Core Viewpoint - Global Credit Group (01669.HK) announced the establishment of twelve renewal loan agreements with a total amount of HKD 30,582,947, replacing fourteen previous loan agreements with an outstanding principal of the same amount [1] Group 1: Loan Agreements - The new loan agreements will be effective from August 1, 2025, involving borrowers A, B, or C [1] - Prior to the new agreements, Global Credit had established twenty-one original loan agreements with a total principal amount of HKD 39,787,893 [1] - The outstanding principal amount of the fourteen previous loan agreements being replaced is HKD 30,582,947 [1] Group 2: Business Operations - The company primarily engages in providing property mortgage loans and personal loans in Hong Kong under the Money Lenders Ordinance [1] - Global Credit acts as the lender for both the new and previous loans, being an indirect wholly-owned subsidiary of the company [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GLOBAL INTERNATIONAL CREDIT GROUP LIMITED 環球信貸集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1669） 須 予 披 露 交 易 提 供 財 務 資 助 提供貸款 董事會欣然宣布，於二零二五年八月一日，環球信貸(為作放貸人) 與客 戶 A、 客 戶 B 或 客 戶 C，作為借款人，訂立十二項續約貸款協議，據此，環球信貸 同意授出十二項總金額為30,582,947港元的 有 抵 押 貸 款 。 於訂立新貸款協議前，環球信貸(作為放貸人) 已訂立前貸款協議向客 戶 A、客 戶 B 或 客 戶 C 授 出 二 十 一項原貸款本金總額為39,787,893港元的有抵押貸款 。 當中未償還本金總額為30,582,947港元的十 四項前貸款協議將由新貸款協議取替。 本集團主要根據放債人條例於香港從事提供物業按揭貸款及私人貸款的貸款 業務。環球信貸，作為新貸款及 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 環球信貸集團有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01669 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/ ...

Key Points - As of June 10, 147 stocks reached their 52-week highs, with Rongtai Group (01172), Shide Global (00487), and Nanshun (Hong Kong) (00411) leading the high rate at 90.48%, 75.24%, and 56.25% respectively [1] - The highest closing prices for the top three stocks were 0.055, 0.144, and 12.980 respectively, with their peak prices reaching 0.080, 0.184, and 17.000 [1] - Other notable stocks that reached new highs include China Rare Earth (00769) at 24.64%, China Silver Group (00815) at 16.67%, and 51 Credit Card (02051) at 16.28% [1] - The report also highlights a list of stocks that reached their 52-week lows, with the lowest being Cornerstone Financial (08112) at -13.51% [4] - The stock market shows a mix of performance, with some stocks experiencing significant gains while others are declining [4][5]

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

Financial Performance - Revenue increased modestly by HK$2.0 million or 2.3% from HK$87.9 million in FY2023 to HK$89.9 million in FY2024[15]. - Net profit for FY2024 decreased by HK$4.5 million or 9.0% to HK$45.8 million compared to HK$50.3 million in FY2023[15]. - Impairment losses on loans and interest receivables rose to HK$10.0 million in FY2024 from HK$4.7 million in the prior year, impacting profitability[15]. - Profit and total comprehensive income decreased by 9.0% from HK$50.3 million in FY2023 to HK$45.8 million in FY2024[52][58]. - Administrative expenses increased from HK$22.7 million in FY2023 to HK$25.1 million in FY2024, representing an increase of HK$2.4 million or 10.6%[36]. - Employee benefit expenses rose by HK$1.4 million or 13.1% from HK$10.7 million in FY2023 to HK$12.1 million in FY2024[37]. - Other income increased by HK$0.5 million from HK$1.8 million in FY2023 to HK$2.3 million in FY2024, mainly due to an increase in bank interest income[34]. - Finance costs decreased by 25.0% from HK$0.4 million in FY2023 to HK$0.3 million in FY2024 due to a reduction in average borrowings[48][54]. - The effective tax rate increased from 16.4% in FY2023 to 16.9% in FY2024[51][57]. Loan Portfolio and Credit Risk - The Group's gross loans receivable and repossessed assets declined by HK$91.5 million or 10.8% from HK$845.0 million as of December 31, 2023, to HK$753.5 million as of December 31, 2024[15]. - The Group's gross loans receivable decreased by approximately HK$88.6 million or 10.6% from HK$834.7 million as of December 31, 2023, to HK$746.1 million as of December 31, 2024[26]. - The overall weighted average loan-to-value ratio was managed at 60.7% as of December 31, 2024, indicating a cautious credit policy[18]. - The overall weighted average loan-to-value ratio was maintained at 60.7% as of December 31, 2024, up from 60.0% in 2023[29]. - As of December 31, 2024, approximately 97% of remaining credit impaired loans and interest receivables were first mortgage