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China Success Finance Announces 2019 Annual Results
[20/03/31]
HONG KONG, Mar 31, 2020 - (JCN Newswire) - China Success Finance Group Holdings Limited ("China Success Finance" or the "Company", together with its subsidiaries the "Group", stock code: 3623) is pleased to announce its audited annual results for the year ended 31 December 2019.
During the year, the Group continued to steadily foster the development of its traditional businesses and actively advanced business exploration and innovation. Therefore, the major business segment recorded a rapid growth, contributing to the 41.5% year-on-year surge to approximately RMB86.3 million. As of 31 December 2019, the Group's cash and bank deposits increased by approximately 28.1% as compared to 30 June 2019, reflecting the Group's sound financial position, which in turn provides a solid foundation for business development. However, as the probability of recovering certain assets was expected to decrease amidst adverse market condition, a substantial provision for impairment loss was recognised during the year. Additionally, the Group saw loss in its investment in associate companies. With the growth of major operations not being able to offset the impact from abovementioned two items, loss before taxation of RMB463.4 million and loss for the period of RMB431.2 million were reported respectively. The Board of Directors did not recommend the payment of final dividend for the year ended 31 December 2019.
Mr. Zhang Tiewei, Chairman and Executive Director of China Success Finance indicated, "In 2019, the global economic growth continued to decline. Although the Chinese government pushed forward its supply-side structural reform, and the People's Bank of China adopted counter-cyclical adjustments, the downward pressure still clouded the economy. Private enterprises and small and micro enterprises encountered particular difficulties when accessing financing. Facing the challenging domestic and global economic environment, the Group conformed to the market trend and was dedicated to developing its traditional businesses with multi-pronged approach, whilst ardently propelling the growth of its innovative businesses and making great strides in integrated services for the Greater Bay Area, with a view to seizing market opportunities."
Regarding guarantee business, the Group recorded an increase of 161.3% in net guarantee fee income to approximately RMB80.6 million during the year, reaching its new record high. During the year, the Chinese government employed multi-front strategies to regulate the financing guarantee industry, while the establishment of the Foshan Financing Guarantee Fund was set to facilitate a stable operation of the industry. In line with the booming development of the industry, the Group sustained volume and was continuously committed to developing its traditional guarantee business, by further enriching guarantee business product chains, thereby expanding business scale and elevating core competence. On the other hand, the Group created increments by devoting more resources on building up financial technology. It strived to provide customers with efficient guarantee services through utilising technological means such as the internet, big data and cloud computing, thus gaining widespread market recognition and multi-party cooperation opportunities. During the year, both the number of customers and business scale achieved promising growth.
In addition, the Group made full use of the window of opportunity to make an equity investment in Success Science and Technology Innovation Park Project, one of the benchmarking projects in village-level industrial park in Foshan City's Shunde District, with a view to enjoying the increasing economic value-added and social benefits brought about by the project upgrade of "Three Olds Redevelopment" in Guangdong Province, essentially reinforcing competitiveness.
Looking forward, Mr. Zhang Tiewei said, "In face of a challenging market environment, China Success Finance will continue to strengthen its traditional businesses by making full use of business channels of traditional guarantee business and capitalising on synergies. Meanwhile, we will earnestly innovate business products and identify suitable investment opportunities to develop highly value-added businesses, in order to improve the diversity and resilience of our business operation. In the future, with a deeply rooted foundation in the Greater Bay Area, the Group will enhance profitability through grasping the ample opportunities brought by the supportive policies, thus creating long-term value for investors and shareholders."
