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Public company info - Yunfeng Financial Group Limited , 00376.HK
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Yunfeng Financial Group Limited, 00376.HK - Company Profile
Chairman Yu Feng
Share Issued (share) 3,868,000,000
Par Currency Hong Kong Dollar
Par Value 0.0
Industry Insurance
Corporate Profile Business Summary: The principal activities of the Group are long term assurance business, the provision of securities brokerage, consultancy and advisory services and investment research, wealth management, employee stock ownership plan administration and principal investment. Performance for the year: For the Year, the Group’s revenue amounted to HK$7,763 million, representing an increase of 28% compared to that of HK$6,044 million for the year 2019.The net profit attributable to equity shareholders of the Company amounted to HK$618 million, representing an increase of 141% compared to that of HK$256 million for the year 2019. Business review For insurance business, in 2020, YF Life Insurance International Limited (“YF Life”) demonstrated satisfactory business performance. In spite of being under the shadow of the Covid-19 pandemic, YF Life successfully managed to record net growth in its tied agency force in 2020. It also achieved notable growth in the number of in-force individual insurance policies, premium income and net operating income compared to the prior year. YF Life successfully boosted sales by launching new products and actively promoting its Voluntary Health Insurance Scheme (VHIS) and Qualifying Deferred Annuity Policy (QDAP) products. It will continue to pursue this strategy to further strengthen sales. In addition, YF Life will continue to optimise its product mix through promotion of products with higher margins such as refundable critical illness policies. To further improve the information capacity and promote the usage of digital platforms, YF Life has been actively developing virtual face-toface solicitation tools (SMART) to extend such kinds of activities to most of its flagship products and it will continue to enhance the online customer servicing tool “YF LINK” so as to provide a better user experience. For asset management business, in 2020, the Company’s asset management business achieved growth in both business size and revenue. A total of 393 public funds from 21 fund companies have been launched on Youyu Wealth. Regarding products and special accounts, the assets under management comprised two funds of funds, one note product, one project fund and one discretionary fund account. In addition, the Company took advantages of market opportunities to make proprietary investments in high quality equity projects and Chinese USD bonds, which have generated satisfactory returns. To seize market opportunities, the Company will, on one hand, strengthen the cooperation between Youyu Wealth and other channels to increase the sales of equity-based funds, and on the other hand, enhance the research and selection of funds to enhance the competitiveness of fund products on the Company’s platform. In respect of asset management products and special accounts, the Asset Management Department will continue to strengthen and deepen cooperation with other departments of the Group and external parties, launch asset management products with "Yunfeng characteristics" and strategically provide overseas high-quality asset management products targeted at high-net-worth, ultra-high-net-worth and corporate clients in order to contribute to the brand building of Yunfeng in overseas markets. For brokerage business, in 2020, the Company successfully implemented its To-C strategy, with multiple growth in the number of customers opening new accounts, the number of eligible customers and the number of active customers. The Company closely followed all popular trends in the IPO subscription market since the beginning of the year and increased the overall limits for IPO financing available to its customers. With respect to improvement in user experience, online procedures for bank-to-securities transfers were launched, which effectively improved the efficiency of bank-to-securities transfers and lowered error rate. The Company also launched FPS as a new cash deposit method, improving the efficiency of cash deposit. In addition to providing quality trading services, the Company will continue to fully enhance user experience in conducting online transactions and leveraging the advantage of access to capital for financial institutions, fully explore the needs of customers including margin financing while broadening the customer base. The Company will expedite the integration of the Group’s ecosystem by strengthening the interaction and integration of its brokerage business with other business segments amid the rapid development of the Guangdong-Hong Kong-Macao Greater Bay Area. For employee stock ownership plan administration (ESOP) business, in 2020, the Company successfully signed contracts with a number of listed companies and provided them with professional share incentive scheme management services. Besides, it helped clients improve management efficiency and reduce costs through the exclusive “Youyu eKeeper” platform. Over the year, the number of users of the platform has grown steadily and the related securities trading income as well as the asset management scale have also shown notable growth. In addition, the Company further expanded its customer resources for future business by entering into cooperation agreements with various renowned trust companies and actively establishing partnerships with different channels. Given the keen competition in the market, the Company will focus on system optimisation, providing more customised features, standardizing and reducing manual processes and operating costs and further strengthening flow of business from employees by creating a one-stop automated all-process management system. In terms of business development, the Company will continue to actively explore new channels to realise long-term cooperation and provide business support to increase business referral opportunities. For the financial technology business, since its establishment in early 2019, the business of the Financial Technology Department of Yunfeng Financial Group has been steady. While maintaining the services provided to existing external clients, the Company restated its positioning as a technology services provider to support the Group’s businesses and managed to concurrently execute internal and external projects. The Company will continue to apply technology to insurance, brokerage, fund and corresponding marketing strategies to support the Group's business development. It will launch "Yunfeng Youyu" online products and undertake continuous upgrade of their core functions. The Company will also commence the design and development of account opening, approval and information management systems to improve user experience and enhance work efficiency of the customer services and further build up the Group's capacities on internal project management and operation and data management. For the investment research business, in 2020, the Company completed repositioning of its investment research business, changing the focus from operation of an official public account to asset investment research, primarily on four major research business sectors covering major asset classes allocation research, Hong Kong equities strategy research, Chinese USD bonds research and real estate research. Regarding the outlook in 2021, the Company will promote the implementation of a comprehensive investment-oriented asset investment research system and further refine the research areas and emphases, so as to enhance its investment research capability. For Hong Kong equities, the investment research will be extended to key industries and individual stocks to strengthen the investment research capability for IPO targets, which is in turn conducive to building investment portfolios. In respect of USD bonds and real estate research, it will broaden the credit coverage of real estate targets, strengthen the daily dynamic tracking of USD bonds and provide rapid feedbacks and in-depth analyses on industry hotspots. Prospects: Looking ahead, the pace of global economic recovery will depend on the degree of the Covid-19 vaccine rollouts and the effectiveness of stimulus policies introduced by governments of all major markets. At the same time, the Group will prudently monitor the impacts of such macroeconomic factors as the relations between the United States and China and the geopolitical environment on the execution of its business development plans. The Group will continue to focus on implementing its strategic plan to capture growth opportunities in the life and health insurance and wealth management markets in the Guangdong-Hong Kong-Macao Greater Bay Area with a view to successfully transforming itself into a comprehensive one-stop financial services provider offering high-quality online and offline insurance and wealth management solutions to the Group's customers.

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