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1、 ai172136662632_Styland AR 85221(N)_Cover_R2.pdf 1 2024-07-19 13:24:05CONTENTS2 4 18 54 64 74 76 78 84 86 88 89 91 181 182 Chairmans Statement Management Discussion and Analysis Environmental,Social and Governance Report Report of the Directors Corporate Governance Report Corporate Information Board
2、 of Directors Independent Auditors Report Consolidated Statement of Profit or Loss and Other Comprehensive Income Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements Summary of Fi
3、nancial Information Details of Investment PropertyCHAIRMANS STATEMENTDear Shareholders,On behalf of the board of directors(the“Board”),I am pleased to present the annual report on the results of Styland Holdings Limited(the“Company”together with its subsidiaries referred to as the“Group”)for the fin
4、ancial year ended 31 March 2024(the“FY2024”).The general economic conditions in FY2024 were challenging and uncertain in view of the geopolitical tension,high interest rates and weak investment sentiment.Although COVID-19 was no longer a public health emergency,Hong Kong still faced ups and downs in
5、 the process of economic recovery.As far as geopolitical tension is concerned,the Russia-Ukraine conflict has still been in progress.We have not seen any sign of ceasing nor any concession or ceasefire agreements likely to be reached.The outbreak of Israel-Gaza conflict has brought another shock to
6、global markets.If such conflicts could escalate into a broader regional conflict,it may have significant implications to global markets.2ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED CHAIRMANS STATEMENTAs to high interest rates,the Federal Reserve raised the interest rate by 25 basis points in July
7、2023 and has kept the target range for the interest rate at a 23-year high of 5.25%to 5.5%since September 2023.Such high interest rates may persist for some time and interest rates in Hong Kong could be affected as Hong Kong dollar is pegged with United States dollar.While the prospects remain uncer
8、tain due to recent development of geopolitical tension and high interest rates,we expect that investment sentiment in Hong Kong could still be conservative in the near term,and the economic growth in Hong Kong could still be constrained.The Group would persistently implement cautious and prudent mea
9、sures to face possible market changes and look for potential investment opportunities,so as to enhance values to our shareholders.At last,I would like to take this opportunity to express my warmest gratitude and appreciation to our shareholders,business partners,banks,professional parties and employ
10、ees of the Company for their continuous contributions and support to the Group.Li HanchengNon-executive ChairmanHong Kong,27 June 2024ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 34ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED BUSINESS REVIEW AND PROSPECTSFY2024 ResultsIn FY2024,the Group achieved
11、a turnover of approximately HK$205,664,000(FY2023:approximately HK$187,657,000),and recorded a loss of approximately HK$76,797,000 for FY2024(FY2023:approximately HK$68,694,000).Review of OperationsFinancial ServicesThe Group is a reputable financial services provider.To offer our clients a wide ran
12、ge of financial products and services,we hold a total of five licenses granted by the Securities and Futures Commission(the“SFC”),namely Type 1(Dealing in Securities),Type 2(Dealing in Futures Contracts),Type 4(Advising on Securities),Type 6(Advising on Corporate Finance)and Type 9(Asset Management)
13、.MANAGEMENT DISCUSSION AND ANALYSISANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 5 BrokerageThere were two main factors in FY2024 that weakened investors sentiment.One of these factors was the geopolitical tension,in particular,the Russia-Ukraine conflict.The other factor was the interest rate hikes
14、 in the United States.The Federal Reserve has kept interest rates at more than 5%at the material time during FY2024.In Hong Kong,the prime rate quoted by The Hong Kong and Shanghai Banking Corporation Limited has been adjusted upwards twice in FY2024,and these prime rate increases have impacted the
15、Hong Kong stock market.The Hang Seng Index exhibited high volatility in FY2024 with the wide range of changes of over 5,000 points.The average daily turnover of the market for FY2024 was approximately HK$99 billion,a decrease of 22%when compared to FY2023.We provide our clients brokerage service in
16、stock investment as well as subscribing for new shares in initial public offerings(“IPOs”).To accommodate to our clients growing interest in investing in the global market,we are able to offer clients brokerage services for investing in shares that are listed in the Chinese mainland markets and over
17、seas markets including Australia,Canada,Euronext,Germany,Switzerland,the United Kingdom,the United Sates and most of the Asian markets.6ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Management Discussion and AnalysisTo facilitate clients need to hedge against their stock market investments,we offer
18、brokerage service for futures investment products during FY2024.In conjunction with our brokerage service to allow our clients to invest in China A-shares through the Stock Connects,we also offered clients brokerage service to invest in MSCI China A 50 Connect Index Futures contracts,providing an ef
