GEM Listing and Market Characteristics - GEM is designed for companies with potentially higher investment risks compared to other listed companies on the Hong Kong Stock Exchange[1] - Securities traded on GEM may experience higher market volatility and lower liquidity compared to those on the main board[2] - The report is provided in accordance with the GEM Listing Rules and confirms the accuracy and completeness of the information presented[2] - The company emphasizes the importance of understanding potential risks before making investment decisions in GEM-listed companies[1] - The report will be available on the Hong Kong Stock Exchange website for at least seven days from the publication date[2] - The company is committed to transparency and accountability in its reporting practices[2] Company Operations and Structure - The company has a registered office in the Cayman Islands and operates primarily in Hong Kong[6] - The company operates as an investment holding company, primarily providing tutoring and franchising services in Hong Kong under the brand "Lai Chi Learning Center" for primary and secondary education[40] - The company has established a governance structure with various committees to oversee its operations and compliance[11][13] - The company has not changed its capital structure since its listing on GEM on December 2, 2016, which consists solely of ordinary shares[37] - The company does not recommend the payment of a final dividend for the year ended March 31, 2020, consistent with the previous year[43] Financial Performance - The group reported total revenue of approximately HKD 33.0 million for the year ended March 31, 2020, a decrease of about 11.8% from approximately HKD 37.5 million for the previous year[26] - Revenue from primary school tutoring services decreased to approximately HKD 8.4 million, a decline of 16.5% compared to the previous fiscal year[18] - Revenue from secondary school tutoring services decreased to approximately HKD 24.4 million, a decline of 9.3% compared to the previous fiscal year[18] - The group incurred a loss of approximately HKD 7.0 million for the year ended March 31, 2020, compared to a loss of HKD 1.8 million in the previous year[30] - Employee benefits expenses increased by 11.3% to approximately HKD 22.3 million, primarily due to increased employee retention efforts[28] - The net cash position as of March 31, 2020, was approximately HKD 27.6 million, a decrease from HKD 42.1 million as of March 31, 2019, mainly due to cash used for the purchase of property and equipment[33] - The group had a net current asset value of approximately HKD 23.9 million as of March 31, 2020, down from HKD 42.2 million as of March 31, 2019[35] - The net loss margin increased to -21.3% for the year ended March 31, 2020, compared to -4.8% for the same period last year[30] Management and Governance - The management team includes experienced professionals with backgrounds in education and finance, enhancing the company's operational capabilities[8][11][13] - The management team has a strong educational background, with degrees from reputable institutions[8][14] - The company’s board of directors consists of both executive and independent non-executive directors, with terms initially set for three years[65] - The board consists of five members, including two executive directors and three independent non-executive directors[97] - All executive directors have sufficient experience to effectively perform their duties, and the company has purchased insurance for directors and senior officers to protect against legal liabilities[99] - The company has adopted a board diversity policy to enhance governance efficiency, considering factors such as gender, age, cultural background, and professional experience in director appointments[100] - The board meets at least four times a year to review the group's financial and operational performance[104] - The company has ensured that all directors have access to professional advice on governance and regulatory matters[103] Shareholder and Stakeholder Engagement - The company has set up multiple channels for communication with shareholders, investors, and other stakeholders, including annual general meetings and reports[129] - The company’s annual general meeting provides a platform for communication between shareholders and the board[123] - The company values stakeholder engagement and maintains communication through various channels, including meetings, electronic platforms, and public events[140] Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes the importance of environmental protection, low carbon footprint, resource conservation, and sustainable development as mainstream societal trends[133] - An ESG task force has been established, consisting of core members from various departments, responsible for collecting and preparing ESG-related data for reporting[134] - The ESG report covers the operational period from April 1, 2019, to March 31, 2020, focusing on environmental and social aspects within the primary and secondary tutoring service segments[135] - The company is committed to integrating ESG considerations into its risk management framework and daily operations[133] - The total greenhouse gas emissions for the reporting period amounted to approximately 153.38 tons of CO2 equivalent, with a density of 13.94 tons of CO2 equivalent per center[151] - The company received the "Hong Kong Green Organization Certification - Waste Reduction Certificate (Excellence Level)" for its active participation in environmental practices[155] - The company has implemented policies to reduce energy consumption and minimize its carbon footprint, with electricity being the largest source of energy consumption[159] - The company has not identified any significant violations of environmental laws and regulations during the reporting period[149] Employee Development and Welfare - The group provides comprehensive benefits and career development opportunities to employees, ensuring fair employment practices[167][168] - The company emphasizes employee development and training as a core value, offering diverse training programs to enhance skills and promote personal growth[176] - The company strictly adheres to local laws regarding the prohibition of child labor and forced labor, with no reported violations during the reporting period[178] Compliance and Risk Management - The group strictly prohibits any form of corruption and has established a rigorous internal control system to enforce anti-corruption policies[194] - The group has not reported any serious violations of anti-corruption laws during the reporting period, demonstrating compliance with relevant regulations[193] - The board confirmed its responsibility for establishing and maintaining the group's risk management and internal control systems[121] Community Engagement - The group has been awarded the "Caring Company" certificate since 2014, reflecting its commitment to corporate social responsibility and community engagement[196] - The group actively participates in community activities such as fundraising and volunteer services, fostering a mutually beneficial relationship with local communities[197]
GOLDWAY EDU-NEW(08160) - 2020 - 年度财报