恒新丰控股2023年度报告

Contents 88Consolidated Statement of Profit or Loss andOther Comprehensive Income Corporate Information 5Chairman’s Statement 89Consolidated Statement of FinancialPosition 7Management Discussion and Analysis 91Consolidated Statement of Changes inEquity 14Report of the Directors 92Consolidated Statement of Cash Flows 31Biographies of the Directors and SeniorManagement 94Notes to the Consolidated FinancialStatements 35Corporate Governance Report 188Financial Summary 50Environmental, Social and GovernanceReport 77Independent Auditor’s Report Corporate Information Board of Directors Executive DirectorsMr. Cheung Kwok Fai Adam(Chairman and Chief Executive Officer)Mr. Ng Sheung ChungMr. Ma Kan Sun Independent Non-Executive Directors Mr. Ho Kwok LungMs. Ding XinMs. Lo Yin Ping Patricia Audit Committee Mr. Ho Kwok LungMs. Ding Xin(Chairlady)Ms. Lo Yin Ping Patricia Remuneration Committee Mr. Ho Kwok LungMs. Ding XinMs. Lo Yin Ping Patricia(Chairlady) Nomination Committee Mr. Cheung Kwok Fai Adam(Chairman)Ms. Ho Kwok LungMs. Ding XinMs. Lo Yin Ping Patricia Company SecretaryMr. Tsui Chun Hung Authorised Representatives Mr. Cheung Kwok Fai AdamMr. Tsui Chun Hung Registered Office in the Cayman Islands Windward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1–1108Cayman Islands Windward 3, Regatta Office ParkP.O. Box 1350Grand Cayman KY1–1108Cayman Islands Headquarter and Principal Place of BusinessIn Hong Kong 2829 Room 9, 2/FHang Bong Commercial Centre28 Shanghai StreetJordan, KowloonHong Kong Principal Share Registrar and Transfer Officein Cayman Islands Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1–1108Cayman Islands Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office ParkPO Box 1350Grand Cayman KY1–1108Cayman Islands Hong Kong Branch Share Registrar andTransfer Office 148212103B Boardroom Share Registrars (HK) LimitedRoom 2103B, 21/F, 148 Electric RoadNorth Point, Hong Kong Corporate Information Legal Adviser as to Hong Kong Law 979181801–3 Guantao & Chow Solicitors and NotariesSuites 1801–3, 18/FOne Taikoo Place979 King’s RoadQuarry BayHong Kong Auditor 1416609 Wilson & Partners CPA LimitedCertified Public AccountantsRegistered Public Interest Entity AuditorSuite 609, 6/FChina Insurance Group Building141 Des Voeux Road CentralHong Kong Principal BankerThe Bank of East Asia Limited 1920 Stock Code1920 www.handsform.com Websitewww.handsform.com Chairman’s Statement Dear Shareholders, On behalf of the board (the “Board”) of directors (the “Directors”) ofHands Form Holdings Limited (the “Company”), I present the annualreport of the Company and its subsidiaries (collectively referred to as the“Group”) for the year ended 31 December 2023 (the “Year”). The Group is a Hong Kong-based subcontractor engaged in theprovision of wet trades works and the wet trades related ancillaryworks in Hong Kong. Since 2021, capitalising on our expertise andexperience in providing wet trades related solutions, we established anonline platform for subscribers to specify the payment application in ourdatabase. (i)(ii)86.7122.535.829.2%366,00021.5(i)(ii)(iii)(a)(b) The revenue from (i) provision of wet trades works and the wet tradesrelated ancillary works and (ii) provision of construction informationtechnology services for the Year amounted to approximately HK$86.7million, representing a decrease of approximately HK$35.8 million or29.2% as compared to approximately HK$122.5 million for the yearended 31 December 2022. Such decrease was primarily attributable tothe intense market competition lead to smaller number of successfultenders and lower value of contracts awarded during the Year. Theconstruction information technology services contribute HK$366,000for the Year. The gross loss of approximately HK$21.5 million reportedfor the Year was mainly due to (i) competitive project pricing arisingfrom intense market competition; (ii) delay in certification of worksperformed of certain projects; and (iii) increase in direct costs from (a)additional subcontractors, resources and other costs related to deal withunexpected changes to the on-site arrangements initiated by customers;and (b) delays in certain projects (mainly for projects at Tai Wai). Thegross loss margin was in the similar level in both years. Chairman’s Statement In 2023, Hong Kong’s GDP grew by 3.2% year-on-year, driven largelyby the recovery of inbound tourism and private consumption. Ongoingheadwinds from weak global demand for goods and tightenedmonetary conditions have limited the full rebound after the reopening.Hong Kong’s economy is expected to remain positive in 2024, albeitat a slower pace, supported by resilient consumption as well asgovernment’s continued economic stimulus. Globally, with 2024 beingthe biggest election year in history, the drag of political uncertaintyworldwide on economy remains and may persist throughout the year.Recent relaxation of property