19、ficient risk management tool for investors to manage their Stock Connect China A-shares equity exposure.During FY2024,we have taken extra effort in building up our client base.The number of our active clients has increased by 4%when compared to FY2023.However,due to the reduced activities in the IPO
20、 market and the decrease of average daily turnover for the Hong Kong stock market in FY2024,our performance in the brokerage business was below our expectation.During FY2024,we managed the securities dealing turnover of HK$1.7 billion.Brokerage Financing and Other FinancingWe offer our clients broke
21、rage financing services for investment in stocks as well as for subscribing for new shares in IPOs.To facilitate our clients placement of their orders through our online trading platform,our brokerage financing service has been extended to our selected online margin and cash clients.We are committed
22、 to implementing effective credit control procedures and have complied with the tightened margin-financing rules required by the SFC.As at 31 March 2024,the net balance of the brokerage financing loans stood at approximately HK$19,713,000.In light of the inactivity of the IPO market in Hong Kong in
23、FY2024,the Group did not record significant interest income from the IPO financing.In FY2024,we managed to maintain a healthy brokerage loan portfolio.Thanks to such effective credit policy,the bad debt provision for our brokerage financing business was kept at an immaterial level.In addition to the
24、 brokerage financing services,our financial services segment also includes other financing service to clients pursuant to the Money Lenders Ordinance.As at 31 March 2024,the net balance of loans receivable for the other financing service was HK$4,130,000 which involved one client to whom the loan wa
25、s granted in the financial year ended 31 March 2020.The loan was secured by personal guarantees given by third parties.Because of its long-overdue status,the Group was in the legal process against the client and/or the guarantors with a view to recover such debts.No new loans under the other financi
26、ng service were granted for the financial years ended 31 March 2021,2022,2023 and 2024.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 7 Corporate FinanceThe Groups corporate finance services comprise acting as a sponsor for IPOs,acting as a financial adviser and compliance adviser for listed companie
27、s,and assisting clients to raise funds in the equity and debt capital markets.Throughout FY2024,global IPO activities were impacted by increased market volatility and other unfavorable market conditions,along with the rising interest rate environment.The Group has worked as a financial adviser for a
28、 GEM Board company to advise on the requirement of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for its intention to transfer its listing from GEM Board to Main Board.The Group is also the sponsor of that GEM Board company to handle such transfer.In additi
29、on to the provision of sponsor and financial adviser services,the Group has also participated in certain placing,underwriting and sub-underwriting activities for our clients in the equity capital market.After the reopening of the border between Mainland China and Hong Kong,our corporate finance team
30、 has restarted its business visits to potential clients in Mainland China in order to explore its corporate finance business.Asset ManagementHong Kong has long been a preferred regional hub for asset management because of its proximity to Mainland China and its tax incentive policy for fund manageme
31、nt companies.Hong Kong itself is also a member of Greater Bay Area(“GBA”),which provides great opportunity for its development of wealth management service.With the Wealth Management Connect,either the mainland clients in the GBA or Hong Kong customers may access to various investment products of ea
32、ch others markets.The Group,as an asset management service provider under the license granted by the SFC,may set up a fund investing in the market or industry specified by the clients based on each clients own unique investment needs and goals.As a fund manager,the Group may also provide our clients
33、 attractive,tailor-made investment solutions,which would allow the clients to diversify their investments,minimise their investment risks,and gain a competitive return on their investments.8ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Management Discussion and AnalysisOn 22 March 2024,the Company e
34、ntered into a non-legally binding letter of intent with an independent third party(the“Purchaser”)in relation to the possible disposal of the entire issued share capital(the“Sale Share”)of Ever-Long Holdings Limited,a company incorporated in the British Virgin Islands with limited liabilities and a
35、direct wholly-owned subsidiary of the Company(the“Target Company”together with its subsidiaries referred to as the“Target Group”)at a consideration of HK$40,000,000(the“Consideration”)to be settled by(i)HK$10,000,000 in cash upon signing of the formal and binding sale and purchase agreement;and(ii)t
