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Public company info - China First Capital Group Ltd. , 01269.HK

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China First Capital Group Ltd., 01269.HK - Company Profile
Chairman Wilson Sea
Share Issued (share) 5,027,000,000
Par Currency Hong Kong Dollar
Par Value 0.02
Industry Conglomerates
Corporate Profile Business Summary: Before 2014, the Group mainly engaged in automotive parts business. Since the end of 2014, the Group has started to set foot in the financial services business, which provides services such as dealing in securities, underwriting and placing, financing consultancy, merger and acquisition agency, financial advisory, asset management, private equity fund management, credit financing, and migration finance. Since 2016, the Group has continued to diversify its business, with a mission of “Finance Empowers Education, Education Lights Up Future” and to establish a trinitarians interactive business mode, which capitalised educational investment as base and both educational management service and educational financial service as cradles. The Group aspires to become “a globally influential financial services group focusing on education”. Performance for the year: For the year ended 31 December 2019, the Group’s overall revenue decreased by approximately 20.7% to approximately RMB1,436.0 million from approximately RMB1,810.8 million in 2018. For the year ended 31 December 2019, the Group recorded a loss of approximately RMB2,257.2 million, representing an increase of approximately 66.4% as compared to a loss of approximately RMB1,356.4 million in 2018. For the year ended 31 December 2019, the basic and diluted loss per Share of the Group amounted to approximately RMB0.44, while the basic and diluted loss per Share amounted to approximately RMB0.28 in 2018. Business Review Education Operation Business Education serves as the foundation of national development in long run. Education is the fundamental means for mankind to inherit their cultural heritage and knowledge, cultivate the younger generation and work for a better living. Upon the march of time, the importance of knowledge and talents are increasing, whereas the role and function of education are protruding. With the increasing disposable income of citizens in China, the growing population of middle class and the implementation of the “Universal Two-child Policy” across the country, the huge population base and increasing competition among talents and employment have resulted in continuous rigid demand for quality education. As one of the largest education markets in the world, China has always emphasised on education development with the state-financial spending on education consecutively accounted for more than 4% of the GDP in recent years. In order to develop fairer and higher quality education, the government has introduced multiple policies, accelerating the education modernisation, strengthening the education reform, improving education quality vigorously, encouraging social forces to invest in education and promoting the development of the private education sector steady and healthy, which bring long-term development opportunities to enterprises truly committed to education. In view of this, during the year under review, the Group actively seized development opportunities in the education industry. In line with the trend of regulating development of the industry, the Group has adopted a model of endogenous growth which mainly focused on management improvement. The Group emphasised on quality literacy education, featured K-12 education, international education as well as media arts education for the purpose of establishing its core business model. The Group also optimised its allocation of educational resources, promoted project synergy and integration in respect of curriculums, teachers, brands and operation, and explored the potentiality of education assets and enhanced their intrinsic value to establish the Group’s core competitiveness. During the year under review, the Group actively integrated high-quality educational resources in domestic and overseas, adapted to educational market demands and promoted cooperation and resources sharing among educational projects in order to achieve industry empowerment. In March 2019, the Company entered into a strategic cooperation framework agreement with Beifang International Education Group (北方國際大學聯盟), the largest private higher education alliance in China currently, to cooperate in areas such as investment, mergers and acquisitions, operations and management in respect of higher education; cultivation of K-12 education management service platforms; introduction, adaptation and integration of domestic and overseas quality educational resources; and establishment of listing platforms for arts and media sectors. In April 2019, Xishan Schools and Yinghua School respectively became sister schools with Kingsley School from the United Kingdom invested by KSI Education, in order to fully play to their respective strengths through exchanges and collaborations in areas such as education philosophy, education and teaching, development of featured programmes, teacher and student exchanges and resource sharing. During the summer holiday of 2019, the Group organised a variety of international exchange activities. Some Chinese students went on study tours to the United Kingdom, the United States, Canada and Singapore to experience pure English learning environment and native education, while some British and Singaporean students came to China and partnered with their Chinese counterparts to experience Chinese culture both in class and off the campus. Staying gold to its education aspiration, the Group organised different kinds of education charity activities during the year under review, for example Fuqing Xishan TEDx Conference (a charitable speech with the theme of “Stay