Thu Jul 09, 2020 22:51
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TONGHAI FIN (952)

Principal Activities

Principally engaged in a) discretionary and non-discretionary dealing services for securities, futures and options, securities placing and underwriting services, margin financing and money lending services, insurance broking and wealth management services; b) corporate finance advisory and general advisory services; c) fund management, discretionary portfolio management and portfolio management advisory services; d) investor relation, online advertising and financial information services; and e) investment holding and securities trading.

Latest Results

The Group's profit attributable to shareholders for the year ended 31-12-2019 amounted to HKD 5.35 million, a decrease of 94.7% compared with previous corresponding period. Basic earnings per share was HKD 0.0009. No dividend declared. Turnover amounted to HKD 779.4 million, an increase of 15.9% over the same period last year, gross profit margin up 6.4% to 79.4%. (Announcement Date: 26 Mar 2020)

Business Review - For the year ended December 31, 2019

In respect of our operation targets for 2019, the overall completion rate has improved as compared with 2018, though not achieved. The Group’s market share in the secondary market of Hong Kong stock market recorded a slight year-on-year increase. At the end of 2019, the Group’s margin loans to clients amounted to HK$1,978 million (trade date basis), representing a decrease of 30% from HK$2,811 million (trade date basis) at the end of 2018, was due mainly to our cooperative measures to comply with the requirement from SFC on tightening margin loans during the fourth quarter, while the interest rate of margin loans charged to clients increased significantly. Fair value loss on margin loans in 2019 was 0.8% (2018: less than 0.1%), which was still at moderate level. In 2019, the Group has newly entered into 1 sponsor engagement for initial public offerings (2018: 4). We have also entered into 15 new engagement letters as financial advisor/independent financial advisor, completed 8 equity capital market projects and 5 debt capital market projects (2018: 12, 8 and 6). At the end of 2019, our assets under management (“AUM”) reached US$282 million, increasing by over 13% from US$250 million at the end of 2018, which was mainly due to the Group’s newly developed products on investment management. It is worth mentioning that the Group received various awards in 2019, including the “Listed Company Award of Excellence 2019” (Main Board) by Hong Kong Economic Journal for two consecutive years and the “Corporate Governance Award” — The “Listed Enterprise Excellence Awards 2019” by Capital Weekly in recognition of its outstanding performance and corporate governance strategic planning over the past year. Subsidiaries of the Group have reached new heights of excellence in Financial Services, sweeping two accolades at “Financial Services Awards of Excellence 2019” by the Hong Kong Economic Journal. China Tonghai Asset Management Limited scooped “the Awards of Excellence — Asset Management” while China Tonghai Securities Limited (“China Tonghai Securities”) garnered “the Awards of Excellence — Diversified Securities Management”. China Tonghai Capital Limited, which is a subsidiary of the Group, also won the “Best Privatisation” from The Asset Triple A Country Awards. The widely recognised achievements of the Group in various aspects underlined our strong capabilities.

Business Outlook - For the year ended December 31, 2019

Encountering the prevailing complex, ever-changing and highly volatile market environment, the Group will take a more prudential stance towards its business. More efforts are put on the following three aspects:

1) Increase fee-based income: The Company will deploy more resources in boosting fee-based income. By continuous consolidation of sales and marketing efforts on securities, corporate finance and assets management businesses, the Company is determined to expand the respective market share and to lift business volume.

2) Enhance risk management: Given the subjective market factors, the Group has provided a relatively larger amount of provisions in 2019. We have learnt a lesson from the past and have strengthened risk control for various aspects with an aim to maximise the recoverability of the existing non-performing loans, while reduces the possibility of making provisions for new loans in the future. Such targets would be realized via reducing concentration risks, decelerating loan portfolio expansion rate and attracting higher quality customers.

3) Deepen our business interaction with the controlling shareholder: The Company will further deepen business interaction with Oceanwide Holdings Co., Ltd. (Stock Code: 000046.SZ) and the Group’s controlling shareholders and the business interaction with its non-listed group. Under the continuing connected transaction frameworks as approved by shareholders for 2019, the Company has expanded the absolute cap amount for businesses with our parent company. We hope to operate more connected businesses in the future, and bring higher return to the Group and shareholders as a whole by better utilising various established networks and competitive edges of our controlling shareholder.

Looking forward, we will continue to be united and dedicated to strive for the benefits of the Company and all shareholders, as evidenced by the recent hard work of the whole Group in combat with Novel Coronavirus epidemic. We hope that with the end of the epidemic and the recovery of Hong Kong and the world to normal times, the Group’s results would make new heights and we would bring higher return to all shareholders.

Source: China Tonghai Int'l (00952) Annual Results Announcement

Business Nature

Principally engaged in a) discretionary and non-discretionary dealing services for securities, futures and options, securities placing and underwriting services, margin financing and money lending services, insurance broking and wealth management services; b) corporate finance advisory and general advisory services; c) fund management, discretionary portfolio management and portfolio management advisory services; d) investor relation, online advertising and financial information services; and e) investment holding and securities trading.

Prospect

Encountering the prevailing complex, ever-changing and highly volatile market environment, the Group will take a more prudential stance towards its business. More efforts are put on the following three aspects: 1) Increase fee-based income: The Company will deploy more resources in boosting fee-based income. By continuous consolidation of sales and marketing efforts on securities, corporate finance and assets management businesses, the Company is determined to expand the respective market share and to lift business volume. 2) Enhance risk management: Given the subjective market factors, the Group has provided a relatively larger amount of provisions in 2019. We have learnt a lesson from the past and have strengthened risk control for various aspects with an aim to maximise the recoverability of the existing non-performing loans, while reduces the possibility of making provisions for new loans in the future. Such targets would be realized via reducing concentration risks, decelerating loan portfolio expansion rate and attracting higher quality customers. 3) Deepen our business interaction with the controlling shareholder: The Company will further deepen business interaction with Oceanwide Holdings Co., Ltd. (Stock Code: 000046.SZ) and the Group's controlling shareholders and the business interaction with its non-listed group. Under the continuing connected transaction frameworks as approved by shareholders for 2019, the Company has expanded the absolute cap amount for businesses with our parent company. We hope to operate more connected businesses in the future, and bring higher return to the Group and shareholders as a whole by better utilising various established networks and competitive edges of our controlling shareholder.

Chairman
Han Xiaosheng
Contact Info
Company Address:
18th and 19th Floors, China Building,29 Queen's Road Central, Hong Kong
Web: http://www.tonghaifinancial.com
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Contact TONGHAI FIN
Company Address:
18th and 19th Floors, China Building,29 Queen's Road Central, Hong Kong
Web: http://www.tonghaifinancial.com

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