36、he Purchasers issue of promissory notes.The Target Company is principally engaged in investment holding.The Target Group is principally engaged in the provision of financial services.On 21 June 2024,the Company and the Purchaser entered into the sales and purchase agreement(the“SPA”),pursuant to whi
37、ch the Purchaser has conditionally agreed to purchase,and the Company has conditionally agreed to sell,the Sale Share.Following the parties negotiation,the parties agreed the Consideration shall be HK$40,000,000 to be settled by cash(instead of promissory notes)to the Company in four instalments(the
38、“Disposal of EL Group”).Subject to the fulfillment of the conditions precedent of the SPA,upon completion of the Disposal of EL Group,the Target Group will cease to be subsidiaries of the Company and its financial results will no longer be consolidated into the consolidated financial statements of t
39、he Group.Accordingly,the financial services business segment is presented as the discontinued operations during FY2024 and the comparative information for the preceding year have been restated.The assets and liabilities attributable to the Target Group were presented separately in the consolidated s
40、tatement of financial position of the Group as at 31 March 2024.Please refer to the announcements of the Company dated 22 March 2024 and 21 June 2024 for more details about the Disposal of EL Group.Mortgage FinancingOther than the other financing service we provided under the financial services segm
41、ent,the Group has also carried on its mortgage financing business under the Money Lenders Ordinance since 2011.To enhance our competitive edge in the marketplace and to provide our clients greater flexibility,we offer three classes of loans,namely first,second and third mortgage loans.Usually,a clie
42、nt is required to offer his/her residential property in Hong Kong as collateral for the mortgage loan.As at 31 March 2024,the Group had 57 individual loans which were referred to it by its registered referral agents.The clients are Hong Kong residents of different background and education levels.ANN
43、UAL REPORT 2023/24STYLAND HOLDINGS LIMITED 9During FY2024,the geopolitical tension and interest rate hikes continued to bring hurdles and uncertainties to the global economy as well as the market sentiment in Hong Kong.Facing such market volatility,the Group continued its strategy of maintaining a h
44、ealthy portfolio as its first priority with a view to preserving its financial strength aiming for long-term profitability when the economy recovers.By maintaining a relatively lower size of its loan portfolio at HK$88,494,000 as at 31 March 2024,the Group did not relax its efforts in complying with
45、 the relevant ordinance and guidelines.The loan sizes contained in the portfolio as at 31 March 2024 ranged from HK$84,000 to HK$5,400,000,and the single largest and the five largest loans were respectively HK$5,400,000 and HK$23,800,000,representing approximately 5.9%and 25.8%of such loan portfolio
46、.We continued to adopt a prudent and cautious approach in running our mortgage financing business by maintaining the loan-to-value(“LTV”)ratio for new loan drawdowns at a conservative level.Thanks to such measures,the Groups bad debt provision for FY2024 remained at an immaterial percentage to its l
47、oan portfolio.The interest rates offered to clients ranged from 9%to 24%per annum for the mortgage loan portfolio as at 31 March 2024.They were fixed based on the classes and tenors of the mortgage loans,the backgrounds,financial position,source and stability of income of the clients.The interest in
48、come for the FY2024 was HK$12,820,000.Insurance BrokerageThe Group engages in the distribution of insurance products to corporate and individual clients as well as acting as an mandatory provident fund intermediary.During FY2024,our insurance brokerage business had not improved in terms of its profi
49、tability even after the reopening of border between the Mainland China and Hong Kong.The Group would continue to review the development direction of its insurance brokerage business including the possibility of realisation of such investment,which would allow the Group to reallocate its resources to
50、 other developments.10ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Management Discussion and AnalysisProperty Development and InvestmentAs at 31 March 2023,the Group held two investment properties,one is located at Sai Kung,Hong Kong(the“Sai Kung Property”)while another one is located at Fei Ngo Sh
51、an Road,Hong Kong(the“Fei Ngo Shan Property”).On 3 April 2023,the Group entered into a conditional provisional agreement for the sale and purchase of the entire issued share capital of Ocean View Villa Limited(formerly known as Hoowin Limited)(“Ocean View”),which owns the Sai Kung Property,at a cons
52、ideration of HK$30,000,000(the“Disposal of Ocean View”).On 30 June 2023,the Group completed the Disposal of Ocean View which resulted in a loss on disposal of approximately HK$783,000.Proceeds upon the Disposal of Ocean View were utilised as intended.Details are set forth in the Companys announcemen
53、ts dated 3 April 2023 and 3 July 2023,and circular dated 25 May 2023.The Fei Ngo Shan Property has a gross site area of more than 16,000 square feet and is located at the low-density luxury section.As at 31 March 2024,the market value of the Fei Ngo Shan Property was HK$420,000,000.On 29 December 20
