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Public company info - Ping An Securities Group (Holdings) Limited , 00231.HK
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Ping An Securities Group (Holdings) Limited, 00231.HK - Company Profile
Chairman -
Share Issued (share) 5,166,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Securities
Corporate Profile Business Summary: The group is engaged in the business of provision of securities brokerage, securities underwriting and placements, asset management and financial advisory services, loan financing and insurance brokerage as well as property development. Performance for the year: For the year ended 31 December 2019 (“FY2019”), the Group recorded a turnover of HK$40,496,000 from continuing operations, while the turnover from continuing operations for the year ended 31 December 2018 (“FY2018”) was HK$76,355,000, representing a decrease of approximately 47%. The Group’s consolidated loss for the current year was HK$969,951,000, representing a decrease of approximately 24% in loss when compared with the loss of HK$1,276,536,000 for FY2018. Business Review： For FY2019, the Company’s principal activity continued to be investment holding, whilst its subsidiaries were mainly engaged in the business of provision of securities brokerage, securities underwriting and placements, asset management and financial advisory services, loan financing and insurance brokerage as well as property development. As a result of the disposal of a non-wholly owned subsidiary with principal operation as provision of data verification service, data verification service is presented as discontinued operation in FY2019 and recorded a loss of HK$565,000 in FY2019 (FY2018: loss of HK$1,904,000). The Group’s consolidated loss for FY2019 amounted to HK$969,951,000, representing a decrease of approximately 24% when compared with the loss of HK$1,276,536,000 for FY2018. The substantial decrease in loss was mainly attributable to (i) property tax expenses and other related surcharges in connection with pre-leasing of investment properties under development recognised as expenses for FY2019 as compared to FY2018, sharply decreased by 78% from approximately HK$103,039,000 to approximately HK$22,733,000 as the pre-leasing activities sharply decreased in FY2019; (ii) as the pre-leasing of investment properties under development sharply decreased in FY2019, the corresponding distribution costs also recorded a decrease of approximately HK$170,516,000 as compared to FY2018; (iii) expected credit losses on loans and interest receivables in FY2019 increased significantly by approximately HK$278,088,000; (iv) impairment loss on goodwill was sharply decreased from approximately HK$725,865,000 in FY2018 to approximately HK$698,000 in FY2019; and (v) investment properties under development located in Foshan recorded a loss from changes in fair value of HK$386,130,000 in FY 2019(FY 2018: loss of HK$137,818,000). As mentioned above, the financial services segment provides a wide range of financial services including the provision of securities brokerage, securities underwriting and placements in Hong Kong which recorded a turnover of HK$11,982,000 (FY2018: HK$57,510,000), representing a decrease of approximately 79% when compared with FY2018. As the asset management service was downscaled in FY2019, asset management fee income decreased to HK$341,000 (FY2018: HK$38,270,000). As the loan financing activities were commenced in the second half of FY2018, interest income arising from loan financing activities was increased by approximately 46% to HK$24,456,000 in FY2019 as compared to FY2018. The Group’s land in Foshan City, Guangdong Province, the PRC, the flagship investment property development project of the Group, is being developed into a complex of shops, offices and hotel (including some serviced apartments) with a total gross floor area of approximately 241,000 square metres. Pre-leasing of some serviced apartments has commenced from 2017 with approximately 86,000 square metres having been pre-leased for over 20 years and rental income amounting to approximately HK$649 million was received in advance. As an initial stage promotion policy, lessees have been granted the right to put their pre-leased units back to the Group at the initial contract price within one month immediately after the 10th anniversary. Accordingly, corresponding rental income from pre-leasing could not be recognised at this stage. As a result of the disposal of a non-wholly owned subsidiary with principal operation as provision of data verification service during FY2019, revenue arising from data verification service amounting to HK$14,977,000 in FY2019 (FY2018: HK$5,039,000) was classified as revenue from discontinued operation. Prospects: At the beginning of 2020, with the fading of social unrest in Hong Kong and the signing of the first phase of the U.S.-China trade agreement, we expected an improvement to the Hong Kong China economy and a recovery of the market sentiment. Nevertheless, the sudden outbreak of coronavirus (COVID-19) has put forth an even larger challenge to the Group for the remaining part of the year. Passing through a year full of difficulty in 2019, the Group has been in a tight liquidity, and the situation has been worsened as a fundraising exercise in late 2019 was stillborn. As a result, the Group is scaling down the operations of other businesses and will refocus on the financial services and the property project (the “Foshan Project”) located in Xiqiao Town, Foshan City, Guangdong Province. Due the unfavourable financial status of the Group, Ping An Securities Limited, our principal subsidiary for provision of financial services, cannot operate at a normal scale except executing sell orders from its clients who have sufficient stockholding in their accounts to meet their settlement obligation. As regards the Foshan Project, the scheduled completion of its construction works for phases I and II and delivery of those pre-leased residential and commercial units under the Project to the leasees have experienced some delay also due to the unfavourable financial status of the Group. As such, improvement to its financial strength is the first and foremost task of the Group. We will strive to leverage our internal and external resources through fundraising or introducing strategic investors to achieve this goal. We will explore the possibility of debt restructuring as well.

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