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Public company info - Unity Investments Holdings Ltd. , 00913.HK

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Unity Investments Holdings Ltd., 00913.HK - Company Profile
Chairman -
Share Issued (share) 1,862,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Investments & Assets Management
Corporate Profile Business Summary: During the Year, the Group remains principally engaged in listed investments in Hong Kong and in unlisted companies. Performance for the year: The Group’s audited consolidated net loss attributable to shareholders was approximately HK$368.8 million for the Year (2015: net profit of HK$112.7 million). Loss per share was approximately HK$0.34 (2015 (Restated): earnings per share of HK$0.22) . BUSINESS REVIEW Given continuous volatile market conditions, the listed investments held for trading of the Group during the Year has suffered. The listed equity investments classified under investments held for trading has posted net realised gain of approximately HK$30.5 million (2015: loss of HK$13.0 million) and unrealised loss of approximately HK$313.9 million (2015: gain of HK$199.3 million) . The listed equity investments classified as available-for-sale investments was impaired partially and an impairment loss of approximately HK$84.1 million (2015: Nil) was recorded. In the year ended 31 December 2015, net gain on disposal of the listed equity investments classified under available-for-sale investments of approximately HK$52.3 million was recorded. During the Year, the Board remained focus on listed equity in Hong Kong. The Company is cautious in identifying any investment opportunities to achieve medium-term or long-term capital appreciation. In order to keep reasonable spread of the Group’s investments, the Board will maintain a diversified investment portfolio to cover a wide range of business sectors, including, but not limited to, companies engaged in sectors such as finance, consumer goods and services, media, construction, mining, etc. In connection with unlisted investments, the Group principally held four unlisted equity investment projects with attractive potentials. These four investee companies are Keen Champ Investments Limited (“Keen Champ”), Peak Zone Group Limited (“Peak Zone”), Pure Power Holdings Limited (“Pure Power”) and Starfame Investments Limited (“Starfame”). The principal business of Keen Champ Group is holding operating rights and forestry management of forest trees. Peak Zone Group principally engages in the electronic commerce industry specializing on the provision of integrated application, which can be deployed by its customers on a modular or selective basis, offering flexibility in budget and choice. During the fiscal year 2015, the Group has entered into two sales and purchase agreements (the “Disposal Agreements”) to dispose of its interests in Peak Zone and Keen Champ in the second half of that year, the purchasers of the Disposal Agreements informed the Group that they would not continue to execute the Disposal Agreements. As a result, the Group recognized an income by forfeiting the deposits of HK$7 million in aggregate, based on the Disposal Agreements. The Group maintained its intention to dispose of its equity interests in Peak Zone and Keen Champ as at the end of the fiscal year 2015. During the Year, no other potential purchaser was successfully approached by the Company for selling its equity interest in Peak Zone and Keen Champ. The Directors changed its intention to hold these assets in long term. Accordingly, the Company’s interests in Peak Zone and Keen Champ were classified as available-for-sale investments as at 31 December 2016. Based on the valuation reports, the valuation of the Group’s stake in Peak Zone and Keen Champ as at 31 December 2016 were approximately HK$61.0 million and HK$72.6 million. Accordingly, impairment losses on the corresponding investments of approximately HK$17.3 million and HK$26.1 million were recorded during the Year. Pure Power Group is running natural resources exploration and exploitation business in America.There was a sharp rebound of crude price in Year 2016 (crude oil (Brent), which increased from approximately below US$40 per barrel in December 2015 to approximately US$55 per barrel in December 2016). As a result, the value of 24.33% equity stake in Pure Power held by the Group increased by approximately HK$78.5 million to approximately HK$161.0 million as at 31 December 2016. Starfame Group is a wholesale and distributing company for products encompassing various aspects of production and livelihood, and a trading company of petrochemical products. During the Year, the Group entered into a sale and purchase agreement with an independent third party to dispose of its entire equity interest in Starfame at a consideration of HK$95,000,000. The transaction has been completed in March 2017. Accordingly, the Group’s equity interest in Starfame is classified as “assets classified as held for sale” in the Group’s financial statements for the Year. As compared to the cost of HK$90,000,000, the Group recorded unrealised gain of HK$5,000,000 from disposal of Starfame, which was recorded under Other Comprehensive Income. Prospects: At long last, the Federal Reserve in mid-December 2015 raised interest rates and kicked off what is expected to be the first in a series of hikes that will likely extend into 2016 and beyond, bringing rates above their near-zero threshold for the first time since 2008. But after months of liftoff delays and plenty of criticism from doves and hawks alike, Federal Reserve Chair Janet Yellen’s long-awaited rate increase seems to be more symbolic than anything else. The actual adjustment will only boost rates about 0.25 percent in each of the last quarter 2015 and 2016, totaling 0.50 percent. The pace of interest normalization seems to accelerate in Year 2017. In the FOMC meeting held in March 2017, there was another 0.25 percent increase in Fed interest rate. Certain analysts believe that the Fed rate will increase to 3% before the end of Year 2018. Brexit is likely the main theme in Europe economic market in Year 2016. A referendum was held on 23 June 2016, to decide whether the UK should leave or remain in the European Union. Leave won by 52% to 48%. The referendum turnout was 71.8%, with more than 30 million people voting. The economy of UK and Europe and their currencies are filled with mist resulting from Brexit. China has also experienced sharp falling in its stock market in January of this year. SSE Composite Index dropped sharply from 3,539 as at the end of Year 2015 to 2,656 as at end of January 2016, then rebounded gradually to 3,104 as at 31 December 2016. Although there are more uncertainties in the global stock markets in this year than in the couple of years before, the Board believes the fear in stock markets will be gradually removed and we will continue to monitor the market dynamics and adopt a conservative approach on investment, so as to further enhance value for the Shareholders.

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