Financial Performance - The operating loss of Goldstone Investment Group Limited was significantly reduced by 16.9% due to large-scale restructuring and cautious cost control measures implemented since August 2020[11]. - The net loss attributable to owners of the Company for the year ended 31 December 2020 was approximately HK$36,302,000, a decrease of approximately HK$7,372,000 from the previous year's loss of approximately HK$43,674,000[26]. - The net unrealised loss arising on fair value changes of unlisted equity investments was approximately HK$5,794,000, compared to an unrealised loss of approximately HK$4,767,000 in 2019[25]. - The gearing ratio as of 31 December 2020 was 2,323.51%, significantly higher than 516.12% in 2019[38]. - The company's debt-to-asset ratio as of December 31, 2020, was 2,323.51%, a significant increase from 516.12% in 2019[42]. - The Group had no contingent liabilities as of December 31, 2020, maintaining a stable financial position[47]. Investment Strategy - The investment strategy focuses on risk diversification through a variety of asset types, aiming to maximize investment returns by seizing opportunities across different industries and markets[13]. - The company may invest in various funds, including equity investment funds, hedge funds, and digital currency funds, among others[19]. - The company is committed to a prudent investment approach, focusing on high-tech, new economy, bio-medicine, new energy, real estate, and education sectors[56]. - The Group is primarily engaged in investments in securities of listed and unlisted companies and other related financial assets[81]. Fundraising and Financial Support - The management team is preparing for a series of fundraising efforts to establish a solid foundation for future growth amid challenging financial conditions[11]. - The Company raised net proceeds of approximately HK$30,500,000 and HK$19,000,000 for general working capital and repayment of borrowings, respectively[32]. - In January 2021, the Company placed a total of 90,140,000 new ordinary shares at a price of HK$0.28 per share, raising approximately HK$24,400,000 for general working capital[34]. - The Company plans to seek additional financial support through loans or issuing additional equity or debt securities to meet future working capital needs[36]. - The Company is seeking additional financial support, including loans and issuing new equity or debt securities[40]. Management and Governance - The new management team joined in August 2020, bringing extensive experience in the investment market[11]. - Dr. Xiao Yanming was appointed as the Executive Director on December 2, 2020, and has extensive experience in international financial institutions, including UBS and Citibank[63]. - The Company’s board of Directors includes both executive and independent non-executive members, ensuring a diverse governance structure[108]. - The Company has confirmed compliance with the Listing Rules regarding the independence of its Directors, following the re-appointment of an independent non-executive director on January 23, 2021[182]. - The Board is responsible for managing the Group's overall investment strategies and ensuring compliance with corporate governance duties[174]. Shareholder Relations - The management expressed gratitude to shareholders and partners for their support and commitment to overcoming challenges[14]. - The company is committed to achieving the best results to reward shareholders for their support[14]. - The Board does not recommend the payment of a final dividend for the current year, consistent with the previous year[37]. - The Company did not recommend the payment of a final dividend for the year ended 31 December 2020[84]. - At 31 December 2020, the reserves available for distribution to shareholders amounted to HK$Nil[94]. Market and Economic Conditions - The operating environment for financial markets in 2021 is expected to remain challenging due to global economic uncertainties[55]. - The company aims to optimize its development potential by capturing opportunities arising from new technologies and business models spawned by the COVID-19 pandemic[13]. Board Composition and Meetings - The Company convened a total of 32 Board meetings during the financial year ended 31 December 2020[186]. - All Directors are encouraged to attend general meetings, but two independent non-executive Directors and three non-executive Directors were unable to attend the annual general meeting held on 10 June 2020[184]. - The Board comprises seven Directors, including one executive Director and three non-executive Directors, along with three independent non-executive Directors[169]. - The Company has appointed three independent non-executive Directors, one of whom possesses the requisite professional qualifications or accounting expertise[187]. Training and Development - Directors' training is an ongoing process, and the Company has complied with the code provision A.6.5 of the CG Code on Directors' training[196]. - All directors are encouraged to attend relevant training courses, with costs covered by the company[198]. - Directors are committed to continuous professional development and participate in suitable training to enhance their knowledge and skills[199]. - A record of the training received by the respective Directors is kept and updated by the Company Secretary[196].
金石投资集团(00901) - 2020 - 年度财报