Financial Performance - The group's revenue for the year ended March 31, 2020, was HKD 75.8 million, a decrease of approximately HKD 13.3 million (15%) compared to last year's revenue of HKD 89.1 million[8]. - The group recorded a net loss of approximately HKD 7.2 million for the year, compared to a net profit of approximately HKD 9.5 million in 2019, primarily due to a lack of significant financial advisory transactions[20]. - Total revenue decreased by approximately 14.9% from about HKD 89.1 million in the year ended March 31, 2019, to about HKD 75.8 million in the current year[24]. - Revenue from financial advisory and independent financial advisory services was approximately HKD 53.4 million, accounting for about 70.4% of total revenue, down from approximately HKD 70.5 million in 2019[24]. - The asset management segment recorded a pre-tax loss of approximately HKD 5.9 million, compared to a loss of about HKD 0.5 million in 2019, due to unfavorable market conditions[20]. - The company recorded a pre-tax loss of approximately HKD 7.5 million for the year, compared to a pre-tax profit of approximately HKD 11.7 million in 2019, indicating a significant decline in performance[37]. - The company faced a fair value loss of approximately HKD 4.0 million on financial assets measured at fair value through profit or loss[37]. - The company has a significant concentration of ownership, with major shareholders collectively holding over 66% of the total shares[196]. Dividend and Shareholder Returns - The board proposed a final dividend of HKD 0.025 per share, down from HKD 0.05 per share in the previous year, amounting to approximately HKD 3.5 million[11]. - Despite a reduction in dividend levels, the company remains committed to maintaining a high regard for dividend distribution[16]. - The company has adopted a dividend policy that aims to distribute at least 40% of the annual consolidated net income attributable to shareholders as dividends[133]. - The board will consider various factors when proposing dividends, including current and expected financial performance, retained earnings, and liquidity levels[134]. - The board is committed to maintaining a consistent and sustainable dividend level, even in adverse conditions[133]. - The company reported a final dividend of HKD 0.025 per share for the year, down from HKD 0.050 in 2019, with a total payout of approximately HKD 3.5 million compared to HKD 7.1 million in the previous year[165]. Corporate Governance - The board consists of three independent non-executive directors, ensuring a strong independent element in governance[70]. - The company is committed to maintaining strong corporate governance practices to enhance stakeholder confidence and support[62]. - The board aims to ensure compliance with applicable laws and regulations through effective risk management and internal control systems[68]. - The company has a clear policy for the training and continuous professional development of its directors and employees[98]. - The company has implemented appropriate insurance arrangements for directors and senior officers[67]. - The board of directors is responsible for corporate governance, including reviewing and monitoring compliance with laws and regulations[98]. - The nomination committee ensures that the composition of the board complies with all applicable laws and regulations[87]. Risk Management - The board is responsible for maintaining an effective risk management and internal control system, which is reviewed annually by the audit committee[110]. - The company believes that the risk management and internal control systems are effective and adequate, providing reasonable assurance against material misstatements or losses[124]. - No significant risks were identified during the annual risk assessment conducted by the company[115]. - The internal control system is aligned with the COSO 2013 framework, ensuring operational efficiency and compliance with applicable laws[120]. Investment and Market Activities - The company has committed to invest USD 2.8 million (approximately HKD 21.8 million) to assist in launching the Climate Impact Asia Fund (CIAF)[12]. - The CIAF was officially launched on January 3, 2020, with an initial funding of USD 2.8 million as part of a total target of USD 10 million[16]. - The gradual easing of border control and social restrictions is expected to benefit CIAF financing activities in the coming year[60]. - The company noted signs of improvement in several transactions, including privatizations, and has been frequently appointed to provide advisory services for such transactions[59]. Employee Costs and Management - Employee costs decreased from HKD 57.0 million to HKD 54.1 million, primarily due to a significant reduction in discretionary bonuses[9]. - Employee benefit costs decreased by approximately 5.1% to about HKD 54.1 million from approximately HKD 57.0 million in the previous year[30]. - The company has ongoing plans to upgrade and enhance its IT infrastructure, with approximately HKD 2.3 million remaining from the net proceeds of its IPO for this purpose[50]. Compliance and Regulatory Matters - The company has complied with all relevant laws and regulations in Hong Kong and China regarding its business operations during the year[57]. - The company emphasizes the importance of compliance and regulatory oversight in its operations, with several directors holding key regulatory positions[156][160]. Shareholder Engagement - The company encourages two-way communication with shareholders and provides detailed information through quarterly and annual reports[125]. - Shareholders holding at least 10% of the paid-up capital have the right to request a special general meeting within two months of submission[129]. - The company encourages shareholders to submit suggestions regarding operations and management for discussion at the general meeting[131].
新百利融资(08439) - 2020 - 年度财报