54、23,the Group entered into a tenancy agreement(the“Tenancy Agreement”)with a tenant in relation to the Fei Ngo Shan Property for a term of three years commencing from 1 January 2024 at a monthly rental of HK$500,000.The tenant is a company incorporated in the British Virgin Islands with limited liabi
55、lity and is wholly and beneficially owned by the father of Mr.Cheung Hoo Win,the executive director of the Company,and is accordingly a connected person of the Company as defined by the Listing Rules.The transactions contemplated under the Tenancy Agreement constitute continuing connected transactio
56、n on the part of the Company under Chapter 14A of the Lising Rules.The rental income for the FY2024 was HK$1,500,000.Securities TradingAs at 31 March 2024,the Group held a portfolio of listed securities investments consisting of 32 securities,which were engaged in the sectors of(i)consumer discretio
57、nary;(ii)information technology;(iii)financials;(iv)healthcare;(v)gold and precious metals;and(vi)others.The net realised losses were HK$458,000 and the net unrealised losses were HK$3,022,000.ProspectsIn view of the geopolitical tension,high interest rates and weak investment sentiment,the general
58、economic conditions are expected to be challenging and uncertain.The Group will continue to implement solid approach for the collections of loans receivable and accounts receivable and maintain attentive but sensible approach towards new investment opportunities to enhance values to the shareholders
59、 of the Company.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 11FINANCIAL REVIEW ON LIQUIDITY AND FINANCIAL RESOURCES AND CAPITAL STRUCTUREAs at 31 March 2024,the Groups net asset value was approximately HK$334,568,000(FY2023:approximately HK$411,132,000),and the cash at bank and in hand were approx
60、imately HK$26,808,000 of which approximately 89%was held in Hong Kong dollar,approximately 8%in United States dollar(“U.S.dollar”),approximately 2%in Renminbi,and approximately 1%in New Taiwan dollar.As at 31 March 2024,the Group had bank overdraft of approximately HK$8,073,000(31 March 2023:Nil),ba
61、nk loans of approximately HK$135,992,000(31 March 2023:HK$154,555,000),other loans of approximately HK$34,999,000(31 March 2023:HK$26,150,000),promissory notes payable of approximately HK$66,333,000(31 March 2023:HK$50,000,000)and lease liabilities of approximately HK$3,129,000(31 March 2023:HK$6,81
62、0,000).As at 31 March 2023,the Group had convertible bonds of approximately HK$22,854,000,which bore interest at 6%per annum,were mature and redeemed in full in August 2023.The gearing ratio,calculated on the basis of the Groups total borrowings to the shareholders fund,was about 0.74(31 March 2023:
63、0.63).As at 31 March 2024,(i)bank loans of approximately HK$131,641,000(31 March 2023:HK$138,888,000)were interest-bearing at 1.9%(31 March 2023:1.9%)per annum over Hong Kong Interbank Offered Rate,and were secured by the Fei Ngo Shan Property with a carrying value of approximately HK$420,000,000(31
64、 March 2023:HK$441,500,000);(ii)bank loans of approximately HK$4,351,000(31 March 2023:HK$4,505,000)were interest-bearing at 1.26%per annum over Secured Overnight Financing Rate(31 March 2023:1%per annum over London Interbank Offered Rate),were secured by the Fei Ngo Shan Property with a carrying va
65、lue of approximately HK$420,000,000(31 March 2023:HK$441,500,000),rental proceeds in respect of the Fei Ngo Shan Property,and an investment in a life insurance policy of the Group with a carrying amount of approximately HK$6,983,000(31 March 2023:HK$6,845,000),and were guaranteed by the Company;(iii
66、)other loans of approximately HK$18,999,000(31 March 2023:HK$26,150,000)were interest-bearing at 5.125%(31 March 2023:2.75%)above the Hong Kong Dollar Best Lending Rate per annum and secured by sub-charges/sub-mortgages on the first legal charges/mortgages of properties charged/mortgaged to the loan
67、s receivable of the Group with carrying amount of approximately HK$21,808,000(31 March 2023:HK$32,438,000)and jointly guaranteed by the Company and an entity within the Group;(iv)other loans of approximately HK$6,000,000(31 March 2023:Nil)were interest-bearing at 12%per annum(31 March 2023:Nil)and s
68、ecured by sub-charges/sub-mortgages on the second/third legal charges/mortgages of properties charged/mortgaged to the loans receivable of the Group with carrying amount of approximately HK$15,097,000(31 March 2023:Nil);12ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Management Discussion and Analys
69、is(v)other loans of approximately HK$10,000,000(31 March 2023:Nil)were interest-bearing at 12%per annum and secured by sub-charges/sub-mortgages on the first/second legal charges/mortgages of properties charged/mortgaged to the loans receivable of the Group with carrying amount of approximately HK$1
70、3,255,000(31 March 2023:Nil)and guaranteed by an entity within the Group;(vi)promissory notes payable bore interest at 8%(31 March 2023:range from 5%to 8%)per annum;and(vii)the applicable interest rates for lease liabilities ranged from 2.79%to 6.89%(31 March 2023:1.65%to 6.89%).As at 31 March 2023,