Hungry”), a charitable talk co-organised with Tencent “Youth Travel (青年行)” for secondary students in the Guangdong-Hong Kong-Macao Greater Bay Area, book donation and sharing activity, so as to nurture the healthy growth of students with love. The Group also offered a series of lectures, the “CFCG Lectures”, where students from PBC School of Finance of Tsinghua University, Henan University of Economics and Law, Jiangxi University of Finance and Economics and Jiangxi University of Science and Technology were coached on the understanding and application of professional knowledge in the perspective of enterprise practice. During the year under review, the Wellbeing Research Centre of the University of Oxford was established which KSI Education served as the founding partner. The centre is designed to bring together scholars from Oxford and beyond to advance the understanding of human wellbeing and become a major platform for helping communities around the world put wellbeing at the heart of their decision-making. The Group put forth effort to strengthen the operations and management of its invested educational projects and vigorously developed its featured education such as football, martial arts, physical education and fine arts. The scale and quality of the Group’s educational projects have improved steadily, with impressive results gained from various competitions. For instance, the women’s football team of the primary school of Fuqing Xishan won the first prize of 2019 National Youth Football Championship League (Fuzhou Division) for the third consecutive year; the men’s football team of the primary school of Fuqing Xishan won the championship of 2019 “JINGYINGBEI” Fujian-Guangdong-Jiangxi Youth Football Invitational Tournament; the women’s football team of Jiangxi Xishan won the first prize of 2019 Jiangxi Youth Football Championships (Women); students from Jiangxi Xishan won two gold, three silver and one bronze medals in 2019 Jiangxi Youth Martial Arts Championships, and won the first prize of dragon dance optional exercise (high school male) and the second prize of dragon dance specified exercise (high school male) in the 7th Chinese Secondary Students Dragon Dance and Lion Dance Championships; and students from Yinghua School won the second prize at the Arts Exhibition of the Education Department of Shandong Province. Singapore Raffles Music College was awarded the 4-year EduTrust Certification by the Committee for Private Education in Singapore, it cooperated with the University of West London to offer courses, and the diplomas issued by the University of West London were included in the range of foreign academic degree verification by Chinese Service Center for Scholarly Exchange of the Ministry of Education in January 2019. In December 2019, Kingsley School obtained the Tier 4 Sponsor Licence, which allows it to provide visa application and eligible enrolment for non-British students. The Group vigorously collaborated quality educational resources, introduced innovative teaching philosophy, worked with well-known teachers and education experts, and promoted teaching and classroom reform. Yinghua School actively explored “student-oriented classroom” and basically shaped a student-oriented classroom teaching model having characteristic of respective subject. Under the reform concept of “Building a Happy Classroom, Shaping a Beautiful Mind”, Fuqing Xishan started to change the learning method of its students and worked to develop an efficient classroom featuring “autonomy, cooperation, exploration and happiness”. Jiangxi Xishan has been conferred with the honourable title of “National Advanced Unit for Elementary Education Schoolwork Reform under the 13th Five-Year Plan” (十三五全國基礎教育課業改革先進單位). Being as the first batch of schools that launched the “Science, Technology, Engineering, Arts and Mathematics (STEAM) Teaching Method” in Jiangxi Province, Jiangxi Xishan conducted rigorous R&D on the school-based STEAM curriculum system with the efforts of respective subject teachers. Financial Services Business The Group has obtained diversified financial service licences and has established a consummate financial services system by leveraging on FC Financial Group as the base. Relying on its strategic composition of the education industry, the Group empowered education through financial services business and used multiple financial instruments and strategies to provide various educational entities with featured, differentiated and professional financial services integratively. In the meantime, the Group proactively expanded its business in other areas; thus its financial services business developed rapidly. FC Securities was licensed to conduct type 1 (dealing in securities) and type 4 (advising on securities) regulated activities under the SFO. In addition to dealing in securities and providing margin financing business to customers, it is also engaged in underwriting and placing of shares for listing applicants and listed companies. FC Asset Management was licensed to conduct type 1 (dealing in securities), type 4 (advising on securities) and type 9 (asset management) regulated activities under the SFO. It can provide portfolio management services (such as stocks, bonds, discretionary managed accounts, and funds) and investment advisory services to its clients. FC International Finance was licensed to conduct type 1 (dealing in securities) and type 6 (advising on corporate finance) regulated activities under the SFO, and was admitted by the SFC to be a sponsor under the SFO in April 2019. As such, FC International Finance can act as a sponsor for listing applicants in IPO, advise on matters in relation to the “Codes on Takeovers and Mergers and Share Buy-backs” issued by the SFC, and advise listed companies in relation to the Listing Rules. Stirling Coleman was licensed by the Monetary Authority of Singapore to conduct regulated activities in relation