Financial Performance - For the year ended December 31, 2020, the group recorded revenue of approximately HKD 1,272,354,000, representing a year-on-year increase of approximately 42.30%[42]. - The net loss for the year was approximately HKD 18,307,000, significantly improved by about 99.07% compared to a loss of HKD 1,961,815,000 in the previous year[42]. - Total assets as of December 31, 2020, were approximately HKD 24,966,194,000, up from HKD 23,198,805,000 in 2019, while total liabilities increased to approximately HKD 15,309,446,000 from HKD 12,947,348,000[42]. - The financing lease business recorded a loss of approximately HKD 990,345,000, an increase of 155.38% compared to the previous year, primarily due to impairment losses on receivables[45]. - The lending business recorded a profit of approximately HKD 72,120,000, an increase of 55.70% compared to HKD 46,319,000 in the same period last year[47]. - The fintech segment reported a loss of approximately HKD 194,013,000, compared to a profit of HKD 171,864,000 in the same period last year, primarily due to increased impairment losses on receivables, goodwill, and software[48]. - The group realized a non-recurring other income of approximately HKD 188,794,000 from the repurchase of shares from a subsidiary[46]. - The investment portfolio recorded unrealized gains of approximately HKD 276,931,000 and realized gains of approximately HKD 525,444,000, a significant improvement from the previous year's losses[46]. Risk Management - The company will maintain a proactive approach to risk management as a core value and priority in its development strategy[50]. - The company has established a comprehensive risk management system, which is regularly reviewed to ensure effectiveness[187]. - The board of directors is responsible for the overall risk management framework, with the executive committee and audit committee overseeing specific functions[188]. - The risk management function is primarily carried out by the company's risk management department, responsible for identifying, assessing, preventing, and monitoring market, credit, and liquidity risks[191]. - Each business department and subsidiary serves as the first line of defense in risk management, ensuring compliance with internal procedures and authorized limits[193]. - The company conducts regular internal audits of subsidiaries to evaluate the reasonableness of business operations, asset security, and the effectiveness of internal controls[200]. Corporate Governance - The company has complied with the corporate governance code as of December 31, 2020[153]. - The board consists of 5 executive directors, 3 non-executive directors, and 4 independent non-executive directors[158]. - The company has adopted a board diversity policy to ensure a balanced composition based on various factors, including gender, age, and professional qualifications[160]. - Independent non-executive directors are crucial for the board's operation, providing independent judgment to ensure shareholders' interests are prioritized[159]. - The company has established procedures for directors to seek independent professional advice at the company's expense[159]. - The company encourages all directors to participate in ongoing professional training to stay updated on relevant laws and regulations[169]. Strategic Initiatives - The company aims to deepen its "investment + investment banking" strategy and expand its market layout with the support of Shandong Hi-Speed Group[40]. - The company plans to continue seeking potential acquisition targets that can create synergies and enhance profitability[51]. - The company will strengthen its overall investment research and project development capabilities to discover more quality projects and investment opportunities[50]. - The company aims to optimize and integrate internal and external resources to enhance the coordination of various business lines while exploring new development opportunities[50]. Employee Management - The employee costs for the company amounted to approximately HKD 187,018,000, representing a 15.51% increase compared to the previous year[79]. - The company has 512 employees as of December 31, 2020, down from 562 in the previous year[79]. - The company has implemented a series of employee benefits to enhance employee engagement and motivation[82]. - The company has a policy to provide competitive compensation and benefits to attract and retain talent[80]. Environmental Commitment - The company emphasizes its commitment to sustainable development by implementing green office policies and encouraging low-carbon commuting among employees[83]. - The company has installed energy-efficient LED lights in its offices, replacing traditional fluorescent tubes, to reduce carbon emissions[83]. - The company encourages employees to minimize electricity usage by utilizing natural light and turning off appliances during non-working hours[83]. - The company has implemented measures to reduce energy consumption related to air conditioning by adjusting temperatures to reasonable levels[83]. Legal and Compliance - The company has not reported any significant violations of applicable laws and regulations during the reporting period, ensuring no major adverse impact on its business operations[84]. - The company has purchased appropriate liability insurance for its directors and senior officers[141]. - The company has confirmed that all independent non-executive directors remain independent as of the report date[123]. Shareholder Information - The company did not recommend any dividend distribution for the reporting period, consistent with the previous year[97]. - The total number of issued shares as of December 31, 2020, is 24,089,384,437[147]. - The company has no provisions for preferential rights for existing shareholders regarding new share offerings[116]. - The company has maintained sufficient public float as per the listing rules[149].
山高控股(00412) - 2020 - 年度财报