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首都创投(02324) - 2022 Q2 - 季度业绩
2022-05-24 13:10
Financial Performance - For the six months ended March 31, 2022, the company reported a revenue of HKD (40,707,096), a decrease from HKD 53,181,523 in the same period last year, representing a decline of approximately 176.5%[7]. - The operating loss for the period was HKD (48,171,089), compared to an operating profit of HKD 47,944,772 in the previous year, indicating a significant shift in performance[7]. - The company recorded a loss before tax of HKD (49,730,781), contrasting with a profit before tax of HKD 47,040,285 in the prior year, marking a change of approximately 206.2%[7]. - Basic and diluted earnings per share for the period were both HKD (12.25), down from HKD 13.87 and HKD 13.53 respectively in the previous year[7]. - The group recorded a pre-tax loss attributable to equity holders of HKD 49,730,781 for the six months ended March 31, 2022, compared to a profit of HKD 47,040,285 for the same period in 2021[22][23]. - The net loss attributable to equity holders was approximately HKD 49.7 million, a significant decline from a profit of HKD 47 million in the same period last year[42]. Assets and Liabilities - Total assets as of March 31, 2022, amounted to HKD 499,544,998, a decrease from HKD 526,214,629 as of September 30, 2021, reflecting a decline of approximately 5.1%[8]. - The company's net asset value per share decreased to HKD 1.19 from HKD 1.53, indicating a reduction of about 22.2%[8]. - The fair value of listed equity securities decreased to HKD 236,101,311 as of March 31, 2022, down from HKD 263,876,612 as of September 30, 2021, indicating a decline of approximately 10.6%[26]. - The company's net asset value decreased by approximately 5.1% to about HKD 499.5 million as of March 31, 2022, down from HKD 526.2 million as of September 30, 2021[44]. - The current ratio remained stable at 11.4 as of March 31, 2022, compared to 14.1 as of September 30, 2021[52]. - The debt-to-asset ratio was low at 6.4% as of March 31, 2022, compared to 5.1% as of September 30, 2021[52]. Cash Flow and Expenses - Cash and cash equivalents increased to HKD 17,739,779 from HKD 11,912,344, representing a growth of approximately 49.2%[8]. - The company’s administrative expenses rose to HKD (5,722,107) from HKD (5,554,433), an increase of about 3%[7]. - The total interest expense for the six months ended March 31, 2022, was HKD 1,559,692, compared to HKD 904,487 in the same period of 2021, reflecting an increase of approximately 72.5%[22]. - The total employee costs, including directors' remuneration and share-based payments, increased to HKD 6,406,821 in 2022 from HKD 5,013,746 in 2021, representing a rise of approximately 27.7%[22]. Dividends and Share Capital - The company has not declared any dividends for the period, consistent with the previous year[7]. - No interim dividend was recommended for the six months ended March 31, 2022, consistent with the previous year[20]. - As of March 31, 2022, the company's share capital increased from 343,238,249 shares to 420,128,249 shares due to the issuance of 68,640,000 new shares and 8,250,000 shares from the exercise of stock options[71]. - The company issued and allotted 68,640,000 shares at HKD 0.25 each, raising approximately HKD 16.9 million during the period[44]. Investments and Market Conditions - The group anticipates a continued poor performance in global investment markets for the remainder of the year due to ongoing COVID-19 challenges[51]. - The group has adopted a cautious approach to manage its investment portfolio in light of market conditions[51]. - The performance of listed investments turned from a net profit of approximately HKD 40.2 million in the previous year to a net loss of approximately HKD 52 million in the current period[42]. - The group's listed investment performance shifted from a profit of HKD 40,200,000 for the six months ending March 31, 2021, to a loss of HKD 52,000,000 for the current period[46]. Future Outlook and Strategic Initiatives - The company anticipates that the private education sector will continue to face unprecedented changes due to the suspension of in-person classes and economic downturns, with a full recovery dependent on controlling the spread of COVID-19 variants[57]. - The company is considering market-related acquisition opportunities in the education sector to increase market share and expand its revenue base[59]. - The acquisition of Youfo Group aims to address unprecedented challenges posed by COVID-19, introducing VR, augmented reality, and artificial intelligence to enhance educational services[56]. Corporate Governance - The audit committee consists of three independent non-executive directors and has reviewed the company's accounting principles and practices[87]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance during the period[89]. - The company has adhered to the corporate governance code, with some deviations noted regarding the separation of roles between the chairman and CEO[90].
