Financial Performance - The total revenue for the fiscal year was approximately HKD 39.2 million, a decrease of 36.3% compared to the previous year[14]. - The net profit attributable to the owners of the company decreased to approximately HKD 10.7 million, primarily due to reduced income from placement and underwriting services[14]. - Commission income from securities brokerage services decreased by 23.0% to approximately HKD 17.4 million, accounting for 44.3% of total revenue[15]. - Interest income from margin financing services increased by 14.5% to approximately HKD 19.7 million, representing 50.3% of total revenue[16]. - Commission income from placement and underwriting services dropped by 90.3% to approximately HKD 2.1 million, constituting 5.4% of total revenue[18]. - Total revenue for the year was approximately HKD 39.2 million, a decrease of 36.3% compared to HKD 61.5 million in the previous year[20]. - Net profit for the year was approximately HKD 10.7 million, down 21.4% from approximately HKD 13.6 million in the previous year[23]. Operating Expenses - The company experienced an increase in operating expenses and employee costs compared to the previous year[14]. - Other operating expenses increased by 31.0% to approximately HKD 9.7 million, primarily due to higher professional fees and compliance consulting costs[21]. - The group employed 17 staff members as of March 31, 2021, with employee costs amounting to approximately HKD 10.2 million, an increase of about HKD 3.1 million[33]. Market Conditions - The trading volume in the securities market increased by about 67% compared to the previous year, reflecting active trading activities despite a challenging economic environment[10]. - The company adopted a cautious approach in taking on new placement and underwriting projects due to uncertain economic prospects and market volatility[14]. - The company remains optimistic about its prospects, believing that business will rebound as market and investor sentiment improves[8]. Capital and Funding - The company successfully raised approximately HKD 90.6 million through the public offering of 250 million shares at an issue price of HKD 0.50 per share[13]. - The net proceeds received by the group amount to approximately HKD 90.6 million, intended for various purposes including business expansion and IT system upgrades[38]. - The allocation of net proceeds includes HKD 27 million for expanding placement and underwriting business, and HKD 10.2 million for financing guarantee business[39]. - As of March 31, 2021, unutilized proceeds amount to HKD 46.6 million, with a total of HKD 44 million already utilized[39]. Corporate Governance - The board consists of six directors, including one non-executive director, two executive directors, and three independent non-executive directors[130]. - The board has complied with the corporate governance code regarding the appointment of at least three independent non-executive directors[136]. - The company has adopted standard codes for securities trading by directors and confirmed compliance during the review year[138]. - The board reviews the diversity policy annually to ensure its effectiveness and appropriateness[180]. Risk Management - The company has implemented effective risk management and internal control systems, with an independent consulting firm auditing these systems annually[191]. - The board is responsible for ensuring that the company maintains good corporate governance and effective risk management practices[183]. - The risk management process includes risk identification, assessment, management measures, and monitoring[184]. - The company has no immediate need to establish an internal audit function due to the board's capability to oversee risk management and internal control systems[191]. Shareholder Matters - The board does not recommend the distribution of a final dividend for the review year[42]. - The group did not recommend any dividend payment for the review year (2020: none)[60]. - Shareholders holding at least 10% of the company's paid-up capital can request a special general meeting within two months of their request[199]. - If the board does not convene the meeting within 21 days of the request, the requesting shareholders can call the meeting themselves[199]. Compliance and Regulations - The group has complied with all relevant laws and regulations without any significant violations during the review year[69]. - The company confirms compliance with the disclosure requirements of Chapter 14A of the Listing Rules during the review year[84]. - The company has received annual confirmations from independent non-executive directors regarding their independence[87]. Employee Matters - The remuneration policy for directors and senior management is linked to the group's financial performance and individual performance[162]. - The company secretary completed no less than 15 hours of relevant professional training during the review year[192]. - Employee costs for the year amounted to HKD 10.2 million (2020: HKD 7.1 million), reflecting an increase in workforce from 16 to 17 employees[80].
富石金融(02263) - 2021 - 年度财报