FIRST CREDIT年报2024

(Incorporated in the Cayman Islands and continued in Bermuda with limited liability) 年 報ANNUAL REPORT2024 CHARACTERISTICSOF GEM OF THE STOCK EXCHANGE OF HONGKONG LIMITED (“STOCK EXCHANGE”) GEM has been positioned as a market designed to accommodate small and mid-sized companiesto which a higher investment risk may be attached than other companies listed on the StockExchange. Prospective investors should be aware of the potential risks of investing in suchcompanies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small and mid-sized companies, thereis a risk that securities traded on GEM may be more susceptible to high market volatility thansecurities traded on the Main Board and no assurance is given that there will be a liquid marketin the securities traded on GEM. Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contentsof this annual report, make no representation as to its accuracy or completeness and expressly disclaim anyliability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of thecontents of this annual report. Thisannual report,for which the directors(“Directors”)ofFirst Credit Finance Group Limited(“Company”) collectively and individually accept full responsibility, includes particulars given in compliancewith the Rules Governing the Listing of Securities on GEM of the Stock Exchange (“GEM Listing Rules”)for the purpose of giving information with regard to the Company. The Directors, having made allreasonable enquiries, confirm that to the best of their knowledge and belief the information contained inthis annual report is accurate and complete in all material respects and not misleading or deceptive, andthere are no other matters the omission of which would make any statement herein or this annual reportmisleading. GEM GEM GEMGEMGEM GEMGEM Contents Corporate Information3Management Discussion and Analysis6Corporate Governance Report19Biographical Details of Directors41Directors’ Report43Environmental, Social and Governance Report56Independent Auditor’s Report78Consolidated Statement of Profit or Loss and Other Comprehensive Income85Consolidated Statement of Financial Position86Consolidated Statement of Changes in Equity88Consolidated Statement of Cash Flows89Notes to the Consolidated Financial Statements91Financial Summary156 619414356788586888991156 Corporate Information BOARD OF DIRECTORSEXECUTIVE DIRECTORS Ms. Lai Szu YuMr. Tang Shek Chung INDEPENDENT NON-EXECUTIVE DIRECTORS Dr. Fung Kam ManMr. Wong Kin NingMr. Wong Shui Yeung AUTHORISED REPRESENTATIVESMr. Tang Shek ChungMr. Man Yun Wah AUDIT COMMITTEEMr. Wong Shui Yeung(Chairman)Dr. Fung Kam ManMr. Wong Kin Ning NOMINATION COMMITTEE Mr. Wong Kin Ning(Chairman)Dr. Fung Kam ManMr. Wong Shui Yeung REMUNERATION COMMITTEE Dr. Fung Kam Man(Chairman)Mr. Wong Kin NingMr. Wong Shui Yeung COMPLIANCE COMMITTEE Dr. Fung Kam Man(Chairman)Ms. Lai Szu YuMr. Wong Kin NingMr. Wong Shui Yeung CREDIT COMMITTEE Ms. Lai Szu YuMr. Tang Shek Chung Corporate Information(continued) CREDIT REVIEW COMMITTEE Dr. Fung Kam Man(Chairman)Mr. Wong Kin NingMr. Wong Shui Yeung COMPLIANCE OFFICERMs. Lai Szu Yu COMPANY SECRETARYMr. Man Yun Wah AUDITORSElite Partners CPA LimitedCertified Public Accountants Clarendon House2 Church StreetHamilton HM 11Bermuda REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda PRINCIPAL PLACE OF BUSINESS IN HONGKONG 12871 Room 1, 7/F, Yue Thai Commercial Building128 Connaught Road CentralHong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda Conyers Corporate Services (Bermuda) LimitedClarendon House2 Church StreetHamilton HM 11Bermuda HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Corporate Information(continued) PRINCIPAL BANKERS The Hong Kong and Shanghai Banking Corporation LimitedBank of China (Hong Kong) Limited 8215 STOCK CODE8215 www.fcfg.com.hk WEBSITE OF THE COMPANYwww.fcfg.com.hk Management Discussion and Analysis BUSINESS REVIEW AND PROSPECTS 96,590,00012,290,000 During the year ended 31 December 2024, the Company and its subsidiaries(collectively referred to as the “Group”) continued to focus on conductingmoney lending business by providing both secured and unsecured loans tocustomers, including individuals, corporations and foreign domestic workers.The Group’s loan balance decreased from approximately HK$96.59 million asat 31 December 2023 to approximately HK$12.29 million as at 31 December2024. The post-COVID recovery in Hong Kong proved to be short-lived. Both ourproprietary data and public economic indicators pointed to a deterioratingeconomic environment. As a result, our outlook on the local econ