loans[46]. - The Group's principal loan products include first mortgage loans and subordinated mortgage loans, with approximately 70% of the portfolio secured by residential properties[79]. - The standard annual interest rates for mortgage loans during FY2024 ranged from 8% to 25.0%[80]. - The Group will focus on enhancing its loan portfolio by minimizing exposure to high-risk segments and adjusting pricing strategies[64]. - The management will continue to conduct its loan business cautiously and actively manage credit risks amid upcoming challenges[18]. Market Conditions - The Hong Kong property market saw a decline in residential property prices by 7.2% during the year, influenced by high-interest rates and reduced investor confidence[13]. - The Private Domestic Property Price Index in Hong Kong fell by 7.2% from 311.3 in December 2023 to 288.9 in December 2024[25]. - The economic outlook for 2025 indicates potential loan growth supported by moderating geopolitical tensions and interest rate reductions, although the property market remains a concern[59]. Corporate Governance - The company has adopted and complied with the relevant code provisions under the Corporate Governance Code as of December 31, 2024, with the exception of the roles of chairman and chief executive being held by the same individual, Ms. Wang Yao[124]. - The Board currently comprises six Directors, including three executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience in various fields[128]. - The independent non-executive Directors have confirmed their independence in accordance with the Listing Rules, and the company considers them to be independent[131]. - The company emphasizes high-quality governance, sound internal controls, and transparency to all shareholders[123]. - The Board has established three committees: Audit, Remuneration, and Nomination, each with defined written terms of reference[170]. - The Audit Committee, consisting of independent non-executive Directors, was established on November 22, 2014, to oversee the Company's financial reporting and audit processes[171][176]. - The Audit Committee's primary duties include reviewing the Group's financial policies, ensuring coordination between internal and external auditors, and monitoring the effectiveness of internal controls[178]. - The Board will continue to review the appropriateness of the current structure regarding the roles of chairman and chief executive[124]. - The company will propose amendments to its corporate governance policies as necessary to ensure compliance with the Code Provisions[125]. Employee and Management - The Group employed 19 full-time employees as of December 31, 2024, compared to 18 in the previous year[100]. - Total employee benefit expenses for FY2024 were HK$12.1 million, an increase from HK$10.7 million in FY2023[100]. - Continuous professional development (CPD) is arranged for all Directors to update their knowledge on relevant statutes and corporate governance practices[158]. - The remuneration policy for Directors is linked to their performance and the profitability of the Company during the year[188]. - The Group maintains strong relationships with employees and customers to ensure sustainable development[94]. Risk Management - The Group has implemented policies for continuous monitoring of the property market and collateral values to mitigate market risks[88]. - The Group's operational risk management is guided by standard operating procedures and regular assessments of key operational exposures[87]. - The company has effective risk management and internal control systems in place to provide adequate checks and balances[124].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 89,879,000, an increase of 2.3% from HKD 87,860,000 in 2023[4] - Other income rose to HKD 2,256,000, up 28.5% from HKD 1,756,000 in the previous year[4] - Profit before tax decreased to HKD 55,047,000, down 8.8% from HKD 60,157,000 in the prior year[4] - Net profit attributable to owners of the company was HKD 45,760,000, a decline of 9.4% from HKD 50,304,000 in 2023[4] - Basic earnings per share decreased to HKD 11.4, down from HKD 12.6, reflecting a 9.5% decline[4] - The group's profit and total comprehensive income for fiscal year 2024 was HKD 45,800,000, a decrease of HKD 4,500,000 or 9.0% from HKD 50,300,000 in fiscal year 2023[57] Expenses and Liabilities - Administrative expenses increased to HKD 25,055,000, representing a rise of 