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Public company info - Green International Holdings Ltd. , 02700.HK
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Green International Holdings Ltd., 02700.HK - Company Profile
Chairman Yu Qigang
Share Issued (share) 660,000,000
Par Currency Hong Kong Dollar
Par Value 0.2
Industry Cosmetics & Personal Care
Corporate Profile Business Summary: The Group was principally engaged in provision of (i)health, medical and related services, (ii) beauty and wellness services, and (iii) integrated financial services comprising money-lending, securities brokerage, advising on securities and asset management during the year under review. Performance for the year: The Group reported revenue in the amount of approximately HK$78,659,000 (2018: HK$82,092,000) during the Year, representing a decrease of approximately 4.18%. Business Review Health, Medical and Related Business The revenue and operating loss of the Health and Medical Business for the Year were approximately HK$43,863,000 (2018: HK$37,061,000) and HK$49,978,000 (2018: HK$37,629,000), respectively. The operating loss of the Health and Medical Business were mainly attributable to the impairment loss of goodwill for the Hospital Business of approximately HK$25,692,000 (2018: HK$17,812,000) and operating loss from the Club House Business of approximately HK$19,306,000 (2018: HK$17,314,000). Beauty and Wellness Business The revenue and operating loss of the Beauty Business for the Year were approximately HK$34,754,000 (2018: HK$44,858,000) and HK$66,746,000 (2018: operating profits of HK$9,251,000), respectively. The operating loss of the Beauty Business was mainly attributable to the impairment loss of trademark user right and technical know-how in the amount of approximately HK$60,143,000 (2018: HK$Nil) and the loss on fixed assets written off as a result of closure of shops in the amount of approximately HK$8,385,000 (2018: HK$Nil). The Group recorded a decrease in revenue in the amount of approximately HK$10,104,000 from the Beauty Business, representing a decrease of approximately 23% compared to the figure for the year ended 31 December 2018. The decrease in revenue was mainly attributable to (i) weakening of consumer sentiment in Shenzhen in 2019; (ii) the closure of one beauty center in Shenzhen in April 2019 due to urban redevelopment order issued by the Shenzhen government; and (iii) the slowing down of the pace of shop opening due to weakened consumer sentiment. Integrated Financial Business The revenue and operating loss of the Financial Business for the Year was approximately HK$42,000 (2018: HK$173,000) and HK$4,265,000 (2018: HK$3,376,000), respectively. The Group’s integrated financial business comprises the money lending business (the “Money Lending Business”) which was operated by Green Capital, a wholly-owned subsidiary of the Company and a licensed money lender in Hong Kong, and the securities brokerage and asset management business operated by other subsidiaries of the Company. Since 2017, the Money Lending Business did not generate any revenue to the Group and continued to suffer loss due to the lack of expertise in developing this part of the business. During the past two years, Green Capital has stopped granting new loans and focused on debt-recovery actions through litigations (the “Recovery Actions”) to pursue after the Group’s debtors for the outstanding loans, promissory notes and receivables which were owed to the Group prior to 2017, which were impaired in the financial statements of the Group in or prior to the year ended 31 December 2017 but remained outstanding despite the Recovery Actions (the “Distressed Debts”). Due to the lack of expertise in developing the Money Lending Business and the significant legal costs of the Recovery Actions, in December 2019, the Group disposed of the Disposal Group for a cash consideration of HK$2,200,000 together with a proportional entitlement to share any cash proceeds derived from any successful enforcement of winning judgment(s) of any of the recovery actions on the distressed debts. The Group recognised a net gain on disposal in the amount of approximately HK$1,104,000 on completion of the disposal. Prospects: Looking ahead, the Board and the management team will continue to adopt measures to improve the Group’s business management, operational, market development and corporate governance capabilities to enhance corporate value of the Group.

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