71、bank loans of approximately HK$11,162,000 were interest-bearing at 2.75%per annum below Hong Kong Dollar Best Lending Rate as determined by the bank,and were secured by the Sai Kung Property with a carrying value of HK$30,000,000 and the Companys corporate guarantee.During FY2024,such bank loans wer
72、e fully repaid subsequent to the Disposal of Ocean View.Investments in Financial AssetsAs at 31 March 2024,the Group held a portfolio of listed securities with fair value of approximately HK$6,076,000(31 March 2023:HK$9,097,00)and an investment in a life insurance policy of approximately HK$6,983,00
73、0(31 March 2023:HK$6,845,000).The Group entered into a life insurance policy with an insurance company to insure the chief executive officer of the Company during the year ended 31 March 2020.The total sum insured is approximately US$3,876,000(equivalent to approximately HK$30,233,000(the“Sum Assure
74、d”).The Group is the policy holder and the beneficiary of the policy.The Group has paid one-off premium of US$1,000,000(equivalent to approximately HK$7,800,000).The Group can terminate the policy at any time and receive cash bank based on the cash value of the policy at the date of termination.The
75、cash value is determined by the premium paid plus accumulated interest earned minus the accumulated insurance policy charges and any applicable surrender charge(the“Cash Value”).In addition,if the termination and withdrawal of the policy are made between the 1st to 15th policy years,there is a speci
76、fied amount of surrender charge.The surrender charge in full or partial termination would be calculated based on the number of years the policy has been in force and charged at the range from 0.23%to 3.28%of Sum Assured.The insurance company will pay the Group an interest on the outstanding Cash Val
77、ue of the policy at the prevailing interest rate fixed by the insurance company and a minimum interest of 2%per annum is guaranteed by the insurance company.The entire balance of such investment in a life insurance policy has been pledged to a bank as security for the banking facilities granted to t
78、he Group.The Group will continue to adopt a prudent approach for its investments in financial assets.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 13Charges on Group AssetsAs at 31 March 2024,(i)the Groups investment properties of approximately HK$420,000,000(31 March 2023:HK$471,500,000 including t
79、he one that was grouped under“Assets held for sale”)and an investment in a life insurance policy of approximately HK$6,983,000(31 March 2023:HK$6,845,000)were pledged to banks to secure the banking facilities granted to the Group;and(ii)the Groups loans receivable of approximately HK$50,160,000(31 M
80、arch 2023:HK$32,438,000)were pledged to secure other loans granted to the Group.Credit RiskFor the financial services businesses,the Group is strictly in compliance with the Securities and Futures Ordinance(the“SFO”).Margin financing loans are granted to customers based on their individual assessmen
81、t of financial status,repayment records and the liquidity of collaterals placed by them.The applicable interest rate charged to the customer will be determined based on these factors.Generally,margin loans will be demanded for repayment once a customer fails to maintain the maintenance margin,or fai
82、ls to repay the loan or any sum that is due to the Group.For the Groups other financing service under its financial services segment,the loan may be secured by listed securities or a personal guarantee given by a third party.The market value of a clients listed securities as collaterals or the finan
83、cial ability of the guarantor will be assessed before a loan drawdown.Under the Groups mortgage financing business,the loans are usually secured by residential properties in Hong Kong.To lower the Groups exposure to the credit risk,the percentage of LTV for the new drawdown in general will be within
84、 80%.To have a more reliable market value of a clients property,the Group will obtain two verbal valuations from two reputable appraisers while the lower one,the written report of which will be issued prior to the loan drawdown,will be used as the current market value in the calculation of LTV.The c
85、hief executive officers additional approval is required for a drawdown with the LTV exceeding 80%.Onsite inspection of the proposed mortgaged property will be conducted by our loan managers if the credit manager thinks it necessary before loan disbursement.14ANNUAL REPORT 2023/24STYLAND HOLDINGS LIM
86、ITED Management Discussion and AnalysisFor the Groups financing businesses,the management will from time to time assess whether the credit risk of the loans receivable has increased significantly since their initial recognition.Other than the adverse effect to the economic environment arising from C
87、OVID-19,the factors to be considered for possible loan impairment including the clients repayment track record and updated financial position,and the changes in market value of the clients collaterals,and financial ability of their guarantors.After a drawdown,the management team will closely monitor
88、 the clients repayment status.When there is any default in repayment,the Group will contact such client via phone to urge him/her to settle the overdue amounts without further delay.In case the default in repayment persists,legal demand letters will be sent to the client through our lawyer(s).Accoun
