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Public company info - Easy One Financial Group Limited , 00221.HK

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Easy One Financial Group Limited, 00221.HK - Company Profile
Chairman Chan Chun Hong, Thomas
Share Issued (share) 556,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Other Financials
Corporate Profile Business Summary: The principal activities of the Group comprise the provision of finance, provision of securities brokerage services in Hong Kong and property development in the PRC. Performance for the year: For the financial year ended 31 March 2020 (the “Financial Year”), the Group recorded a revenue of approximately HK$113.4 million (2019: approximately HK$130.8 million), representing a decrease of approximately HK$17.4 million . The Group reported net profit after tax attributable to owners of the Company for the Financial Year of approximately HK$41.5 million (2019: approximately HK$70.4 million). Business Review: During the Financial Year, the Group was principally engaged in the provision of finance and securities brokerage services in Hong Kong and property development in the PRC. The Group has continued to explore different potential business opportunities and strived to strengthen its market participation in the financial sector so as to deliver long-term benefits to the Shareholders. Provision of Finance The property market in Hong Kong remained volatile during the Financial Year, with flat prices rose to a peak in May 2019 and then followed by a downward adjustment from May 2019 to 1st quarter of 2020. The Government has relaxed the ceiling on mortgage financing schemes for first-time homebuyers, which helped in stimulating residential property transactions. However, the social events in Hong Kong and the outbreak of coronavirus disease 2019 (“COVID-19”) have dampened the overall market sentiment. Facing the severe headwind towards the financing business, the Group continued to reinforce its risk management policy and tighten the loan monitoring process. Against the aforesaid background, the overall loan portfolio of the Group from financing business net of impairment losses as at 31 March 2020 was approximately HK$555.9 million, representing a decrease of approximately 14.3% as compared to the amount of approximately HK$648.5 million as at 31 March 2019. The Group recorded revenue of approximately HK$94.9 million from its provision of finance business, representing a decrease of approximately 5.7% as compared with last year (2019: approximately HK$100.6 million). A series of challenges has impeded on the revenue, including the keen market competition, intense price war on interest margin, volatile property prices, the continuous social events in Hong Kong and the spread of COVID-19 across the world. The above factors have created uncertainties in the loan business. In light of the above, the Group will continue to adopt prudent credit policy and risk management approach with a view to generating a sustainable and stable income growth. Securities Brokerage Services Easy One Securities Limited (“Easy One Securities”), a wholly-owned subsidiary of the Company, is licensed by the Securities and Futures Commission of Hong Kong (the “SFC”) to carry out Type 1 (dealing in securities), Type 2 (dealing in futures contracts) and Type 4 (advising on securities) regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The securities brokerage market in Hong Kong remains highly competitive. Trading in the Hong Kong securities market continued to languish during the Financial Year. The large-scale outbreak of COVID-19 across the globe and the continuous social events in Hong Kong have caused the stagnation of economic activities in Hong Kong. The transportation, logistics, catering industries and other service industries have been severely impacted. All these created a downward momentum to the Hong Kong stock market and significantly impacted the Group’s brokerage activities and margin financing businesses. In light of the aforesaid, the Group recorded revenue of approximately HK$14.9 million from its securities brokerage services business, representing a decrease of approximately 21.2% as compared with last year (2019: approximately HK$18.9 million). Property Development The Group disposed of the property development project in Fuzhou, Jiangxi Province, the PRC at an aggregate consideration of Renminbi (“RMB”) 1.0 million and recorded a gain in the consolidated statement of profit and loss of approximately HK$72.8 million last year. After the disposal, the remaining property project held by the Group is the commercial complex in Dongguan, Guangdong Province, the PRC (the “Dongguan Project”) . Over 98% of the leasable area of the Dongguan Project was leased as at 31 March 2020. The Group’s income from property leasing for the Financial Year was approximately HK$21.6 million (2019: approximately HK$22.2 million). Prospects: The outlook for the global economy is tenuous, and the trade friction between China and the United States imposes ongoing pressure on the two largest economies in the world. As a key gateway for investment into mainland China, Hong Kong is also adversely affected by the trade friction. In addition, the outbreak of COVID-19 and the continuous social instability further impose pressure to Hong Kong’s economy. The economic recession deepened in Hong Kong in the first quarter of 2020. The threat of COVID-19 seriously disrupted a wide range of local economic activities in Hong Kong and the supply chains in the region. The gross domestic product in Hong Kong contracted sharply by 8.9% in real terms in the first quarter from a year earlier, the steepest for a single quarter on record. With the gathering headwinds in the global and local economies, the Group is prepared to implement periodic measures so as to manage the risk prudently to prepare for the volatility in property prices and the downward momentum of the economy. The Hong Kong stock market was volatile during the Financial Year and is expected to remain turbulent in the next financial year. In spite of these uncertainties, the Group remains cautiously optimistic about the future and expects the provision of finance and securities brokerage services businesses will continue its growth in the long run. On 4 May 2020, Caister Limited, a wholly-owned company of Mr. Tang Ching Ho, an executive director of Wang On Group Limited (stock code: 1222) and Wai Yuen Tong Medicine Holdings Limited (stock code: 897), has proposed a privatisation scheme for the Company (the “Scheme”). The cancellation consideration of HK$0.924 per Scheme share represents a premium of approximately 44.4% over the closing price of HK$0.640 per share of the Company as quoted on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 4 May 2020. If the Scheme becomes effective, the Company will apply to the Stock Exchange for the withdrawal of the listing of the shares of the Company on the Stock Exchange.

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