合富辉煌(00733) - 2022 - 年度业绩

Company Profile and Performance Announcement Company General Information Hopefluent Group Holdings Limited is an investment holding company listed on the Hong Kong Stock Exchange, with its functional currency in RMB and financial statements in HKD - The company is an investment holding company incorporated in the Cayman Islands, with its shares listed on the Hong Kong Stock Exchange[102][20] - The company's functional currency is RMB, but consolidated financial statements are presented in HKD[102] Annual Performance Announcement The company announces its audited consolidated results for the year ended December 31, 2022, including comparative figures - The company is pleased to announce its audited consolidated results for the year ended December 31, 2022[92] Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended December 31, 2022, the Group reported a loss of HK$748,367 thousand and total comprehensive expenses of HK$944,829 thousand Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue from continuing operations | 1,516,862 | 2,669,143 | | Loss for the year | (748,367) | (752,727) | | Total comprehensive expenses for the year | (944,829) | (656,738) | | Loss for the year attributable to owners of the company | (580,377) | (544,799) | | Loss for the year attributable to non-controlling interests | (167,990) | (207,928) | | Total comprehensive expenses for the year attributable to owners of the company | (718,777) | (493,293) | | Total comprehensive expenses for the year attributable to non-controlling interests | (226,052) | (163,445) | - Loss for the year from continuing operations was HK$(351,001) thousand, and loss for the period from discontinued operations was HK$(397,366) thousand[107] - Exchange differences on translation of overseas operations amounted to HK$(144,602) thousand, and exchange differences reclassified to profit or loss upon derecognition of discontinued operations were HK$(51,562) thousand[108] Consolidated Statement of Financial Position As of December 31, 2022, the Group's total assets less current liabilities were HK$2,559,154 thousand, net current assets were HK$1,338,037 thousand, and equity attributable to owners of the company was HK$2,227,896 thousand Summary of Consolidated Statement of Financial Position | Metric | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | Non-current assets | 1,221,117 | 1,252,599 | | Current assets | 1,829,903 | 5,741,502 | | Current liabilities | 491,866 | 2,472,082 | | Net current assets | 1,338,037 | 3,269,420 | | Total assets less current liabilities | 2,559,154 | 4,522,019 | | Non-current liabilities | 325,120 | 409,542 | | Equity attributable to owners of the company | 2,227,896 | 2,946,673 | | Non-controlling interests | 6,138 | 1,165,804 | | Total equity | 2,234,034 | 4,112,477 | Notes to the Consolidated Financial Statements This section provides detailed notes to the consolidated financial statements, including general company information and the adoption of new or revised Hong Kong Financial Reporting Standards - The notes to the consolidated financial statements provide detailed financial information for the year ended December 31, 2022[114] General Information The company is incorporated in the Cayman Islands, with its principal place of business located in Guangzhou, China - The company's registered office is in the Cayman Islands, and its principal place of business is in Guangzhou, China[102] Adoption of Hong Kong Financial Reporting Standards The Group adopted certain new or revised Hong Kong Financial Reporting Standards during the current accounting period, but these changes had no significant impact on the Group's results and financial position - The Hong Kong Institute of Certified Public Accountants has issued certain new or revised Hong Kong Financial Reporting Standards that are effective for the first time in the current accounting period[103] - These new or revised Hong Kong Financial Reporting Standards had no significant impact on the Group's results and financial position for the current or prior periods[117] - The directors do not anticipate that the application of these amendments and revisions in the future will have a significant impact on the consolidated financial statements[127] Details of Notes to Financial Statements Revenue The Group's total revenue for 2022 was HK$4,309,528 thousand, a significant decrease from 2021, primarily derived from agency commissions, financial services income, and interest income from loans receivable, with discontinued operations contributing a larger proportion Revenue Classification | Revenue Source | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | Agency commissions from continuing operations | 1,425,835 | 2,489,400 | | Agency commissions from discontinued operations | 2,792,666 | 4,496,736 | | Financial services income | 6,223 | 56,231 | | Interest income from loans receivable | 84,804 | 123,512 | | Total Revenue | 4,309,528 | 7,165,879 | - Revenue primarily comprises agency