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Public company info - Goldbond Group Holdings Ltd. , 00172.HK

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Goldbond Group Holdings Ltd., 00172.HK - Company Profile
Chairman Wong Yu Lung, Charles
Share Issued (share) 2,762,000,000
Par Currency
Par Value 0.0
Industry Other Financials
Corporate Profile Business Summary: The principal activities of the Group is the provision of financial services business including financing and factoring services in Hong Kong and the People’s Republic of China (the “PRC”) and held interests in associates. Performance for the year: The Group realised revenue for the Year of approximately HK$57,000, representing a decrease of approximately HK$3.3 million or 98.3% as compared to previous year. Loss for the Year attributable to the owners of the Company was approximately HK$52.4 million (2019: approximately HK$233.2 million). Business Review: Core business Financial services business – Financing During the year ended 31 March 2020, the financing services segment realised revenue of approximately HK$0.1 million (2019: approximately HK$1.2 million). The segment loss before impairment losses decreased by approximately HK$0.3 million or 21.2% to loss of approximately HK$1.1 million (2019: loss of approximately HK$1.4 million) during the Year. The decrease in revenue was mainly attributable to the fact that the Group has changed its operation strategy and reduced the scale of the business in small loan financing which resulted in no new small loan having been granted during the Year. For the year ended 31 March 2020, a net impairment loss of approximately HK$6.8 million was recognised (2019: approximately HK$ 46.2 million). As a result, the segment recorded a loss of approximately HK$7.8 million (2019: a loss of approximately HK$47.6 million) for the Year. Financial services business – Factoring The Group’s factoring business is conducted through Jiangsu Goldbond Factoring Co., Ltd (“Jiangsu Goldbond”), a wholly-owned subsidiary of the Company. The Group provides customers with funds secured by, amongst others, their accounts receivable, and offers them accounts receivable management services, which include review of documents relating to the accounts receivable, collection of the accounts receivable, and reports regularly to customers on matters concerning their accounts receivable. In return, the Group receives interest income as well as professional fees for the services rendered. Before granting loans to potential customers, the Group assesses the potential borrower’s credit quality and/or receivables’ quality and defines the credit limits granted to the borrowers. The credit limits attributed to the borrowers are reviewed by the management regularly. During the year ended 31 March 2020, the factoring service segment realised revenue of approximately HK$0.1 million (2019: approximately HK$12.2 million). The segment result before impairment loss decreased by approximately HK$10.1 million or 129.3% to loss of approximately HK$2.3 million (2019: profit of approximately HK$7.8 million). The decrease was mainly due to decrease in revenue due to decrease in contract size. For the year ended 31 March 2020, no impairment loss was recognised (2019: approximately HK$151.2 million), details of which are set out below. As a result, the segment recorded a loss of approximately HK$2.3 million (2019: a loss of approximately HK$143.4 million) for the Year. Investments Interest in an associate: 34.86% of China Rongzhong China Rongzhong and its subsidiaries (“China Rongzhong Group”), is primarily engaged in finance leasing business through Rongzhong International Financial Leasing Co., Ltd., which provides finance lease services to customers in Hubei Province, the PRC. Based on publicly available information, the revenue of China Rongzhong Group for the Year was approximately HK$27.5 million (2019: approximately HK$70.8 million), which decreased by approximately HK$43.3 million or 61.2% compared to previous year. China Rongzhong Group experienced high level of impairment loss on its finance lease receivables in the amount of approximately HK$48.2 million for the Year (2019: approximately HK$100.8 million). As a result, China Rongzhong Group reported a net loss attributable to the owners of the Company of approximately HK$65.7 million (2019: approximately HK$91.4 million). The Group’s share of loss of China Rongzhong Group for the Year was approximately HK$22.9 million (2019: approximately HK$31.9 million). The annual report of China Rongzhong is available for viewing and downloading from the website of Stock Exchange at http://www.hkexnews.hk and the website of China Rongzhong at http://www.chinarzfh.com. Also, the Board considered that the operating environment for China Rongzhong Group is expected to remain challenging. The Board carried out impairment reviews on the carrying amount of the investment in China Rongzhong as at 31 March 2020 by comparing the recoverable amount with the carrying amount of the investment in China Rongzhong. Fair value less costs of disposal, measured using the quoted price for China Rongzhong listed shares on Hong Kong Exchanges and Clearing Limited as at 31 March 2020 was approximately HK$38.8 million (29 March 2019: approximately HK$64.7 million). As at 31 March 2020, the recoverable amount of China Rongzhong is higher than its carrying amount. No impairment loss has been recognised. Interests in associates: 49% of Goldbond Capital Investments Limited (the “Fund Manager”) and 19.9% of Allied Golden Capital Fund I (Cayman) Company Limited (the “Fund”) The Fund sold its first real estate investment in Los Angeles in the United States of America with a successful closing during the year ended 31 March 2019. An investment in real estates of US$10.5 million was made in November 2018. The Fund is managed by the Fund Manager. The Fund Manager will continue to look for opportunistic investments for the Fund in the United States of America, United Kingdom and Hong Kong. The Group’s share of loss of the Fund for the Year was approximately HK$0.8 million (2019: approximately HK$0.1 million) while its share of profit of the Fund Manager was approximately HK$1.0 million (2019: approximately HK$0.3 million). Prospects: The Group’s financial services businesses have remained challenging during the Year. The continuous trade dispute between the United States of America and the PRC has added new uncertainties and variables to the outlook of the world economy and global financial markets. The Group will be more cautious on the counterparties’ ability on resisting fluctuation in the market when exploring new opportunities in the financing businesses. Despite the fact that the Group recorded a substantial decrease in revenue during the Year due to the Investigation, the COVID-19 pandemic and the fact that the Group has re-assessed the risk exposure of the factoring and financing business and changed its operation strategy in a prudent manner, the Group consider that such decrease is short-lived. During the Year, the Company has implemented a number of changes to its senior management team with a view to enhance operational management and help position the Group for the next phase of its growth strategy. Looking ahead, recognising the difficulties and opportunities in the financial service industry, the Group strives to strengthen its position in the industry as well as explore new market through a series of acquisition and partnership (a summary of which is disclosed in note 14 to the financial statements in this announcement), and the Group will continue its business strategy of building an asset portfolio with a good balance of recurring income streams and growth opportunities.

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