices to maintain and promote investor confidence[47] - The Board has established a Nomination Committee, Remuneration Committee, and Audit Committee with defined terms of reference[82] Risk Management - The Board established a risk management policy and risk appetite statement, defining the types of risks the Group is prepared to pursue, retain, or tolerate[110] - A risk register was maintained to document risks and actions for ongoing management, ensuring effective communication to the Board and senior management[110] - Senior management is responsible for maintaining and reviewing the effectiveness of the Group's risk control to minimize operational risks[110] Environmental, Social, and Governance (ESG) - The Group's commitment to environmental issues is reflected in its acknowledgment of being part of the 'global village' and its efforts to utilize resources more efficiently[141] - The Group's ESG report is prepared in accordance with the "Comply or Explain" provisions, focusing on key performance indicators and material issues[141] - The Group emphasizes the importance of sustainable development as a key element of its vision and aims to reduce its environmental impact[141] - The Group has implemented measures to promote stakeholder relations and communications, including issuing annual and interim reports and arranging stakeholder meetings[139] Employee Welfare and Diversity - The Group had 78 full-time employees at the end of the Reporting Period, indicating a commitment to hiring talent with financial experience from various countries[178] - Employee gender distribution shows 42% male and 58% female, reflecting a diverse workforce[180] - The Group emphasizes equal employment opportunities regardless of gender, race, or disability, ensuring fair treatment in recruitment and promotion[183] - The Group encourages female participation in top management and managerial roles, promoting diversity in leadership[185] Future Outlook - The Group remains cautiously optimistic about future business development despite a competitive environment, with opportunities expected from the Greater Bay Area and China's Belt & Road initiative[24] - Management plans to continue seeking quality investment properties in Asia and Europe, as well as securities with good potential to enhance the investment portfolio[23]