CONTENTS
- Corporate Information
- Financial Highlights
- Management Discussion and Analysis
15 Condensed Consolidated Statement of
Profit or Loss and Other Comprehensive Income
17 Condensed Consolidated Statement of Financial Position
- Condensed Consolidated Statement of Changes in Equity
- Condensed Consolidated Statement of Cash Flows
- Notes to the Interim Condensed Consolidated Financial Statements
52 Other Information
CORPORATE INFORMATION
BOARD OF DIRECTORS
Executive Directors
Mr. Chu, Nicholas Yuk-yui(Chairman) Mrs. Chu Yuet Wah
- (Chief Executive Officer) Mr. Chu, Kingston Chun Ho Mr. Ho Chi Ho
Independent Non-executive Directors
Mr. Lau Man Tak
Ms. Lo, Miu Sheung Betty
Mr. Chiu Sin Nang, Kenny
COMPANY SECRETARY
Mr. Chan Chun Lam
- (resigned on 10 August 2021) Mr. Cheung Kai Fung
- (appointed on 10 August 2021 and
- resigned on 18 November 2021) Mr. Wong Wai Ming
- (appointed on 18 November 2021)
AUDIT COMMITTEE
Mr. Lau Man Tak (Chairman)
Ms. Lo, Miu Sheung Betty
Mr. Chiu Sin Nang, Kenny
REMUNERATION COMMITTEE
Ms. Lo, Miu Sheung Betty (Chairman)
Mr. Lau Man Tak
Mr. Chiu Sin Nang, Kenny
NOMINATION COMMITTEE
Mr. Chiu Sin Nang, Kenny (Chairman)
Mr. Lau Man Tak
Ms. Lo, Miu Sheung Betty
AUDITORS
BDO Limited
25th Floor Wing On Centre
111 Connaught Road Central
Hong Kong
PRINCIPAL BANKERS
The Hongkong and Shanghai Banking
Corporation Limited
The Bank of East Asia, Limited
Chong Hing Bank Limited
Hang Seng Bank Limited
BERMUDA LEGAL ADVISERS
Conyers Dill & Pearman
Room 2901, One Exchange Square
8 Connaught Place, Central
Hong Kong
REGISTERED OFFICE
Clarendon House
2 Church Street
Hamilton HM11
Bermuda
PRINCIPAL PLACE OF BUSINESS IN HONG KONG
72/F, The Center
99 Queen's Road Central
Central, Hong Kong
PRINCIPAL SHARE REGISTRARS AND TRANSFER OFFICE
MUFG Fund Services (Bermuda) Limited 4th floor North Cedar House
41 Cedar Avenue
Hamilton HM12 Bermuda
BRANCH SHARE REGISTRARS AND TRANSFER OFFICE IN HONG KONG
Tricor Abacus Limited
Level 54, Hopewell Centre
183 Queen's Road East
Hong Kong
STOCK CODE
1031
WEBSITE
http://www.kingston.com.hk
2 | Kingston Financial Group Limited |
Interim Report 2021 |
FINANCIAL HIGHLIGHTS
- Turnover for the six months ended 30 September 2021 decreased by approximately 10% to approximately HK$913,132,000 when compared to approximately HK$1,009,211,000 in the corresponding period of last year.
-
Profit attributable to the owners of the Company for the six months ended 30
September 2021 decreased significantly by approximately 99% to approximately HK$2,478,000 when compared to approximately HK$169,015,000 in the corresponding period of last year. The decrease was primarily attributable to an increase in impairment loss on advances to customers in margin financing. - Earnings per share for the six months ended 30 September 2021 decreased by approximately 99% to approximately HK0.01 cents when compared to approximately HK0.97 cents in the corresponding period of last year.
Kingston Financial Group Limited | 3 |
Interim Report 2021 |
MANAGEMENT DISCUSSION AND ANALYSIS
On behalf of the board of directors (the "Board") of Kingston Financial Group Limited (the "Company"), I am pleased to announce the interim results of the Company and its subsidiaries (collectively, the "Group") for the six months ended 30 September 2021 (the "Period").
OVERVIEW
The Group is principally engaged in the provision of a wide range of financial services including securities brokerage, underwriting and placements, margin and initial public offering ("IPO") financing, corporate finance advisory services and futures brokerage services. The Group also provides gaming and hospitality services in Macau.
Total unaudited revenue recorded by the Group for the Period amounted to approximately HK$913,132,000, representing a decrease of approximately 10% as compared to approximately HK$1,009,211,000 for the six months ended 30 September 2020 (the "Previous Period").
The unaudited profit attributable to owners of Company for the Period amounted to approximately HK$2,478,000, representing a decrease of approximately 99% as compared to approximately HK$169,015,000 for the Previous Period. The decrease was primarily attributable to an increase in impairment loss on advances to customers in margin financing. Basic earnings per share for the Period decreased by approximately 99% to approximately HK0.01 cents as compared to approximately HK0.97 cents in the Previous Period.
BUSINESS AND FINANCIAL REVIEW
During the Period, countries encouraged vaccination in response to the spread of the novel coronavirus (COVID-19), but the evolving COVID-19 variants continued to affect the global economy and supply chain, while central banks had to face rising inflation and slow employment growth. The local outbreak has been relatively under control and the retail market has been picking up, but preventive measures and isolation policies are still in place. The Census and Statistics Department announced that gross domestic product (GDP) rose by approximately 5.4% year-on-year in the third quarter of this year, compared to approximately 7.6% in the second quarter. The more moderate growth in the third quarter was mainly due to the base effect and the stronger-than-expected performance of the economy in the first half of the year.
4 | Kingston Financial Group Limited |
Interim Report 2021 |
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Disclaimer
Kingston Financial Group Ltd. published this content on 23 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 December 2021 12:16:05 UTC.