Financial Performance - The group's consolidated revenue for the year ended December 31, 2024, was approximately HKD 40.84 million, a significant increase from HKD 16.73 million in 2023[14]. - Revenue from the online gaming segment contributed HKD 20.67 million, compared to zero in the previous year, with key titles including "Jinxiu Jianghu" generating HKD 14.53 million[18]. - The group reported a loss attributable to shareholders of approximately HKD 2.48 million, a reduction of about 36.9% from a loss of HKD 3.93 million in 2023[18]. - The group established a luxury car fleet for its car rental business, generating revenue of HKD 4.42 million in 2024, up from HKD 0.053 million in 2023[17]. - Total assets increased to approximately HKD 92.70 million as of December 31, 2024, compared to HKD 42.76 million in 2023[19]. - The group's net asset value rose to approximately HKD 74.75 million, up from HKD 24.58 million in 2023[19]. - The group’s cash and cash equivalents amounted to HKD 13.23 million as of December 31, 2024[20]. - The group’s current assets net value and current ratio were HKD 26.70 million and 2.6 times, respectively, compared to HKD 10.91 million and 1.6 times in 2023[20]. - The group’s total borrowings amounted to HKD 11.47 million as of December 31, 2024, down from HKD 16 million in 2023[25]. - The group did not recommend any dividend payment for the year ended December 31, 2024, consistent with the previous year[45]. Business Operations - In 2024, the company completed over 23 projects in the corporate finance advisory sector despite a challenging market environment[7]. - The number of new companies listed on the Hong Kong Stock Exchange's main board in 2024 was 71, a slight increase of approximately 1.4% from 70 in 2023[7]. - The company established two open-ended fund companies, with assets under management reaching HKD 20 million as of December 31, 2024[8]. - The company expanded its car rental business in the Greater Bay Area, operating a fleet of eight luxury vehicles, all successfully rented out[9]. - The company launched six online games, with five released in 2024, including titles like "Jinxiu Jianghu" and "Wulin Xianxia" targeting various international markets[10]. - The group plans to raise up to HKD 53.80 million through a rights issue, with net proceeds allocated for debt repayment, enhancing the car fleet, and expanding the online gaming business[25]. - The group plans to expand its market share in the car rental industry by actively sourcing suitable vehicles to enhance its fleet[35]. - The group aims to diversify its revenue sources by obtaining additional online gaming licenses and establishing an internal team for licensed game operations[35]. - The group will continue to monitor market trends and customer feedback to adjust its products accordingly, ensuring competitiveness in the Greater Bay Area[35]. - The group is focused on improving operational efficiency and effectiveness despite facing intense competition in its business operations[34]. Employee and Management - As of December 31, 2024, the group had 18 employees, with total employee costs amounting to HKD 9.74 million, a decrease from approximately HKD 10.24 million in 2023[27]. - Employee turnover rate increased to 21.7% in 2024 from 13.6% in 2023[133]. - Total number of employees as of December 31, 2024, is 18, with 17 in Hong Kong and 1 in Singapore[134]. - Average training hours per employee remained at 12 hours for male and female employees, with 100% participation in training programs[136]. - Employee benefits include vacation, medical plans, group insurance, and discretionary bonuses[133]. - The company emphasizes continuous professional development, providing on-the-job training and external training opportunities[135]. - The company has adopted a share option scheme to attract and retain qualified personnel, with a maximum share issuance limit of 10% of the total issued shares[55]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report covers all business segments, including financial services in Hong Kong and Singapore, car leasing, and newly launched online gaming business for the fiscal year ending December 31, 2024[86]. - The company emphasizes sustainable development as a core value and has taken significant measures to address ESG challenges and fulfill social responsibilities[90]. - The company aims to minimize environmental impact through responsible resource management and sustainable practices[94]. - The group has implemented a waste management strategy based on the "3R" principles (Reduce, Reuse, Recycle), including the installation of recycling bins in offices[125]. - The group aims to reduce energy consumption and environmental impact through various green operational measures, fostering a culture of sustainability and environmental responsibility[127]. - The group has identified climate change as a significant risk, particularly due to the increasing frequency of extreme weather events, and has implemented comprehensive work arrangements to ensure smooth operations during such events[129]. - The company has conducted a materiality assessment to identify key ESG issues that significantly impact its operations and stakeholders[101]. - Stakeholder engagement is crucial for understanding concerns related to ESG issues, which helps the company identify and assess related risks[97]. - The company focuses on service quality, business integrity, and employee rights as the four main concerns of its stakeholders[106]. Corporate Governance - The company has adhered to the corporate governance code as per GEM Listing Rules Appendix 15 for the fiscal year ending December 31, 2024, with the exception of deviation from code provision A.2.1[147]. - The board of directors held 16 meetings during the fiscal year, with all directors attending all meetings, demonstrating strong governance and oversight[150]. - The company has three independent non-executive directors who ensure compliance with regulatory standards and protect shareholder interests[151]. - The board has established three committees: Nomination Committee, Remuneration Committee, and Audit Committee, to enhance governance practices[152]. - The company is committed to board diversity, considering various factors such as skills, regional and educational background, and industry experience[154]. - All directors have received training on their responsibilities and relevant regulations to ensure compliance with good corporate governance practices[156]. - The company has a policy for re-election of directors, ensuring that all directors are subject to re-election at least every three years[153]. - The independent non-executive directors have confirmed their independence in accordance with GEM Listing Rules, ensuring effective oversight[151]. Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements of the company fairly reflect its financial position as of December 31, 2024[189]. - Key audit matters identified include the assessment of trade receivables impairment, which is significant due to the scale of outstanding balances and the risk of non-recovery[191]. - The auditor's procedures included verifying management's credit control processes and assessing the reasonableness of loss provisions based on historical default data and current economic conditions[194]. - The board of directors is responsible for preparing the financial statements in accordance with applicable accounting standards and ensuring internal controls to prevent material misstatements[197]. - The auditor evaluates the appropriateness of accounting policies adopted by the board and assesses the overall presentation and disclosures in the financial statements[200].
紫荆国际金融(08340) - 2024 - 年度财报