commissions from property agency services, financial services income, and interest income from loans receivable[118] Segment Information The Group's operating segments include property agency and financial services, with Poly Consultants Group's property agency business classified as a discontinued operation in 2022 - The Group's operating segments include property agency (providing primary and secondary property services) and financial services (providing mortgage referral and loan financing services)[120][131] - Poly Consultants Group's property agency business was classified as a discontinued operation on March 31, 2022[131] Revenue Analysis by Geographical Market In 2022, the majority of the Group's revenue came from China, with contributions from both continuing and discontinued operations, while Australia accounted for a smaller portion Revenue Analysis by Geographical Market | Region | Business Segment | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | :--- | | China | Continuing operations (Property agency) | 1,419,017 | 2,459,935 | | China | Continuing operations (Financial services) | 91,027 | 179,743 | | China | Discontinued operations (Property agency) | 2,792,666 | 4,496,736 | | Australia | Continuing operations (Property agency) | 6,818 | 29,465 | | Total | | 4,309,528 | 7,165,879 | - Comparative revenue and related segment notes have been restated as if the discontinued operations for the current year had been discontinued at the beginning of the comparative period[122] Results Analysis by Operating and Reportable Segment In 2022, the continuing property agency segment recorded a loss of HK$312,589 thousand, while the financial services segment recorded a profit of HK$22,470 thousand, and discontinued operations generated a loss of HK$153,870 thousand Results Analysis by Operating and Reportable Segment (2022) | Metric | Property Agency (Continuing Operations) (HK$ Thousand) | Financial Services (Continuing Operations) (HK$ Thousand) | Discontinued Operations (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Segment revenue | 1,425,835 | 91,027 | 2,792,666 | | Segment (loss) / profit | (312,589) | 22,470 | (153,870) | | Other income | | | 8,182 | | Central administrative costs | | | | | Finance costs | | | (5,145) | | Loss before tax | | | (148,039) | Results Analysis by Operating and Reportable Segment (2021) | Metric | Property Agency (Continuing Operations) (HK$ Thousand) | Financial Services (Continuing Operations) (HK$ Thousand) | Discontinued Operations (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Segment revenue | 2,489,400 | 179,743 | 4,496,736 | | Segment (loss) / profit | (227,309) | 34,236 | (125,789) | | Other income | | | 19,385 | | Central administrative costs | | | | | Finance costs | | | (5,509) | | Loss before tax | | | (86,891) | Finance Costs and Income Tax Finance costs for continuing operations decreased from HK$62,461 thousand in 2021 to HK$48,657 thousand in 2022, and the Group recorded an income tax expense of HK$22,169 thousand in 2022, compared to a credit of HK$112,135 thousand in 2021 Finance Costs for Continuing Operations | Source of Finance Costs | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | Interest on bank borrowings | 6,053 | 885 | | Interest on other borrowings | 24,507 | 40,401 | | Interest on lease liabilities | 18,097 | 21,175 | | Total | 48,657 | 62,461 | Income Tax Expense / (Credit) | Tax Type | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | China corporate income tax | 8,270 | 14,602 | | Deferred tax assets | 14,933 | (131,694) | | Deferred tax liabilities | (1,034) | 4,957 | | Total | 22,169 | (112,135) | - The tax rate for Chinese subsidiaries is 25%, for Australian entities is 30%, and no provision for Hong Kong profits tax was made due to no assessable profits[30][38][39] Details of Loss for the Year Details of the loss for the year show that staff costs and depreciation expenses are major components, with a reversal of financial asset impairment in 2022 compared to recognition in 2021 Details of Loss for the Year Calculation | Item | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | Total staff costs | 1,339,405 | 2,105,550 | | Auditor's remuneration | 4,200 | 4,500 | | Depreciation expense (Property, plant and equipment) | 25,941 | 40,284 | | Depreciation expense (Right-of-use assets) | 56,163 | 70,795 | | Reversal / (recognition) of impairment for financial assets | (59,731) | 468,992 | | (Gain) / loss on disposal and write-off of property, plant and equipment | (1,016) | 238 | | Loss / (gain) on fair value changes of financial assets at fair value through profit or loss | 1,921 | (228) | | Loss / (gain) on disposal of financial assets at fair value through profit or loss | 3,107 | (2,017) | | Other losses / (gains) total net | 4,012 | (2,007) | Dividends and Loss Per Share The Board does not recommend any final dividend for 2022, and no interim dividend was declared; basic and diluted loss per share for continuing and discontinued