首都创投(02324) - 2021 - 年度财报
2022-01-28 11:41
Financial Performance - For the year ended 30 September 2021, the Group reported a turnover of approximately HK$76.7 million, a significant increase from a negative turnover of HK$52.4 million in the previous year[43][46]. - The net profit attributable to equity holders of the Company was approximately HK$62.7 million, reversing from a net loss of HK$105.5 million in the prior year[43][46]. - The Group's performance of listed investments improved from a loss of HK$61.0 million in the previous year to a gain of approximately HK$53.4 million, which included a net realised gain of approximately HK$9.5 million and a net unrealised gain of approximately HK$43.7 million[44][53]. - As of 30 September 2021, the Group held total assets of approximately HK$554.3 million, up from HK$489.8 million in 2020, with cash and cash equivalents at HK$11.9 million[54][57]. - The current ratio increased from 13.8 as of 30 September 2020 to 14.1 as of 30 September 2021, indicating a healthy liquidity position[54][57]. - The gearing ratio decreased to 4.5% from 8.13% in the previous year, reflecting improved financial stability[55][58]. Investment Activities - The Group's listed investments turned from a loss of approximately HK$61.0 million in the year ended 30 September 2020 to a gain of approximately HK$53.4 million in the year ended 30 September 2021[14]. - The total carrying amounts of the bonds held by the Group increased from HK$119.9 million as at 30 September 2020 to HK$186.5 million as at 30 September 2021[20]. - The Group recognized aggregate bonds interest income of approximately HK$21.3 million during the year[20]. - The Group acquired/extended three bonds during the year, including one with a size of HK$42.0 million and a coupon of 8%[19]. - Another bond acquired had a size of HK$42.5 million with a coupon of 11%[19]. - The bond subscribed from China e-Wallet Payment Group Limited had a size of HK$20.0 million and a coupon rate of 10%[19]. - The increase in bond value was attributed to the purchase of new bonds during the year, offset by an expected loss of approximately HKD 4,800,000[23]. - Total bond interest income recognized for the year was approximately HKD 21,300,000[23]. - The company raised approximately HKD 16,900,000 through the placement of 68,640,000 new shares at HKD 0.25 per share in October 2021[24]. Market Conditions - The Hang Seng Index fell from over 31,000 points in February 2021 to 24,575 points as at 30 September 2021[13]. - The outlook for global investment for the remainder of the year is pessimistic due to the emergence of the Omicron variant and tensions in US-China relations[24]. - The Group will continue to adopt cautious measures to manage its investment portfolio due to the emergence of the Omicron variant and geopolitical tensions[22]. Corporate Governance - The Company is in compliance with the mandatory Corporate Governance Code provisions, with no significant deviations reported[130]. - The Board comprises two Executive Directors and three Independent Non-executive Directors as of the fiscal year ended September 30, 2021[133]. - All Directors are subject to retirement by rotation and re-election at annual general meetings, ensuring governance compliance[144]. - The Company has a strong corporate governance structure to ensure effective oversight of management[146]. - The Audit Committee held five meetings in the fiscal year 2020/21 to review the final results and accounts for the year ended September 30, 2021, and the interim results for the six months ended March 31, 2021[156]. - The Company has established a solid corporate governance framework to ensure effective oversight of management[149]. Risk Management - The Board is committed to implementing effective risk management and internal control systems to safeguard shareholders' interests and the Group's assets[171]. - The risk management and internal control systems aim to manage risks rather than eliminate them, providing reasonable assurance against material misstatements[175]. - The management has provided an action plan to address identified deficiencies in the risk management and internal control systems in a timely manner[189]. - The Company has engaged an independent professional adviser to conduct an annual review of the risk management and internal control systems, providing recommendations for improvement[186]. - The Audit Committee, with the assistance of the System Adviser, reviewed the efficiency and effectiveness of the Group's risk management and internal control systems during the year[188]. Employee and Operational Information - The Group's total staff costs, excluding Directors' remuneration, amounted to approximately HK$5.0 million as of September 30, 2021[122]. - The Group had a total of 13 employees (excluding directors) with total employee costs (excluding director remuneration) of approximately HK$5 million as of September 30, 2021[125]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[123][126]. Significant Investments - WLS Holdings Limited, a significant investment, reported a net asset value of approximately HK$535.5 million and a current asset coverage of total liabilities as of October 31, 2021[66]. - WLS recorded an audited consolidated loss of approximately HK$16.9 million for the year ended April 30, 2021, but improved to an unaudited net profit of approximately HK$27.8 million for the six months ended October 31, 2021[68]. - The company considers that all significant investments have sufficient financial resources to meet ongoing operations, with no signals of default on bonds issued[66][73][74].
