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Baiying Holdings Group Limited 百應控股集團有限公司

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Baiying Holdings Group Limited 百應控股集團有限公司 Baiying Holdings Group Limited 百應控股集團有限公司 Interim Report 2021 CHARACTERISTICS OF GEM GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies 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, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM. Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report. This report, for which the Directors collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of The Stock Exchange for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading. CONTENTS 2 Definitions 4 Corporate Information 6 Management Discussion and Analysis 21 Other Information 25 Independent Review Report 26 Consolidated Statement of Profit or Loss 27 Consolidated Statement of Profit or Loss and Other Comprehensive Income 28 Consolidated Statement of Financial Position 30 Consolidated Statement of Changes in Equity 31 Condensed Consolidated Cash Flow Statement 32 Notes to the Unaudited Interim Financial Report Definitions In this report, unless the context otherwise requires, the following terms shall have the meanings set out below. “Board” or “Board of Directors” the board of Directors of the Company “BVI” the British Virgin Islands “China” or “PRC” the People’s Republic of China, but for the purpose of this interim report and for geographical reference only and except where the context requires, references in this interim report to “China” and “PRC” do not apply to Taiwan, Macau Special Administrative Region and Hong Kong “Company” Baiying Holdings Group Limited (百應控股集團有限公司), an exempted company incorporated in the Cayman Islands with limited liability on 5 June 2017, the Shares of which are listed on the Stock Exchange (stock code: 8525) “Director(s)” the director(s) of the Company “Exchange” or “Stock Exchange” The Stock Exchange of Hong Kong Limited “Fujian Baiying Paper” Fujian Baiying Paper Co., Ltd.* (福建百應紙業有限公司), a company established in the PRC on 13 January 2021, 55% owned by Xiamen Byleasing, an indirectly non-wholly owned subsidiary of the Company “Fujian Province” or “Fujian” Fujian Province (福建省), a province located in the southeastern coast of China “GEM” GEM of the Stock Exchange “GEM Listing Rules” the Rules Governing the Listing of Securities on GEM “Group”,“we”, “us” or “our” the Company and its subsidiaries at the relevant time or, where the context otherwise requires, in respect of the period before the Company becoming the holding company of its present subsidiaries, such subsidiaries and the business operated by them or their predecessors (as the case may be) “HDK Capital” HDK Capital Limited, a company incorporated in BVI with limited liability on 26 May 2017 “Hong Kong” or “HK” the Hong Kong Special Administrative Region of the PRC “Hong Kong dollars” or “HK$” Hong Kong dollars, the lawful currency of Hong Kong “Qiaoxin” Fujian Yongchun Qiaoxin Vinegar Co., Ltd.* (福建永春僑新老醋有限責任公 司), a company established in the PRC on 23 April 2020, an indirectly wholly- owned subsidiary of the Company “Reporting Period” the period for the six months ended 30 June 2021 “RMB” Renminbi, the lawful currency for the time being of the PRC 2 Interim Report 2021 Definitions “Septwolves Holdings” Septwolves Holdings Limited, a company incorporated in BVI with limited liability on 26 May 2017 “SFO” the securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong, as amended, supplemented or otherwise modified from time to time “Shanghai Byleasing” Shanghai Baiying Commercial Factory Co., Ltd.* (上海百應商業保理有限 責任公司), a company established in the PRC with limited liability on 11 January 2019, an indirectly wholly-owned subsidiary of the Company “Share(s)” ordinary share(s) with a par value of HK$0.01 each in the share capital of the Company “Shareholder(s)” holder(s) of the Share(s) “Shengshi Capital” Shengshi Capital Limited, a company incorporated in BVI with limited liability on 26 May 2017 “SMEs” small and medium-sized enterprise(s), as defined in the Notice on the Provisions for Classification Standards of Small and Medium-sized Enterprises (關於印發中小企業劃型標準規定的通知) “VAT” value-added tax “Xiamen Byleasing” Xiamen Baiying Leasing Co., Ltd.