Financial Performance - For the year ended March 31, 2021, UBA Investments Limited recorded a loss attributable to owners of approximately HK$8.7 million, a significant improvement from a loss of HK$44.5 million in 2020[8]. - The Group's net assets as of March 31, 2021, were approximately HK$104.7 million, down 7.7% from HK$113.4 million in 2020, contrasting with a 20% increase in the Hang Seng Index during the same period[8]. - The Group reported a total unrealised loss of HK$8,215,000 from investments, with a realised loss of HK$5,287,000[83]. - The net loss attributable to owners of the Company for the year was HK$8,698,000, a decrease from HK$44,515,000 in the prior year, reflecting a reduction of about 80.5%[151]. - Total assets as of March 31, 2021, were HK$105,033,000, down from HK$113,933,000 in the previous year, representing a decline of approximately 7.9%[152]. - Total liabilities decreased to HK$347,000 from HK$549,000, a reduction of about 36.7%[152]. - The Company's net assets amounted to HK$104,686,000 as of March 31, 2021, compared to HK$113,384,000 in the previous year, indicating a decrease of approximately 7.6%[152]. - The Group had no debt as of March 31, 2021, resulting in a gearing ratio of nil[86]. - For the year ended March 31, 2021, the Group reported a loss before taxation of HK$8,889,000, compared to a loss of HK$45,004,000 in the previous year, indicating an improvement of approximately 80.3%[151]. Investment Strategy - The Group's short-term strategy focuses on trading listed securities based on market sentiment while maintaining sufficient dividend levels for operations[13]. - The long-term strategy aims to balance listed and unlisted investments to enhance returns and maintain liquidity for future opportunities[13]. - The Company has maintained its investment policies since its listing in 2000, focusing on medium-term capital appreciation through investments in listed and unlisted companies in Hong Kong and the PRC[156]. - The Company aims to invest in a diversified range of sectors, including information technology, telecommunications, manufacturing, and property, to mitigate risks associated with downturns in specific industries[157]. - The Group plans to maintain sufficient liquidity for future investment opportunities and may consider investing in higher yield listed securities[21]. Market Conditions - The stock markets in the U.S., China, and Hong Kong experienced an uptrend, driven by fiscal stimulus and the global rollout of COVID-19 vaccines, contributing to economic recovery[14]. - The Dow Jones Index increased approximately 50% from 21,917 at the end of March 2020 to 32,981 at the end of March 2021[15]. - The Shanghai Composite Index rose about 25% from 2,750 at the end of March 2020 to 3,441 at the end of March 2021[18]. - The HSI increased significantly by approximately 20% from 23,603 at the end of March 2020 to 28,378 at the end of March 2021[19]. - China's GDP grew by approximately 18.3% in the first quarter of 2021 compared to the same period last year[18]. Corporate Governance - The company has complied with the corporate governance code except for the absence of a specific term for independent non-executive directors[107]. - An independent non-executive director was unable to attend the AGM on August 14, 2020, which deviated from code provision A.6.7[108]. - The independent non-executive directors have confirmed their independence for the year ended March 31, 2021[173]. - The term of office for independent non-executive directors lasts until retirement by rotation according to the Company's Articles of Association[171]. - The Company has maintained appropriate directors and officers liability insurance for relevant legal actions against its directors[179]. Dividend and Shareholder Information - The Board resolved not to recommend any payment of final dividend for the year[87]. - The Company has reserves available for distribution totaling approximately HK$89,220,000 as of March 31, 2021, down from HK$92,312,000 in the previous year, a decrease of about 3.2%[154]. - The Group holds 4,600,000 shares in BOC, representing 0.002% interest in the issued share capital, and derived a dividend income of HK$861,000 for the year ended 31st March 2021[58]. - The Group holds 1,200,000 shares in Bank Com., representing 0.002% interest, and derived a dividend income of HK$381,000 for the year ended 31st March 2021[55]. - The Group holds 4,791,250 shares in Gemilang, representing 1.906% interest in the issued share capital, with no dividend received during the year[63]. Operational Performance - CK Hutchison Holdings recorded revenue of approximately HK$266,396 million for the year ended 31st December, 2020, with a total comprehensive income of approximately HK$54,715 million and net assets of approximately HK$630,063 million[29]. - MTR Corporation Limited reported total revenue of approximately HK$42,541 million and a net loss of approximately HK$4,809 million for the year ended 31st December, 2020, significantly impacted by the COVID-19 pandemic[38]. - PCCW Limited recorded revenue of approximately HK$38,046 million and total comprehensive income of approximately HK$674 million for the year ended 31st December, 2020[35]. - MTR's property development profit decreased by 1.3% to HK$5,507 million, with profit from underlying businesses decreasing by 58.5% to HK$4,381 million[38]. - Bank of Communications Co., Ltd. recorded a profit of approximately RMB79,570 million and total comprehensive income of approximately RMB71,021 million for the year ended December 31, 2020, with a profit attributable to shareholders of approximately RMB78,274 million[52]. Environmental and Social Responsibility - The Group is committed to reducing its environmental impact and complying with environmental protection laws[180]. - Environmental policies and performance are discussed in the "Environmental, Social and Governance Report" from pages 56 to 68 of the annual report[138]. Employee and Management Information - The Group employed a total of 3 full-time employees as of March 31, 2021, consistent with the previous year[92]. - The Company continues to provide favorable career development opportunities for its employees[181]. - Directors' remuneration is reviewed annually by the Remuneration Committee, with fees subject to shareholders' approval at general meetings[133].
开明投资(00768) - 2021 - 年度财报