to securities trading and advising on corporate finance in Singapore, as such it can provide diversified corporate financing services. First Capital Finance Limited holds a money lender’s license. It can carry out the business of money lenders under the Money Lenders Ordinance (Chapter 163 of the Laws of Hong Kong). FC Fund and First Capital (Shenzhen) Equity Investment Fund Management Company Limited* (首控(深圳)股權投資基金管理有限公司) have both been registered as private equity fund managers with the Asset Management Association of China, which permit them to initiate establishment of or be entrusted for the management of private equity investment funds and venture capital funds. During the year under review, FC Securities acted as (i) the joint lead manager for the listing of Scholar Education Group (a company listed on the Main Board of the Stock Exchange, stock code: 1769), a K-12 after-school education service provider; (ii) the joint lead manager for the listing of Huali University Group Limited (a company listed on the Main Board of the Stock Exchange, stock code: 1756), a leading private higher education and vocational education group in South China; (iii) the joint lead manager for the listing of Chen Lin Education Group Holdings Limited (a company listed on the Main Board of the Stock Exchange, stock code: 1593), a leading provider of private higher education in Jiangxi Province; (iv) the joint global coordinator, the joint bookrunner and the joint lead manager for the listing of Rizhao Port Jurong Co., Ltd. (a company listed on the Main Board of the Stock Exchange, stock code: 6117), the largest port for grain and woodchip imports in China in terms of the throughput of 2018; (v) the joint bookrunner and the joint lead manager for the listing of Zhejiang Cangnan Instrument Group Company Limited (a company listed on the Main Board of the Stock Exchange, stock code: 1743), a gas flowmeter manufacturer; and (vi) the joint bookrunner and the joint lead manager for the listing of CR Construction Group Holdings Limited (a company listed on the Main Board of the Stock Exchange, stock code: 1582), a leading building contractor in Hong Kong. FC Securities also acted as (i) the offer agent to the offeror for Zenith Hope Limited to acquire China Kangda Food Company Limited (a company listed on the Main Board of the Stock Exchange, stock code: 834, and the Mainboard of SGX, stock code: P74); and (ii) the sole placing agent for the share placing of the substantial shareholder of Ernest Borel Holdings Limited (a company listed on the Main Board of the Stock Exchange, stock code: 1856). Under the management of FC Asset Management, First Capital Education Selected Fund targeted to invest in stocks and bonds in the education industry, and First Capital Global Education Investments SP adopted diverse and flexible investment strategies to invest in secondary-market stocks and explore opportunities for IPO investment. Both funds operated well during the year under review. During the year under review, FC International Finance acted as the joint sponsor to United Strength Power Holdings Limited (a company listed on the Main Board of the Stock Exchange, stock code: 2337) for its deemed new listing application, the financial advisor to Numans Health Food Holdings Company Limited for its listing application on the Main Board of the Stock Exchange, as well as the independent financial advisor, financial advisor and compliance advisor to a number of companies and transactions. Stirling Coleman acted as (i) the independent financial advisor to Hyflux Ltd (a company listed on the Mainboard of SGX, stock code: 600) for a project of debt restructuring and introduction of new strategic investors; (ii) the independent financial advisor to First Ship Lease Trust (a business trust listed on the Mainboard of SGX, stock code: D8DU) for a project of non-renounceable non-underwritten preferential offering; (iii) the independent financial advisor to First Ship Lease Trust for a project of mandatory conditional cash offer; (iv) the independent financial advisor to Datapulse Technology Limited (a company listed on the Mainboard of SGX, stock code: BKW) in two connected transactions; (v) the independent financial advisor to Star Pharmaceutical Limited (a company listed on the Mainboard of SGX, stock code: AYL) for a project of mandatory unconditional cash offer; (vi) the financial advisor to Delong Holdings Limited (a company listed on the Mainboard of SGX, stock code: BQO) for a project of voluntary conditional offer; and (vii) the vendor coordinator for the project which Japan’s Tanaka Optical Holding Company acquired 80% equity interest in Singapore’s FLO Optics Pte Ltd. Automotive Parts Business During the year under review, the Chinese automobile industry was affected by certain factors, such as China-US economic and trade friction, replacement of environmental protection standards and reduction of new energy subsidies, therefore, the pressure faced by it was further increased during the process of transformation and upgrade. There was negative growth in both production and sales and the main industry economic benefit indicators. According to the statistics of the China Association of Automobile Manufacturers, the production of automobiles amounted to approximately 25,721,000 in 2019, representing a year-on-year decline of approximately 7.5% from approximately 27,809,000 in 2018; and the sales of automobiles amounted to approximately 25,769,000 in 2019, representing a year-on-year decline of approximately 8.2% from approximately 28,081,000 in 2018. The decline in the production and sales of automobiles in 2019 were increased by approximately 3.3 and approximately 5.4 percentage points as compared to 2018, respectively. To confront the recession of the automobile industry and increasingly fierce market competitions, the Group operated its automotive parts business by adhering to