89、ts will be passed to debt collection agent(s)if a client does not give a positive response about the repayment plan or scheme such as loan restructuring or providing additional collateral.The Group will then take legal action against the client or his/her guarantor for recovery of debt.The Group wil
90、l also take legal actions to enforce the possession of the defaulted clients property for auction if the loan is secured by a property.For the insurance brokerage business,clients are required to pay premiums or fees to insurance companies directly,and the technical representatives of the Group woul
91、d follow up clients payment status to ensure that their payments are made on time to the insurance companies.Compliance and Operational RisksThe Group has put in place effective internal control systems for its operations.Under the financial services businesses,the relevant monitoring teams comprise
92、d licensed responsible officers registered under the SFO and the management,who have acted in compliance with the SFO,have been set up to monitor the operations,the settlement matters of traded financial products and cash,and to provide clients services of the regulated activities.As at 31 March 202
93、4,the number of responsible officers of the Group registered under the SFO for each regulated activity under the financial services segment were as follows:Type of LicenseRegulated activityNumber of responsible officersType 1Dealing in securities5Type 2Dealing in futures contractsNoteType 4Advising
94、on securities4Type 6Advising on corporate finance3Type 9Asset management3Note:As at 31 March 2024,the number of responsible officers registered under the SFO for Type 2(Dealing in Futures Contracts)regulated activity was zero as the Securities and Futures Commission,upon the Groups request,revoked t
95、he license on 5 January 2024.Effective from 24 June 2024,the Group hold Type 2(Dealing in Futures Contracts)to only engage in introducing persons to an intermediary that is licensed by or registered with the SFC for Type 2 regulated activity,in order that they may:(i)effect dealings in futures contr
96、acts;or(ii)make offers to deal in futures contracts.In order to safeguard clients interests and comply with the requirements of the SFO,our monitoring teams have carried out ongoing checks and verifications so that we are able to maintain our service standard at a satisfactory level.During FY2024,th
97、e financial services operation of the Group had complied with the SFO.Clients were satisfied with our services.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 15For the Groups other financing service under its financial services segment,in addition to the review on clients personal information,such as
98、 copies of their identity cards and residential address proof,the clients listed securities that are used as collateral must be under the Groups custody.In the case of a provision of personal guarantee,the Group will also review the guarantors financial position.If the guarantor owns a property,land
99、 search will be made for the proof of property ownership.The Group has its internal assessment and work procedure in granting a mortgage loan.When a client is referred to the Group by its registered referral agent,a loan application form setting out the potential clients personal information and fin
100、ancial position,including his/her source of income and amount of income,the market value of the property as collateral,and details of the outstanding mortgage(if any)with banks or other financing company will be submitted to the director who is responsible for the mortgage financing business for app
101、roval.Together with the loan application form,the following documents will be verified or reviewed:(i)copy of identity card or passport;(ii)copy of income proof,such as tax demand note,salary payroll receipt,employment contract or tenancy agreement;(iii)copy of residential address proof of the lates
102、t three months,such as utility bills,tax return or bank statement;(iv)legal search for the credit worthiness assessment;and(v)land search report for the proof of property ownership.In addition to the know-your-client procedure,the Group will also observe the requirement to comply with the anti-money
103、 laundering and counter terrorist financing regulations for its financing businesses.For our mortgage financing business,to promote clients awareness of the requirements of the Money Lenders Ordinance,a Summary of Provisions of the Money Lenders Ordinance will also be attached,for clients reference,
104、to the loan agreement to be entered between the Group and its client.For FY2024,our operation had complied with the Money Lenders Ordinance and the applicable guidelines.Under the insurance brokerage business,the responsible officer and the technical representatives are registered under the Insuranc
105、e Ordinance,and they are required to act in compliance with that ordinance.Interest Rate RiskDuring FY2024,the Groups borrowings bore interest at either fixed interest rates or floating interest rates.Its risk arises from the interest payments which were charged according to floating interest rates.