10.2% compared to HKD 22,714,000 in 2023[4] - Total employee benefit expenses, including director remuneration, rose to HKD 12,072,000 in 2024, up from HKD 10,722,000 in 2023, reflecting a 12.6% increase[17] - The total tax expense for the year ended December 31, 2024, was HKD 9,287,000, compared to HKD 9,853,000 in 2023, indicating a decrease of 5.7%[22] - The company recorded a credit loss expense of HKD 8,431,000 for the year ended December 31, 2024, compared to HKD 4,683,000 in 2023, reflecting an increase of 79.5%[18] - Total liabilities decreased to HKD 12,847,000 from HKD 15,616,000, indicating a reduction of 17.7%[6] Assets and Cash Flow - Total assets as of December 31, 2024, amounted to HKD 953,731,000, a slight increase from HKD 930,740,000 in 2023[5] - Cash and cash equivalents increased significantly to HKD 181,823,000 from HKD 52,317,000, representing a growth of 248%[5] - The current ratio improved from 44.8 times on December 31, 2023, to 57.7 times on December 31, 2024[62] - The return on total assets decreased from 5.4% on December 31, 2023, to 4.8% on December 31, 2024[64] - The return on equity decreased from 5.5% on December 31, 2023, to 4.9% on December 31, 2024[64] Revenue Sources and Market Conditions - The company's total revenue is generated from mortgage and personal loan businesses in Hong Kong, with no external revenue or assets reported from outside Hong Kong[15] - The local GDP growth in Hong Kong was approximately 2.5%, supported mainly by external factors, while local consumption remained weak[40] - The property price index in Hong Kong decreased by 7.2% from December 2023 to December 2024, indicating a decline in the real estate market[40] Dividends and Shareholder Information - The company plans to propose a final dividend of 5.0 HK cents per share, totaling HKD 20,000,000 for the year ended December 31, 2024[27] - The proposed final dividend is HKD 0.005 per ordinary share, totaling HKD 20,000,000[75] - The company's shareholder register will be temporarily suspended from May 30, 2025, to June 4, 2025, for the upcoming annual general meeting[76] - The final dividend will be paid to shareholders listed on the register as of June 16, 2025, with the register suspended from June 12, 2025, to June 16, 2025[77] Future Outlook and Strategy - The company will focus on enhancing its loan portfolio and reducing exposure to high-risk areas in the uncertain environment[58] - The company has no significant capital expenditure commitments as of December 31, 2024[60] - The company has no major investments or acquisitions during the fiscal year 2024[65] - The company has no significant contingent liabilities as of December 31, 2024[67] Governance and Meetings - The chairman and president of the company is Wang Yao, with other executive and independent non-executive directors listed[80] - The annual performance announcement for the year ending December 31, 2024, will be published on the Hong Kong Stock Exchange and the company's website[78] - The annual general meeting will be held on June 4, 2025, with relevant documents to be published on the company's website[79]

Financial Reporting and Compliance - The Group's interim financial information is prepared in accordance with HKAS 34, with no significant issues identified during the review[5]. - The report covers the condensed consolidated interim financial position as of June 30, 2024, and the related comprehensive income for the six-month period[3]. - The Group's financial statements include the interim statement of changes in equity and cash flows for the same period[3]. - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410, focusing on financial and accounting inquiries[4]. - The Group's financial information is deemed to be materially accurate and compliant with relevant accounting standards[5]. - The report was issued by BDO Limited, a certified public accountant firm, confirming the integrity of the financial data[5]. - The Group's management is responsible for the preparation and presentation of the financial information[4]. - The review does not express an audit opinion, indicating a different scope of assurance[4]. - The financial information includes material accounting policy information relevant to the Group's operations[3]. - The report is intended solely for the Board of Directors of Global International Credit Group Limited[4]. Revenue and Profitability - Revenue for the six months ended June 30, 2024, was HK$46,457,000, an