GREATWALLE INC.
長 城 匯 理 公 司
(Incorporated in the Cayman Islands with limited liability) Stock Code: 8315
ANNUAL REPORT
2021/22
CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE")
GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.
Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM.
Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.
This report, for which the directors (the "Directors") of Greatwalle Inc. (the "Company" and together with its subsidiaries, the "Group") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the "GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading.
Greatwalle Inc. • Annual Report 2021/22 1
CONTENTS | |
Corporate Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3 |
Chairman's Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4 |
Management Discussion and Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 5 |
Corporate Governance Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 15 |
Biographies of Directors and Senior Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 26 |
Reports of the Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 29 |
Independent Auditor's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 46 |
Consolidated Statement of Profit or Loss and Other Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . | 50 |
Consolidated Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 51 |
Consolidated Statement of Changes in Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 53 |
Consolidated Statement of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 54 |
Notes to the Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 56 |
Five Years' Financial Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 126 |
2 Greatwalle Inc. • Annual Report 2021/22
CORPORATE INFORMATION
DIRECTORS
Executive Directors:
Mr. Song Xiaoming (Chairman)
Ms. Song Shiqing
Mr. Lyu Xingyuan (Appointed on 27 April 2022) Mr. Hon Hoi Chuen (Ceased on 12 July 2021) Ms. Lin Shuxian (Resigned on 8 April 2022)
Non-executive Director:
Mr. Chung Man Lai
Independent Non-executive Directors:
Mr. Li Zhongfei
Mr. Zhao Jinsong
Mr. Liu Chengwei (Appointed on 10 September 2021) Ms. Guan Yan (Ceased on 12 July 2021)
AUDIT COMMITTEE
Mr. Zhao Jinsong (Chairman)
Mr. Li Zhongfei
Mr. Liu Chengwei (Appointed on 10 September 2021) Ms. Guan Yan (Ceased on 12 July 2021)
REMUNERATION COMMITTEE
Mr. Li Zhongfei (Chairman)
Mr. Zhao Jinsong
Mr. Liu Chengwei (Appointed on 10 September 2021) Ms. Guan Yan (Ceased on 12 July 2021)
NOMINATION COMMITTEE
Mr. Song Xiaoming (Chairman)
Mr. Zhao Jinsong
Mr. Li Zhongfei
COMPANY SECRETARY
Ms. Li Yan (Appointed on 1 February 2022)
Ms. Lam Yuen Ling Eva (Resigned on 1 February 2022)
AUTHORISED REPRESENTATIVES
Ms. Song Shiqing
Mr. Song Xiaoming (Appointed on 12 July 2021) Mr. Hon Hoi Chuen (Ceased on 12 July 2021)
COMPLIANCE OFFICER
Ms. Song Shiqing
INDEPENDENT AUDITOR
BDO Limited
LEGAL ADVISER
As to Hong Kong Laws
Tian Yuan Law Firm LLP
Suites 3304-3309, 33/F
Jardine House
One Connaught Place
Central
Hong Kong
REGISTERED OFFICE
Windward 3
Regatta Office Park
P.O. Box 1350
Grand Cayman
KY1-1108
Cayman Islands
HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG
Room 2008, 20/F.
West Tower, Shun Tak Centre
200 Connaught Road Central
Hong Kong
PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN THE CAYMAN ISLANDS
Ocorian Trust (Cayman) Limited
Windward 3
Regatta Office Park
P.O. Box 1350
Grand Cayman
KY1-1108
Cayman Islands
BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG
Tricor Investor Services Limited
Level 54
Hopewell Centre
183 Queen's Road East
Hong Kong
PRINCIPAL BANKER
Bank of China (Hong Kong) Limited
COMPANY WEBSITE
www.kingforce.com.hk
STOCK CODE
8315
Greatwalle Inc. • Annual Report 2021/22 3
CHAIRMAN'S STATEMENT
Dear Shareholders,
On behalf of the board (the "Board") of directors (the "Directors") of Greatwalle Inc. (the "Company") and its subsidiaries (collectively known as the "Group"), it is my great pleasure to present to the shareholders the annual report of the Company for the year ended 31 March 2022 (the "Year").
The ongoing outbreak of COVID-19 during the Year has had an unprecedented impact on the economies of Hong Kong and the mainland China, where strict epidemic prevention measures are still required to be taken so far. In light of this, the Group adhered to the general keynote of seeking progress while maintaining stability. After a year of vigorous development, the security guarding and property management services in the mainland China has stablised, and efforts have been made to enhance extensive cooperation in industrial parks, schools and other areas. Additionally, the Company has improved its consolidated statement of financial position, consolidated statement of changes in equity and the consolidated statement cash flows through share consolidation during the Year, the Group's asset and liability structure was further optimised and secured a better liquidity. Meanwhile, the Group adopted a prudent expenditure policy, and the total expenditure decreased by 6% over the last year. Due to the adverse impact of the outbreak of COVID-19 and the uncertain external environment, the Group's asset management business lagged behind slightly. The preliminary operation of certain projects is advancing in an orderly manner, and potential acquisition targets have been identified.
To further enhance the Group's core competitiveness, in the long run, the Group has the plan to extend its security guarding and property management services in the mainland China through construction of vocational schools, production and education integration bases. Meanwhile, the Group will continue to increase the scale of fund issuance and continuously strengthen the comprehensive competitiveness of the Company in the field of asset management services.
I would like to take this opportunity to express my sincere gratitude to the management team and all employees for their valuable contributions and dedicated service, especially in the tough times of the epidemic. In addition, I am grateful for the strong support of all business partners and shareholders of the Group. Looking forward, the year 2022 is an important year for the national "14th Five-Year" Plan, and it is also a critical year for the Company to start a new journey for development. Despite many challenges, the Group will forge ahead, steadily promote the transformation of its principal business, and build Greatwalle into a renowned investment holding company in the industry, so as to return to customers, society and shareholders with better performance.
Song Xiaoming
Chairman
24 June 2022
4 Greatwalle Inc. • Annual Report 2021/22
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Greatwalle Inc. published this content on 29 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2022 06:01:06 UTC.