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Public company info - Universal Technologies Holdings Ltd. , 01026.HK
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Universal Technologies Holdings Ltd., 01026.HK - Company Profile
Chairman Chen Jinyang
Share Issued (share) 5,513,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Water Supply
Corporate Profile Business Summary: The Group is principally engaged in investment holding, property investment and development, building managementand water supply and related services. Performance for the year: In 2019, the Group recorded revenue of HK$303,598,000, representing an increase of approximately 12% compared with the revenue of HK$271,909,000 in the previous year. The Group recorded net loss attributable to shareholders of the Company of HK$116,634,000, representing an increase of HK$89,829,000 as compared to the net loss attributable to shareholders of the Company of HK$26,805,000 in the previous year . Business Review: During the year ended 31 December 2019, the Group was principally engaged in the business of water supply and related services as well as property investment and development. Revenue from the main business amounted to approximately HK$303,598,000, representing an increase of 12% or approximately HK$31,689,000 compared with revenue of approximately HK$271,909,000 from the previous year. Water supply and related business (including water quality testing, water pipe repair and maintenance, water meter maintenance and replacement and other related services) recorded revenue of approximately HK$290,461,000, representing an increase of 8% or approximately HK$20,700,000 compared with revenue of approximately HK$269,761,000 from the previous year. This was mainly attributed to increased demand for water supply as a result of urban development. During the year, the property investment and development segment of the Group contributed a stable revenue and positive cash flow to the Group. The property investment and development segment of the Group recorded revenue of approximately HK$13,137,000, representing an increase of 512% or approximately HK$10,989,000 compared with approximately HK$2,148,000 in revenue from the previous year. Rental income increased due to rental income gained from PRC commercial properties acquired during the year. As disclosed in the Company’s announcement dated 15 February 2019, the Company acquired certain PRC commercial properties (the “Acquisition”) at a consideration of RMB576,000,000, financed by a two-for-one rights issue (the “Rights Issue”) and a best-effort placing (the “Placing”) of shares that had not been taken up during the Rights Issue. As disclosed in the Company’s announcement dated 18 June 2019, 1,805,909,900 shares were taken up by qualifying shareholders under the Rights Issue and 1,586,400,000 shares were placed under the Placing, raising net proceeds in the aggregate amount of approximately HK$767.99 million. Of this, approximately HK$574.63 million was used for the settlement of the consideration for the Acquisition upon the completion. The Acquisition was approved by the independent shareholders of the Company on 23 April 2019 and was completed during the year. For the year ended 31 December 2019, the Group recorded a net loss attributable to shareholders of the Company of approximately HK$116,634,000, representing an increase of approximately 335% or HK$89,829,000 as compared to the previous year’s net loss attributable to shareholders of approximately HK$26,805,000. The increase in the loss for the year of the Group was mainly attributed to: (a) the impairment loss of the goodwill of the Group’s water supply services and financial services, and (b) the increase in amortisation of intangible assets of the Taihe Water Plant. The Group is dedicated to maintaining high standards of corporate governance and internal control, while continuously improving management efficiency and effectiveness. The Group pursued improvements to corporate culture, systems efficiency, branding and human resources planning with a view to enhancing competitiveness, strengthening core competencies and maintaining a high degree of social responsibility. As part of the Group’s environmental, social and governance initiatives, it provided training and equal opportunities to staff for the cultivation of talent, skills and a sense of belonging within the Group. By implementing these initiatives, the Group hoped to lay a solid foundation for long-term development. Prospects: In January 2020, the Group entered into a joint venture agreement with a joint venture partner to participate in land auctions and property development in the Guangdong-Hong Kong-Macao Greater Bay Area and first and second-tier cities in the PRC. The joint venture project enables the Company to leverage on a larger scale of capital and development, achieving a greater economy of scale. With the COVID-19 pandemic and the continual fluctuations of oil prices and financial markets in 2020, global economic outlook is expected to be more uncertain and less optimistic than in 2019, which may adversely affect the Group’s operating and financial performances. However, we believe that adversity will eventually reverse to prosperity. To diversify our income stream and maintain sustainable growth, the Company will exercise prudence in its internal resources while identifying and evaluating investment opportunities with potential long-term benefits for the Group. Leveraging on our solid asset basis, sound financial management and high enterprise efficiency and with the building of a talent reserve system, the Group is positioned to seek out opportunities for development and investment with the view of creating value for shareholders.

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