Financial Performance - Total revenue for the first quarter of 2023 was approximately HKD 1,471,000, a slight decrease of about HKD 100,000 compared to approximately HKD 1,563,000 in the same period last year[10]. - The company recorded a loss of approximately HKD 1,691,000 for the first quarter of 2023, significantly improved from a loss of approximately HKD 3,734,000 in the same period last year[10]. - For the three months ended March 31, 2023, the company reported a total loss of HKD 1,691,000, compared to a loss of HKD 3,734,000 for the same period in 2022, representing a 54.7% improvement in loss[25]. - Total revenue for the three months ended March 31, 2023, was HKD 1,471,000, a decrease of 5.9% from HKD 1,563,000 in the same period of 2022[25]. - Basic and diluted loss per share for the first quarter of 2023 was HKD 0.21, compared to HKD 0.47 in the same period last year[16]. - The company's basic and diluted loss per share for the three months ended March 31, 2023, was HKD (0.21), an improvement from HKD (0.47) in the same period of 2022[32]. Operating Expenses - Other operating and administrative expenses decreased by approximately HKD 2,700,000 or about 65.8% compared to the same period last year, primarily due to a reduction in one-time relocation expenses[13]. - The financing costs for the first quarter of 2023 were HKD 528,000, compared to HKD 236,000 in the same period last year[16]. - Employee costs for the three months ended March 31, 2023, totaled HKD 1,553,000, slightly higher than HKD 1,525,000 in the same period of 2022, indicating a 1.8% increase[28]. - The company incurred operating lease expenses of HKD 89,000 for the three months ended March 31, 2023, which was not present in the same period of 2022[29]. Revenue Sources - The company generated HKD 856,000 in interest income from lending activities for the three months ended March 31, 2023, which is a significant increase of 158.6% compared to HKD 331,000 in the same period of 2022[25]. - The lending business continued to generate stable interest income during the period[9]. - The company’s interest income from margin financing for the three months ended March 31, 2023, was HKD 122,000, a slight increase from HKD 110,000 in the same period of 2022[25]. Future Outlook - The company expects an increase in commission income in the coming quarters due to the lifting of quarantine measures and the ability of Chinese travelers to open accounts in Hong Kong[14]. - Management anticipates that the increase in new customers and commission income from institutional clients will enhance the company's financial performance in the second half of 2023[14]. - The brokerage business has not yet recovered to management's target levels, with commission income still below that of the fourth quarter of 2022[9]. Corporate Governance - The board of directors is committed to good corporate governance practices, ensuring shareholder interests and enhancing corporate value[51]. - The company has complied with the applicable provisions of the corporate governance code, except for a deviation regarding the separation of roles between the chairman and the CEO[51]. - Mr. Pan Guohua serves as both the chairman and CEO, which the board believes aligns with the best interests of the company[53]. - The company will regularly review and improve its corporate governance practices in line with the latest developments[54]. - The company has adopted the trading code of conduct as per GEM Listing Rules 5.48 to 5.67, confirming compliance by all directors as of March 31, 2023[55]. Shareholding and Equity - As of March 31, 2023, Mr. Pan Guohua holds 559,504,000 shares, representing approximately 69.94% of the company's issued share capital[39]. - The total number of issued shares of the company as of the report date is 800,000,000 shares[42]. - Mr. Pan Guohua's shareholding includes 271,504,060 shares held directly and 287,999,940 shares attributed through Mr. Chen Yingliang as a concert party[50]. - The company’s total equity as of March 31, 2023, was HKD (2,947,000), a decrease from HKD 7,750,000 as of March 31, 2022[17]. Audit and Compliance - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited performance for the three months ending March 31, 2023, ensuring compliance with applicable accounting standards and GEM Listing Rules[58]. - The Audit Committee is responsible for reviewing the company's financial reporting, risk management, and internal control systems[58]. - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the three months ending March 31, 2023[56]. - No directors or major executives have reported any interests in competing businesses as of March 31, 2023[49]. - There are no other reported interests or short positions held by directors or major executives in the company's shares or related securities as of March 31, 2023[41].
立桥证券控股(08350) - 2023 Q1 - 季度财报