Financial Performance - For the year ended March 31, 2024, the Group's consolidated turnover increased to approximately HK$23.3 million, representing an 82.4% increase compared to HK$12.8 million in 2023[16]. - Operating expenses decreased by 16.2% to approximately HK$78.4 million in 2024 from HK$93.6 million in 2023[16]. - The consolidated net loss improved by 30.0%, reducing to approximately HK$62.9 million in 2024 from HK$89.9 million in 2023[16]. - The Group recorded a consolidated net loss attributable to shareholders of approximately HK$64 million, a reduction from HK$90 million in 2023, driven by a revenue increase of approximately HK$13 million and a decrease in employee benefit expenses by approximately HK$16 million[21]. - Basic and diluted loss per share were approximately HK0.33 cents, down from HK0.50 cents in 2023[21]. Assets and Liabilities - As of March 31, 2024, the Group's total assets were approximately HK$131 million, up from HK$117 million in 2023[12]. - The current ratio improved significantly to 7.46 in 2024 from 1.63 in 2023, indicating better liquidity[12]. - The Group had unsecured convertible bonds amounting to HK$40 million as of March 31, 2024, compared to none in 2023[12]. - The gearing ratio decreased to 49.3% in 2024 from 190.4% in 2023, reflecting a stronger equity position[12]. - The Group had shareholders' funds of approximately HK$77 million as of March 31, 2024, compared to HK$34 million in 2023[22]. - The Group has no capital commitments as of March 31, 2024, indicating sufficient financial resources for ongoing operational requirements[22]. Revenue Streams - The Group's consolidated revenue increased to approximately HK$23 million for the year ended March 31, 2024, primarily due to significant improvements in the asset management business[17]. - Revenue from the asset management business surged by 7,244.3% to approximately HK$12.3 million from approximately HK$0.2 million in 2023[35]. - The global markets business revenue slightly decreased by approximately 1.7% to approximately HK$10 million from approximately HK$10.1 million in 2023[29]. - The insurance brokerage business saw a revenue decline of approximately 55.8%, dropping to approximately HK$1,100,000 from approximately HK$2,500,000 in 2023 due to intense market competition[40]. Strategic Initiatives - The Group expanded its clientele and business in Mainland China, recognizing it as a significant market for asset management due to the growing middle class[35]. - The Group formed a strategic partnership with Global Futures and Options Limited to create innovative derivative products related to digital assets[34]. - The Group announced the development of regulated and interoperable fund tokens on major blockchain networks in November 2023, aiming to provide clients with investment returns based on fiat currencies, pending regulatory approvals[42]. - The Group participated in the e-HKD Pilot Programme, completing a proof-of-concept for programmable payments using smart contracts in October 2023[41]. - The Group is focusing on developing DLT-based applications and infrastructure for various financial services, which could present significant business opportunities[70][75]. Human Resources - As of March 31, 2024, the Group employed 25 staff members, a decrease from 61 in 2023, with total staff costs of HK$39 million compared to HK$55 million in the previous year[69][74]. - The Group's remuneration policy is regularly reviewed, with total staff costs reflecting a significant reduction year-over-year[69][74]. - The remuneration packages for Executive Directors are performance-based and linked to the Company's profitability[187]. - The Company aims to attract and retain talented employees through competitive remuneration packages[187]. Corporate Governance - The company has adopted the Corporate Governance Code as its own code on corporate governance practices, complying with the provisions except for code provision F.2.2[119]. - The company emphasizes transparency and accountability as key elements for achieving high standards of corporate governance[118]. - The Board consists of seven Directors, with three females, representing 43% of the Board[129]. - The Company has received confirmations of independence from all Independent Non-executive Directors (INEDs) in accordance with Rule 3.13 of the Listing Rules[150]. - The Company complied with all major aspects of laws and regulations significant to its business operations, with no material legal compliance cases during the reporting period[161]. Leadership and Management - Mr. Xu was appointed as the Executive Director and CEO of Avantua Group Limited in January 2024, bringing over 17 years of experience in finance, investment, and capital markets[84]. - Ms. Li was appointed as the Chief Financial Officer in September 2023, having extensive experience in private equity investment and risk management[85]. - Dr. Cheng oversees strategic direction for property development and investment activities at New World Development Company Limited, including large-scale projects like Victoria Dockside and Hong Kong International Airport SKYCITY[88]. - The leadership team includes professionals with qualifications from prestigious institutions, enhancing the company's credibility and expertise in financial management[85]. Risk Management - The Audit Committee reviewed the risk management framework and internal control systems for the year ended March 31, 2024, with recommendations to the Board[184]. - The Group has a strong focus on compliance and risk management in its banking operations[116].
裕承科金(00279) - 2024 - 年度财报