Financial Performance - The group's revenue for the fiscal year ending September 30, 2021, was approximately HKD 5.6 million, a decrease from HKD 16.2 million in 2020[11]. - The company reported a loss attributable to owners of approximately HKD 9.4 million, compared to a profit of HKD 5.6 million for the fiscal year ending September 30, 2020[11]. - In 2021 fiscal year, the company's revenue decreased by approximately 65.4% compared to the same period in 2020, with a recorded income of HKD 3.60 million in the second half, an increase of about 82.7% from HKD 1.97 million in the first half[21]. - The group reported a total revenue of approximately HKD 21.9 million available for distribution to equity shareholders as of September 30, 2021, down from HKD 32.7 million in 2020[155]. - Major customers contributed approximately 56.3% of total revenue for the year ended September 30, 2021, compared to 55.3% in the previous year[164]. - The largest customer accounted for about 18.3% of total revenue for the year ended September 30, 2021, slightly down from 18.5% in 2020[164]. Business Environment and Challenges - The company anticipates ongoing challenges in its business and operating environment due to the global outbreak of the coronavirus pandemic, with uncertainty regarding its resolution in Hong Kong[13]. - The company's client base mainly consists of small and medium-sized enterprises operating in the People's Republic of China, which are more risk-sensitive in the current economic climate[16]. - The company expects a significant reduction in business opportunities with these clients due to cross-border restrictions imposed by the Hong Kong government[16]. - The number of new listings on the Hong Kong Stock Exchange decreased by about 6.8% in 2020, with 138 new listings compared to 148 in 2019, and a significant drop of approximately 81.3% in October 2021 with only 3 new listings compared to 16 in October 2020[17]. - The number of takeover offers under the Takeovers Code decreased from 55 in 2018/19 to 38 in 2020/21, indicating a declining trend in advisory services for full takeover offers[18]. Strategic Initiatives - The company has adjusted its business strategy to remain competitive in the corporate finance advisory sector amid severe price competition[21]. - The company has recruited new personnel with international investment banking experience to expand its client base and enhance service offerings[25]. - The company is in the process of establishing an equity investment fund, targeting a size between HKD 100 million and HKD 150 million, which is expected to generate substantial management fee income[27]. - The company has successfully participated in a consulting transaction generating HKD 0.25 million in revenue from asset management advisory services, marking a milestone in this area[26]. Financial Position and Ratios - The group's cash and cash equivalents were approximately HKD 18.9 million as of September 30, 2021, compared to HKD 24.7 million as of September 30, 2020[42]. - The current ratio of the group was approximately 3.9 times as of September 30, 2021, down from approximately 15.5 times in the previous year[42]. - The group's debt-to-equity ratio was approximately 31.8% as of September 30, 2021, compared to 5.1% in 2020[42]. - Employee benefit expenses were approximately HKD 10.5 million for the year ending September 30, 2021, a decrease of about HKD 1.1 million from HKD 11.6 million in the previous year[35]. Corporate Governance - The board consists of four executive directors and three independent non-executive directors, ensuring a balanced composition[72]. - The company has implemented a board diversity policy aimed at enhancing decision-making capabilities and efficiency during organizational changes[80]. - The board is responsible for leading and controlling the company, aiming to maximize long-term shareholder value while balancing stakeholder interests[70]. - The company has established a remuneration committee to review the compensation policies for all directors and senior management, considering the company's performance and market practices[177]. - The audit committee held four meetings during the fiscal year ending September 30, 2021, to discuss the reappointment of external auditors and review financial statements[91]. Risk Management - The company has a risk management approach that covers various risk areas, including credit, market, liquidity, operational, compliance, and reputational risks[111]. - The audit committee reviews the risk management and internal control systems annually, finding them sufficient and effective as of September 30, 2021[118]. - There were no significant control deficiencies identified during the risk management and internal control review conducted during the year[119]. Shareholder Relations - The board of directors has established a shareholder communication policy to ensure ongoing dialogue with shareholders and investment groups[120]. - The company maintains a public float of at least 25% of its total issued shares as required by GEM listing rules[104]. Leadership and Personnel - The company has a strong leadership team with diverse backgrounds in finance, accounting, and corporate governance, enhancing its operational capabilities[135]. - The leadership team is committed to continuous professional development, as evidenced by their participation in relevant training programs[126]. - The company views employees as valuable assets and provides competitive compensation and benefits, along with ongoing professional training[171]. Compliance and Regulations - The company has complied with all relevant laws and regulations with no significant violations reported for the fiscal year ending September 30, 2021[170]. - The company has adopted a code for securities transactions by its directors in compliance with GEM listing rules[106].
宝积资本(08168) - 2021 - 年度财报