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Public company info - Victory Group Ltd. , 01139.HK
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Victory Group Ltd., 01139.HK - Company Profile
Chairman Chan Chun Choi
Share Issued (share) 859,000,000
Par Currency Hong Kong Dollar
Par Value 0.001
Industry Automobiles & Components
Corporate Profile Business Summary: The principal activities of the Group were investment holding, trading of motor vehicles and parts and money lending business. Performance for the year: The Group had revenue of approximately HK$423,000 (2018: HK$18,957,000) for the year ended 31 December 2019. Net loss attributable to owners of the Company for the year was approximately HK$16,774,000 (2018: HK$16,015,000). Business Review The principal activities of the Group during the year were investment holding, trading of motor vehicles and parts and money lending business. The primary markets of the motor vehicles and parts trading business were mainland China and Hong Kong. During the year, huge number of competitors entered into the importing brand new motor vehicles to mainland China business affected the market share of the Company led unable to benefit from the sales, on the other hand, the trade war slowdown demand of new imported motor vehicles in mainland China. At the request of the Company, trading in the shares of the Company on the Stock Exchange of Hong Kong Limited (the “Stock Exchange”) has been suspended since 23 January 2018. On 1 February 2019, the Stock Exchange had decided to place the Company into the third delisting stage on 18 February 2019 pursuant to Practice Note 17 of the Listing Rules. The Company had submitted a Resumption Proposal to the Stock Exchange on 16 August 2019. On 7 February 2020, the Company received a letter from the Stock Exchange which stated that the Stock Exchange agreed to allow the Company to submit a new listing application relating to the Resumption Proposal (but not any other proposal) on or before 19 June 2020. If the Company fails to do so or the Resumption Proposal fails to proceed for any reasons, the Stock Exchange will proceed with cancelling the Company’s listing. Comparing to last financial year, the audited net loss for 2019 was worse caused by the weakness of business environment. It including increase of approximately HK$2,859,000, HK$462,000 , HK$835,000 and HK$105,000 in administrative expenses, impairment loss on loan and interest receivables, impairment loss on other receivables and finance costs respectively, and decrease of approximately HK$241,000, HK$116,000, HK$3,000 and HK$3,598,000 in gross profit, other income, selling and distribution expenses and impairment loss on trade receivables respectively. During the year under review, the Group’s overall running cost had been sustained at its minimal level through the strict cost control measures. The human resources had also been maintained at the least possible status to generate maximum productivity. In brief, the structure of the Group has always been successfully locked at the least possible efficient level. Prospects: As stated in the announcements dated 14 February 2020, the Company received a letter from the Stock Exchange on 7 February 2020, which stated that the Stock Exchange agreed to allow the Company to submit a new listing application relating to the Resumption Proposal (but not any other proposal) on or before 19 June 2020. If the Company fails to do so or the Resumption Proposal fails to proceed for any reasons, the Stock Exchange will proceed with cancelling the Company’s listing. As the Acquisition (i) constitutes a very substantial acquisition and a reverse takeover involving a new listing application of the Company under the Listing Rules; and (ii) has implications under the Code on Takeovers and Mergers in Hong Kong, the Company will publish a further announcement providing details of the terms and conditions of the Acquisition. Upon successfully reorganized, the Group will have adequate resources to continue with sustainable business operations. The Board will use its best endeavors to look for new business and investment opportunities with an aim to broaden the Group’s revenue stream. The Group will also keep on exercising stringent cost control, quality assurance, and expense control to minimize operating costs. The Board is confidence to bring the Company back profitable track once the trading of the Company’s shares is resumed.

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