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Annual Report 2019 Annu Al 9 201 REPORT AL ANNU ANNUAL REPORT 年度報告 2019 19 20 報告 年度 CONTENTS Corporate Information 2 Chairman’s Statement 6 Founder’s Statement 8 Management Discussion and Analysis 12 Profiles of Directors and Senior Management 26 Corporate Governance Report 38 Environmental, Social and Governance Report 54 Directors’ Report 66 Independent Auditor’s Report 83 Consolidated Statement of Profit or Loss and Other Comprehensive Income 89 Consolidated Statement of Financial Position 90 Consolidated Statement of Changes in Equity 91 Consolidated Statement of Cash Flows 93 Notes to the Consolidated Financial Statements 95 Financial Summary 168 STEVE LEUNG DESIGN GROUP LIMITED Annual Report 2019 CORPORATE INFORMATION BOARD OF DIRECTORS COMPANY SECRETARIES Executive Directors CHEUNG Henry (Resigned on 30 March 2020) SIU Man Hei (Chief Executive Officer) YIP Kwok Hung Kevin (Chief Financial Officer) YIP Kwok Hung Kevin (Chief Financial Officer) (Appointed on 30 March 2020) DING Chunya CHOI Mei Bik (Appointed on 30 March 2020) KAU Wai Fun REGISTERED OFFICE Non-Executive Directors XU Xingli (Chairman) Cricket Square XIE Jianyu (Resigned on 23 January 2019) Hutchins Drive HUANG Jianhong (Appointed on 23 January 2019) P.O. Box 2681 Grand Cayman, KY1-1111 Independent Non-Executive Directors Cayman Islands LIU Yi SUN Yansheng HEADQUARTERS AND PRINCIPAL PLACE TSANG Ho Ka Eugene OF BUSINESS IN HONG KONG AUDIT COMMITTEE 30/F Manhattan Place 23 Wang Tai Road TSANG Ho Ka Eugene (Chairman) Kowloon Bay LIU Yi Hong Kong SUN Yansheng PRINCIPAL SHARE REGISTRAR AND REMUNERATION COMMITTEE TRANSFER OFFICE SUN Yansheng (Chairman) Conyers Trust Company (Cayman) Limited XU Xingli Cricket Square TSANG Ho Ka Eugene Hutchins Drive P.O. Box 2681 NOMINATION COMMITTEE Grand Cayman KY1-1111 Cayman Island XU Xingli (Chairman) SUN Yansheng HONG KONG BRANCH SHARE REGISTRAR TSANG Ho Ka Eugene AND TRANSFER OFFICE RISK MANAGEMENT COMMITTEE Link Market Services (Hong Kong) Pty Limited Suite 1601, 16/F., Central Tower TSANG Ho Ka Eugene (Chairman) 28 Queen’s Road Central YIP Kwok Hung Kevin (Chief Financial Officer) Hong Kong CHEUNG Henry (Resigned on 30 March 2020) (with effect from 1 January 2020) SIU Man Hei (Chief Executive Officer) (Appointed on 30 March 2020) 2 STEVE LEUNG DESIGN GROUP LIMITED Annual Report 2019 CORPORATE INFORMATION (CONTINUED) AUTHORISED REPRESENTATIVES COMPANY’S WEBSITE YIP Kwok Hung Kevin (Chief Financial Officer) www.sldgroup.com CHEUNG Henry (Resigned on 30 March 2020) SIU Man Hei (Chief Executive Officer) INVESTOR RELATIONS CONTACT (Appointed on 30 March 2020) Strategic Financial Relations Limited INDEPENDENT EXTERNAL AUDITOR [email protected] Deloitte Touche Tohmatsu INTERNAL AUDITOR BT Corporate Governance Limited COMPLIANCE ADVISOR Dongxing Securities (Hong Kong) Company Limited LEGAL ADVISOR Pinsent Masons PRINCIPAL BANKERS Hang Seng Bank Limited Hang Seng Bank (China) Limited (Beijing Branch) Dah Sing Bank China Construction Bank (Asia) Corporation Limited DBS Bank (Hong Kong) Limited STOCK CODE 2262 3 CHAIRMAN AND FOUNDER’S STATEMENT STEVE LEUNG DESIGN GROUP LIMITED Annual Report 2019 CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of the board of directors (the “Board”) of Steve Leung Design Group Limited (the “Company”, together with its subsidiaries, the “Group”), I am pleased to present you the annual report for the year ended 31 December 2019 (the “Year”). 2019 was a year nothing short of challenge, as the macro environment was overshadowed by severe externalities, with the intensifying trade dispute between China and the US also exerting significant downward pressure on the China and Hong Kong economy. Rooted in the Chinese mainland area, the Group was inevitably embroiled in the turmoil, and the operational headwinds have subsequently led to a slowdown in the Group’s revenue growth. The same applies to the market, as local real estate regulatory measures continued to be in place, and the tightening monetary policy on bank loans for real estate developers have further restricted the capital flow in the market. Despite such market circumstances, the Group endeavors XU XINGLI to strive for sustainable growth by strategically locating opportunities in cities where property market regulations have been loosened as a result of improving local conditions. Supported by the introduction our new design line, “SL2.0”, in these targeted areas, the Group was able to form an intricate network of designers, allowing us to derive collaboration opportunities while radiating our stylish and functional design services to other areas. 