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| Achieves Breakthrough By Consolidating its Leading Presence and Diversifying Business |
HONG KONG, Mar 25, 2015 - (ACN Newswire) - China Success Finance Group Holdings Limited ("Success Finance" or "the Group;" Stock code: 3623.HK), China's first Hong Kong-listed non-state-owned investment and financial service provider for small- and medium-size enterprises ("SMEs"), announced its annual results for the year ended 31 December 2014.
The Group recorded revenue amounting to RMB58.90 million, up by 10.5% when compared with last year. The profit for the year was significantly increased by 38.4% to RMB26.35 million. Total comprehensive income for the year was 28.62 million, up 64.4%. Basic earnings per share were RMB0.06. The Board recommends the payment of a final dividend of HKD 0.02 for the year.
Mr. Zhang Tiewei, Chairman & Executive Director of Success Finance, said:"As the Chinese economy gradually enters the new normal stage of growth, no significant expansion was achieved in the macro-economy during the year, which presented both opportunities and challenges. The Government has launched favourable monetary policies during the year which have helped small-to-medium corporate investment and financing service companies to lay a solid foundation for their future growth. Facing an economy characterised by more steady economic growth, we have actively strived for new opportunities for development presented by the Hong Kong/Shenzhen Cooperation Scheme on Modern Service Industries in Qianhai, Shenzhen, through adjusting our business development plan. The financial guarantees and small loans business of the Group has maintained our leading position in the Guangzhou and Foshan area. After the strategic adjustment, over more than a year Success Finance has diversified from the financial guarantees business into a comprehensive financial services pattern across five segments encompassing asset management, financial guarantees, small loans lending, financing leasing and equity investment. During this process, the Group has further bolstered its business capability, core competiveness and risk management capability, and as a result, our industry position and brand influence were further enhanced."
Success Finance mainly provides financial guarantees to SMEs to assist them in obtaining loans from banks or other financial institutions. The Group has business relationships with more than 20 financial institutions. The income from its financial guarantee business has remained stable in 2014. The balance of financial guarantee amount as at 31 December 2014 was approximately RMB1,024 million while income from financial guarantees was approximately RMB37.0 million.
In June 2014, the Group established a wholly-owned financial leasing company in the Qianhan Cooperation Zone. That company rapidly ramped up independent operations within a month of approval and developed several financial businesses within half a year. Meanwhile, the company has launched the leasing consultancy advisory service, another profit-making model distinct from the traditional financial leasing business, and successfully developed two lease consulting businesses, overcoming many obstacles presented in its early days and achieving approximately RMB3.2 million in income from financial leasing business in 2014.
Success Finance has laid a firm foundation through its established cooperation with lending banks and institutions and experience in the financial services field as well as its ability to understand the requirements of lending institutions, trends in the market as well as financial products offerings in the market. Thus, the Group can successfully provide all-round financial consultancy services to our customers that suit their needs. Income from financial consultancy services for the year ended 31 December 2014 was approximately RMB17.9 million, soaring by 64% compared with 2013.
Besides, the Group has achieved breakthroughs in other areas by optimising the operations and management during 2014. In July 2014, the Group increased its shareholdings in Foshan Chancheng Success Micro Credit Company Limited, our subsidiary, to 27.28%. In September 2014, it was honored to appoint Mr. Chen Hui, a senior former vice governor of a bank, to be our chief executive officer , and leverage his extensive experience to lead development and in the same month, Shenzhen Success Equity Investment Fund Management Limited was also formally established. In December 2014, Success Finance established its Hong Kong office to access the international capital market and complement its listing on the city's stock exchange.
Mr. Zhang concluded, "Looking ahead, we are cautiously optimistic about our outlook of business development. As the first investing and financing provider for SMEs in the PRC to be listed on the Main Board in Hong Kong, we remain alert to any possible changes in the global economic environment and financial developments as well as the regulatory environment in the PRC. We have proactively adjusted our planning and strategies according to the market trends and regulatory changes, and focused on creating business innovation, in order to achieve comprehensive and balanced development, as well as generating stable value and returns to our stockholders."
Contact:
Strategic Financial Relations (China) Limited
Ms. Karen Hung Tel: (852) 2864 4845 karen.hung@sprg.com.hk
Ms. Winnie Lau Tel: (852) 2864 4876 winnie.lau@sprg.com.hk
Topic: Press release summary
Source: China Success Finance Group Holdings Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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