首都创投(02324) - 2021 - 中期财报
2021-06-08 08:29
Financial Performance - The turnover for the six months ended March 31, 2021, was HK$53,181,523, compared to HK$49,358,393 for the same period in 2020, representing an increase of approximately 7%[9] - The operating profit for the period was HK$47,944,772, a significant recovery from an operating loss of HK$59,897,813 in the previous year[9] - Profit before tax for the period was HK$47,040,285, compared to a loss before tax of HK$60,940,058 in the same period last year[9] - The total comprehensive income attributable to equity holders of the Company for the period was HK$47,040,285, a turnaround from a loss of HK$60,940,058 in the previous year[10] - Basic earnings per share for the period was 13.87 HK cents, compared to a loss of 22.12 HK cents per share in the same period last year[10] - The company reported a profit of HK$47,040,285 for the period, contributing positively to the total equity[14] - Profit attributable to the equity holders of the Company for the six months ended 31 March 2021 was HK$47,040,285, compared to a loss of HK$60,940,058 for the same period in 2020[44] Assets and Liabilities - Non-current assets as of March 31, 2021, totaled HK$154,701,313, an increase from HK$99,687,915 as of September 30, 2020[12] - Current assets as of March 31, 2021, were HK$381,351,645, slightly down from HK$390,095,882 as of September 30, 2020[12] - The net current assets decreased slightly to HK$355,829,369 from HK$361,886,793, indicating a decline of about 1.5%[13] - The total liabilities increased to HK$510,530,682 from HK$461,574,708, reflecting an increase of approximately 10.6%[13] - As of March 31, 2021, the net asset value of the Group was HK$510,530,682, an increase from HK$448,670,719 as of September 30, 2020, representing a growth of approximately 13.5%[68] Cash Flow - The net cash used in operating activities for the six months ended March 31, 2021, was HK$16,223,210, an improvement compared to HK$20,478,393 for the same period in 2020, showing a reduction of about 20.9%[18] - The net cash from investing activities rose significantly to HK$15,697,160 from HK$6,685,233, marking an increase of approximately 134.5%[18] - The cash and cash equivalents at March 31, 2021, were HK$16,317,324, compared to HK$12,251,842 at the same date in 2020, representing an increase of about 33.5%[18] Investments - The Group's profit before tax for the six months ended 31 March 2021 was HK$47,040,285, compared to a loss of HK$60,940,058 for the same period in 2020[42] - The segment revenue from investments in listed equity securities for the six months ended 31 March 2021 was HK$40,237,509, compared to a loss of HK$60,018,155 in the same period of 2020[35] - The Group's listed investments generated a net unrealised gain of approximately HK$33.5 million during the Period[90] - The net realised gain on listed investments for the Period was approximately HK$6.7 million, consisting of a realised gain of approximately HK$6.9 million net of a realised loss of approximately HK$0.2 million[91] Administrative Expenses - Administrative expenses decreased to HK$5,554,433 from HK$8,879,799, reflecting improved cost management[9] - The Group's total staff costs for the six months ended 31 March 2021 were HK$5,013,746, an increase from HK$4,437,867 in the previous year[37] Share Capital and Equity - The share capital increased to HK$85,809,562 from HK$68,872,062, reflecting an increase of approximately 24.6%[14] - The reserves grew to HK$424,721,120 from HK$379,798,657, indicating an increase of about 11.8%[13] - The number of ordinary shares issued increased to 343,238,249 as of March 31, 2021, from 275,488,249 as of September 30, 2020, reflecting a share consolidation and conversion of convertible bonds[68] Corporate Governance - The Audit Committee, comprising three independent non-executive directors, reviewed the accounting principles and practices adopted by the Company as of March 31, 2021[163] - The Company has complied with the Corporate Governance Code, with deviations noted regarding the separation of roles between the chairman and the chief executive[169] - All non-executive directors are subject to retirement by rotation, although they do not have a specific term of appointment[170] Market Conditions and Future Outlook - The Hang Seng Index rose from 23,459 points on 30 September 2020 to 28,378 points on 31 March 2021, reflecting a recovery in the market[99] - The management believes that the private education industry will only return to pre-COVID-19 levels once the pandemic is under control[126] - The Group plans to adopt cautious measures to manage its investment portfolio amid an optimistic global investment outlook[102]
首都创投(02324) - 2020 - 年度财报
2021-01-28 08:32