operations in 2022 was 86.1 HK cents, an increase from 2021 Dividends No interim or final dividends were approved or paid in 2022 Approved and Paid Dividends | Dividend Type | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | 2022 Interim dividend (HK$0.00 per share) | – | 3,371 | | 2021 Final dividend (HK$0.00 per share) | – | 16,854 | | Total | – | 20,225 | - The Board does not recommend the payment of a final dividend for the year ended December 31, 2022[40][76] Loss Per Share Basic and diluted loss per share for continuing and discontinued operations was 86.1 HK cents in 2022 (2021: 80.8 HK cents), while loss per share from continuing operations was 36.5 HK cents (2021: 68.0 HK cents) Loss Per Share | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Basic and diluted loss per share from continuing and discontinued operations | (86.1) HK cents | (80.8) HK cents | | Basic and diluted loss per share from continuing operations | (36.5) HK cents | (68.0) HK cents | | Basic and diluted loss per share from discontinued operations | (49.6) HK cents | (12.8) HK cents | Loss and Number of Shares for Basic Loss Per Share Calculation | Item | 2022 (HK$ Thousand / Thousand Shares) | 2021 (HK$ Thousand / Thousand Shares) | | :--- | :--- | :--- | | Loss for the year attributable to owners of the company | (580,377) | (544,799) | | Less: Loss for the period from discontinued operations | 334,357 | 86,241 | | Loss from continuing operations | (246,020) | (458,558) | | Weighted average number of ordinary shares in issue | 674,150 | 674,150 | Trade Receivables, Deposits and Payables This section details the Group's trade receivables, deposits paid to property developers, and various payables, accrued expenses, and contract liabilities Trade Receivables Trade receivables significantly decreased from HK$1,204,202 thousand in 2021 to HK$656,951 thousand in 2022, with notable reductions across all aging categories Aging Analysis of Trade Receivables | Aging | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | 0 to 30 days | 265,143 | 472,948 | | 31 to 60 days | 16,254 | 95,016 | | 61 to 90 days | 13,932 | 74,765 | | 91 to 120 days | 14,622 | 35,942 | | 121 to 180 days | 21,695 | 71,500 | | Over 180 days | 325,305 | 454,031 | | Total | 656,951 | 1,204,202 | - The average credit period granted to customers by the Group ranges from 30 to 180 days[3] Deposits Deposits paid to property developers (primarily for primary market property agency services) due from non-controlling interests and their related parties decreased from HK$1,402,039 thousand in 2021 to zero in 2022, with management expecting all deposits to be settled within one year - Deposits primarily refer to amounts paid by the Group to property developers to commence property agency services[5] - As of December 31, 2022, deposits due from non-controlling interests and their related parties were HK$0 (2021: HK$1,402,039,000)[5] - These deposits are interest-free, refundable, and unsecured, and management expects all such deposits to be settled within one year after the reporting date[5] Trade Payables and Accrued Expenses Trade payables and accrued expenses primarily consist of accrued other taxes, operating expenses, staff costs, and other sundry creditors - Trade payables and accrued expenses primarily include accrued other taxes, operating expenses, staff costs, and other sundry creditors[6] Contract Liabilities Contract liabilities, mainly from customer prepayments for services not yet rendered, significantly decreased from HK$837,505 thousand in 2021 to HK$25,642 thousand in 2022 Third-Party Contract Liabilities | Item | 2022 (HK$ Thousand) | 2021 (HK$ Thousand) | | :--- | :--- | :--- | | Third-party contract liabilities | 25,642 | 837,505 | - Contract liabilities primarily arise from customer prepayments for services not yet rendered and are recognized as revenue upon satisfaction of performance obligations[7] Discontinued Operations The Group's Poly Consultants Group, primarily providing property agency services in China, was classified as a discontinued operation due to a reorganization agreement with Poly, and this section details the financial impact of this change - Discontinued operations refer to the business of Poly Consultants Group, primarily providing property agency services in China[131] Business Reorganization The company entered into an agreement with Poly to sell the entire equity of Poly Consultants Group in exchange for Poly's 43.9% equity interest in Hopefluent China, making Hopefluent China a wholly-owned subsidiary and Poly Consultants Group ceasing to be a subsidiary on August 31, 2022 - The company entered into an agreement with Poly to conditionally agree to dispose of the entire issued share capital of Poly Consultants Group in consideration for a 43.9% equity interest in Hopefluent China[11] - Upon completion of the reorganization, Hopefluent China will become an indirect wholly-owned subsidiary of the company, and Poly Consultants Group will cease to be a subsidiary