China Success Finance Announces 2020 Annual Results
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 2020.To get more China finance news, you can visit shine news official website.
During the year under review, the recurring pandemic across the world and uncertain and challenging geopolitical risks casted a shadow on the global financial market development. In accordance with the country's economic policies and market changes, the Group successfully overcame the hardships in the pandemic through leveraging its own advantages and harnessing the power of technology. The Group has seen no substantive impact on its business and operations. The Group recorded improved financial results compared to last year, with its revenue achieving approximately RMB158.1 million, an increase of over 83% year-on-year. Among which, the new sales of market hogs business recorded a net income. Provision for the impairment loss accrued during the year which made by the Group based on the overall macro-economic conditions generally decreased from the previous year. Affected by the above factors, the Group's recorded loss before taxation and loss for the period of approximately RMB67.3 million and RMB84.6 million respectively, representing year-on-year decreases of approximately 85.5% and 80.4% respectively. The Board of Directors did not recommend the payment of final dividend for the year ended 31 December 2020.
Mr. Zhang Tiewei, Chairman and Executive Director of China Success Finance indicated, "In 2020, since the Chinese government promptly coordinated and imposed various measures to contain the spread of pandemic, China manifested its economic resilience and became the only major economy with positive economic growth last year. Furthermore, the Chinese government introduced a series of monetary and financial relief measures to foster the development of micro, small and medium-sized enterprises in post-pandemic era. Facing such complicated macroeconomic situation, the Group leveraged its own advantages and continued to steadily develop traditional businesses, deepened intensive efforts in financial technology and capitalized on competitive edges of subsidiaries in response to national economic policies and market conditions, whilst taking risk prevention, to provide customers with professional, high-quality and comprehensive integrated financial services."
Regarding guarantee business, the Group demonstrated a stable growth in development and recorded a year-on-year increase of approximately 96.3% in net guarantee fee income to approximately RM158.1 million during the year. During the year, China Banking and Insurance Regulatory Commission issued "Procedures for the Off-site Supervision of Financing Guarantee Companies" and "Interim Measures for the Supervision and Administration of Financial Leasing Companies", driving the industry to develop in a healthier and more systematic way with stringent standards. The Group's subsidiary Guangdong Success Finance Guarantee Company Limited became one of the first three cooperative guarantee institutions of Foshan Financing Guarantee Fund, supporting the Group to capture the opportunities in SME financing market. Meanwhile, while keeping a close eye on industry changes, the Group increased investment in hiring technicians and upgrading equipment, so as to continuously upgrade its business system. Through strengthening its interaction with financial institutions, expanding business portfolio and enriching product chain, the Group actively identified new profit drivers and fostered better support to the development of financial inclusion in the country, meantime providing customers with more efficient and comprehensive integrated financial services.
Meanwhile, responding to the policy trend, the Group seized the opportunities in pig breeding industry, which has a huge market potential and stable demand growth. The Group devised plans for the new business through acquiring shares of the livestock farming entities and investing in the construction of pig farms in the Greater Bay Area, so as to propel the modernization and standardization of the pig breeding models. By actively exploring the integration of "finance + entity", the Group strives to optimize the complementary advantages and business complementation of livestock farming industry and finance, in hopes of building a solid foundation for the Group's future development of integrated financial services in the supply chain.
Looking forward, Mr. Zhang Tiewei said, "Although the introduction of vaccines brings a silver lining to the pandemic prevention and control, the market expects that global economy will remain volatile. Under the 14th Five-Year Plan, a new round of growth opportunities is expected for the domestic financial industry. The Group will continue to leverage its advantages in comprehensive financial service capabilities and technological innovation, in hopes of actively optimizing its service quality to enhance profitability. Furthermore, while planning for the construction of the Greater Bay Area, the Group will prudently identify suitable investment opportunities, in order to enhance business flexibility and create new business growth drivers, thereby creating long-term and stable returns for investors and shareholders in the ever-changing business environment."
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