Financial Performance - The Group reported a loss of approximately HK$69.9 million on listed investments for the fiscal year 2019/20, compared to a loss of approximately HK$163.6 million in the previous year[11]. - For the year ended 30 September 2020, the Group reported a negative turnover of approximately HK$52.4 million, a decrease from HK$142.8 million in the previous year[37]. - The net loss attributable to equity holders of the Company was approximately HK$105.5 million, down from HK$183.6 million in the previous year, indicating a significant reduction in losses[37]. - The loss on listed investments decreased from HK$150.6 million in the previous year to approximately HK$61.0 million, comprising a net realised loss of approximately HK$23.6 million and a net unrealised loss of approximately HK$37.6 million[38]. - The Group's performance in financial assets investments was unsatisfactory, leading to a net loss of approximately HK$105.5 million for the year[50]. Investment Strategy - The Group's focus on bond investments has provided a constant cash flow despite the challenging market conditions[12]. - The Directors will continue to adopt cautious measures to manage the Group's investment portfolio in light of uncertainties from COVID-19 and potential trade tensions between China and the US[18]. - The Group's investment strategy will remain cautious as the global investment landscape is expected to be challenging in the coming year[18]. - The Federal Reserve's quantitative easing measures may provide investment opportunities for investors[20]. - The Group anticipates challenges in global investment due to uncertainties from COVID-19 and the potential restart of the US-China trade war[20]. Asset Management - The value of bonds held by the Group decreased from HK$167.7 million as of September 30, 2019, to HK$119.9 million as of September 30, 2020, with an expected loss on bonds of approximately HK$20.2 million recorded during the year[17]. - Aggregate bond coupons received during the year amounted to approximately HK$17.2 million[17]. - As of 30 September 2020, the Group held assets of approximately HK$489.8 million, down from HK$576.0 million in the previous year, including cash and cash equivalents of HK$16.8 million[51]. - The gearing ratio increased to 8.13% from 3.93% in the previous year, reflecting a change in the capital structure[52]. - As of 30 September 2020, the Group had margin payables of approximately HK$23.7 million, secured by listed investments valued at approximately HK$178.1 million[65]. Corporate Governance - The Company is in compliance with the mandatory Corporate Governance Code provisions, with some deviations discussed in the report[101]. - The Board believes it has a strong corporate governance structure to ensure effective oversight of management[116]. - The Audit Committee reviewed the final results for the Year ended 30 September 2020 and the interim results for the six months ended 31 March 2020[127]. - The Remuneration Committee is responsible for reviewing and determining the compensation and benefits of the Directors and senior management[131]. - The Nomination Committee is tasked with reviewing the structure, size, composition, and diversity of the Board[132]. Risk Management - The management has engaged an independent professional adviser to conduct an annual review of the Group's risk management and internal control systems[156]. - The existing risk management and internal control systems will continue to be reviewed and updated to adapt to changes in the operating environment[160]. - The Board has not identified any issues that would indicate inadequacies in the Group's risk management and internal control systems[164]. - The risk management processes include identifying, assessing, and prioritizing risks, as well as determining management strategies[153]. - The Company has established internal control procedures to safeguard assets and ensure the reliability of financial information[147]. Employee and Stakeholder Engagement - As of September 30, 2020, the Group had 13 employees, with total staff costs (excluding Directors' remuneration) amounting to approximately HK$4.5 million[93]. - The Group emphasizes the importance of stakeholder engagement for long-term growth and success, identifying key stakeholders such as employees, business partners, shareholders, suppliers, government, and the community[191]. - The Group maintains ongoing communication with stakeholders to adapt business strategies to meet their needs and expectations[192]. - Employees seek career development opportunities, competitive salary and benefits, and a safe working environment, with training provided to enhance safety awareness[198]. - Customers prioritize the protection of their rights and interests, customer information security, and compliance marketing practices[198]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainability by integrating environmental, social, and governance considerations into its operations[185]. - The ESG report highlights the group's strategies for sustainable development during the reporting period[181]. - The company aims to minimize environmental impact and enhance employee well-being as part of its commitment to corporate social responsibility[189]. - The governance system ensures timely implementation of sustainable development measures and the accuracy of presented data[193]. - The annual materiality assessment was conducted to identify significant operating, environmental, and social impacts on the business through interviews and surveys with stakeholders[199].
