Financial Performance - The company reported a revenue increase of approximately 244%, from about HKD 7.0 million for the year ended December 31, 2022, to about HKD 24.1 million for the year ended December 31, 2023[11]. - Profit for the year ended December 31, 2023, was approximately HKD 8.9 million, compared to a loss of about HKD 12.7 million for the year ended December 31, 2022[11]. - Basic earnings per share for the year ended December 31, 2023, were approximately HKD 1.11, compared to a basic loss per share of about HKD 1.59 for the year ended December 31, 2022[11]. - The increase in revenue was primarily driven by increased trading volume from a collaboration with another Hong Kong securities company, as well as increases in placement fees and advisory fees[11]. - Brokerage services and related advisory services generated approximately HKD 22.4 million in revenue for the year ended December 31, 2023, an increase of about HKD 18.3 million or approximately 447% compared to the previous year[19]. - The group expects a challenging year in 2024 due to the high interest environment and geopolitical factors affecting the Hong Kong economy[12]. - Total revenue for the year ended December 31, 2023, was HKD 24,143,000, a significant increase from HKD 7,022,000 in 2022, representing a growth of approximately 243%[177]. - The company reported a pre-tax profit of HKD 11,402,000 for 2023, compared to a loss of HKD 14,384,000 in the previous year[183]. - Net profit attributable to owners for the year was HKD 8,909,000, a turnaround from a loss of HKD 12,740,000 in 2022[180]. Cost Management and Efficiency - Operating and administrative expenses decreased from HKD 10.1 million for the year ended December 31, 2022, to HKD 8.0 million for the year ended December 31, 2023, mainly due to reduced depreciation of right-of-use assets[11]. - The management is focused on maintaining cost efficiency while exploring new revenue opportunities through strategic partnerships[11]. - The group will continue to control costs while focusing on enhancing liquidity and financial stability[12]. - Other operating and administrative expenses decreased by approximately 22% to about HKD 8.0 million from HKD 10.2 million in the previous year[28]. Future Outlook and Strategy - The company plans to continue leveraging its collaboration model to enhance trading volumes and revenue streams in the future[11]. - Future outlook remains positive with expectations of sustained growth in trading activities and advisory services[11]. - The group plans to reinvest profits from the previous year into technology development to enhance trading platforms and improve user experience[12]. - The company is committed to enhancing its market presence and exploring potential mergers and acquisitions to drive further growth[11]. - The group aims to leverage new brand influence and allocate more resources for market promotion to expand its customer base[12]. Corporate Governance - The company has adopted the GEM Listing Rules Appendix 15 Corporate Governance Code and has complied with applicable provisions throughout the year[40]. - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced composition[45]. - The company has established a board independence assessment mechanism to enhance board efficiency and protect shareholder interests[51]. - The company has committed to regular reviews and improvements of its corporate governance practices based on the latest developments[41]. - The board has a strong commitment to ethical standards and aims to deliver high-quality products and services to customers[43]. - The company has established a mechanism for evaluating the effectiveness of its board independence assessment, with satisfactory results reported[52]. - The company has adopted written guidelines for securities trading by employees who may possess insider information, ensuring compliance with trading regulations[42]. - The company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Risk Management Committee, to oversee specific aspects of corporate governance[61]. Risk Management - The board is committed to risk management and has established a risk management team to identify, assess, and mitigate operational risks[90]. - The Risk Management Committee's main responsibilities include overseeing risk management and internal control systems[72]. - The board has reviewed the effectiveness of the risk management and internal control systems and found them to be adequate and effective[92]. Shareholder Information - The company does not recommend the payment of a final dividend for the year, consistent with the previous year[113]. - The total reserves available for distribution to equity shareholders as of December 31, 2023, is zero HKD, unchanged from the previous year[120]. - The company has adopted a dividend policy that allows the board to declare dividends at its discretion based on various factors, including financial performance and cash flow[106]. - The board of directors has the authority to propose and declare interim, final, or special dividends as deemed appropriate[106]. Audit and Compliance - The independent auditor, Hua Rong (Hong Kong) CPA Limited, received a total fee of HKD 592,000 for audit and non-audit services for the year ending December 31, 2023[96]. - The Audit Committee's primary responsibilities include reviewing financial data, risk management, and internal control systems, as well as maintaining relationships with external auditors[64]. - The auditor evaluated the appropriateness of the accounting policies adopted by the directors and the reasonableness of accounting estimates and related disclosures[176]. Employee and Management Information - The group employed 14 staff members as of December 31, 2023, with total employee costs amounting to approximately HKD 6.2 million, slightly up from HKD 6.1 million in the previous year[27]. - The company has arranged appropriate insurance for directors concerning legal proceedings[136]. - The company has appointed a new chairperson and CEO on December 14, 2023, ensuring clear division of responsibilities[48]. Financial Position - Non-current assets increased to HKD 25,240,000 in 2023 from HKD 16,172,000 in 2022, marking a growth of approximately 56%[179]. - Current assets decreased slightly to HKD 46,434,000 in 2023 from HKD 49,960,000 in 2022[179]. - The company’s cash and cash equivalents at year-end were HKD 12,369,000, up from HKD 5,861,000 in 2022, indicating a growth of approximately 111%[183]. - The company’s total assets less current liabilities increased to HKD 50,209,000 in 2023 from HKD 40,758,000 in 2022, reflecting a growth of approximately 23%[179]. - The company’s equity increased to HKD 7,653,000 in 2023 from a deficit of HKD 1,256,000 in 2022, indicating a recovery in financial position[179].
立桥证券控股(08350) - 2023 - 年度财报