6 STEVE LEUNG DESIGN GROUP LIMITED Annual Report 2019 CHAIRMAN’S STATEMENT (CONTINUED) Looking forward to 2020, the economic uncertainties could clients, investors and all stakeholders. The Group will remain further disquiet market sentiment, as China is expected to cautious of future market development, and will make decisive continue its long-term regulatory policies to cope with the calls judiciously to cope with forthcoming challenges. unstable international relations, whereas the outbreak of the coronavirus will potentially deliver far greater shock to the Lastly, on behalf of the Board, I would like to send our global economy. The combined adverse effect could have heartfelt gratitude to our shareholders, clients, business just merely started to reflect. In response to the uncertainties partners and our professional team for their full support. I ahead and to safeguard cash flow, we have already seen would also like to express my sincere appreciation to our major property developers which significantly lower property staffs for their commitment and support. prices in order to speed up cash conversion, which may lead to unforeseeable challenges in the property, construction and Design Without Limits! interior design markets. The Group aspires to maintain a steady business development by upholding the consistent standard of its premium interior design services and interior decorating and furnishing services. To counter the macro development, the Group will look to further diversify its business portfolio, expand its revenue stream, prudently manage its expenses, maintain its healthy XU Xingli financial position, and eventually, create greater values for its Chairman 30 March 2020 7 STEVE LEUNG DESIGN GROUP LIMITED Annual Report 2019 FOUNDER’S STATEMENT Dear Shareholders and Colleagues, 2020 sets the milestone for the next decade, and the question concerning sustainable development, as well as the passing on of a legacy across generations when faced with challenging landscapes have thus become a subject that is critical to every industry and enterprise under this change of an era. Our Group keeps abreast of changes and development in the society through continuous learning, in such a manner to fulfill boundless creativity and to ensure the integration of new inspirations into our work. Meanwhile, the Group strives to innovate within the fluctuating economic cycles in order to enhance our brand value and pursue sustainable growth for our business. It is not wise for one to tackle the formidable challenges with his own might alone. Only by making accurate assessment of the situation, maintaining flexible maneuverability, and converging the power and thinking of individuals, will we be able to wield much greater power and gain a firm foothold in face of headwinds and sail against the currents. This philosophical mindset gave birth to our new design line, STEVE LEUNG “SL2.0”, which has a principle purpose of building a platform for designers in addition to our already solid foundation, as an attempt to accommodate new ideas on interior design to cater the ever-changing need from the society. The platform should become a collective of conceptual ideas, inviting better and more sophisticated visions and bring life to unique and functional designs that could be enjoyed between clients and designers. 8 STEVE LEUNG DESIGN GROUP LIMITED Annual Report 2019 FOUNDER’S STATEMENT (CONTINUED) We strongly believe that it is essential for a brand to not only gain firm grip on timeless and classical designs, but also to uphold the contemporaries, and innovate along with the changes in the society, in order to build long-lasting core values and achieve balanced development to maximise returns for shareholders. The strength of team collaboration shines especially during tough times. I, on behalf of the Group, would like to express my sincere gratitude to all our designers and staffs for their commitment, which has collectively led the business through challenges, and gave impetus to the Company, the industry and the society as a whole. The Group will continue to advocate the idea of “DESIGN WITHOUT LIMITS”, and overcome any forthcoming challenges to march into the future and create greater values for our shareholders. Steve Leung Founder 30 March 2020 9 MANAGEMENT DISCUSSION AND ANALYSIS STEVE LEUNG DESIGN GROUP LIMITED Annual Report 2019 MANAGEMENT DISCUSSION AND ANALYSIS MARKET OVERVIEW 2019 was inevitably a very challenging year for real estate industry in the People’s Republic of China (the “PRC”) as a result of the slowing economy, the Sino-US trade war, increasing government intervention and financing difficulties for private enterprises. According to the latest data released by National Bureau of Statistics of China, China’s economic growth in 2019 fell to its lowest level in 30 years, as the 6.1% Gross Domestic Product (“GDP”) growth also represented the largest decline in growth rate in recent years. The contribution of private consumption and investment to overall GDP growth have respectively fallen from 5.0 and 2.1 percentage points in 2018, to 3.5 and 1.9 percentage points in 2019. Such slowing economy has led to additional volatility and tensions over the capital markets in the PRC, which was then translated to a change in consumption habit and user preference for homebuyers, as they now prefer a downsized living space with lesser emphasis on luxurious design as a result of the budget constraint. In view of the unpredictable macroeconomic environment across the globe, homebuyers also tended to hold extra reservations on purchase and investment decisions as they remained cautious in the short run.
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