首都创投(02324) - 2020 - 中期财报
2020-06-02 08:40
Financial Performance - For the six months ended March 31, 2020, the turnover was HK$49,358,393, a decrease from HK$47,686,670 in the same period of 2019, reflecting a decline of approximately 3.5%[11] - The operating loss for the period was HK$59,897,813, compared to an operating loss of HK$65,974,495 in the previous year, indicating an improvement of about 9.5%[11] - Loss before tax was HK$60,940,058, slightly better than the loss of HK$66,439,000 recorded in the same period last year, representing a reduction of approximately 8.5%[11] - The total comprehensive loss attributable to equity holders of the Company for the period was HK$60,940,058, compared to HK$66,439,000 in the previous year, marking a decrease of approximately 8.5%[12] - The comprehensive loss for the period ended March 31, 2020, was HK$60,940,058, compared to a loss of HK$66,439,000 for the same period in 2019, showing a reduction in losses of about 8.5%[21] - The net loss attributable to equity holders of the Company was approximately HK$60.9 million, a decrease from HK$66.4 million in 2019, primarily due to strengthened cost control measures[73] Expenses and Costs - Administrative expenses decreased to HK$8,879,799 from HK$16,452,249, showing a significant reduction of about 46%[11] - The total staff costs for the six months ended March 31, 2020, were HK$4,437,867, compared to HK$4,072,236 in 2019, reflecting an increase of 9%[40] - The depreciation on plant and equipment for the six months ended March 31, 2020, was HK$26,100, significantly lower than HK$4,575,753 in the previous year, indicating a substantial reduction in depreciation expenses[40] Assets and Liabilities - Current assets totaled HK$476,766,772 as of March 31, 2020, compared to HK$393,873,523 as of September 30, 2019, indicating an increase of about 21%[14] - The total equity as of March 31, 2020, was HK$488,292,798, a decline from HK$670,990,538 as of March 31, 2019, representing a decrease of approximately 27.2%[21] - The accumulated losses increased to HK$920,675,628 as of March 31, 2020, from HK$737,746,888 as of March 31, 2019, indicating an increase of approximately 24.8%[21] - Cash and cash equivalents decreased to HK$12,251,842 as of March 31, 2020, from HK$13,958,969 as of March 31, 2019, a decline of approximately 12.2%[21] - The carrying amount of prepayments, deposits, and other receivables as of March 31, 2020, was HK$121,295,799, compared to HK$140,464,753 as of September 30, 2019[60] Cash Flow - For the six months ended March 31, 2020, the net cash used in operating activities was HK$20,478,393, a significant improvement compared to HK$79,992,888 for the same period in 2019, indicating a reduction of approximately 74.4%[21] - The net cash from investing activities for the same period was HK$6,685,233, down from HK$37,089,520 in 2019, reflecting a decrease of about 82.0%[21] Financial Instruments and Investments - The Group reported a net realized loss on financial assets of HK$57,769,788, compared to a loss of HK$39,799,733 for the same period in 2019, representing an increase of 45.1%[34] - The Group's total segment revenue for the six months ended March 31, 2020, was HK$9,117,630 from unlisted bonds, while the investment in listed securities resulted in a loss of HK$60,018,155, leading to a total segment result of HK$57,791,313 loss[35] - The fair value of financial assets at fair value through profit or loss as of March 31, 2020, was HK$192,689,582, down from HK$241,797,106 as of September 30, 2019, indicating a decrease of 20.3%[52] - The Group's investments in financial assets at amortized cost increased to HK$189,892,112 as of March 31, 2020, compared to HK$167,674,481 as of September 30, 2019, representing a growth of 13.2%[54] Share Capital and Options - The total share capital remained unchanged at 68,872,062 shares as of March 31, 2020, consistent with the previous year[21] - A total of 220,000,000 share options were granted to certain directors and employees, representing approximately 8.0% of the issued share capital, with an exercise price of HK$0.025 per share[108] - The fair value of the share options granted was HK$2,106,500, and no options were exercised during the six months ended March 31, 2020[108] Governance and Compliance - The Audit Committee, comprising three independent non-executive directors, reviewed the accounting principles and practices adopted by the Company as of 31 March 2020[117] - The Company has complied with the Corporate Governance Code provisions, except for deviations regarding the roles of chairman and chief executive[123] - The Company confirmed that all directors complied with the Model Code for Securities Transactions during the Period[118]
首都创投(02324) - 2019 - 年度财报
2020-01-23 08:36
