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Public company info - GSN Corporations Limited , 08242.HK

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GSN Corporations Limited, 08242.HK - Company Profile
Chairman Zhang Qing
Share Issued (share) 1,677,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Conglomerates
Corporate Profile Business Summary: The principal activities of the Group are: (1) the provision of integrated circuit solutions and the design, development and sales of integrated circuits; (2) money lending business in Hong Kong through the provision of unsecured and secured loans to customers, including individual and corporations under the provisions of the Money Lenders Ordinance; and (3) the provision of investment and planning consulting service, real estate agent, property management services and car parking management services in the People’s Republic of China. Performance for the year: The total revenue of the Group from continuing operations decreased by 60% from approximately HK$63.7 million in 2019 to approximately HK$25.5 million in 2020. The consolidated loss attributable to owners of the Company for the year 2020 was approximately HK$139.0 million, down from the consolidated loss attributable to owners of the Company approximately HK$18.7 million recorded in 2019. Business Review: IC Business The Group sells IC under its own brand name “MiniLogic” and provides application specific IC service (the “ASIC Service”) in the design and development of tailor-made IC to its customers. The Group also provides tailor-made IC solutions and sells tailor-made ICs to customers under the ASIC Service business section (the “ASIC Section”); and independently develops and sells generically-applicable ICs for sale in the market under the MiniLogic Brand IC business section (the “Standard IC Section”). Over the past year, the research and development (the “R&D”) team had absence of new completion. The R&D team terminated 7 IC models during the year. As at 31 December 2020, the Group had absence of new IC models under development and customer evaluation. The completion of the development of several new IC models has been extended as the process was prolonged due to customer evaluation, acceptance and modification work. Developing IC products with suitable technology that appeal to the market is essential for the growth of IC business. This can also expand the range of the IC products and maintain the competitiveness of the Group. ASIC Section Under the ASIC Section, the major products are DVD Player ICs, Power Management ICs and Electronic Cigarette ICs. In absence of new IC models were launched in 2020. Due to the stagnant demand in the IC industry, revenue and margin from DVD Player ICs, Power Management ICs and Electronic Cigarettes ICs decreased when compared to the same period last year. Revenue from the ASIC products decreased from approximately HK$3.4 million for the year of 2019 to approximately HK$0.5 million for the year of 2020. At the same time, revenue from the provision of ASIC Service decreased significantly from approximately HK$0.5 million in 2019 to approximately HK$0.14 million in 2020. Due to the decrease in revenue from the ASIC products, particularly in DVD Player ICs, Power Management ICs and Electronic Cigarettes ICs, the overall revenue from the ASIC Section dropped by 84% from approximately HK$3.8 million in 2019 to approximately HK$0.6 million in 2020. Standard IC Section Under the Standard IC Section, the major products are LCD Driver ICs for instrument panel and Power Management ICs. In absence of new IC model was launched in the year of 2020, the overall revenue from the Standard IC Section decreased by 66% from approximately HK$3.5 million in 2019 to approximately HK$1.2 million in 2020. Money Lending Business The Group engages in the money lending business, such as providing secured and unsecured loans to customers comprising individuals and corporations to earn interest income. The revenue from the money lending business for the year 2020 was approximately HK$8.7 million, which accounted for 34.1% of the Group’s total revenue for the year. There was a decrease of approximately HK$11.7 million or 57.4% as compared to that of approximately HK$20.4 million for the year 2019. The outstanding principal amount of loan receivables as at 31 December 2020 was approximately HK$198.2 million. The slightly decrease in revenue was mainly attributable to the decrease in average interest rate in the money lending business. While the loans and interest receivables balance (before impairment loss on loan receivables) increased by approximately 29.5% to approximately HK$198.2 million for the year 2020 as compared to approximately HK$153.1 million for the year 2019. Prospects: The number of property in PRC market is expanding. Public concerns over residential housing and the speeding up of the issue of housing completion in the near future are expected to solve the issue of heavy demand on housing and if associated property management services for population. It is envisaged that the property management business will expand simultaneously Meanwhile, the Group will expect and continue to expand the Group’s management portfolio by capturing the continuing outsourcing property management implemented by private residential owners in Sichuan, PRC. Since the Group started property management business in 2017, giving the Group’s customers the best services has always been the Group’s first priority. Over the years, the Group have grown into one of the well-known property management companies in Sichuan. Leveraging on the Group’s experience and scale of business, the Group will continue to seek for opportunities to expand the current property management business through self-development and/or investment(s) in suitable targets/assets, and/or through co-operation by way of joint venture(s) with other parties. In order to increase the profitability of this segment, the Group consider the cost control is as important as expanding the management portfolio. The Group are reviewing the operating performance of the property management business and appropriate cost controls will be implemented in the forthcoming financial year, if necessary. Even the Group has recorded negative growth in its revenue in the year of 2020 which mainly attributable to its property management services in People’s Republic of China (the “PRC”) markets during the year under review and recorded revenue of approximately HK$14,968,000 (2019: HK$35,879,000) from this segment. Looking into the future, the Group’s Group is committed to the development of property management business.

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