Financial Performance - For the fiscal year ending March 31, 2024, the company reported an annual loss of approximately HKD 9,358,000, a decrease of about HKD 814,000 compared to the loss of HKD 10,172,000 in the previous year[6]. - Net investment income for the year was approximately HKD 32,000, down from HKD 48,000 in the previous year, primarily due to fair value changes in financial assets[6]. - General and administrative expenses for the year were approximately HKD 9,419,000, a reduction of about HKD 913,000 from the previous year, mainly due to a decrease in investment management fees[6]. - As of March 31, 2024, the company's cash and bank balances were approximately HKD 18,057,000, down from HKD 21,566,000 in 2023[21]. - The company's debt-to-asset ratio increased to approximately 0.2 as of March 31, 2024, compared to 0.1 in 2023[21]. - The 2022 rights issue raised approximately HKD 43.8 million, with a net amount of about HKD 41.7 million after expenses[24]. - As of March 31, 2024, the unused net proceeds from the 2022 rights issue amounted to approximately HKD 17.2 million[26]. - The company has no distributable reserves as of March 31, 2024, according to Bermuda company law[132]. Economic Environment - The Hang Seng Index fell approximately 3.0% in the first quarter of 2024, reaching a low closing point of 14,961 on January 22, 2024[9]. - Hong Kong's economy showed a year-on-year growth of 2.7% in the first quarter of 2024, despite a weak global financial environment[9]. - Financial services exports declined by 1.1% in the first quarter of 2024, while private consumption expenditure fell by 0.9% on a seasonally adjusted basis[9]. Corporate Governance - The company has complied with the corporate governance code as outlined in the listing rules, enhancing transparency and accountability[40]. - The board consists of eight directors, with the appointment of Ms. Li Lei as an executive director effective April 25, 2024[42]. - The company has established a governance framework to ensure compliance with listing rules and to maintain accountability and transparency in its operations[60]. - The board is responsible for approving all investment decisions and formulating the overall investment strategy and guidelines[55]. - The company has established a risk management and internal control system aimed at managing significant risks rather than eliminating them[76]. - The company has engaged an independent consultant to review the effectiveness of its risk management and internal control systems, with no significant deficiencies found[80]. Shareholder Relations - The company maintains open communication channels with shareholders, providing contact information for inquiries[104]. - The company holds an annual general meeting each year and may convene special meetings as necessary[101]. - The company recognizes the importance of timely and relevant information for shareholders and potential investors[99]. - Shareholders can request the company's public information at any time[103]. - The company encourages shareholders to access communications via its website to reduce environmental impact[102]. Employee Management - The company employed four staff members as of March 31, 2024, down from five in the previous year, with total employee compensation approximately HKD 2,607,000, a decrease from approximately HKD 3,132,000 in the prior year[36]. - Employee turnover rate decreased to 27% in 2024 from 58% in 2023[198]. - Total number of employees decreased to 11 in 2024 from 12 in 2023[197]. - The company maintains a focus on employee welfare, offering various paid leave options including annual leave, sick leave, and maternity leave[193]. - Employee compensation is regularly reviewed based on performance and market information to attract and retain talent[192]. Environmental, Social, and Governance (ESG) - The company is committed to adhering to all environmental and social policies relevant to its business operations[126]. - The board confirmed its responsibility for the integrity of the Environmental, Social, and Governance (ESG) report, which was approved on June 27, 2024[173]. - The company established an ESG task force composed of senior management to monitor and manage ESG matters, emphasizing the importance of a robust ESG framework for sustainability[177]. - The company aims to enhance data collection to improve ESG performance and disclose more relevant information regarding sustainable development[177]. - The company has identified six key ESG topics for focus, including occupational health and safety, employee development, and sustainable business practices[191]. Investment and Financing - The company has not made any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[15]. - The company is adopting a cautious approach towards potential investments and business development due to global economic uncertainties[11]. - There are currently no agreements or plans for significant investments or capital assets, but the company will consider future opportunities as they arise[16]. - The company has drawn a total of HKD 3,500,000 from loans provided by Everbright Goldstone, with an unused loan amount of HKD 9,000,000 as of March 31, 2021[18]. - The company has extended the loan agreements with Everbright Goldstone multiple times, with the latest extension pushing the maturity date to December 31, 2024[19]. Board Composition and Diversity - The board consists of six male and two female directors, reflecting a commitment to gender diversity[92]. - The company has established a board diversity policy, aiming for a minimum of 10% female directors, which has already been achieved[92]. - The board of directors includes over one-third independent members, ensuring high levels of independence and effective oversight[195]. - The company emphasizes the importance of gender diversity in the workforce as a source of sustainable competitive advantage, enhancing market insight, creativity, and problem-solving abilities[94]. Audit and Compliance - The audit committee, consisting of all independent non-executive directors, is responsible for reviewing financial statements and overseeing the company's financial reporting procedures[61]. - The Audit Committee held two meetings this year, with a 100% attendance rate from all members[62]. - The company has appointed KPMG as its auditor for the year, with the auditor's remuneration to be determined by the board[169]. - The company has not experienced any changes in auditors over the past three years[170].
金石资本集团(01160) - 2024 - 年度财报