Financial Performance - Total revenue increased by approximately 30.3% to about HKD 45.5 million from approximately HKD 35.0 million in the previous year[13] - The total loss and comprehensive expenses amounted to approximately HKD 6.6 million, significantly improved from approximately HKD 22.5 million in the previous year[13] - Total revenue increased from approximately HKD 35.0 million to approximately HKD 45.5 million, representing a growth of about 30.3%[21] - Revenue from corporate finance advisory services rose by approximately 17.8% to about HKD 17.4 million, compared to approximately HKD 14.8 million in the previous year[23] - The company reported a loss of approximately HKD 6.6 million, significantly improved from a loss of about HKD 22.5 million in the previous year[22] - The group reported a total loss of approximately HKD 6.6 million for the year, a significant improvement from a loss of HKD 22.5 million in 2022, driven by a 65.3% increase in total revenue[43] Revenue Sources - The company participated in 12 IPO sponsorship projects, generating revenue of approximately HKD 11.1 million, up from about HKD 6.4 million in the previous year[24] - The company completed 5 placement and underwriting projects, with revenue of approximately HKD 9.5 million, compared to about HKD 4.2 million in the previous year[29] - Commission income from securities trading and brokerage services was approximately HKD 3.1 million, an increase from about HKD 1.9 million in the previous year[30] - Interest income from securities financing services was approximately HKD 14.8 million, compared to about HKD 13.4 million in the previous year[31] - Revenue from asset management services for the year was approximately HKD 455,000, down from HKD 553,000 in 2022[32] - Interest income from lending services rose significantly to approximately HKD 163,000 in 2023 from HKD 21,000 in 2022, representing about 0.36% of total revenue[36] Economic Environment - The global economic environment remained unstable, with significant impacts from the COVID-19 pandemic and geopolitical tensions, affecting supply chains and increasing energy prices[8] - The U.S. Federal Reserve raised its benchmark interest rate by a cumulative 450 basis points over eight increases during the year[8] - The Hang Seng Index opened at 22,713 points and closed at 19,786 points, representing a decline of approximately 12.9%[10] - The average daily trading volume in the Hong Kong stock market decreased by about 16.6% to approximately HKD 124.6 billion compared to the previous year[10] - The number of new listings on the Hong Kong Stock Exchange increased by approximately 10.7% to 93 companies, but the total fundraising amount decreased by about 62.9% to approximately HKD 99.3 billion[10] Operational Strategy - The company aims to strengthen risk management and credit control to mitigate potential market and operational risks[21] - The company plans to expand its product range, service scope, and customer base while exploring new business opportunities[21] - The company believes that the development of the Greater Bay Area will provide continuous business opportunities[77] - The company will leverage its overseas resources and collaborate with professionals to develop cross-border business[77] - The company is focused on expanding its asset management business, which is overseen by its investment director[90] Employee and Management - The company granted 40,000,000 employee stock options on March 9, 2022, resulting in a non-cash employee cost increase of approximately HKD 6.7 million[13] - Employee costs for the year amounted to approximately HKD 41.4 million, representing a growth of about 10.7% compared to HKD 37.4 million in 2022, primarily due to stock option grants leading to a recognition of approximately HKD 6.7 million in share-based payments[55] - The company employed 35 staff members as of February 28, 2023, unchanged from the previous year[119] - The management team has extensive experience in the financial and securities industry, with key members having over 40 years and 29 years of experience respectively[88][90] Compliance and Governance - The company emphasizes compliance with relevant laws and regulations, which is critical for achieving business success[101] - The company has a dedicated compliance and operational management team to ensure regulatory adherence[94] - The company confirmed compliance with all relevant laws and regulations, with no significant violations reported during the year[108] - The company has adhered to the corporate governance code as outlined in the listing rules throughout the year[175][176] Shareholder Information - The controlling shareholder, Mr. Zhong Zhiwen, holds 300,000,000 shares, representing 75% of the company[145] - Major shareholders include Baoyang with 300,000,000 shares, representing 75% ownership[149] - The total number of issued shares as of February 28, 2023, is 400,000,000[151] - The company has a share option plan allowing for the issuance of up to 40,000,000 shares, which is 10% of the total issued shares at the time of listing[154] Future Outlook - The company maintains a cautiously optimistic outlook for the next fiscal year, despite ongoing challenges in the operating environment[76] - The group remains optimistic about the long-term development of the water supply industry and the future prospects of Taizhou Water Group[61] Miscellaneous - The company did not recommend any dividend payment for the year, consistent with the previous year where no dividend was declared[113] - The board has decided not to declare any final dividend for the year, consistent with the previous year[66] - There have been no significant adverse changes in the financial and trading conditions of the group since February 28, 2023[73] - The company has not made any charitable donations during the year, maintaining a record of zero donations[169]
创升控股(02680) - 2023 - 年度财报