Financial Performance - For the fiscal year ending June 30, 2019, the group reported a total revenue of zero, consistent with the previous year[16]. - The loss attributable to owners of the company for 2019 was HKD 13,916,000, compared to a loss of HKD 4,887,000 in 2018, representing an increase in loss of approximately 184%[16]. - The loss per share for 2019 was HKD 1.39, compared to HKD 0.49 in 2018, indicating a significant decline in performance[16]. - The company reported a net loss of HKD 13,900,000 for the year ended June 30, 2019, an increase of approximately HKD 9,000,000 compared to a net loss of HKD 4,900,000 for the year ended June 30, 2018[46]. - The company reported a total operating loss of HKD 12,625,000 for the year ended June 30, 2019, compared to a loss of HKD 3,920,000 in the previous year, indicating a significant increase in losses[180]. - The total loss attributable to the owners of the company for the year was HKD 13,916,000, compared to HKD 4,887,000 in the prior year, showing a substantial increase in overall losses[180]. - The basic and diluted loss per share for the year was HKD 1.39, compared to HKD 0.49 in the previous year, indicating a worsening financial performance on a per-share basis[180]. - The company recorded a total comprehensive loss of HKD 13,916,000 for the year, which is an increase from a loss of HKD 4,887,000 in the previous year, reflecting a 184.5% increase in losses[184]. Corporate Governance - The audit committee was established on July 26, 2019, after the appointment of new directors on July 25, 2019[96]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to support the board's responsibilities[143]. - The company has appointed Mr. Li Han Sheng as the company secretary on July 26, 2019, following the resignation of the previous secretary in February 2015[155]. - The company has implemented various policies since the current board and management were appointed, including board diversity, nomination, dividend, and shareholder communication policies[156]. - The company ensures compliance with the latest developments in listing rules and regulatory requirements for all current directors to enhance their knowledge and skills[154]. - The independent auditor's report is included in the annual report, detailing the responsibilities and opinions regarding financial reporting[151]. - The company has established a nomination committee to review the board's structure and assess the independence of non-executive directors[149]. - The board composition includes a non-executive chairman and independent non-executive directors with professional qualifications, enhancing corporate governance[141]. - The management team emphasized the importance of compliance with regulatory standards, particularly in the context of recent market changes[82]. - The company faced challenges in confirming compliance with the standard code for securities trading due to non-cooperation from previous directors[140]. Restructuring and Liquidation - The company was ordered to be liquidated on February 9, 2015, and the Director of the Bankruptcy Management Office was appointed as the interim liquidator[23]. - The High Court approved the permanent stay of the liquidation order on July 22, 2019, and the previous liquidators resigned on July 25, 2019[24]. - The creditor's plan was approved by the required majority of creditors on July 5, 2019, and subsequently submitted to the courts for approval[39]. - The creditor plan was approved and became effective on July 25, 2019, after conditions were met for both Hong Kong and Cayman creditor plans[62]. - The company completed a restructuring plan on July 25, 2019, transferring all excluded subsidiaries to a trust held for creditors for a cash consideration of HKD 1[129]. - Following the restructuring, the independent auditor confirmed that audit modifications would not have a continuing impact on the financial statements for future reporting periods[129]. - The company has lost control over its subsidiaries and ceased consolidating their financials since January 1, 2014[45]. - The company has received claims totaling approximately HKD 1,678,000,000 from creditors, with 43 claims remaining after settling two claims related to necessary costs for restructuring[59]. Market and Business Strategy - The company aims to expand its business and improve its financial performance in the future[19]. - The company anticipates challenges due to the ongoing US-China trade war and continuous protests in Hong Kong[20]. - The management is preparing to face various challenges, leveraging competitive advantages and employee dedication[20]. - The company is investing heavily in R&D, with a budget allocation of $50 million for the development of new technologies and products[77]. - Market expansion efforts include entering three new international markets, aiming for a 10% market share within the first year of operation[78]. - The company has completed two strategic acquisitions in the past year, enhancing its service offerings and customer base by approximately 30%[79]. - A new product line is expected to launch in Q3 2024, with anticipated sales of $20 million in the first year[80]. - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[76]. Shareholder and Financial Position - The board of directors did not recommend a final dividend for the year ending June 30, 2019, consistent with the previous year[17]. - The company has not generated any salary or other compensation during the year ended June 30, 2019[60]. - The company has not paid any remuneration to its directors for the year ended June 30, 2019[103]. - The company did not purchase, sell, or redeem any of its listed securities during the year ended June 30, 2019[118]. - The company has no major customers or suppliers to report due to the lack of business operations[89]. - The company’s total equity decreased to HKD (960,751,000) from HKD (946,835,000) in the previous year, marking a 1.5% decline in equity[182]. - The company’s total assets were reported at HKD 3,175,000, an increase from HKD 1,686,000 in the previous year, reflecting an 88.5% growth in total assets[182]. - The group had a current ratio of approximately 0.3% as of June 30, 2019, compared to 0.2% as of June 30, 2018[47]. - The company has established a share buyback program worth $10 million to enhance shareholder value[75]. Audit and Compliance Issues - The independent auditor's report for the year ended June 30, 2019, issued a disclaimer of opinion on the consolidated financial statements[128]. - The company has not provided sufficient evidence to support the existence and completeness of liabilities disclosed as of June 30, 2019, and June 30, 2018[169]. - There is uncertainty regarding the company's ability to continue as a going concern, which has impacted the audit opinion on the financial statements[168]. - The independent auditor has expressed a refusal to issue an opinion on the financial statements due to limitations in the audit scope and significant uncertainties[167]. - The company has not provided adequate documentation to verify the accuracy and completeness of related party transactions for the years ended June 30, 2019, and June 30, 2018[174]. - The company has not provided sufficient evidence regarding the existence and completeness of contingent liabilities as of June 30, 2019, and June 30, 2018[173]. - The company has not provided adequate evidence to support the reserves reported in the consolidated statement of changes in equity for the years ended June 30, 2019, and June 30, 2018[175].
大禹金融(01073) - 2019 - 年度财报