* (廈門百應融資租賃有限責任公司), a company established in the PRC with limited liability on 9 March 2010, an indirectly wholly-owned subsidiary of the Company “Zijiang Capital” Zijiang Capital Limited, a company incorporated in BVI with limited liability on 26 May 2017 * The English translation of the names of these entities are for reference only. The official names of the entities are in Chinese. Baiying Holdings Group Limited 3 Corporate Information DIRECTORS AUTHORISED REPRESENTATIVES Executive Directors Mr. Huang Dake Mr. Zhou Shiyuan (Chairman) Ms. Ng Ka Man Mr. Chen Xinwei Mr. Huang Dake REGISTERED OFFICE Cricket Square Non-executive Director Hutchins Drive Mr. Ke Jinding P.O. Box 2681 Grand Cayman KY1-1111 Independent Non-executive Directors Cayman Islands Mr. Chen Chaolin HEADQUARTERS/PRINCIPAL PLACE OF Mr. Tu Liandong Mr. Xie Mianbi BUSINESS IN THE PRC Unit 1, 30/F AUDIT COMMITTEE No. 77, Tai Nan Road Mr. Tu Liandong (Chairman) Siming District, Xiamen Mr. Chen Chaolin Fujian Province Mr. Ke Jinding PRC REMUNERATION COMMITTEE PRINCIPAL PLACE OF BUSINESS IN Mr. Chen Chaolin (Chairman) HONG KONG Mr. Xie Mianbi 31/F, Tower Two Mr. Huang Dake Times Square 1 Matheson Street NOMINATION COMMITTEE Causeway Bay Mr. Zhou Shiyuan (Chairman) Hong Kong Mr. Tu Liandong Mr. Xie Mianbi COMPANY WEBSITE www.byleasing.com JOINT COMPANY SECRETARIES Mr. Deng Huaxin STOCK CODE Ms. Ng Ka Man (ACG, ACS) 8525 4 Interim Report 2021 Corporate Information AUDITORS PRINCIPAL BANKERS KPMG Agricultural Bank of Public Interest Entity Auditor registered in accordance with China Dongdu Branch the Financial Reporting Council Ordinance No. 77 Dongdu Road Siming District, Xiamen LEGAL ADVISERS TO THE COMPANY Fujian Province Akin Gump Strauss Hauer & Feld PRC (as to Hong Kong laws) Beijing Yingke Law Firm (Xiamen) Office China Everbright Bank Xiamen Branch (as to PRC laws) China Everbright Bank Building No. 81 Hubin South Road HONG KONG BRANCH Siming District, Xiamen SHARE REGISTRAR AND Fujian Province PRC TRANSFER OFFICE Tricor Investor Services Limited Bank of China (Hong Kong) Limited Level 54, Hopewell Centre 1 Garden Road 183 Queen’s Road East Hong Kong Hong Kong Baiying Holdings Group Limited 5 Management Discussion and Analysis Business Overview We are a financial leasing company in Fujian Province, which is mainly engaged in the provision of customized equipment financing solutions through Xiamen Byleasing to customers, and a few of commercial factoring services through Shanghai Byleasing. Our customers are mainly small and medium-sized enterprises, entrepreneurial individuals and reputable large enterprises. The Company keeps developing the finance leasing business and factoring business and also looking for opportunities to expand into other areas of businesses. We established Qiaoxin, a vinegar factory in April 2020 and Fujian Baiying Paper, a packaging and paper product trading company at the beginning of 2021 to provide a bridge between customers who need paper products and paper production companies. The recent soaring global paper prices, the impact of the epidemic and the vigorous development of the e-commerce industry have also led to an increase in market demand for high-quality packaging paper materials. We believe that Fujian Baiying Paper will bring certain benefits to the Group. In recent years, our business has become more diversified, but these new businesses will not affect our main business. The financial leasing business is still the foundation of the Group. Our revenue decreased from RMB16.2 million for the six months ended 30 June 2020 to RMB15.2 million for the six months ended 30 June 2021. Our profit increased from a loss of RMB1.5 million for the six months ended 30 June 2020 to a gain of RMB1.2 million for the six months ended 30 June 2021. The revenue generated from sales of packaging and paper product was RMB3.4 million for the period from the establishment date of Fujian Baiying Paper to 30 June 2021. As of 30 June 2021, Qiaoxin has not put into production. Financial Services Finance Leasing Services We primarily offered two types of finance leasing services, namely, direct finance leasing and sale-leaseback, to our customers. Direct finance leasing is mainly used when our customers commence new projects, expand production, make advancements in technology and have finance demands to purchase new equipment. Sale-leaseback is primarily used by our customers who need working capital to fund their business operations. Through sale-leaseback, our customers sell the assets, of which they have the ownership, to us to finance their working capital and then lease the sold assets back. For the six months ended 30 June 2021, our revenue from finance leasing service was RMB10.1 million, accounting for 66.5% of our total revenue.
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