of the company[11] - Poly Consultants Group was derecognized as a subsidiary of the company on August 31, 2022 (the derecognition date)[12] Financial Performance For the period ended August 31, 2022, discontinued operations recorded a loss of HK$397,366 thousand and revenue of HK$2,792,666 thousand Calculation of Loss for the Period / Year from Discontinued Operations | Item | January 1 to August 31, 2022 (HK$ Thousand) | January 1 to December 31, 2021 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 2,792,666 | 4,496,736 | | Other income | 8,182 | 19,385 | | Selling expenses | (2,777,578) | (4,342,857) | | Administrative expenses | (168,958) | (279,668) | | Loss before tax | (148,039) | (86,891) | | Loss for the period / year from discontinued operations | (186,595) | (100,061) | | Loss on derecognition of discontinued operations | (210,771) | – | | Total Loss | (397,366) | (100,061) | - Staff costs for discontinued operations were HK$1,254,342 thousand (2021: HK$1,981,548 thousand)[10] Cash Flows For the period ended August 31, 2022, discontinued operations generated net cash inflow from operating activities of HK$520,793 thousand, but overall net cash outflow was HK$210,578 thousand Cash Flows from Discontinued Operations | Cash Flow Category | January 1 to August 31, 2022 (HK$ Thousand) | January 1 to December 31, 2021 (HK$ Thousand) | | :--- | :--- | :--- | | Net cash generated from / (used in) operating activities | 520,793 | (1,082,142) | | Net cash used in investing activities | (33,750) | (35,149) | | Net cash used in financing activities | (648,351) | (26,702) | | Net decrease in cash and cash equivalents | (161,308) | (1,143,993) | | Effect of foreign exchange rate changes | (49,270) | 39,852 | | Net Cash Outflow | (210,578) | (1,104,141) | Net Assets Derecognized As of the derecognition date, Poly Consultants Group's net assets were HK$299,580 thousand, and the derecognition resulted in a net cash outflow of HK$675,206 thousand Net Assets of Poly Consultants Group at Derecognition Date | Asset Category | Amount (HK$ Thousand) | | :--- | :--- | | Investment properties | 23,516 | | Property, plant and equipment | 73,228 | | Right-of-use assets | 111,040 | | Interests in associates | 37,816 | | Trade and other receivables | 1,504,694 | | Bank balances and cash | 675,206 | | Trade and other payables | (2,125,920) | | Net Assets | 299,580 | - The net cash outflow arising from derecognition was HK$675,206 thousand[19] Restatement of Comparative Figures To conform to the current year's presentation, the comparative consolidated statement of profit or loss and other comprehensive income and related notes have been restated as if the discontinued operations had ceased at the beginning of the comparative period, with no impact on financial position, performance, or cash flows - To conform to the current year's presentation, the comparative consolidated statement of profit or loss and other comprehensive income and related notes have been restated as if the discontinued operations for the year had ceased at the beginning of the comparative period[35] - The restatement had no impact on the Group's reported financial position, performance, or cash flows[35] Management Discussion and Analysis 2022 Full Year Market Review In 2022, China's real estate sector faced multiple challenges from global economic volatility, industry adjustments, and the COVID-19 pandemic, leading to significant declines in sales and investment, with market recovery still requiring time despite government support policies at year-end - In 2022, China's mainland real estate industry faced numerous challenges, affected by global economic volatility, industry restructuring, and the COVID-19 pandemic[53] - National commercial housing sales decreased by approximately 30% year-on-year, and national real estate development investment also significantly declined[53] - Despite government policies introduced at year-end to support the real estate industry, recovery will take time[53] Overall Business Review of the Group The Group's turnover for 2022 was HK$1,517,000 thousand, a decrease of approximately 43% year-on-year, with loss attributable to shareholders reaching HK$580,000 thousand and basic loss per share at 86.1 HK cents, and the Board not recommending a final dividend Group Overall Business Performance | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Turnover | HK$1,517,000,000 | HK$2,669,000,000 | | Year-on-year change in turnover | Decreased by approximately 43% | | | Loss attributable to shareholders | HK$580,000,000 | HK$545,000,000 | | Basic loss per share | 86.1 HK cents | 80.8 HK cents | - The Board does not recommend the payment of a final dividend for the year ended December 31, 2022[54] Property Agency Business Property agency business turnover decreased by 43% to HK$1,426,000 thousand, primarily due to the challenging mainland real estate environment; the Group reorganized its cooperation with Poly, received increased shareholding from Country Garden