Financial Performance - For the nine months ended September 30, 2020, the Group reported a revenue of HK$25,946,071, a decrease from HK$67,790,024 in the same period of 2019, representing a decline of approximately 61.8%[9] - The loss before tax for the nine months ended September 30, 2020, was HK$198,945,602, compared to a loss of HK$58,037,175 for the same period in 2019, indicating a significant increase in losses[9] - The total comprehensive loss attributable to owners of the Company for the period was HK$213,354,848, compared to HK$49,899,630 in the previous year, reflecting an increase of approximately 327.5%[9] - Basic loss per share for the nine months ended September 30, 2020, was HK$5.88, compared to HK$1.38 for the same period in 2019, indicating a substantial increase in loss per share[9] - The Group's total comprehensive loss for the period was HK$213,354,848, compared to a loss of HK$49,899,630 for the same period in 2019[49] Income and Expenses - Administrative expenses for the nine months ended September 30, 2020, totaled HK$20,087,993, compared to HK$22,428,594 in the same period of 2019, showing a decrease of approximately 10.4%[9] - Other income for the nine months ended September 30, 2020, was HK$1,944,107, a decrease from HK$38,447 in the same period of 2019[9] - The Group's finance costs for the nine months ended September 30, 2020, were HK$6,557,162, compared to HK$8,105,276 in the same period of 2019, reflecting a decrease of approximately 19.2%[9] - Government subsidy income for the nine months ended September 30, 2020, was HK$1,944,000, significantly higher than no income reported in 2019[22] - The Group's total other income for the nine months ended September 30, 2020, was HK$1,944,107, compared to HK$38,447 in 2019, indicating a substantial increase[22] Impairment and Losses - Impairment loss on loans receivable for the nine months ended September 30, 2020, was HK$20,087,993, compared to HK$22,428,594 in the previous year, indicating a reduction in impairment losses[9] - The impairment loss on loans receivable for the nine months ended September 30, 2020, was HK$11,610,008, compared to HK$11,912,752 for the same period in 2019[32] - The Group recorded an impairment loss on loans receivable of approximately HK$197.18 million, a significant increase from approximately HK$88.58 million for the corresponding period in 2019[82] Shareholder Information - The Group did not recommend any dividend payment to shareholders for the nine months ended September 30, 2020, and 2019[39] - As of September 30, 2020, the maximum number of ordinary shares that may be issued under the Share Option Scheme is 362,880,000, representing 10% of the issued ordinary shares[111] - No share options have been granted under the Share Option Scheme since its adoption on November 24, 2011[114] - The interests of substantial shareholders include Xiao Guoliang with 1,070,400,000 shares (29.50%) and Ng Kam Lung Volais with 1,013,040,000 shares (27.92%) as of September 30, 2020[106] Operational Adjustments - The Group's loan portfolio management will continue to adopt prudent approaches, especially during the loan assessment and approval process, in response to the adverse economic conditions caused by COVID-19[54][58] - The Group will explore potential investment opportunities in bonds, debt instruments, and listed equity securities to maximize shareholder value[56][59] - The Group's capital base will be closely monitored to ensure sufficient funding is maintained for capturing potential opportunities[57][59] - The adverse financial conditions have negatively impacted the repayment ability of the Group's customers, leading to increased lending risks[54] - The Group will continue to implement budget control measures to manage expenses in light of the financial impacts of the COVID-19 pandemic[55] Compliance and Governance - The Group has adopted all amended Hong Kong Financial Reporting Standards relevant to its operations effective from January 1, 2020, with no significant impact on the financial statements[14] - The Audit Committee, comprising four independent non-executive Directors, has reviewed the Group's unaudited condensed consolidated results for the Review Period[123] - The Board believes that the financial information preparation complies with applicable accounting standards and GEM Listing Rules[124] Trading Status - The Company has been suspended from trading since November 24, 2017, and will remain suspended until further notice[121]
FIRST CREDIT(08215) - 2020 Q3 - 季度财报