Business Development - The company commenced its new precious metals trading services business during the fiscal year ending March 31, 2024, with no significant changes in the nature of its main business[13]. - The company has initiated a terminal for algorithmic trading simulation and a network portal for algorithm sharing, enhancing portfolio tracking and optimization[1]. - The group plans to hire subcontractors for the development and upgrade of certain financial transaction solutions based on available labor resources and technical expertise[56]. Shareholder and Share Options - Essential Strategy holds 210,000,000 shares, representing 52.5% of the issued shares[37]. - Expert Wisdom owns 90,000,000 shares, accounting for 22.5% of the issued shares[37]. - The total number of share options available under the share option scheme is capped at 10% of the issued share capital, which is 40,000,000 shares[40]. - As of March 31, 2024, the number of share options available for grant under the general scheme limit is 12,800,000[41]. - The share option plan aims to incentivize and reward contributions from eligible participants[38]. - The maximum allocation for any eligible participant within any twelve-month period cannot exceed 1% of the issued shares as of the grant date[45]. Employee Relations and Safety - The company has not received any significant personal injury claims from employees under the employee compensation policy for the year ending March 31, 2024[52]. - The company has maintained good relationships with employees, customers, and suppliers, ensuring a safe and motivating work environment[52]. - No major accidents or violations of health and safety laws have occurred during the operational process[52]. - The company has implemented robust workplace measures to monitor and supervise risky activities[52]. - The group emphasizes employee training and development, providing regular training to ensure staff are updated on the latest knowledge and market information[76]. Client and Market Dynamics - The group has 20 major clients as of March 31, 2024, down from 28 in 2023, primarily consisting of financial institutions located in the Asia-Pacific region[53]. - The group does not rely on any single client, but the loss of major clients could adversely affect business and profitability if new comparable business is not acquired[55]. - The group is actively seeking new projects from existing or new clients to diversify its customer base and mitigate risks[55]. - The group has a standard service agreement requiring clients to make monthly payments without credit terms, with automatic renewal unless a termination notice is given three months in advance[79]. - There were no significant disputes or complaints from clients that could materially affect the group's operations during the fiscal year ending March 31, 2024[79]. Corporate Governance - The group has adopted corporate governance practices in compliance with GEM listing rules, ensuring transparency and accountability[58]. - The company has established a nomination committee to review the board's structure and recommend changes to align with corporate strategy[96]. - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[108]. - The board is responsible for overall development, strategic planning, and monitoring business performance, with regular reviews of management performance[109]. - The company has established three board committees: audit, remuneration, and nomination, to oversee specific areas of governance[113]. - The audit committee, composed of three independent non-executive directors, has reviewed the financial reporting and risk management systems without identifying significant internal control deficiencies[88]. - The company has complied with GEM listing rules regarding the independence of its non-executive directors, with three independent directors making up over one-third of the board[111]. - The company has implemented a continuous professional development program for all directors to ensure they remain informed and effective in their roles[112]. - The board will continue to seek suitable candidates for directorships, considering various factors including gender, experience, and qualifications[116]. - The company has adopted good corporate governance principles as a foundation for its governance practices[107]. Risk Management - The company has established a risk management and internal control system to protect its assets and ensure compliance with applicable laws and regulations[146]. - The company’s management regularly monitors existing risk mitigation measures and reviews the risk management strategy[146]. - The board reviewed the effectiveness of the risk management and internal control systems on June 20, 2024, and found them to be effective and adequate[192]. - The company has a structured approach to identifying, assessing, and managing significant risks[166]. Environmental, Social, and Governance (ESG) Initiatives - The company is committed to improving its environmental, social, and governance performance and creating greater value for the community[184]. - The company emphasizes the integration of green development concepts into its operations, aiming for sustainable long-term goals in low-carbon economic transformation[182]. - The company encourages employees to reduce paper usage and promotes video conferencing to minimize carbon footprints[188][190]. - As of March 31, 2024, the company recorded carbon emissions of 41.3 tons of CO2 equivalent from business air travel, primarily due to overseas client services[190]. - The board of directors is responsible for overseeing significant environmental, social, and governance issues, ensuring these concepts are integrated into daily operations[180]. Communication and Transparency - The company emphasizes effective communication with shareholders to enhance investor relations and deepen understanding of its business performance and strategy[173]. - The company has implemented a shareholder communication policy that has been effectively executed through various channels, including annual general meetings and timely information releases[174]. - The company’s website serves as a communication platform for shareholders and potential investors, ensuring high levels of transparency[197]. - The company has implemented information disclosure policies to prevent unauthorized or inaccurate disclosure of inside information[193].
连成科技集团(08635) - 2024 - 年度财报