Financial Performance - The Group's net loss increased from approximately HK$7.0 million for the year ended 31 March 2022 to approximately HK$41.2 million for the year ended 31 March 2023, primarily due to the performance of listed investments and expected credit loss assessments [12]. - The Group recorded a net loss on listed investments of approximately HK$30.7 million in the year, compared to a net loss of approximately HK$0.1 million in the previous year [12]. - The Group recorded an impairment loss of approximately HK$1.2 million during the year, contrasting with a reversal of impairment losses of approximately HK$8.7 million in the previous year [12]. - The Group recorded unrealized losses on unlisted investments of approximately HK$2.4 million, down from approximately HK$8.7 million in the previous year [12]. - The group recorded an unrealized loss of approximately HK$49.9 million, with unrealized gains of about HK$17.3 million [32]. - The consolidated net asset value per share decreased to HK$0.48 as of March 31, 2023, down from HK$0.65 in 2022, with total net assets of approximately HK$196.6 million [75]. Investment Strategy - The investment portfolio as of 31 March 2023 is valued at approximately HK$167.0 million, comprising unlisted securities, listed securities, and bonds investments in Hong Kong and China [18]. - The Group aims to focus on business segments with higher profit margins and growth potential, such as money lending operations [20]. - The Group will actively explore suitable investment opportunities to diversify its business horizons and strengthen overall business development [22]. - The company aims to invest in unlisted securities, listed securities, and fixed income products to further diversify market risk [70]. Financial Position - As of March 31, 2023, the group had bank balances and cash of approximately HK$27.6 million, up from HK$10.8 million in 2022 [47]. - The gearing ratio was 2.6% for the year, significantly lower than 6.0% in 2022, indicating a very low leverage level [45]. - The Group's debt-to-equity ratio was reported at 2.6%, significantly lower than 6.0% in 2022, reflecting a very low leverage level [74]. - The Group's listed securities amounted to approximately HK$132.5 million, which is around 26.5 times the margin payable value of approximately HK$5.0 million, indicating a healthy liquidity position [71]. - The Group pledged listed securities of approximately HK$18.2 million to secure margin payables of approximately HK$5.0 million as of March 31, 2023 [79]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended March 31, 2023, with some deviations noted [140]. - The Company does not have any significant transactions or contracts involving directors that could cause a conflict of interest [139]. - The Company has arranged for appropriate insurance cover for Directors' and officers' liabilities [135]. - The Company has established a Dividend Policy aiming to provide stable and sustainable returns to shareholders, although there is no pre-determined dividend distribution ratio [148][149]. - The Group has adopted the Model Code for Securities Transactions by Directors and confirmed that all Directors have complied with the required standards throughout the year [179]. Dividend Policy - The Company did not recommend the payment of a final dividend for the year [73]. - The Company does not recommend the payment of a dividend for the year ended March 31, 2023, consistent with the previous year [120]. - The Company’s reserves available for distribution to shareholders as of March 31, 2023, were approximately HK$191,950,000 [145]. Management and Board Structure - The Board comprises a total of six Directors, including one executive Director, two non-executive Directors, and three independent non-executive Directors as of March 31, 2023 [182]. - The Company has a diverse board of directors with extensive experience in securities trading, fund management, and corporate finance [114]. - All independent non-executive Directors have confirmed their independence in accordance with Rule 3.13 of the Listing Rules [191]. - The Board is in the process of locating an appropriate person to fill the vacancy of the Chairman and the Chief Executive Officer [178]. Operational Initiatives - The company has taken initiatives to promote environmental protection and efficient resource utilization through paper recycling in offices [168]. - The company emphasizes adherence to anti-corruption practices and has a policy against soliciting or accepting advantages from business partners [168]. - The company encourages employee participation in seminars and activities related to its business [168]. - The company supports long-term community investment by encouraging employees to participate in volunteer work [168].
中国投融资(01226) - 2023 - 年度财报