increase of 5.2% compared to HK$44,179,000 in the same period of 2023[6]. - Profit before income tax for the period was HK$29,443,000, a decrease of 9.4% from HK$32,507,000 in the previous year[6]. - Profit attributable to owners of the Company for the period was HK$24,696,000, down 9.9% from HK$27,410,000 in 2023[6]. - Basic and diluted earnings per share decreased to 6.2 HK cents from 6.9 HK cents year-over-year[6]. - Administrative expenses totaled HK$12,367,000 for the six months ended June 30, 2024, up 13.0% from HK$10,935,000 in 2023[29]. - The Group's profit and total comprehensive income decreased by approximately HK$2.7 million or 9.9%, from approximately HK$27.4 million to approximately HK$24.7 million for the six months ended 30 June 2024[79]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to HK$963,832,000, an increase of 3.6% from HK$930,740,000 at the end of 2023[8]. - Total equity attributable to owners of the Company increased to HK$919,820,000 from HK$915,124,000[7]. - Current assets rose to HK$641,116,000, up 18.7% from HK$539,943,000 at the end of 2023[8]. - Cash and cash equivalents significantly increased to HK$125,851,000 from HK$52,317,000, reflecting a growth of 140.5%[8]. - Non-current liabilities decreased to HK$2,468,000 from HK$3,587,000, a reduction of 30.3%[9]. - Total liabilities decreased to HK$44,012,000 from HK$15,616,000, indicating a significant reduction in financial obligations[9]. Cash Flow and Financing Activities - Net cash generated from operating activities for the six months ended June 30, 2024, was HK$96,739,000, a decrease of 20.7% compared to HK$122,078,000 in 2023[12]. - Cash and cash equivalents at the end of the period increased to HK$125,851,000, up 15.9% from HK$108,504,000 in 2023[12]. - Net cash used in financing activities was HK$22,098,000, significantly lower than HK$65,263,000 in the previous year, indicating improved cash management[12]. Loans and Credit Risk - The Group's revenue is solely derived from the money lending business, specifically property mortgage loans and personal loans in Hong Kong, with no segment analysis provided[22]. - The maximum exposure to credit risk for loans receivable is the carrying amount of HK$723,450,000 as of June 30, 2024[43]. - The provision for impairment losses on loans receivable totaled HK$7,958,000 as of June 30, 2024, down from HK$9,993,000[41]. - The maturity profile of loans receivable shows current loans at HK$413,741,000, with over 1 year and within 5 years at HK$135,275,000, and over 5 years at HK$166,476,000[44]. - The Group continues to implement stringent credit control measures to minimize associated credit risk during the reporting period[66]. Taxation - The Hong Kong Profits Tax for the current year was HK$4,747,000, an increase from HK$5,097,000 in the previous year[33]. - As of 30 June 2024, a tax provision of HK$4,522,000 has been made in respect of tax enquiries[35]. - The Group's effective tax rate increased from 15.7% to 16.1% for the same periods[79]. Corporate Governance and Shareholder Information - The Company has complied with the Corporate Governance Code provisions except for the roles of chairman and chief executive being held by the same individual, which the Board believes ensures consistent leadership[126]. - The Company confirmed that all Directors complied with the required standards of the Model Code for securities transactions throughout the six months ended June 30, 2024[128]. - The Share Option Scheme aims to provide incentives and recognize contributions from Eligible Participants to support the long-term growth of the Group[112]. - No share options were granted, exercised, lapsed, or cancelled during the six months ended June 30, 2024, with 40,000,000 options available for grant as of both January 1, 2024, and June 30, 2024[124]. - Ms. Jin Xiaoqin holds a 75% interest in the company through a controlled corporation, owning 300,000,000 shares[101]. Market Conditions and Future Outlook - The Group anticipates a mild expansion in the Hong Kong economy in the second half of 2024, but faces challenges due to prolonged high-interest rates and changing local consumption patterns[93]. - Loan growth momentum may be constrained due to conservative risk preferences in business and real estate investments[93]. - The anticipated trend of lower interest rates by the US Federal Reserve may help stabilize the property market in Hong Kong and improve investment sentiment[93].