106、The Group monitors its interest rate exposure regularly to ensure that the underlying risk is within an acceptable range.Liquidity RiskThe Groups policy is to regularly assess current and expected liquidity requirements of the Group and to ensure that it maintains reserves of cash,readily realisable
107、 marketable securities and adequate committed lines of funding from financial institutions to meet its liquidity requirements.As at 31 March 2024,the amount of undrawn banking facilities of the Group was approximately HK$22,799,000.16ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Management Discussio
108、n and AnalysisPrice RiskThe Group is exposed to listed equity price risk arising from individual securities investments classified as financial assets at fair value through profit and loss.This risk results from the decrease in the levels of equity indices and the value of the individual securities.
109、The Groups investments in listed shares are valued at the quoted market prices.The Group continues to monitor the movements in equity prices and will consider hedging the risk exposure should the need arise.Foreign Exchange ExposureDuring FY2024,the Groups business activities as well as its assets a
110、nd liabilities were mainly denominated in Hong Kong dollar,New Taiwan dollar,U.S.dollar and Renminbi.In light of(i)the offset each other for assets and liabilities that were denominated in New Taiwan dollar;(ii)the exchange rate peg between the Hong Kong dollar and U.S.dollar;and(iii)the immaterial
111、balance of assets or liabilities that were denominated in Renminbi when compared to the Groups total assets or liabilities,the Group considers its foreign exchange risk immaterial for FY2024.It is the Groups treasury policy to manage its foreign currency exposure to minimise any material financial i
112、mpact to the Group.Cyber Security RiskThe Group defines its cyber security risk as the risk to the Groups assets and operations due to the potential unauthorised access,use,disruption,modification or destruction of its operation systems.In addition to the designated information technology(“IT”)emplo
113、yee who is responsible for overseeing the operation of the Groups server and online trading systems,the Group also engages an external IT consultancy company which advises the Group on maintaining a high level of risk control with respect to cyber security risk.This external IT consultancy company a
114、lso provides us advanced IT support and useful suggestions for the improvement or enhancement of our internal computer system to reduce the probability of cyber security risk.The Group subscribes its trading operation systems from outside system service providers,and backs up the transaction records
115、 and clients information on a daily basis.A back-up restoration test will be carried out as the management may from time to time determine.Also,we will assess the access right to operation systems by the management on a regular basis with a view to prevent unauthorised access or use of the systems.T
116、he IT employee will perform the cyber security risk evaluation and report it to the management for review.To promote the awareness of the cyber security risk surrounding our operation systems,we provide our staff the latest cyber security risk information and relevant training from time to time.ANNU
117、AL REPORT 2023/24STYLAND HOLDINGS LIMITED 17STAFFAs at 31 March 2024,the Group had 62 employees.During FY2024,the Groups remuneration packages were generally structured with reference to prevailing market practice and individual merits.Salaries have been reviewed periodically based on the employee p
118、erformance appraisal or other relevant factors.The Group also maintains certain staff benefit plans including medical insurance,hospitalisation scheme and mandatory provident fund scheme.The emoluments of the directors of the Company(the“Directors”)are determined by the Remuneration Committee as del
119、egated by the Board with reference to market rates and respective Directors experience,duties and responsibilities in the Group.None of the Directors are involved in deciding their own remuneration.The Group maintains the continued learning sponsorship scheme to sponsor the continuous professional d
120、evelopment of the members of the Group including the Directors.MATERIAL ACQUISITION AND DISPOSALExcept as disclosed elsewhere in this report,the Group did not make other material acquisitions or disposals during FY2024.CONTINGENT LIABILITIESAs at 31 March 2024,the Group had no material contingent li
121、abilities(FY2023:nil).SUBSEQUENT EVENTSExcept as disclosed elsewhere in this report,the Group had no other significant events after the end of the reporting period.ENVIRONMENTAL,SOCIAL ANDGOVERNANCE REPORTI.ABOUT THIS REPORTOverviewThe board of directors(the“Board”)of Styland Holdings Limited(the“Co
