Corporate Financing and Business Development - The company focused on corporate financing services, including advisory, placement, underwriting, and asset management, while also venturing into new businesses such as car leasing and online gaming[8]. - The company completed over 25 projects by December 31, 2023, despite a competitive pricing environment affecting overall performance[11]. - The company anticipates continued growth in the car leasing market due to the Chinese government's Greater Bay Area development plan[14]. - The group plans to expand its online gaming business, which is expected to contribute revenue for the year ending December 31, 2024[15]. - A new car rental business was launched in the Guangdong-Hong Kong-Macao Greater Bay Area at the end of 2023 to meet increasing cross-border transportation demand[38]. Financial Performance - The group recorded a revenue of approximately HKD 16.73 million for the year ended December 31, 2023, a slight decrease of about 0.2% compared to HKD 16.76 million in 2022[18]. - The loss attributable to the owners of the company was approximately HKD 3.93 million, a reduction of about 48.1% from a loss of HKD 7.57 million in 2022[18]. - Employee costs decreased by approximately 26.0% from HKD 13.83 million in 2022 to about HKD 10.24 million in the current year[18]. - The total assets of the group as of December 31, 2023, were approximately HKD 42.76 million, compared to HKD 32.16 million in 2022[20]. - The net asset value of the group was approximately HKD 24.58 million as of December 31, 2023, compared to HKD 24.06 million in 2022[20]. - The group’s cash and cash equivalents amounted to approximately HKD 11.46 million as of December 31, 2023[20]. - The debt-to-equity ratio was 65.1% as of December 31, 2023, indicating a significant reliance on debt financing[55]. - The board does not recommend any dividend payment for the year ended December 31, 2023, consistent with the previous year[54]. Market Environment - In 2023, the number of new listings on the Hong Kong Stock Exchange's main board decreased by approximately 21.3% to 70 companies, compared to 89 in 2022[10]. - The total fundraising amount in Hong Kong in 2023 dropped by about 56% year-on-year, reflecting a challenging market environment[10]. - The company remains cautiously optimistic about the financial market outlook in Hong Kong, supported by gradual economic recovery and new listing reforms[11]. - Management anticipates that the Hong Kong IPO market will gradually stabilize in 2024 due to the reduction of several adverse factors[36]. Corporate Governance - The company reported a commitment to high standards of corporate governance to protect shareholder interests and maintain business integrity[150]. - The board of directors held 21 meetings during the fiscal year ending December 31, 2023, with all executive directors attending all meetings[154]. - The company has three independent non-executive directors who are responsible for developing the group's strategic direction and ensuring compliance with regulatory standards[155]. - The company has established three committees: Nomination Committee, Remuneration Committee, and Audit Committee, all operating under the principles of the corporate governance code[157]. - The board is committed to identifying, monitoring, and managing risks associated with its business activities[190]. Employee Relations and Welfare - The company has established a competitive compensation system and career development opportunities for employees, reflecting its commitment to workforce welfare[106]. - The employee turnover rate decreased to 13.6% in 2023 from 37.0% in 2022[113]. - The company maintained a total of 21 employees, with 18 in Hong Kong and 1 in Singapore as of December 31, 2023[115]. - The average training hours per employee remained at 12 hours for both male and female employees in 2023[117]. - The company emphasizes compliance with labor standards, strictly prohibiting child labor and forced labor[120]. Environmental, Social, and Governance (ESG) Initiatives - The company has implemented significant measures related to employment practices, operational management, and environmental protection to support sustainable development[100]. - The company actively explores green financial services to protect and improve the ecological environment[112]. - The company has implemented a waste management strategy based on the "3R" principle, focusing on reduction, reuse, and recycling[135]. - The group has made steady progress in reducing its carbon footprint, encouraging employees to use public transport and replace unnecessary business travel with conference calls[137]. - The environmental, social, and governance (ESG) report highlights the group's commitment to sustainable practices and community engagement[145]. Risk Management - The group faces significant risks including reliance on key executives, economic and political environment fluctuations, and intense competition in the advisory and car rental markets[48]. - The company has a system in place for internal controls to ensure checks and balances within its governance structure[152]. - The board confirmed that the internal control system is designed to provide reasonable assurance against material misstatements or losses, and is deemed effective[192]. Shareholder Engagement - Shareholders holding at least 10% of the paid-up capital can request a special general meeting within two months of the request[197]. - Procedures for nominating candidates for the board of directors require written notice from a shareholder and acceptance from the nominee[198]. - Shareholders can send written inquiries to the company via fax or mail[200].
紫荆国际金融(08340) - 2023 - 年度财报