Financial Performance - For the year ended March 31, 2023, UBA Investments Limited recorded a loss of approximately HK$14.4 million, compared to a loss of HK$0.13 million in 2022, with a loss per share of HK$0.0113[9]. - As of March 31, 2023, the net asset value decreased by 14% from HK$104.6 million to HK$90.1 million, aligning with a 7% decline in the Hang Seng Index during the same period[10]. - The Group reported a net loss attributable to owners of the Company of HK$14,433,000 for the year ended March 31, 2023, compared to a loss of HK$129,000 in the previous year[154]. - Total assets decreased to HK$90,449,000 as of March 31, 2023, down from HK$104,875,000 in the previous year, representing a decline of approximately 13.8%[155]. - The Company has reserves available for distribution amounting to approximately HK$73,426,000 as of March 31, 2023, down from HK$85,978,000 in 2022, indicating a decrease of about 14.6%[157]. Investment Strategy - The Group's short-term strategy focuses on trading listed securities based on market sentiment while maintaining sufficient dividend levels for operations[17]. - The long-term strategy aims to balance listed and unlisted investments to enhance returns and maintain liquidity for future opportunities[17]. - The Group plans to invest in higher yield listed securities while maintaining sufficient liquidity for future investment opportunities[27]. - The Group anticipates a turbulent market environment with a downward trend in global equity markets due to ongoing interest rate hikes by the Fed[26]. - The Group will continue to adopt a cautious and pragmatic investment approach to enhance returns for shareholders[27]. Market Conditions - The global and local equity markets experienced significant volatility, impacting the Group's investment strategy[11]. - The U.S. economy experienced a downturn primarily due to the Russia-Ukraine War, leading to a 2.75% interest rate hike by the Fed in the second half of 2022[19]. - Inflation reached a multi-decade high of 8.2%, prompting the Fed to maintain a rising-rate environment until inflation decreases[19]. - The Dow Jones Index fell approximately 17% from 34,678 at the end of March 2022 to 28,725 at the end of September 2022[19]. - The Hong Kong Stock Index (HSI) decreased approximately 7.2% from 21,996 at the end of March 2022 to 20,400 at the end of March 2023 due to U.S. interest rate hikes[25]. Dividend and Shareholder Returns - The Group plans to conduct further reviews on potential acquisitions of unlisted equity investments in the future[17]. - No dividends were declared for the year, as the Board resolved not to recommend any payment of final dividend[90]. - The Board has resolved not to recommend a payment of final dividend for the year[147]. - The Group holds 50,000 shares in CK Hutchison Holdings, representing 0.001% interest, and derived a dividend income of HK$134,000 for the year ended 31 March 2023[39]. - The Group holds 5,800,265 shares in PCCW, representing 0.075% interest, and derived a dividend income of HK$2,147,000 for the year ended 31 March 2023[43]. Company Operations and Governance - The Group employed a total of 4 full-time employees as of March 31, 2023, consistent with the previous year[95]. - The Company has no significant capital commitments or contingent liabilities as of March 31, 2023[99]. - The Company complied with the Corporate Governance Code throughout the year, except for a deviation regarding the attendance of an independent non-executive director at the previous AGM[105]. - The Company has not held any directorship in other public companies listed on any securities market in Hong Kong or overseas in the past three years for its directors[120][123][124][125]. - The Company has maintained appropriate directors and officers liability insurance for relevant legal actions against its directors[184]. Shareholding and Director Interests - As of March 31, 2023, Andrew Cheng Wai Lun holds 340,000,000 ordinary shares, representing 26.74% of the total issued share capital of the Company[197]. - No arrangements were made during the year ended March 31, 2023, allowing directors or chief executives to acquire benefits through shares or debentures of the Company[198]. - Substantial shareholders holding 5% or more in the shares and underlying shares of the Company have been recorded as of March 31, 2023[200]. - The Company has no service contracts for directors that are not determinable within one year without compensation other than statutory compensation[187]. - The term of office for independent non-executive directors lasts until retirement by rotation according to the Company's Articles of Association[175].
开明投资(00768) - 2023 - 年度财报