Revenue and Profitability - Revenue for the six months ended June 30, 2024, was HKD 46,457,000, an increase of 5.1% from HKD 44,179,000 in the same period of 2023[1] - Profit before tax for the period was HKD 29,443,000, down from HKD 32,507,000, representing a decrease of 6.3%[1] - Profit attributable to owners of the company was HKD 24,696,000, down from HKD 27,410,000, a decline of 9.9%[1] - The company reported a decrease in interest receivables from related parties, with interest expenses amounting to HKD 188,000 for the six months ended June 30, 2024[29] - The group's profit and total comprehensive income decreased by approximately HKD 2,700,000 or 9.9% to about HKD 24,700,000 for the six months ending June 30, 2024[39] Expenses and Losses - Administrative expenses increased to HKD 12,367,000, up from HKD 10,935,000, reflecting a rise of 12.2%[1] - The impairment loss on receivables and recoverable assets increased to approximately HKD 5,000,000 for the six months ending June 30, 2024, compared to about HKD 1,000,000 for the same period in 2023[35] - The company incurred finance costs of HKD 148,000 for lease liabilities in the six months ended June 30, 2024, compared to HKD 82,000 in the same period of 2023[11] Assets and Equity - Total assets as of June 30, 2024, were HKD 963,832,000, an increase from HKD 930,740,000 at the end of 2023[2] - Current assets increased to HKD 641,116,000 from HKD 539,943,000, marking an increase of 18.7%[2] - Total equity attributable to owners of the company was HKD 919,820,000, up from HKD 915,124,000, showing a slight increase of 0.3%[3] - As of June 30, 2024, the company's receivables amounted to HKD 723,450,000, down from HKD 834,670,000 as of December 31, 2023[20] Earnings Per Share - Basic and diluted earnings per share were HKD 6.2, compared to HKD 6.9 in the previous year, reflecting a decrease of 10.1%[1] - Basic earnings per share for the six months ended June 30, 2024, were HKD 6.2, down from HKD 6.9 in the same period of 2023[16] Taxation - The company’s total tax expense for the six months ended June 30, 2024, was HKD 4,747,000, compared to HKD 5,097,000 for the same period in 2023[13] - The actual tax rate increased from 15.7% to 16.1% for the six months ending June 30, 2024[38] Cash Flow and Liquidity - Cash and cash equivalents increased by approximately HKD 73,600,000 to about HKD 125,900,000 as of June 30, 2024[40] - The average month-end balance of receivables increased by approximately HKD 6,300,000 or 0.8% to about HKD 830,500,000 for the six months ending June 30, 2024[32] Credit Quality and Provisions - The company recorded a provision for credit losses of HKD 7,958,000 for the receivables as of June 30, 2024, compared to HKD 9,993,000 as of December 31, 2023, indicating an improvement in credit quality[20] - Interest receivables (net of provisions) were HKD 6,355,000 as of June 30, 2024, down from HKD 12,778,000 as of December 31, 2023, representing a decline of 50.3%[22] - The aging analysis of interest receivables (net of provisions) shows that overdue amounts over 90 days decreased significantly from HKD 4,880,000 to HKD 533,000[23] Market Outlook and Strategy - The outlook for the Hong Kong economy is challenging, with expected moderate growth in the second half of 2024, influenced by high interest rates and changing consumer patterns[49] - The group plans to maintain prudent risk management policies and credit review processes to control the quality of its loan portfolio while seizing business opportunities[49] - There are currently no major investment or large-scale new product launch plans, but the group will continue to improve existing products and services[49] Dividends - The company did not recommend an interim dividend for the six months ended June 30, 2024, while the final dividend for the year ended December 31, 2023, was HKD 0.05 per share, totaling HKD 20,000,000[18] - The board does not recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous year[55] Audit and Review - The audit committee has reviewed the interim financial results for the six months ended June 30, 2024, and recommended approval to the board[54]

