Financial Performance - The Group recorded gross proceeds from the disposal of securities of approximately HK$22.7 million, a decrease of approximately 25.3% compared to HK$30.4 million in the previous year[8]. - Revenue for the year was approximately HK$4.5 million, reflecting a decrease of approximately 1.0% from the previous year's revenue of approximately HK$4.5 million[8]. - The Company reported a loss attributable to owners of approximately HK$7.0 million for the year, compared to a profit of approximately HK$3.6 million in 2021[9]. - The Group experienced a net loss on listed investments of approximately HK$0.3 million, compared to a net gain of approximately HK$20.0 million in the previous year[9]. - Administrative expenses rose to approximately HK$10.7 million from approximately HK$8.9 million in the previous year[9]. - The Group recorded a net realised loss on disposal of listed securities of approximately HK$0.4 million, with realised gains of approximately HK$2.3 million and realised losses of approximately HK$2.7 million[48]. - The net unrealised gain of listed securities was approximately HK$0.1 million, consisting of unrealised gains of approximately HK$31.8 million and unrealised losses of approximately HK$31.7 million[49]. - The Group's unlisted debt investments experienced a valuation loss of approximately HK$7.2 million during the year, with total coupons received amounting to approximately HK$3.1 million[54][57]. - The Group's impairment losses under the expected credit loss model included a reversal of approximately HK$8.7 million, primarily due to the collection of outstanding receivables[55][58]. - The Group's net unrealised loss on unlisted securities was approximately HK$8.7 million, mainly attributed to a valuation loss on investment in Peak Zone Group Limited of approximately HK$6.2 million[58]. Investment Portfolio - The audited consolidated net assets of the Group as of March 31, 2022, amounted to approximately HK$209.7 million, up from approximately HK$195.5 million in 2021[8]. - The Group's investment portfolio as of March 31, 2022, is valued at approximately HK$185.8 million, comprising unlisted securities, listed securities, and bonds investments in Hong Kong and China[21][22]. - Significant investments include equity investments in WLS Holdings Limited (HK$25.0 million, 11.1% of total assets), Power Financial Group Limited (HK$17.3 million, 7.7%), and Youth Champ Financial Group Limited (HK$11.5 million, 5.1%) as of March 31, 2022[26]. - The Group's portfolio includes HK$148.3 million in listed shares across 42 companies[15]. - Direct investments in unlisted equities amounted to HK$15.5 million across 3 investments[17]. - The Group's bond investment in two listed companies amounts to HK$22.0 million[19]. - The Group's significant investments represent over 5% of the total assets, indicating a diversified investment approach to minimize commercial risk[22][23]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended March 31, 2022, with some deviations noted[154]. - The Board consists of six members, including one executive director, two non-executive directors, and three independent non-executive directors as of March 31, 2022[190]. - All independent non-executive directors have submitted annual independence confirmation statements, and the company believes they meet the independence guidelines[190]. - The Group has adopted the Model Code for Securities Transactions by Directors, confirming compliance by all Directors throughout the year[184]. - The company has taken sufficient measures to ensure corporate governance practices align with the code requirements[191]. - The company encourages continuous professional development for all directors, ensuring they remain informed and relevant in their contributions[194]. - The company secretary provides ongoing training regarding the latest developments in listing rules and regulatory requirements to all directors[192]. - The Directors' emoluments are subject to review and recommendation by the Remuneration Committee[163]. - The Company emphasizes the importance of anti-corruption practices and has policies in place to uphold honesty and integrity among employees[165]. Future Outlook and Strategy - WLS anticipates improvement in the global economy for the year 2021/2022 due to government disbursement of HK$5,000 electronic consumption vouchers and ongoing COVID-19 vaccinations[27][29]. - WLS plans to revitalize its scaffolding business and focus on higher profit margin segments, such as money lending operations, while adhering to strict cost control policies[27][29]. - The Group will continue to monitor the performance of WLS and adjust its investment strategy as necessary[28][30]. - The Group's strategy aligns with the Hong Kong Government's development plans for property construction, infrastructure investment, and financial market development[27][30]. - The Group expects the global market to face greater challenges and uncertainties, particularly in the context of economic turmoil and the ongoing COVID-19 pandemic[61]. Employee and Operational Information - Total staff costs for the year ended March 31, 2022, amounted to approximately HK$4.6 million, an increase from approximately HK$2.9 million in 2021[84]. - The Group maintained the same number of employees, with eleven employees retained as of March 31, 2022[87]. - The Company considers its employees as important assets and strives to provide a fair working environment[165]. - The Company supports long-term community investment through employee volunteer work initiatives[1]. Dividend Policy - The Company did not recommend a payment of final dividend for the year[66]. - The Directors do not recommend the payment of a dividend for the year ended 31 March 2022, consistent with the previous year where no dividend was paid[111]. - The company must consider various factors, including financial performance and market conditions, when deciding on dividend payments[132]. - The company aims to maintain adequate working capital while providing stable returns to shareholders as per its dividend policy established in January 2019[131]. - There is no pre-determined dividend distribution ratio, and past dividend distribution records do not guarantee future dividends[137]. - The declaration and payment of dividends are subject to restrictions under the Companies Law of the Cayman Islands and the company's articles of association[138].
中国投融资(01226) - 2022 - 年度财报