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Public company info - China Art Financial Holdings Limited , 01572.HK
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China Art Financial Holdings Limited, 01572.HK - Company Profile
Chairman Fan Zhijun
Share Issued (share) 1,678,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Other Financials
Corporate Profile Business Summary: The principal activity of the Company is investment holding. It has two principal operating subsidiaries which are established in the PRC, namely, Hexin Pawn and Hexin Auction. Hexin Pawn has been principally engaged in the art pawn loan business, while Hexin Auction has been principally engaged in the art auction business. Performance for the year: For the Reporting Year, the Group’s revenue was approximately RMB164.0 million, representing an decrease of 36% from RMB257.2 million for the same period in 2018. The profit for the year was approximately RMB107.5 million, representing an decrease of 22% from RMB137.3 million for the same period in 2018. Business Review: Art and Asset Auction Business The Group’s art and asset auction business adapted a prudent strategy in business development. The number of auctions held in the Reporting Year was reduced to four from eight in the same period in 2018 in respond to the market demand. During the Reporting Year, revenue from the art and asset auction segment of the Company was approximately RMB73.5 million, representing a decrease of 47% from RMB138.3 million for the same period last year. Profits of art and asset auction segment was RMB79.1 million, representing a decrease of 35% from RMB122.1 million for the same period last year. During the Reporting Year, the Group held the Group’s spring and autumn auctions in Yixing and two pure online art and asset auctions. The aggregate transaction value (excluding buyer commission) amounted to RMB342 million, representing a decrease of approximately 46% from approximately RMB638 million for the same period last year as the number of auctions were reduced. Art and Asset Pawn Business During the Reporting Year, revenue from the art and asset pawn segment was approximately RMB90.5 million, representing a decrease of approximately 24% from approximately RMB118.9 million for the same period last year. The decrease is the result of the reduced monthly composite administrative fee charged on pawn loans and reduced average loan balance in the mainland China during the Reporting Year. Profits of art and asset pawn segment was RMB87.9 million, representing a decrease of approximately 26% from approximately RMB119.2 million in 2018. During the Reporting Year, the total amount of new loans granted by the Group amounted to approximately RMB880.5 million. Prospects: Following the outbreak of coronavirus disease in late 2019, the Group’s living and working environment in the mainland China has been significantly affected. Since late January 2020, the central government of the PRC has implemented a number of measurements for disease prevention and controls. The general public are advised to stay at home and avoid unnecessary travel while certain public transportation services and highways were discontinued, business operations are advised to suspend, Chinese New Year holiday has been prolonged by the central government, following by special working shift arrangement to avoid concentration of staff in office. Without doubt, the incident led significant disruption to the PRC society and the Group’s business operations. Auction Business In the first quarter of 2020, the future development of the coronavirus disease is highly uncertain, market sentiment is highly affected. Collectors are on the sidelines and on hold their consignment plan. The Group has deferred certain customers’ visit schedule and business plan in order to avoid social contact. The Group’s first online auction in March 2020 has been cancelled for disease prevention and control. The Group is continuously communicating with the PRC local government for the suitability of holding large scale auction. Following the coronavirus pandemic, the global and PRC art market is expected to be negatively affected in 2020. The Group adopts a relatively prudent strategy in business development while focusing on strengthening the Group’s network and relationship with the collectors. Pawn Business Following the outbreak of coronavirus disease, the PRC economy is largely affected in the first quarter of 2020. Credit risk is expected to rise. The Group’s business adopts a more conservative attitude in granting pawn loans to new customers in 2020. Additional risk management measurements has been introduced for better credit risk control.

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