Services, and is exploring "AI Home Viewing" digital operating models Property Agency Business Performance | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Turnover | HK$1,426,000,000 | HK$2,489,000,000 | | Decrease in turnover | 43% | | - The decrease in turnover was mainly due to the challenging environment in the mainland real estate industry, constrained by economic and pandemic uncertainties and developers' debt risks[55] - The Group reorganized its cooperation with Poly, acquiring Poly's 43.9% equity interest in Hopefluent China and selling its equity interest in Poly Consultants Group to Poly[56] - The Group received an increased shareholding from Country Garden Services, which is expected to strengthen real estate brokerage and property value-added services[56] - The Group is committed to exploring digital operations and sustainable service models through its "AI Home Viewing" platform[56] - Currently, the Group's property agency business covers over 80 cities of various sizes nationwide, with over 1,100 agency projects and approximately 160 secondary market branches[67] Financial Services Business In 2022, the financial services business recorded a total transaction volume of approximately HK$512,000 thousand and turnover of approximately HK$91,000 thousand, a decrease from 2021, with the Group focusing on serving existing high-quality clients and prioritizing risk control through stringent vetting procedures Financial Services Business Performance | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Total transaction volume | HK$512,000,000 | | | Turnover | HK$91,000,000 | HK$180,000,000 | - The financial services business faced an overall market contraction, with the Group focusing on serving existing high-quality clients[68] - The Group employs more stringent vetting procedures to select real estate enterprises and high-net-worth individuals with high investment and financing needs, prioritizing risk control as a key operating principle[68] Outlook for 2023 The Group anticipates market recovery in 2023, driven by government policies to stabilize the economy and support the real estate sector, expecting to reverse its disadvantage and continue to deepen its presence in key cities while expanding digital business opportunities - It is expected that in 2023, the mainland government will prioritize stable economic development, with real estate remaining a pillar industry of the national economy[69] - The government will fully support the market from both supply and demand sides by releasing more financial tools, improving financial and home purchase restrictions, and stimulating consumption through loan incentives[69] - With the fading of the pandemic's shadow, China's mainland economy has emerged from its trough, and with a recovery in real estate market sales, the Group's performance is expected to reverse its disadvantage[70] - The Group will continue to deepen its presence in key cities, consolidate its business foundation, maintain existing customer resources, and expand more business opportunities through new digital business initiatives[51] Other Information Audit Committee The company's Audit Committee, comprising three independent non-executive directors, has reviewed the audited financial statements for the year ended December 31, 2022 - The company's Audit Committee, consisting of three incumbent independent non-executive directors, has reviewed the audited financial statements for the year ended December 31, 2022[60] Liquidity and Financial Resources As of December 31, 2022, the Group maintained a sound financial position with cash and bank deposits of approximately HK$394,000 thousand and a current ratio of 3.72; total borrowings were approximately HK$232,000 thousand, with a gearing ratio of approximately 7.6%, no significant contingent liabilities, and low foreign exchange risk Overview of Liquidity and Financial Resources | Metric | December 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash and bank deposits | HK$394,000,000 | HK$1,721,000,000 | | Current ratio | 3.72 | 2.32 | | Total borrowings | HK$232,000,000 | HK$516,000,000 | | Gearing ratio | 7.6% | 7.4% | - The Group's borrowings are denominated in RMB[71] - The Group had no significant contingent liabilities as of December 31, 2022[71] - The Group pledged investment properties and property, plant and equipment totaling approximately HK$35,000,000 to banks to secure bank borrowings[72] - The majority of the Group's business transactions are denominated in HKD or RMB, thus not exposing it to significant foreign exchange fluctuation risks[73] Employees and Environmental Policy As of December 31, 2022, the Group had approximately 7,300 full-time employees, viewing them as valuable assets, and is committed to fostering an environmentally friendly work environment by conserving water and electricity and encouraging recycling to minimize environmental impact - As of December 31, 2022, the Group had approximately 7,300 full-time employees[62] - The Group