the principal thought of “Developing the Market, Focusing on Quality, Improving the R&D, and Strengthening the Management”, exerted its existing advantages on brands and technologies to ramp up the level of product R&D and quality control and establish efficient and productive factories. While strengthening its existing markets, the Group also set up its after-sales market business department and international business department, deeply explored the potentiality of the market in order to develop new markets, and reduced the operating costs effectively through measures such as reducing procurement prices and expense control. During the year under review, the Group’s automotive parts business manufactured approximately 7.1 million shock absorbers of various types, successfully developed new vehicle manufacturer markets such as Dongfeng Passenger Vehicle, BYD, Great Wall Motors and JMC, and completed the R&D of new shock absorber products for vehicle models such as Geely Jiaji and Baojun CN202M. The technology center of the Group has been certified as the “National Enterprise Technology Center” by five ministries including the National Development and Reform Commission, the Ministry of Science and Technology and the Ministry of Finance. The Group’s materials laboratory has been successfully recognised by SAIC Volkswagen Automotive Co., Ltd., and the technique of “automatically tightening the riveting device for the automobile shock absorber compression valve and its control method” (汽車減振器壓縮閥自動擰緊旋鉚裝置及其控制方法) has been recognised as a scientific and technological achievement by the Science and Technology Department of Henan Province. Prospects: Education Operation Business Knowledge changes fate, and education shapes the future. Education itself is a type of potential productivity that can improve workforce quality and turn potential productivity into actuality. Education is the driving force for social development. The key of competition of economy is the competition of science and technology, which ultimately attribute to the competition of talents, whereas the foundation is on education. Today’s scientific and technological achievements determine tomorrow’s productivity, whereas today’s education determines tomorrow’s scientific and technological achievements and future productivity. The “Book of Rites”, said that “teachers impart knowledge in order to cultivate good morality of students (師也者,教之以事而喻諸德者也)”. With the development of society, education needs and scenes are constantly evolving. No matter how times change, the essence of education remains “To develop morality and shape character (立德樹人)”. The demand for better, fairer and more personalised education has shifted the orientation of education from knowledge to literacy and ability, with specific attention on holistic education, skills education and lifelong education, emphasising more on the holistic development of educatees. In 2019, authorities such as the Central Committee of the Communist Party of China, the State Council, and the Ministry of Education consecutively issued a number of policies covering compulsory education, higher education, vocational education, online education and industry-education integration, including China’s Education Modernisation 2035, the National Plan for Vocational Education Reform, the National Pilot Programme for Industry-Education Integration, the Opinions on Deepening the Reform of Education and Teaching and Comprehensively Improving the Quality of Compulsory Education, the Opinions on Deepening the Reform of Undergraduate Education and Teaching and Comprehensively Improving the Quality of Talent Training and the Guiding Opinions on Promoting the Sound Development of Online Education. These series of measures will accelerate the education modernisation in China, deepen education and classroom reform, improve education quality, and promote the development of the education industry regularly and orderly in a healthy way. They will also stimulate more social resources to tilt in favour of education, and to encourage various circles of the society, especially private capital, to invest in education and build a better future for education in China together. The Group commits to its original thoughts of “Whoever you are, you have a right to learn (有教無類)” and “Everyone can become a successful man”. With the mission of “Finance Empowers Education, Education Lights Up Future”, the Group attaches importance to quality education and incorporates advanced educational concepts and methods through its international insight, allocates quality eastern and western educational resources, achieves capital empowerment and value creation of industries, and supports holistic education and quality education for the general public in order to offer quality education to every family and child and light up the journey of success for every child. Looking ahead into 2020, the Group will be in line with the trend and leverage on its accumulation in educational talents reserve, project investment experience, physical schools management and innovation of business model to actively seize market opportunities, especially the new business development opportunities brought by diversified management, regulating development, and industry diversification and integration of the private education industry. By so doing, the Group will further expand its presence across the global education market and develop new business types by creatively adapting and integrating different forms of educational resources. The Group will also be engaged in scientific and efficient operations management to achieve business restructuring, endogenous growth and value appreciation, and it is committed to becoming an operation service professional in the education industry with the best knowledge in finance. The Group will start with the promotion of teaching and classroom reform, engage in quality literacy education