Financial Performance - The Group recorded a loss on listed securities of approximately HK$150.6 million for the fiscal year 2018/19, a significant reduction from the loss of approximately HK$194.8 million in the previous year[12]. - For the fiscal year ended September 30, 2019, the Group reported a negative turnover of approximately HK$142.8 million, down from HK$179.8 million in the previous year[37]. - The net loss attributable to equity holders of the Company was approximately HK$183.6 million, compared to HK$244.4 million in the prior year, indicating a reduction in losses[37]. - The Group's loss on listed investments decreased from HK$194.8 million in the previous year to HK$150.6 million in the current year[38]. - The loss on listed investments for the year included a net realized loss of approximately HK$55.3 million and a net unrealized loss of approximately HK$95.3 million[38]. - The overall financial performance reflects a strategic focus on reducing losses and managing investment risks effectively[37]. - The Group recorded a net loss of approximately HK$183.6 million for the Year, a significant reduction compared to the net loss of approximately HK$244.4 million in the previous year[49]. Investment Portfolio - The value of bonds held by the Group increased from HK$120.3 million as of September 30, 2018, to HK$167.7 million as of September 30, 2019[13]. - The Group received aggregate coupons of approximately HK$11.2 million during the fiscal year[13]. - The Group acquired two new bonds, one from AMCO with a size of HK$30.0 million and a coupon of 10%, and another from VIP Credit with a size of HK$25.0 million and a coupon of 8%[13]. - The Group disposed of its equity investment in Kendervon Profit Inc. for HK$30.0 million, which was its fair value as of September 30, 2018[14]. - The Group did not acquire or dispose of any unlisted investments during the fiscal year[19]. - The Group's investment activities are primarily focused on Hong Kong and the People's Republic of China during the reporting period from October 1, 2018, to September 30, 2019[169]. Market Conditions - The Hang Seng Index (HSI) fluctuated significantly, peaking at over 30,100 points in April 2019 before dropping to 26,092 points by the end of the fiscal year[12]. - The global investment environment is expected to be less favorable than in previous years due to the ongoing trade war between China and the United States[20]. - The Group plans to adopt cautious measures to manage its investment portfolio in response to the rapidly changing global investment environment[20]. Corporate Governance - The Board consists of two executive directors and three independent non-executive directors, ensuring a balanced governance structure[93]. - All directors are subject to retirement by rotation and re-election at annual general meetings, with at least one-third of directors required to retire each year[102]. - The company has a strong corporate governance structure in place to ensure effective oversight of management[103]. - The roles of chairman and chief executive are separated to enhance decision-making efficiency[108]. - The Board has established various committees to oversee different areas of the company's affairs[95]. - The Audit Committee held two meetings in the Fiscal Year 2018/19 to review the final results and accounts for the year ended September 30, 2019, and the interim results for the six months ended March 31, 2019[113]. Risk Management - The Board is committed to implementing effective risk management and internal control systems to safeguard shareholders' interests and the Group's assets[127]. - The Audit Committee reviewed the efficiency and effectiveness of the Group's risk management and internal control systems, focusing on revenue and receipt cycle, cash management, and financial reporting cycle[143]. - Management provided an action plan to address identified deficiencies in the risk management and internal control systems in a timely manner[145]. Sustainability and ESG Initiatives - The Environmental, Social and Governance (ESG) Report highlights the Group's commitment to sustainable development and minimizing environmental impact[167]. - The Group engages with stakeholders, including employees, business partners, and the community, to understand their views and expectations for long-term growth[176]. - The Group's sustainability approach focuses on creating sustained value for stakeholders by integrating environmental, social, and governance considerations into its operations[175]. - The Group's ESG initiatives are guided by the principles set out in the Listing Rules of the Stock Exchange of Hong Kong[167]. - The Group is committed to being a positive force in the community and contributing to employee well-being[178]. Environmental Impact - The Group's core business does not directly generate significant air emissions, hazardous waste, or wastewater discharge, with greenhouse gas emissions primarily from electricity consumption and fuel used in vehicles[190]. - Energy consumption accounts for a major part of the Group's greenhouse gas emissions, prompting various energy-saving measures to improve efficiency and reduce consumption[191]. - The Group has implemented policies to reduce paper usage, including adopting an electronic filing system and promoting double-sided printing[194]. - The total number of employees increased from 11 to 18, representing a growth of 63.6%[197]. - The Group reported no material non-compliance with relevant laws and regulations regarding waste disposal and emissions[200].