regards its employees as its greatest and most valuable asset, with compensation packages determined by responsibilities, qualifications, performance, and seniority[62] - The Group is committed to creating an environmentally friendly work environment, conserving natural resources, and minimizing environmental impact by saving water and electricity and encouraging recycling of office supplies[74] Capital Structure As of December 31, 2022, the total number of shares in the company's issued share capital with a par value of HK$0.01 per share was 674,149,989 shares - As of December 31, 2022, the total number of shares in the company's issued share capital with a par value of HK$0.01 per share was 674,149,989 shares[63] Dividend Policy The Board does not recommend a final dividend for the year ended December 31, 2022, and no interim dividend was declared for the six months ended June 30, 2022 - On March 28, 2023, the Board did not recommend the payment of a final dividend for the year ended December 31, 2022[76] - No interim dividend was declared for the six months ended June 30, 2022[76] Closure of Register of Members The company will suspend its share transfer registration from June 12, 2023, to June 15, 2023, to determine shareholders' eligibility to attend and vote at the 2023 Annual General Meeting - The company will suspend its share transfer registration from June 12, 2023, to June 15, 2023[64] - The suspension of share transfer registration aims to determine shareholders' eligibility to attend and vote at the 2023 Annual General Meeting[64] Purchase, Redemption or Sale of the Company's Listed Securities Since its listing date, the company has not redeemed any of its shares, nor has the company or any of its subsidiaries purchased or sold any of the company's shares - Since its listing date, the company has not redeemed any of its shares, nor has the company or any of its subsidiaries purchased or sold any of the company's shares[78] Corporate Governance For the year ended December 31, 2022, the company generally complied with the Corporate Governance Code, with minor deviations regarding the separation of Chairman and CEO roles and Board meeting frequency, and directors confirm full compliance with the Model Code - For the year ended December 31, 2022, the company generally complied with the code provisions set out in Part 2 of Appendix 14 to the Listing Rules, the Corporate Governance Code, with certain deviations[85] - The directors confirm full compliance with the required standards set out in the Model Code[80] Chairman and Chief Executive Officer Mr. Fu Wai Chung serves as the company's Chairman and co-founder, possessing extensive industry experience; the company has no CEO position, with daily operations overseen by executive directors and senior management to ensure balanced power distribution - Mr. Fu Wai Chung is the company's Chairman and co-founder, possessing extensive industry experience[86] - The company has not established a Chief Executive Officer position, with daily operations and management overseen by executive directors and senior management[79] - The Board believes that despite the absence of a Chief Executive Officer position, the Board, composed of experienced individuals, holds regular meetings to discuss matters affecting the company's operations, ensuring a balanced distribution of power[79] Company Secretary Mr. Lo Hang Hong, a Hong Kong practicing solicitor, has been appointed as the company secretary, with Mr. Lo Yat Fung, an executive director, serving as his contact person - The company has appointed Mr. Lo Hang Hong, a Hong Kong practicing solicitor, as its company secretary, and the contact person for the company secretary is Mr. Lo Yat Fung, an executive director of the company[87] 2023 Annual General Meeting The company will hold its 2023 Annual General Meeting on Thursday, June 15, 2023, with the notice to be published on the Stock Exchange and company websites and dispatched to shareholders - The company will hold its 2023 Annual General Meeting on Thursday, June 15, 2023[89] - The notice convening the 2023 Annual General Meeting will be published on the Stock Exchange website and the company's website, and dispatched to the company's shareholders[89] Acknowledgement The Board sincerely thanks the Group's clients, shareholders, and all employees for their support and contributions during the year; as of the date of this announcement, the Board comprises executive directors, non-executive directors, and independent non-executive directors - The Board sincerely thanks the Group's clients and shareholders for their support, and also thanks all Group employees for their tireless and dedicated contributions during the year[90] - As of the date of this announcement, the Board comprises executive directors Mr. Fu Wai Chung, Ms. Fu Man, Mr. Lo Yat Fung, and Mr. Fu Yee Lap; non-executive director Ms. Wu Yun; and independent non-executive directors Mr. Lam King Pei, Mr. Ng Keung, and Ms. Wong Lo Kwai Wah[83]