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Public company info - China Trustful Group Limited , 08265.HK

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China Trustful Group Limited, 08265.HK - Company Profile
Chairman Luo Huangshi
Share Issued (share) 3,036,000,000
Par Currency Hong Kong Dollar
Par Value 0.02
Industry Automobiles & Components
Corporate Profile Business Summary: The Group is the retail and wholesale of luxury brand silverware, silver utensils and luxury goods in the People’s Republic of China (“PRC”) (the “Silverware Business”), and the research and development, manufacture and sale of rechargeable batteries, electric vehicles and related products and provision of related services (the “Electric Vehicle Business”) and provision of marketing and management services, sales and distribution of energy and petrochemical related products, including but not limited to, LNG and LPG products and licensing of petroleum gas stations (the “Energy and Petrochemicals Business”). Performance for the year: Revenue for the year ended 31 December 2020 was HK$nil, compared with HK$118,039,000 last year, representing a decrease of HK$118,039,000. Loss attributable to owners of the Company was HK$600,602,000, compared with loss HK$104,377,000 last year, representing an increase of HK$496,225,000. Business Review: Results of the Group In relation to the Electric Vehicle Business and Energy and Petrochemical Business, during the year ended 31 December 2020, the Group recorded revenue of HK$nil, representing a 100% decrease as compared with the same period in 2019 (31 December 2019: HK$118,039,000) and gross profit and gross profit margin of HK$nil and 0% respectively (31 December 2019: HK$12,729,000 and 10.8% respectively). Combining with other income and expenses, the Group recorded loss for the year ended 31 December 2020 of HK$600,602,000 (31 December 2019: loss of HK$104,589,000) and other comprehensive income of HK$nil (31 December 2019: income of HK$1,202,000), being exchange differences arising from translating foreign operations during the year. Loss attributable to owners of the Company from operations was HK$600,602,000 as compared with a loss of HK$104,377,000 for the same period last year; whereas basic loss per share was HKnil cents (31 December 2019: loss of HK3.81 cents). The Group’s selling and distribution costs and administrative expenses, in total, decreased from HK$38,433,000 for the same period last year to HK$8,831,000 during the year ended 31 December 2020. For the year ended 31 December 2020, the Group has recorded other expenses of HK$591,130,000 in relation to De-Consolidation. More information is set out in the section of below. In general, the Group’s result during the year ended 31 December 2020 has been decreased and The Group’s business were affected by the De-Consolidation. Further description of the business performances from The Group’s businesses are described below. Electric Vehicle Business During the year ended 31 December 2020, the Group recorded segment revenue of HK$nil (31 December 2019: HK$39,784,000) in the Electric Vehicle Business, representing 0% of the Group’s total revenue generated from operations (31 December 2019: 33.7%). This segment recorded segment profit of HK$nil (31 December 2019: HK$4,918,000), and segment margin of 0% (31 December 2019: 12.4%). Despite the aforesaid of the De-Consolidation set out below, the Group will continue to engage in the vehicle business by focusing on providing customized one stop solutions to customers for the supply of vehicle accessories in China. The major products initially will include smart watch car key, intelligent air purifier and sanitizer (effective against COVID-19) and intelligent mobile multimedia system. The Group has an experienced team of technical staffs providing design, integration and modification services according to customers’ requirements. The Group aims to provide a selection of customized products to suit customers’ needs based on self-design products as well as similar products available in the market. Energy and Petrochemical Business For the year ended 31 December 2020, the Energy and Petrochemical Business recorded a revenue of HK$nil, representing 0% of the Group’s total revenue. (31 December 2019: HK$78,255,000) Silverware Business For the Silverware Business, all the assets, including but not limited to the books and accounting records, vouchers, computers, company stamps, relevant stocks, etc., of two subsidiaries of the Group in the PRC, namely 浙江通銀貴金屬經營有限公司 (for identification purpose, Zhejiang Tong Yin Precious Metal Operation Company Limited (“Zhejiang Tong Yin”) and 杭州銀鑫投資管理有限公司 (for identification purpose, Hangzhou Yin Xin Investment Management Company Limited) (the “Records and Documents”) were seized by the Ministry of Public Security of the PRC as the Records and Documents were kept and stored in a shared office with one of the resigned executive director, Mr. Zhang Genjiang, who holds 49% equity interest of Zhejiang Tong Yin and was arrested during the course of seizure of other businesses of Mr. Zhang Genjiang (the “Special Circumstance”). The Company has not received any official documentation from the Ministry of Public Security of the PRC nor any relevant departments from the PRC government and the Special Circumstance was merely notified to the Company in January 2020 by relevant staff of the PRC subsidiaries of the Group. The Company has checked relevant information from the Bureau of Industry and Commerce of the PRC and other unofficial company search engine to verify the Special Circumstance and no information could be founded except the equity of Zhejiang Tong Yin was frozen in January 2020. The Company has obtained an investigation report from a PRC lawyer in which the PRC lawyer advised that there is no way to recover the seized records and documents at this moment as it is under the criminal investigation by the Public Security. According to the announcements published by the Public Security, Mr. Zhang Genjiang, a former executive director of the Company and the controller of 浙江之信控股集團有限公司 (Zhejiang Zhixin Holdings Group Co. Ltd.*), was arrested for suspected illegal absorption of public deposits. The Public Security has seized various properties, assets, cash and other things related to the suspects. The PRC lawyer advised that according to PRC laws, the Group’s subsidiaries operating the silverware business and those operating the electric vehicle business were considered as connected with the suspects. The PRC lawyer further advised that the seized record and documents would only be dealt with after the relevant criminal investigation or court trial was closed. Other than the announcements published by the Public Security, the PRC lawyer was unable to obtain any further information relating to the investigation by the Public Security. The Group has loss control on Zhejiang Tong Yin and Hangzhou Yin Xin Investment Management Company Limited and accounted for deconsolidated for the year ended 31 December 2019. Therefore, the Group has recorded other expenses of HK$78,770,000 in relation to Silverware Business for the year ended 31 December 2019. Prospects: Despite the aforesaid and the result of De-Consolidation, the Board is determined to continue to engage in the Electric Vehicle Business. The Company considers that the prospects of electric vehicles in the PRC is promising in view of favourable government policies and growing market demands. The Group will focus on providing customized one stop solutions to customers for the supply of vehicle accessories and parts in China.

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