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Public company info - GT Group Holdings Ltd. , 00263.HK
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GT Group Holdings Ltd., 00263.HK - Company Profile
Chairman Li Dong
Share Issued (share) 168,000,000
Par Currency
Par Value 0.0
Industry Securities
Corporate Profile Business Summary: The Group is principally engaged in the trading of goods, provision of finance, property development, brokerage and securities investment. Performance for the year: During the year under review, the Group recorded a turnover of approximately HK$55,948,000 (2018: negative turnover approximately HK$95,125,000), and a gross profit of approximately HK$53,869,000 (2018: gross loss approximately HK$95,259,000). For the year ended 31 December 2019, the Group recorded a loss attributable to equity holders of the Company of approximately HK$541,440,000 (2018: approximately HK$744,708,000). Business Review Financing Operation The interest income and operating loss generated by the financing operation were approximately HK$50,112,000 (2018: approximately HK$48,044,000) and approximately HK$122,820,000 (2018: operating profit approximately HK$37,016,000. The operating loss was mainly due to the recognition of loss allowance on loans receivable of approximately HK$168,873,000 (2018: approximately HK$6,411,000) in respect of overdue loans receivable of the Group. Brokerage and Securities Investment Operation Taking into account the brokerage commission income, interest income from margin and cash clients and the net realised gains or losses from securities trading of the Group, the turnover of the brokerage and securities investment operation reported a turnover of approximately HK$4,253,000 (2018: negative turnover of approximately HK$143,169,000). The improvement in turnover was primarily attributable to decrease in the net realised loss from securities trading of approximately HK$1,859,000 (2018: approximately HK$149,666,000) during the year. The overall performance of the operation recorded a loss of approximately HK$175,208,000 for the year ended 31December 2019 (2018: approximately HK$278,886,000). Save for the net realised loss from securities trading as discussed above, the loss was primarily attributable to the unrealised loss on investment in securities which amounted to approximately HK$145,599,000 for the year ended 31 December 2019 (2018: approximately HK$116,983,000) as a result of the decrease in the market prices of listed securities held by the Group for investment purpose. As at 31 December 2019, the market value of the Group’s listed securities portfolio was approximately HK$337,849,000 (2018: approximately HK$467,244,000). The Hong Kong stock market has been volatile during the year and the Board envisages that the performance of the equities (and thus their values) will be susceptible to external factors. In order to mitigate possible financial risks related to the equities, the Group will further review the Group’s investment portfolio and closely monitor the performance of the listed securities from time to time. Trading Operation In order to enhance the group’s existing business, the Group’s trading operation was resumed in the second half of 2019 on a gradual basis. The revenue and operating loss generated by the trading operation were approximately HK$1,583,000 (2018: Nil) and approximately HK$171,000 (2018: Nil). In November 2018, the Group completed the acquisition of 49% of the entire issued share capital of Multi-Fame Group Limited (“Multi-Fame” and together with its subsidiaries, “Multi-Fame Group”) from vendor at the consideration of HK$196,000,000. Multi-Fame Group is principally engaged in trading of the computers and its peripherals, and is an authorised distributor of computer products for Lenovo and a retailer of baby care products on JD.com. It is also a distributor of computer products of Founder in the PRC. Upon completion, Multi-Fame Group becomes an associated companies of the Group. The Board considered that the acquisition can strengthen the group’s trading business. The turnover of Multi-Fame Group reached approximately HK$945,049,000 for the year ended 31 December 2019 mainly as a result of the trading of the computers and its peripherals by Multi-Fame Group. As the Group holds 49% of the entire issued share capital of Multi-Fame, the portion of the post-acquisition total comprehensive income of Multi-Fame Group shared by the Group was approximately HK$7,058,000 for the year ended 31 December 2019 (2018: approximately HK$7,672,000). Property Development The Group’s property development business comprises of 40% of the total issued share capital of China Sky Holdings Limited (“China Sky” and together with its subsidiaries, “China Sky Group”). China Sky Group is principally engaged in the business of development and construction of two property development projects in Chongqing, the PRC. 1. The Tanzishi Project As disclosed in the Company’s annual report for the year ended 31 December 2018 and the interim report for the six months ended 30 June 2019, there were legal disputes and court proceedings between 重慶金唐房地產開發有限公司 (“金唐公司”), a subsidiary of China Sky, and an independent third party (“Party B”) which include, inter alia, the right of development of the parcels of the Land by the parties and the satisfactorily financial contributions of the Tanzishi Project. Based on the decision made by the Supreme People’s Court of the PRC in 2019, it was ruled that the cooperation agreement entered into between 金唐公司 and Party B was terminated (the “Final Court Decision”). Since full impairment was made by the Group on China Sky Group’s investment over the Tanzishi Project, the Final Court Decision will have no further impact or implication on the financial results of the Group for the year ended 31 December 2019. Although the Final Court Decision ruled that the cooperation agreement entered into between 金唐公司 and Party B was terminated, yet China Sky Group is still interested in pursuing the development of the Tanzishi Project in view of its profit potential. To this end, 金唐公司 has initiated the negotiation with Party B and other independent third parties in exploring the possibility of forming a plan for the continued development of the Tanzishi Project. However, no concrete terms have been reached with respect to the negotiation. The Company will issue announcement to keep shareholders of the Company informed if any significant terms have been reached or agreed upon with respect to the said negotiation. 2. The Jintang Project This property development project comprises a residential and commercial complex known as “Jintang New City Plaza” 金唐新城市廣場 (the “Jintang Project”), which is situated at Long Tower Street in the west southern part of the Yubei Zone, Chongqing City ( 重慶市渝北區龍塔街道) in the PRC. As disclosed in the Company’s annual report for the year ended 31 December 2018 and the Company’s interim report for the six months ended 30 June 2019, the construction of the Jintang Project has been completed. Prospects: The group expect the global economy in 2020 to be full of challenges. With the outbreak of coronavirus (“COVID-19”) in China, the China’s economic growth was nearly put to a halt at the beginning of 2020 with a vast majority of its major cities encountering total lockdown in all facets to battle against the COVID-19. The overall economic growth in China for the next 12 months is expected to grow at its slowest pace since the financial crisis. Many companies and countries globally are dealing with lost revenue and disrupted supply chains due to China’s factory shutdowns, with tens of millions of people remaining in lockdown in dozens of cities in China. With the spreading of the COVID-19 outbreak to other countries around the globe, especially Korea, Japan, Iran, United States and some european countries, various countries have imposed travel restrictions or even travel bans which further dampens the normal operation of all economies around the world. Together with the damage caused by the locusts in Africa and its surrounding countries, as well as the ongoing trade-war between China and USA, the group would expect a hazardous impact on the global economic growth in 2020. Organisation for Economic Co-operation and Development also warned the virus presents the biggest danger to the global economy since the financial crisis and the virus risks giving a further blow to a global economy that was already weakened by trade and political tensions. Taking these views into consideration, the Group will adopt a very prudent approach in its investment strategy in the coming year. Nevertheless, the Group will continue its strategy to concentrate in identifying suitable and/or attractive investment opportunities for possible acquisitions and further expansion of its business.

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