Share This

Public company info - Kirin Group Holdings Limited , 08109.HK
Input the stock code or the company name     Search  
 
 Profile   Information   Data   Financial Ratios   Profit Loss   Cash Flow   Balance   Earnings   Dividend 

Kirin Group Holdings Limited, 08109.HK - Company Profile
Chairman Wang Jinhan
Share Issued (share) 503,000,000
Par Currency Hong Kong Dollar
Par Value 0.005
Industry Insurance
Corporate Profile Business Summary: The Group was principally engaged in: (a) provision of insurance brokerage services in Hong Kong; (b) provision of money lending services in Hong Kong; and (c) provision of assets management and securities brokerage services；and (d) the provision of multi-channel network (“MCN”) entertainment services during the Reporting Period. Performance for the year: For the Reporting Period, the Group’s turnover was approximately HK$69,175,000, representing a decrease of approximately HK$28,134,000 or 28.9% as compared to that of approximately HK$97,309,000 for the year ended 30 June 2019. Business Review: Insurance Brokerage Business Insurance brokerage business experienced a difficult year in 2020. The turnover of the insurance brokerage segment decreased by approximately HK$36,352,000 to approximately HK$37,857,000 for the Reporting Period as compared to the year ended 30 June 2019. The reduced turnover of insurance brokerage segment was mainly attributed to: (i) the political unrest in Hong Kong since June 2019; (ii) the outbreak of the COVID-19 in early 2020, (iii) the impacts arising from the disputes between China and US governments, and (iv) keen competition in the industry. Under the pandemic, various measures such as closure of borders with the PRC and the social distancing measures were implemented by the government of HKSAR. As such, it has been very difficult for the Group’s Consultants (as defined below) to approach potential local or PRC customers, who are reluctant to have physical meetings. In addition, Hong Kong economy was seriously damaged due to series of internal and external political factors. As a result, insurance brokerage segment of the Group was therefore inevitably affected. The Group had built up a network with not less than 30 products issuers. Major product issuers of the insurance brokerage business are local branches of nationwide insurance companies. There are 65 consultants who are capable for providing insurance advisory services and financial needs analysis to the clients (the “Consultants”). The job duties of the Consultants are promotion, arrangement, and sale of the insurance plan provided by the product issuers. Most of the Consultants are licensed under Professional Insurance Brokers Association. Traditional life insurance plans are the major insurance products promoted by the subsidiary of the Company. Moreover, the Consultants also act as independent brokers for general and investment-linked insurance products in the course of providing advisory services to the clients. Money Lending Business Having considered the keen market competition and the challenging environment, risks associated with the possible default by the borrowers, decline in lending interest rate and the cost of management the loan portfolio, the Group has not sought for the renewal of the money lending license during the period ended 31 December 2020. The Group targets to recover the entire loan receivables upon their maturities in year 2021. The Group has not granted any new loans after the decision of not renewal of license. The Group has taken and will take all actions, including but not limited to, the engagement of independent debt collecting companies and take appropriate legal action, to collect the debts. Assets Management and Securities Brokerage Services Kirin Securities Limited (formerly known as Sang Woo (Kirin) Securities Limited) (“Kirin Securities”), a subsidiary of the Company, holds licenses to carry out type 1 and type 4 regulated activities under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). Kirin Securities provides securities brokerage services mainly by acting as placing agent and joint lead manager for clients in the securities related business. Due to limited resources and minimizing exposure of risk, Kirin Securities does not provide margin financing services. For the Reporting Period, Kirin Securities had acted as one of the IPO sub-underwriters and/or joint bookrunners for various Hong Kong listed companies. The fee and commission generated from those services were major sources of income for Kirin Securities. MCN Entertainment Business The major businesses of the Group are geographically focused in Hong Kong. Since mid-2019, there were various unfavourable factors affecting the local economy in Hong Kong. Hence, the Company would like to diversify its geographical business risks and look for opportunities in developing new business. The Company started to conduct its MCN entertainment related businesses through its wholly owned subsidiary, PT Trading Hong Kong Limited (“PT Trading”). PT Trading had entered into framework agreements with certain parties in 2019, pursuant to which PT Trading was granted the overseas broadcasting licenses to broadcast TV episodes and films on different internet streaming platforms for ten years. Each episode and film shall be subject to their authorised region of the publication right. In 2020, PT Trading entered into cooperation agreements with two distributors which will broadcast TV episodes and films on their overseas platform and MCN. The cooperation with the distributors will push forward the progress and development of the Group’s entertainment business, which is considered as the stepping stone to further increase the market share of the Group in the entertainment market. Prospects: Insurance brokerage segment has used its best effort to lower its cost and to maintain its competitiveness. As several COVID-19 vaccines having developed, global economy is expected to resume by the end of 2021. The Company expects insurance brokerage segment can restore its advantages when the economy starts to recover. The Company has entered into a strategic cooperation framework agreement with 中資瀾 品牌管理(北京)有限公司 (Zhong Zi Lan Pin Pai Management (Beijing) Company Limited) in January 2020. The Company believes that it can promote and enhance the image and the recognition of the Company in the PRC. Hence, it would help the Group to broaden the sources of customers for insurance brokerage. In the future, the Group will continue to put efforts on marketing and may expand the brand building activities and business development in the Guangdong-Hong Kong-Macao Greater Bay Area. The Group plans to re-commence the money lending business in the 3rd quarter of 2021 or soon after; expected that the COVID-19 pandemic is under control and the economic environment become steady. Due to the limited resources of the Group and the fluctuation of the capital market, the Group does not intend to put resources into the asset management business or provide any margin financing services in securities brokerage business. The Group will, through its network build up from the past few years, continue to look for opportunities to act as placing agent and joint bookrunner. As the Company does not possess its own broadcasting platform and did not enter into any cooperation agreement with the MCN directly, the Group will continue to look for new distributors to broadcast the TV episodes and films on hand on different platforms and networks. The MCN entertainment services are customer-oriented. The preference of the market varies greatly and keeps on changing. There will be challenges to the Company in following the trend and seeking quality new episodes and films in order to meet the market preference timely. The Group will keep on looking for new business partners to increase its market share in the MCN entertainment services related businesses.

Information from the financial statements of listed companies

Mobile | Full
Forum rule | About Us | Contact Info | Terms & Conditions | Privacy Statment | Disclaimer | Site Map
Copyright (C) 2024Suntek Computer Systems Limited. All rights reserved
Disclaimer : In the preparation of this website, 88iv endeavours to offer the most current, correct and clearly expressed information to the public. Nevertheless, inadvertent errors in information and in software may occur. In particular but without limiting anything here, 88iv disclaims any responsibility and accepts no liability (whether in tort, contract or otherwise) for any direct or indirect loss or damage arising from any inaccuracies, omissions or typographical errors that may be contained in this website. 88iv also does not warrant the accuracy, completeness, timeliness or fitness for purpose of the information contained in this website.