首都创投(02324) - 2019 - 中期财报
2019-06-11 08:30
Financial Performance - The turnover for the six months ended March 31, 2019, was HK$47,686,670, a decrease of 57.5% compared to HK$112,237,197 for the same period in 2018[10]. - The operating loss for the period was HK$65,974,495, compared to an operating loss of HK$124,012,927 in the previous year, representing a 46.8% improvement[10]. - Loss before tax for the period was HK$66,439,000, down from HK$124,899,003 in the prior year, indicating a 46.8% reduction in losses[10]. - Total comprehensive loss attributable to equity holders of the Company for the period was HK$66,439,000, compared to HK$122,399,003 in the previous year, reflecting a 45.2% decrease[11]. - The total comprehensive loss for the period ended March 31, 2019, was HK$122,399,003, which includes a loss of HK$66,439,000 for the period[17]. - The net loss attributable to equity holders of the Company was approximately HK$66.4 million, down from HK$124.9 million in 2018, primarily due to improved performance of listed securities[94]. - The Group reported a net realized loss on financial assets at fair value through profit or loss (FVTPL) of HK$39,799,733 for the six months ended 31 March 2019, compared to a loss of HK$81,482,230 for the same period in 2018[40]. - The net unrealized loss on financial assets of FVTPL was HK$18,282,881 for the six months ended 31 March 2019, down from HK$33,675,455 in the previous year[40]. - The Group recorded a net loss on listed securities investment of approximately HK$58.0 million during the Period, compared to HK$115.2 million in the corresponding period of last year[94]. Assets and Liabilities - The net asset value per share as of March 31, 2019, was HK$0.2436, down from HK$0.2670 as of September 30, 2018[14]. - Current assets as of March 31, 2019, totaled HK$663,531,643, a slight decrease from HK$684,799,627 as of September 30, 2018[13]. - Non-current assets decreased to HK$31,901,797 from HK$66,697,626, indicating a significant reduction of 52.1%[13]. - As of March 31, 2019, the total equity was HK$670,990,538, down from HK$735,554,038 as of October 1, 2018[17]. - The net asset value of the Group as of March 31, 2019, is HK$670,990,538, down from HK$735,554,038 as of September 30, 2018, indicating a decrease of approximately 8.8%[78][80]. - The Group's liquidity position improved, with bank balances decreasing to approximately HK$14.0 million from HK$56.9 million as of September 30, 2018[104]. - The current ratio as of March 31, 2019, was 27.1, down from 43.0 as of September 30, 2018, indicating a healthy level of liquidity[104]. - The gearing ratio increased to 3.5% as of March 31, 2019, compared to 2.1% as of September 30, 2018, while the Group had no material commitments or contingent liabilities[105]. - The debt-to-asset ratio remained low at 3.5% as of March 31, 2019, compared to 2.1% as of September 30, 2018[107]. Cash Flow - For the six months ended March 31, 2019, the net cash used in operating activities was HK$79,992,888, compared to HK$31,880,445 for the same period in 2018, indicating a significant increase in cash outflow[20]. - The net cash from investing activities for the same period was HK$37,089,520, a recovery from a cash outflow of HK$500,000 in the previous year[20]. - The company reported a decrease in cash and cash equivalents of HK$42,903,368 for the six months ended March 31, 2019, compared to a decrease of HK$32,380,445 in the same period of the previous year[20]. - The bank balances and cash as of March 31, 2019, were HK$13,958,969, down from HK$19,771,075 a year earlier[20]. Expenses - Administrative expenses for the period were HK$16,452,249, a decrease from HK$17,275,730 in the previous year, showing a 4.8% reduction[10]. - Total staff costs, including directors' remuneration and share-based payments, rose to HK$4,072,236 for the six months ended March 31, 2019, compared to HK$2,389,944 in the previous year[47]. - The short-term benefits for key management personnel increased to HK$1,943,136 for the six months ended March 31, 2019, compared to HK$1,415,364 for the same period in 2018, marking an increase of approximately 37.1%[86]. Dividends - The Company did not declare any dividends for the period, consistent with the previous year[11]. - No interim dividend was recommended for the six months ended March 31, 2019, consistent with the previous year[49]. - The Group did not recommend the payment of an interim dividend for the six months ended March 31, 2019, consistent with the previous year[54]. Share Options and Capital - The Company granted a total of 165,000,000 share options to certain directors and employees, representing approximately 0.6% of the issued share capital as of the grant date[134]. - The exercise price of the share options is HK$0.037 per share, with a fair value of HK$1,875,500 calculated using the Binomial Option Pricing Model[138]. - As of March 31, 2019, 110,448,249 share options remained ungranted, which is approximately 4.01% of the issued share capital[134]. - No share options were exercised during the six months ended March 31, 2019[135]. - The Company did not repurchase, redeem, or sell any of its listed securities during the six months ended March 31, 2019[140]. - The company did not conduct any capital exercises during the period, maintaining issued share capital of 2,754,882,496 shares with a par value of HK$0.025 each[120]. Compliance and Governance - The Audit Committee, comprising three independent non-executive directors, reviewed the accounting principles and practices adopted by the Company[141]. - The Company has fully complied with the Model Code for Securities Transactions by Directors during the Period[142]. - The company has complied with the Corporate Governance Code, with some deviations, including the roles of chairman and chief executive being held by the same person, which the board believes allows for prompt decision-making[147]. - All non-executive directors are subject to retirement by rotation, although they do not have specific terms of appointment, which the company considers sufficient to meet governance standards[148]. Investments - The Group completed the disposal of its investment in Kendervon Profit Inc. for HK$30,000,000, with the fair value of this investment being HK$30,000,000 as of 30 September 2018[65]. - The fair value of unlisted bonds held by the Group increased to HK$175,226,539 as of 31 March 2019, up from HK$120,300,000 as of 30 September 2018[64]. - The total fair value of financial assets at fair value through profit or loss increased to HK$520,960,381 as of 31 March 2019, compared to HK$465,607,302 as of 30 September 2018[64]. - The Group's investment in unlisted equity securities was valued at HK$27,733,160 as of 31 March 2019, with no such investments reported as of 30 September 2018[64]. - The Group's receivables from disposed available-for-sale investments increased to HK$85,200,015 as of 31 March 2019, compared to HK$61,029,609 as of 30 September 2018[73].