Financial Performance - Revenue declined by HK$2.6 million or 2.9% to HK$87.9 million in FY2023 compared to HK$90.5 million in the prior year[13]. - The Group's profit and total comprehensive income for FY2023 was HK$50.3 million, a decrease of HK$0.7 million or 1.4% compared to HK$51.0 million in FY2022[49]. - The Group's revenue for FY2023 decreased by HK$2.6 million or 2.9% to HK$87.9 million from HK$90.5 million in FY2022[25]. - The gross loans receivable decreased by approximately HK$36.8 million or 4.2% from approximately HK$871.5 million as at 31 December 2022 to HK$834.7 million as at 31 December 2023[25]. - The average month-end balance of aggregate loans receivable decreased by HK$25.9 million or 3.1% from HK$848.6 million for FY2022 to HK$822.7 million for FY2023[29]. - The Group recorded a provision for impairment losses on loans receivable of HK$4.7 million in FY2023, compared to HK$3.3 million in FY2022[28]. - The effective tax rate slightly decreased from 16.5% in FY2022 to 16.4% in FY2023[48]. - The total employee benefit expenses for the Group in 2023 were HK$10.7 million, an increase from HK$10.5 million in 2022, reflecting a growth of approximately 1.9%[104]. Loan Portfolio and Risk Management - The overall weighted average loan-to-value ratio was managed at 60.0% as of December 31, 2023, indicating a cautious credit policy[14]. - The Group's strategic focus remains on lower-risk first mortgage loans to cope with increasing funding cost pressures[12]. - Approximately 70% of the Group's mortgage loans are secured by residential properties, with the remaining 30% secured by commercial, industrial properties, and car park spaces as of December 31, 2023[81][83]. - The Group continuously monitors credit risk through established policies and procedures, including due diligence on loan applications[82][84]. - The Group has established sufficient risk management procedures to control various types of risks, ensuring the best interests of the Group and its shareholders[96]. - The Group is actively monitoring the property market trends and potential discounts on repossessed assets[116]. - The Group's credit assessments were crucial in determining the loan agreements, reflecting a strategic approach to risk management[116]. Market Conditions - Hong Kong residential property prices dropped by 7.0% in 2023 and have decreased over 20% since their peak in September 2021[12]. - The economic recovery in Hong Kong remains patchy, influenced by high interest rates and policy uncertainty[12]. - Market conditions in Hong Kong, including economic factors and property market trends, significantly impact the Group's business performance and loan portfolio growth[90][93]. Corporate Governance - The company has adopted and complied with the relevant code provisions under the Corporate Governance Code, ensuring high standards of corporate governance[135]. - The company reported a commitment to maintaining transparency and accountability to all shareholders, emphasizing sound internal controls[135]. - The roles of chairman and chief executive are currently held by the same individual, Ms. Wang Yao, which the board believes ensures consistent leadership and effective strategic planning[136]. - The company has independent non-executive directors with ample experience to safeguard shareholder interests[136]. - The Board believes that the current arrangement of having the same individual serve as both Chairman and Chief Executive does not compromise the balance of power and authority within the Company[139]. - The Company is committed to maintaining high standards of corporate governance, focusing on a quality Board, robust internal controls, and transparency to shareholders[139]. - The independent non-executive Directors have no material relationships with each other, ensuring their independence[145]. Shareholder Returns - A final dividend of HK5.0 cents per share is recommended to reward shareholders for their support[18]. - The Group's gearing ratio indicates a net cash position as of December 31, 2023, and 2022, with no significant debts reported[71][75]. Operational Efficiency - Administrative expenses decreased by HK$2.7 million or 10.6% from HK$25.4 million in FY2022 to HK$22.7 million in FY2023[36]. - Other income increased by HK$1.2 million from HK$0.6 million in FY2022 to HK$1.8 million in FY2023, mainly due to an increase in bank interest income[30]. - Employee benefit expenses increased by HK$0.2 million or 1.9% from HK$10.5 million in FY2022 to HK$10.7 million in FY2023[37]. - Advertising and marketing expenses decreased by HK$0.9 million or 18.0% from HK$5.0 million in FY2022 to HK$4.1 million in FY2023[37]. Audit and Compliance - The Audit Committee held two meetings during the year ended December 31, 2023, with all members attending both meetings[194]. - The Audit Committee reviewed the annual report and results announcement for the year ended December 31, 2022, and recommended approval to the Board[195]. - The Company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with defined written terms of reference[186]. - The external auditor, BDO Limited, received a total remuneration of HK$902,000 for audit and non-audit services for the year ended December 31, 2023[199].