CONTENTS
- Corporate Information
- Financial Highlights
- Management Discussion and Analysis
18 Condensed Consolidated Statement of
Profit or Loss and Other Comprehensive Income
20 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
53 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. Lui Chun Pong
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
Industrial and Commercial Bank of China
(Macau) 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
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong
STOCK CODE
1031
WEBSITE
2 | Kingston Financial Group Limited |
Interim Report 2022 |
FINANCIAL HIGHLIGHTS
-
Turnover for the six months ended 30 September 2022 (the "Period") increased by approximately 3% to approximately HK$940,235,000 when compared to approximately HK$913,132,000 in the corresponding period of last year (the
"Previous Period"). - Profit for the Period decreased by approximately 26.4% to approximately
HK$1,823,000 when compared to approximately HK$2,478,000 in the Previous Period. The decrease was primarily attributable to the impairment losses on advances to customers in margin financing of approximately HK$662,691,000 in the Period (Previous Period: approximately HK$568,226,000). - Earnings per share for the Period decreased by approximately 26.4% to approximately HK0.0105 cents when compared to approximately HK0.0143 cents in the Previous Period.
Kingston Financial Group Limited | 3 |
Interim Report 2022 |
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 2022 (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$940,235,000, representing an increase of approximately 3% as compared to approximately HK$913,132,000 for the six months ended 30 September 2021 (the "Previous Period").
The unaudited profit for the Period amounted to approximately HK$1,823,000, representing a decrease of approximately 26.4% as compared to approximately HK$2,478,000 for the Previous Period. The decrease was primarily attributable to impairment losses on advances to customers in margin financing of approximately HK$662,691,000 in the Period (Previous Period: HK$568,226,000). Basic earnings per share for the Period decreased by approximately 26.4% to approximately HK0.0105 cents as compared to approximately HK0.0143 cents in the Previous Period.
BUSINESS AND FINANCIAL REVIEW
The 2019 Novel Coronavirus ("COVID-19") pandemic has spread over the world and has dragged down global economic growth and supply chains of various countries. In September 2022, the US Federal Reserve announced its third interest rate hike of 0.75% and the federal funds rate rose to a range of 3% to 3.25%, hitting a 14-year high.
In face of high inflation and uncertainties such as significant interest rate hikes by the US Federal Reserve, the appreciation of the US dollar and the high US dollar index attracted capital flow to the US dollar, which led to a weak Hong Kong dollar. The Hong Kong Monetary Authority entered the market to buy Hong Kong dollar and sell US dollars. The aggregate balance of the Hong Kong banking system fell to the level of nearly HK$100 billion. In addition, the ongoing tension between the PRC and the US and the Russia- Ukraine war have led to greater volatility in the stock and bond markets in Hong Kong. The Hong Kong stock market entered 2022 on a high note followed by a low in the face of multiple uncertainties that Hang Seng Index hit a low at 17,016 points on 30 September 2022, marking a 11-year low.
4 | Kingston Financial Group Limited |
Interim Report 2022 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Kingston Financial Group Ltd. published this content on 28 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2022 10:40:03 UTC.