VC Holdings Expects a Turnaround in 1H 2021

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The turnaround is mainly attributable to the increase in revenue of approximately HK$10 million, mainly from interest income generated from margin financing and money lending businesses.

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Provider: 
ACN NewswireACN Newswire
Retrieved on: 
Monday, August 9, 2021
Information
Tags: 
GEM, The Group, Asset, Financial technology, Sale, Software as a service, Group, Hong Kong Stock Exchange, Income, Software, Great, Motherboard, Main Board for Serb Liberation, Insurance, Company, Property management
Geotags: 
CHINA, HONG KONG
Organisation: 
VC HOLDINGS LIMITED
Summary
Key Points: 
  • The turnaround is mainly attributable to the increase in revenue of approximately HK$10 million, mainly from interest income generated from margin financing and money lending businesses.
  • Mr. Peter Fu, Chairman and Executive Director of Value Convergence Holdings Limited, said: "Over the years, VC Holdings has always been committed to providing premier financial services and products to its customers in the Great China region.
  • Value Convergence Holdings Limited (Stock code: 0821.HK) was listed on the GEM board of Hong Kong Stock Exchange in 2001, and completed transfer of listing to the Main Board in 2008.
  • Aiming to enhance user experience through integrating SaaS and FinTech in the securities industry, the Group acquired SaaS-related software and subsidiary in 2021, further consolidating its business and expanding its clientele.




Unaudited Consolidated Profit Attributable to Owners of the Company Amounts to Approximately HK$100 million

HONG KONG, Aug 9, 2021 - (ACN Newswire) - Value Convergence Holdings Limited ("VC Holdings", together with its subsidiaries, the "Group"; Stock Code: 0821.HK) announced that, based on its preliminary assessment of the unaudited consolidated financial statements of the Group for the six months ended 30 June 2021 ("Reporting Period"), the Group is expected to turnaround and record an unaudited consolidated profit attributable to owners of the Company of approximately HK$100 million for the Reporting Period as compared to that of a loss of approximately HK$55 million for the same period last year.

The turnaround is mainly attributable to the increase in revenue of approximately HK$10 million, mainly from interest income generated from margin financing and money lending businesses. Meanwhile, a net realised and unrealised gain in financial assets at fair value through profit or loss of approximately HK$79 million was recorded, as compared with the net realised and unrealised loss of approximately HK$22 million for the same period last year. Last but not least, reversal of impairment loss on receivable of approximately HK$29 million was recorded in the Reporting Period, as compared with the additional impairment loss of approximately HK$12 million for the same period last year.

Mr. Peter Fu, Chairman and Executive Director of Value Convergence Holdings Limited, said: "Over the years, VC Holdings has always been committed to providing premier financial services and products to its customers in the Great China region. In the first half of the year, economic activities have been gradually recovering while the pandemic outbreak is now being contained in most of the countries, boosting investor confidence. Fueled by positive factors in the market, the financial market performed well, and the Group recorded a significant increase in revenue when its several businesses achieved breakthrough. Looking ahead, we endeavour to strengthen our financial services, further consolidating our existing business and enhancing user experience through integrating SaaS (Software as a Service) and FinTech in the securities industry, so as to address customer needs, as well as further enhancing customer base and market share, in hopes of creating better returns for our shareholders and investors."

About VC Holdings Limited
Value Convergence Holdings Limited (Stock code: 0821.HK) was listed on the GEM board of Hong Kong Stock Exchange in 2001, and completed transfer of listing to the Main Board in 2008. Being a well-established financial services group committed to delivering premier financial services and products in the Great China region, the Group's services include (i) provision of financial services comprising securities, futures and options brokering and dealing, financing services, corporate finance and other advisory services, asset management and insurance brokerage; (ii) proprietary trading; and (iii) sale and distribution of healthcare products. Aiming to enhance user experience through integrating SaaS and FinTech in the securities industry, the Group acquired SaaS-related software and subsidiary in 2021, further consolidating its business and expanding its clientele.

For more details, please visit www.vcgroup.com.hk.


Source: VC Holdings Limited

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