About China Success Finance Group Holdings Limited
China Success Finance Group Holdings Limited is a leading private financial group in China, and the first financial group with guarantee service as a major business in China to be listed on the Main Board of The Stock Exchange of Hong Kong Limited. The Group has elevated from its traditional business in guarantee and microcredit since its listing, to a diversified and comprehensive financial service platform with services including asset management, fund management, investment and acquisition, financial leasing, financial guarantee, overseas capital, real estate finance, and microcredit. Meanwhile, the Group maintained its business foundation in the Pearl River Delta Region with Foshan as the center, and provide comprehensive and professional financial services to the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
Copyright 2020 JCN Newswire. All rights reserved. www.jcnnewswire.com
During the year, the Group continued to steadily foster the development of its traditional businesses and actively advanced business exploration and innovation. Therefore, the major business segment recorded a rapid growth, contributing to the 41.5% year-on-year surge to approximately RMB86.3 million. As of 31 December 2019, the Group's cash and bank deposits increased by approximately 28.1% as compared to 30 June 2019, reflecting the Group's sound financial position, which in turn provides a solid foundation for business development. However, as the probability of recovering certain assets was expected to decrease amidst adverse market condition, a substantial provision for impairment loss was recognised during the year. Additionally, the Group saw loss in its investment in associate companies. With the growth of major operations not being able to offset the impact from abovementioned two items, loss before taxation of RMB463.4 million and loss for the period of RMB431.2 million were reported respectively. The Board of Directors did not recommend the payment of final dividend for the year ended 31 December 2019.
Mr. Zhang Tiewei, Chairman and Executive Director of China Success Finance indicated, "In 2019, the global economic growth continued to decline. Although the Chinese government pushed forward its supply-side structural reform, and the People's Bank of China adopted counter-cyclical adjustments, the downward pressure still clouded the economy. Private enterprises and small and micro enterprises encountered particular difficulties when accessing financing. Facing the challenging domestic and global economic environment, the Group conformed to the market trend and was dedicated to developing its traditional businesses with multi-pronged approach, whilst ardently propelling the growth of its innovative businesses and making great strides in integrated services for the Greater Bay Area, with a view to seizing market opportunities."
Regarding guarantee business, the Group recorded an increase of 161.3% in net guarantee fee income to approximately RMB80.6 million during the year, reaching its new record high. During the year, the Chinese government employed multi-front strategies to regulate the financing guarantee industry, while the establishment of the Foshan Financing Guarantee Fund was set to facilitate a stable operation of the industry. In line with the booming development of the industry, the Group sustained volume and was continuously committed to developing its traditional guarantee business, by further enriching guarantee business product chains, thereby expanding business scale and elevating core competence. On the other hand, the Group created increments by devoting more resources on building up financial technology. It strived to provide customers with efficient guarantee services through utilising technological means such as the internet, big data and cloud computing, thus gaining widespread market recognition and multi-party cooperation opportunities. During the year, both the number of customers and business scale achieved promising growth.
In addition, the Group made full use of the window of opportunity to make an equity investment in Success Science and Technology Innovation Park Project, one of the benchmarking projects in village-level industrial park in Foshan City's Shunde District, with a view to enjoying the increasing economic value-added and social benefits brought about by the project upgrade of "Three Olds Redevelopment" in Guangdong Province, essentially reinforcing competitiveness.
Looking forward, Mr. Zhang Tiewei said, "In face of a challenging market environment, China Success Finance will continue to strengthen its traditional businesses by making full use of business channels of traditional guarantee business and capitalising on synergies. Meanwhile, we will earnestly innovate business products and identify suitable investment opportunities to develop highly value-added businesses, in order to improve the diversity and resilience of our business operation. In the future, with a deeply rooted foundation in the Greater Bay Area, the Group will enhance profitability through grasping the ample opportunities brought by the supportive policies, thus creating long-term value for investors and shareholders."
About China Success Finance Group Holdings Limited
China Success Finance Group Holdings Limited is a leading private financial group in China, and the first financial group with guarantee service as a major business in China to be listed on the Main Board of The Stock Exchange of Hong Kong Limited. The Group has elevated from its traditional business in guarantee and microcredit since its listing, to a diversified and comprehensive financial service platform with services including asset management, fund management, investment and acquisition, financial leasing, financial guarantee, overseas capital, real estate finance, and microcredit. Meanwhile, the Group maintained its business foundation in the Pearl River Delta Region with Foshan as the center, and provide comprehensive and professional financial services to the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
Copyright 2020 JCN Newswire. All rights reserved. www.jcnnewswire.com
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