Market Performance - The average daily trading volume in the Hong Kong stock market increased by approximately 48.6% from about HKD 871.6 billion in 2019 to about HKD 1,294.8 billion in 2020[11]. - The total annual trading volume rose by approximately 21.5% from about HKD 26,422.8 billion in 2019 to about HKD 32,110.1 billion in 2020[11]. - The number of listed companies on the Hong Kong Stock Exchange increased by about 3.6% from 2,449 at the end of 2019 to 2,538 at the end of 2020[11]. - The number of new listings decreased by approximately 15.8% from 183 in 2019 to 154 in 2020[11]. - The company expects the number of new listings to continue to increase in 2021, with total trading volume in the Hong Kong stock market expected to at least maintain 2020 levels[18]. Financial Performance - Total revenue for the year ended December 31, 2020, was approximately HKD 80.56 million, an increase of about 29.4% from approximately HKD 62.23 million for the year ended December 31, 2019[22]. - Net profit for the year ended December 31, 2020, was approximately HKD 23.18 million, representing an increase of about 146.2% from approximately HKD 9.42 million for the year ended December 31, 2019[23]. - Employee costs for the year ended December 31, 2020, were approximately HKD 27.10 million, an increase of about 31.4% from approximately HKD 20.62 million for the year ended December 31, 2019[26]. - The group's total revenue for the year ended December 31, 2020, was approximately HKD 80.56 million, an increase of 29.4% compared to HKD 62.23 million for the year ended December 31, 2019[48]. - The group's net other income and gains for the year ended December 31, 2020, was approximately HKD 8.62 million, a significant increase of 457.5% from HKD 1.55 million in 2019[59]. Revenue Breakdown - Revenue from securities and futures brokerage services accounted for approximately 48.7% and 54.9% of total revenue for the years ended December 31, 2020, and 2019, respectively[34]. - Revenue from placing and underwriting services represented about 7.6% and 10.9% of total revenue for the years ended December 31, 2020, and 2019, respectively[35]. - Revenue from financing services increased to approximately 27.1% and 22.5% of total revenue for the years ended December 31, 2020, and 2019, respectively[38]. - Asset management services generated approximately 8.5% and 2.4% of total revenue for the years ended December 31, 2020, and 2019, respectively[39]. - Financial advisory services accounted for about 2.8% and 1.4% of total revenue for the years ended December 31, 2020, and 2019, respectively[40]. Business Strategy and Expansion - The company is focused on capturing more opportunities in the market following the launch of new business lines since its listing in 2018[10]. - The company plans to focus on two core service segments in 2021: asset management services and wealth management services[18]. - The company has successfully expanded its asset management services by investing in Guangzhou Victory Private Equity Fund Management Co., Ltd., with a total capital of HKD 11.2 million[29]. - The company acquired a 30% stake in Victory Nest Asset Management Pte. Limited for SGD 240,000, expanding its asset management business network to overseas markets[30]. - The company plans to expand its asset management services through the establishment of private equity funds in China and Singapore, which is expected to positively impact revenue[39]. Risk Management and Compliance - The company aims to enhance its risk management capabilities to ensure stable returns despite market volatility[12]. - The company is committed to improving compliance and risk management processes to adapt to the evolving regulatory landscape[12]. - The company acknowledges the challenges posed by the ongoing COVID-19 pandemic and US-China trade tensions on the global economy and financial markets[14]. - The company has delayed promotional activities due to the COVID-19 pandemic but plans to launch a major promotional campaign in 2021 to expand its customer base[44]. - The company intends to review and assess its business objectives and strategies in light of market uncertainties and risks associated with the COVID-19 pandemic[45]. Corporate Governance - The company has fully complied with the corporate governance code as per GEM Listing Rules for the year ended December 31, 2020[115]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[117]. - The company has established an audit committee to maintain high standards of corporate governance[136]. - The company is committed to maintaining high standards of corporate governance to enhance shareholder confidence[115]. - The company emphasizes equal opportunity in all aspects of its business, adhering to merit-based principles in board appointments[150]. Management Team - The company has a strong management team with extensive experience in finance and compliance, including licensed representatives under the Securities and Futures Ordinance[95][96]. - The Chief Financial Officer, Mr. Jiang, has over 16 years of experience in auditing, accounting, corporate governance, and corporate finance[112]. - The management team includes family members, indicating a strong internal governance structure[97]. - The company’s independent non-executive directors provide independent opinions to the board, enhancing governance oversight[106]. - The company has a strategic focus on global market development and business planning, led by the Vice President of Operations, Mr. Zhou[111]. Operational Risks and Challenges - The company has identified operational risks including insufficient human resources and a lack of senior staff, which it aims to mitigate through various measures[174]. - The long-term financial and operational impact of COVID-19 on the group will depend on the duration of the pandemic and the effectiveness of control measures[47]. - The impact of COVID-19 on the company's financial performance is being closely monitored, with potential short-term market volatility expected[84]. - The company has not encountered any significant contingent liabilities as of December 31, 2020[83]. - The company has not implemented any foreign currency hedging policies but is monitoring foreign exchange risks and may consider hedging significant foreign exchange risks when necessary[81].
胜利证券(08540) - 2020 - 年度财报