focusing on STEAM education, and adhere to featured education such as football and martial arts, integrate quality educational resources in domestic and overseas to establish featured and reputable schools. Relying on the brand and market influence in the PGA international programme system, the Group will introduce quality resources in the field of international education as supplement to establish an international education service platform. In the meantime, the Group will also push forward the exploration and implementation in media arts education, early childhood education, preschool education, vocational education, and industry-education integration. Financial Services Business Hong Kong once again became one of the world’s most active IPO markets in 2019. There were a total of 183 companies, including 20 companies that were transferred from GEM to the Main Board, newly listed on the Stock Exchange, which have raised a total amount of approximately HK$312.9 billion. Hong Kong also topped the amount of IPO proceeds worldwide for the sixth time over decade, reflecting its solid position as an international financial centre. The Stock Exchange implemented a reform of its listing system, which opened up a special way for biotechnology companies that could not pass the Main Board financial qualification test, allowed companies to be listed on the Stock Exchange in the structure of “Weighted Voting Rights” (WVR), established newly convenient channel for secondary listing which allows companies from Greater China and overseas to come to Hong Kong for secondary listing. This enables Hong Kong market to attract more new-economy and innovative-concept enterprises of various types. There were a total of 11 companies newly listed on the Stock Exchange through the new listing mechanisms in 2019. The Chinese government is committed to building a comprehensive platform to connect markets across the border. The “Shanghai-Hong Kong Stock Connect”, the “Shenzhen-Hong Kong Stock Connect”, the “Bond Connect” and the “Shanghai-London Stock Connect” have been launched consecutively in recent years. China A-shares have been included into the MSCI indexes and the FTSE Russell indexes, and the inclusion factors have gradually increased, which have played a prominent role in attracting international investors to invest in China’s securities market. SSE officially established the Science and Technology Innovation Board and trialed the registration-based system, the Phase One China-US Economic and Trade Agreement expanded the opening-up of financial services, both of which will drive further internationalisation of China’s capital market. Looking ahead into 2020, under the situation of global economy slowing down, several uncertainties including the subsequent progress of the China-US trade negotiation, post-Brexit issues, the development of the Middle East situation and the COVID-19 epidemic will cause continuous fluctuation in both global and Hong Kong financial markets. The Group has obtained diversified financial services licences and established a consummate financial services system with businesses covering China, Hong Kong and Southeast Asia. With its outstanding performance in the educational finance sector in the past, the Group’s financial service business has framed a highly recognized brand and considerable market influence. The Group will leverage on its strategic composition of the education industry, adhere to the operational philosophy and thought of education investment bank, and take advantage of FC Financial Group as the base. Business units including investment banking, securities, asset management and research shall work closely together, while adhering to the strategies of differentiation and characteristic development. The Group will seek to unleash the synergy between its financial services business and education operation business and will feature on educational financial services with other fields as complement. The Group is committed to becoming an investment banking professional who knows education the best. Automotive Parts Business According to the statistics of the China Association of Automobile Manufacturers, as affected by the COVID-19 epidemic, both production and sales of automobiles declined sharply in January and February 2020, representing a year-on-year decrease of approximately 45.8% and approximately 42.0%, respectively. The automobile and automotive parts industries will face greater challenges. The Group will implement effective development strategies to promote the development of its automotive parts business. The Group’s automotive parts business will continue to target for “Top Quality and Customer Satisfaction” and deepen the promotion of Amoeba management model. The Group will establish an appraisal system of “Focuses on Process and Results”, keep on strengthening the implementation of its quality system and improve the product quality and customer satisfaction. The Group will continue to exert its existing advantages on brands and technologies. While strengthening the existing markets, the Group will deeply explore the potentiality of the market, further develop the after-sales market and the international market, and march the rail transit market. The Group regards the development of R&D capability as its core work. It strives to build first-class R&D centres by equipping them with advanced experimental and testing equipment and excellent design technologists. The Group implements the technical management concept of “Utilisation, R&D and Reserve” in order to boost its reserve, market promotion, and application of new technologies. By setting up a digitised workshop for smart manufacturing of shock absorbers and a production line for solenoid valve shock absorbers, the Group aims to achieve the industrialised conversion of new technologies of shock absorbers.

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