首都创投(02324) - 2018 - 年度财报
2019-01-30 08:49
Financial Performance - The Group recorded a loss on listed securities of approximately HK$194.8 million for the fiscal year 2017/18, a significant reduction from the loss of approximately HK$525.5 million in the previous year[10]. - For the fiscal year ended September 30, 2018, the Group reported a negative turnover of approximately HK$179.8 million, a decrease from HK$516.2 million in the previous year[36]. - The net loss attributable to equity holders of the Company was approximately HK$244.4 million, down from HK$588.0 million in the previous year[36]. - The loss on financial asset investments decreased from HK$525.5 million in the previous year to HK$194.8 million in the current year, reflecting a reduction of approximately HK$330.7 million[36]. - The Group recorded a loss of approximately HK$41.8 million related to unlisted investments, slightly down from HK$41.9 million in the previous year[37]. Investment Activities - The Group disposed of 29% of the share capital of Uni-Venture International Investment Limited for HK$40.0 million, resulting in a gain of HK$5.5 million[11]. - The Group acquired two bonds during the year, one with a size of HK$30 million and a coupon of 11%, and another with a size of HK$30 million and a coupon of 12%[11]. - The fair value of the Group's bond investments was approximately HK$120.3 million, which is expected to provide steady income flows[11]. - The Group's investment in bonds issued by Rich Circle Investment Limited matured in August 2018, and the bond was redeemed at a 4% coupon rate[11]. - The Group's investment in Kendervon Profits Inc. was affected by the keen competition in the gold trading market in Hong Kong, leading to a loss in fair value[16]. Market Conditions - The Hang Seng Index peaked at over 33,000 points in January 2018 but fell to 27,788 points by the end of the fiscal year, reflecting market instability[10]. - The Group anticipates a challenging global investment environment due to the ongoing US-China trade war, which is expected to impact capital markets and economic growth[21]. - The Group's investment strategy will continue to be cautious due to the changing global investment environment influenced by the trade war between China and the United States[18]. Corporate Governance - The Board consists of two executive directors and three independent non-executive directors, with all members confirming their independence according to the Listing Rules[74]. - The Company has a strong corporate governance structure to ensure effective oversight of management and decision-making processes[81]. - The Audit Committee, chaired by Mr. Cheung Wai Kin, is responsible for overseeing the Group's financial reporting and risk management systems[90]. - The Company ensures compliance with the latest Listing Rules and regulatory requirements through continuous training for all directors[87]. - The Board has adopted a board diversity policy considering factors such as gender, age, cultural background, and professional experience to achieve board diversity[102]. Risk Management - The Board is committed to implementing effective risk management and internal control systems to safeguard shareholders' interests and the Group's assets[111]. - The internal control procedures are designed to safeguard assets against unauthorized use, control capital expenditure, and maintain proper accounting records[112]. - The Audit Committee reviewed the efficiency and effectiveness of the Group's risk management and internal control systems, covering revenue and receipt cycle, cash management, and financial reporting cycle[125]. - The management provided an action plan to address identified deficiencies in the risk management and internal control systems in a timely manner[126]. - The Group's risk management and internal control processes are adequate for the current business environment and will continue to be reviewed and updated as necessary[127]. Employee and Stakeholder Engagement - The Group emphasizes the importance of employee well-being and community contributions in its operations[156]. - The Company views employees as its most valuable asset, emphasizing the importance of a respectful and fair work environment[200]. - Recruitment and promotion opportunities are open and fair for all employees, regardless of various personal factors[200]. - Employee feedback on improving workplace productivity and harmony is carefully considered[200]. - The Group encourages shareholder participation in annual general meetings to facilitate direct communication with the Board[134]. Environmental, Social, and Governance (ESG) Initiatives - The Environmental, Social and Governance (ESG) Report highlights the Group's commitment to sustainable development and minimizing environmental impact[148]. - The Group's sustainability strategy includes ongoing communication with stakeholders to align business practices with their expectations[161]. - The Group is committed to environmental protection and energy-saving equipment usage, contributing to sustainability efforts[172]. - The Group's core business does not directly generate significant air emissions, hazardous waste, or wastewater discharge, with greenhouse gas emissions primarily from electricity consumption and fuel used in vehicles[170]. - The company promotes green initiatives among employees, encouraging practices such as switching off lights and appliances when not in use[182].