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Public company info - Yin He Holdings Ltd. , 08260.HK
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Yin He Holdings Ltd., 08260.HK - Company Profile
Chairman Li Ang
Share Issued (share) 1,724,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Other Support Services
Corporate Profile Business Summary: The principal activities of the company is provision of human resources services, credit consultancy services, loan facilitation services, asset management services, loan financing services and insurance training services. Performance for the year: Revenue decreased by 28.5% to approximately HK$183,198,000 (FY2019: HK$256,300,000) for the year ended 31 March 2020. Loss for the year ended 31 March 2020 was approximately HK$845,026,000 (FY2019: profit of HK$30,919,000). Business Review The Group is principally engaged in (i) provision of staff outsourcing services, executive/staff search services and other human resources support services (“Human Resources Services”); (ii) provision of credit assessment and credit consultancy services (“Credit Consultancy Services”) in the People’s Republic of China (the “PRC”); (iii) provision of asset management services (“Asset Management Services”) business in the PRC; (iv) loan financing services (“Loan Financing Services”); (v) insurance training services (“Insurance Services”); and (vi) provision of loan facilitation business in the PRC (“P2P Loan Facilitation Services”). The operation of the P2P Loan Facilitation Services was suspended due to the change in government policy during the year. The slowing down of global economy, suspension of operation of the P2P Loan Facilitation Business in PRC and the COVID-19 pandemic had affected the overall performance of the Group’s business. Revenue for the year was HK$183,198,000, decreased by HK$73,102,000 or 28.5% from HK$256,300,000 in the year ended 31 March 2019 (“FY2019”). Revenue recorded for the Human Resources Services segment included revenues generated from providing staff outsourcing services, executive/staff search services and other human resources support services. Revenue recorded for the Human Resources Services segment decreased by 14.6% to approximately HK$133,753,000 for the year ended 31 March 2020 (2019: approximately HK$156,699,000). In FY2020, the revenue generated from the Human Resources Services segment represented 73.0% (2019: 61%) of the Group’s total revenue. This segment incurred a loss of HK$2,947,000, as compared with loss of HK$1,005,000 last year. Revenue recorded for the Credit Consultancy Services segment decreased by HK$3,715,000 or 25.4% to approximately HK$10,903,000 for the year ended 31 March 2020 (2019: approximately HK$14,618,000). In 2020, the revenue generated from the Credit Consultancy Services segment represented 6.0% (2019: 5.7%) of the Group’s total revenue. Revenue recorded for the Assets Management Services segment decreased by 56.0% to approximately HK$2,493,000 for the year ended 31 March 2020 (FY2019: HK$5,661,000). In FY2020, the revenue generated from the Assets Management Service segment represented 1.4% (FY2019: 2.2%) of the Group’s total revenue. Although the Asset Management Services segment was not the Group’s major revenue generating unit, it had helped to balance the Group’s financial performance after the downturn of the Group’s Credit Consultancy Services segment. Its valuable network of funds and investors which allowed the Group to provide more value-added services to its all customers as a whole. As such, the underlying value of this business segment is not explicitly shown on its own financial performance but will implicitly benefit other business segments of the Group. Revenue recorded for the Loan Financing Services decreased by HK$6,681,000 or 19.6% to approximately HK$27,460,000 for the year ended 31 March 2020 (FY2019: HK$34,141,000). The revenue generated from Loan Financing Services segment represented 15.0% (FY2019: 13.3%) of the Group’s total revenue. It is expected that the loan financing service business development can enhance the Group’s business diversification and financial services business spectrum. Insurance Services represented the training services provided to insurance companies. Revenue recorded for Insurance Services was HK$4,170,000 and represented 2.3% of the Group’s total revenue for the year ended 31 March 2020. Revenue recorded for the Loan Facilitation Services segment decreased by 90.2% to approximately HK$4,419,000 for the year ended 31 March 2020 (FY2019: approximately HK$45,181,000). The revenue generated from the Loan Facilitation Services segment represented 2.4% (FY2019: 17.6%) of the Group’s total revenue during the year. The decrease was mainly due to the suspension of operation during the year. The loss incurred for this segment was HK$12,664,000, as compared with profit of HK$30,523,000 last year. Prospects: In light of the slowdown in the global economy and the impact of the COVID-19 epidemic, The Group have proactively responded and conducted corporate restructuring activities to rebalance The Group’s business focus. The Group have commenced the disposal of the unprofitable businesses, namely the Human Resources Services and the P2P Loan Facilitation Services. And at the same time, The Group have expanded The Group’s business into the insurance services sector by acquiring an insurance training business during the year. The Group believed entering into the insurance training industry could achieve synergy with the Group’s existing business which enables the Group to access to additional income and cash flow stream to the Group and further diversify the Group’s overall business to confront the volatiled economic condition and environment. The discontinuance of the P2P Loan Facilitation Business On 27 November 2019, the China’s Internet Financial Risk Special Rectification Work Leadership Team Office had issued a notice《關於網路借貸信息中介機構轉型為小額 貸款公司試點的指導意見》(Guiding Opinion on the Transformation of Online Leading Information Facilitation Institutions into Small Loan Providers#)(“New P2P Transformation Guidance”). Such New P2P Transformation Guidance required the qualified institutes to transform into a small loan provider in two year period with a minimal capital requirement of RMB50 million, concerning to one of the Company’s subsidiary, Guangzhou Da Tang Pu Hui Internet Financial Information Services Limited (“Da Tang”). As at 27 November 2019, the registered capital of Da Tang had already reached RMB50 million and thus had fulfilled the registered capital requirement and was prepared to transform itself into a small loan provider according to the requirement. Due to the impact of the COVID-19 pandemic since the beginning of 2020, the transformation process had been moving slowly. The pandemic had also caused a great impact on the overall loan market in the PRC. The management had been continuously assessing the change in economic condition of the loan market. Considering the characteristics and typically higher risk profile of the small loan segment, the management had not been confident in carrying out the small loan business. After reviewing the adverse market condition in the small loan segment in the PRC and the fixed monthly overhead the Company had to bear in maintaining Da Tang, the Company has decided to discontinue the P2P Loan Facilitation Business with immediate effect and it is expected that the discontinuation of the P2P Loan Facilitation Business will allow the Group to reallocate its resources and effort in other business segments of the Group. The Board believes that it is in the best interest of the Company and its shareholders as a whole to discontinue the P2P Loan Facilitation Business. The disposal of the Human Resources Business In view of the impact from the series of social events happened in Hong Kong since mid-2019 and the high unemployment rate recorded at 5.9% for the three months to May 2020, the Directors expect the economy prospect of Hong Kong as well as the future development of the Human Resources Business may continue to face significant challenges. Therefore, the Directors consider the disposal of Human Resources Business allows the Group to exit from bearing the burden to operate the nonperforming business of the Orient Apex Group and allow the Group to reallocate its resources and effort in other business segments of the Group. The Group will also actively explore acquisition opportunities and pursue strategic alliances to diversify and broaden its revenue stream. Looking forward, the global economic outlook continues to be uncertain and is overshadowed by the impact of the COVID-19. With the aim to create value to the Shareholders, The Group will continue to expand The Group’s business in profitable sector which are synergetic to The Group’s existing business while trimming down the underperforming business.

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