大中华金融二零二三年年报

ANNUAL REPORT2023 75 CORPORATE INFORMATION Executive Directors Mr. Liu Kequan(Chairman)Mr. Yang Dayong(Chief Executive Officer)Mr. Chen Zheng Non-executive DirectorMr. Zhang Peidong Independent Non-executive DirectorsMr. Kwan Kei ChorDr. Lyu ZiangMr. Zhou Liangyu Audit CommitteeMr. Kwan Kei Chor(Chairman)Dr. Lyu ZiangMr. Zhou Liangyu Remuneration CommitteeDr. Lyu Ziang(Chairman)Mr. Kwan Kei ChorMr. Zhang Peidong Nomination CommitteeMr. Liu Kequan(Chairman)Dr. Lyu ZiangMr. Zhou Liangyu Company SecretaryMs. Chan Siu Mun Auditor Confucius International CPA LimitedCertified Public Accountants Principal BankersBank of China (Hong Kong) LimitedHang Seng Bank LimitedTaicang Rural Commercial Bank Legal AdvisorSidley Austin CORPORATE INFORMATION 2828 Head Office and Principal Place of Business28/F., Lee Garden Two28 Yun Ping RoadCauseway BayHong Kong Registered OfficeVictoria Place, 5th Floor31 Victoria StreetHamilton HM10Bermuda Victoria Place, 5th Floor31 Victoria StreetHamilton HM10Bermuda MUFG Fund Services (Bermuda) Limited4th floor North Cedar House41 Cedar AvenueHamilton HM12Bermuda Principal Share Registrar and Transfer Office in BermudaMUFG Fund Services (Bermuda) Limited4th floor North Cedar House41 Cedar AvenueHamilton HM12Bermuda 1617 Hong Kong Branch Share Registrar and Transfer OfficeTricor Tengis Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 431 Stock Code431 http://www.irasia.com/listco/hk/greaterchina/index.htm Websitehttp://www.irasia.com/listco/hk/greaterchina/index.htm CHAIRMAN’S STATEMENT On behalf of the board (the “Board”) of the directors (the“Directors”) of Greater China Financial Holdings Limited (the“Company”, together with its subsidiaries, the “Group”), I wouldlike to present the financial results of the Group for the yearended 31 December 2023 (“FY2023”). For the year of 2023, the economy in the People’s Republicof China (the “PRC”) has experienced unprecedented turmoiland volatility, presenting us with a unique set of obstaclesand uncertainties. The global economic landscape has beensignificantly impacted by a variety of factors, includinggeopolitical tensions, regulatory changes and rapid technologicaladvancements. The operating environment is challenging. The loan financingoperations in the PRC continue to face significant challenges,signaling a difficult post-COVID economy. Despite initialrecovery efforts, the sector has struggled to regain stability. Onemajor obstacle is the lingering impact of the pandemic on theborrowers’ financial position and creditworthiness resulting inreduced revenue and hence limited repayment capabilities. Asa result, the operations are confronted with a surge in defaultin repayments and a much higher credit risks. As such, theCompany has to make the difficult decision to suspend theextension of new loans and financial referral services to newborrowers, leading to a significant drop in the revenue andoperations. The Board is closely monitoring the situation and taking necessarymeasures to mitigate the impact of these losses. Despite theeffort of the management, it is expected that such difficult periodmay continue but the Company is committed to taking proactiveapproaches to improve its financial position and diversify itsexisting operations with the aim to improve the financial positionof the Group as a whole. On behalf of the Board, I would like to thank the shareholdersof the Company (the “Shareholders”), business partners andclients for their continued support and I would also like toexpress my gratitude to our management team and staff for theircontribution to the Group. Liu KequanChairmanHong Kong MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW AND PROSPECT The Group is principally engaged in investment holding,industrial property development, general trading of consumablegoods and loan financing operations including the provision ofloan financing, financial guarantee services, loan referral andconsultancy services. The segment revenue and results of theGroup for FY2023 are stated in the table below: MANAGEMENT DISCUSSION AND ANALYSIS Industrial Property Development 48,60017,308,000728,00016,580,0003,758,0001,254,000100%95% Revenue from the segment mainly represents warehouse storageincome generated from warehouse operation. The Group’swarehouse is located in Taicang, Jiangsu Province, the PRC. It isdivided into six units and the total area is approximately 48,600square meters. Revenue from the warehouse operation recordeda decrease of HK$728,000 from approximately HK$17,308,000f o r t h e y e a r e n d e d 31 D e c e m b e r 2022 (“ F Y2022” ) t oapproximately HK$16,580,000 for FY2023, resulting in asegment loss of approximately HK$3,758,000 for FY2023(FY2022: segment profit of approximately HK$1,254,000). Thedecrease in revenue and the segment loss for FY2023 was mainlya result of the drop in exchange rate between Renminbi andHong Kong dollars and the deferred payment of the propertytax pa