122、mpany”)is pleased to present this Environmental,Social and Governance(hereinafter called“ESG”)Report(the“ESG Report”or“Report”)of the Company and its subsidiaries(collectively as the“Group”or“We”)for the financial year ended 31 March 2024(“FY2024”).This ESG Report outlines the policies,sustainabilit
123、y strategies,management approaches and initiatives implemented by the Group and the performance of the Group in the environmental and social aspects of its businesses.18ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Reporting ScopeThis ESG Report covers all of the Groups businesses namely,financial s
124、ervices,mortgage financing,insurance brokerage services,property development and investment,and securities trading in Hong Kong.During FY2024,the scope of this reporting year is consistent with FY2023.Reporting BasisThis ESG Report discloses the required information under the Mandatory Disclosure Re
125、quirements and“Comply or explain”provisions of the ESG Reporting Guide as set out in Appendix C2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Stock Exchange”).ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 1920ANNUAL REPORT 2023/24STYLAND HOLDINGS LI
126、MITED Environmental,Social and Governance ReportReporting PrinciplesThe Group adheres to the following reporting principles as the basis for the preparation of this ESG Report.Materiality:The threshold at which ESG issues determined by the Board are sufficiently important to investors and other stak
127、eholders of the Group that they should be reported,details of which are set out in the sections“Stakeholders Engagement”and“Materiality Assessment”below for more details.Quantitative:The environmental and social key performance indicators(“KPIs”)are disclosed in this ESG Report to give stakeholders
128、of the Group a comprehensive picture of the Groups ESG performance.The information is accompanied by a narrative,explaining its purposes and impacts.Balance:Every effort has been made in the Report to reflect the performance of the Groups ESG activities impartially and avoid selection,omission or pr
129、esentation format that might inappropriately influence the decision or judgment of the readers of this ESG Report.Consistency:Unless otherwise stated,the Group has used consistent methodologies to allow for meaningful comparisons of ESG data over time.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 21
130、II.MANAGEMENT OF ENVIRONMENTAL,SOCIAL AND GOVERNANCEBoard StatementThe Board takes overall responsibility for ESG matters and their integration into the Groups management approach and strategies.It guides the management and monitoring of ESG matters that have been identified as relevant to the Group
131、,and reviews the progress made against ESG-related goals and targets.For disclosures about the Boards supervision over ESG matters,the Boards ESG management policies and strategies,and the progress of the Boards review of ESG-related goals and targets and their relationship with the Groups business,
132、please refer to other disclosure in this section“Management of Environmental,Social and Governance”,which form part of the Board Statement.The Group is committed to corporate social responsibility and balancing environmental,social and economic benefits.It also aims to balance its business developme
133、nt with the interests of its key stakeholders and operates its business in a sustainable manner.To achieve this vision,the Group has set a sustainability framework that focuses on environmental protection,energy and resource management,climate change management,employee and community well-being and
134、guides its sustainability efforts to ensure that sustainability elements are integrated into every business process and all business decisions.The Groups business is mainly financial services and its business activities do not have a significant impact on the environment and natural resources.Apart
135、from it,we acknowledge the negative effects brought by the climate change such as the rise of sea level and increases of extreme weather events,these effects would also affect the future operation of our Group.As a socially responsible corporate,the Group is committed to mitigating its environmental
136、 impact and integrating responsible environmental practices into its businesses.Meanwhile,the Group endeavors to foster a sense of environmental stewardship internally,with an aim to make joint efforts with employees to build an environmentally friendly and resource-saving enterprise.Even as the wor
137、ld emerges from the COVID-19 pandemic,the health and safety of our employees remains a top priority for our Group.Our Group has maintained a strong focus on implementing robust prevention and control measures to safeguard our workforce.These efforts have included providing alcohol-based hand sanitis
138、ers throughout our facilities,reminding employees to follow good respiratory and hand hygiene practices,and ensuring proper social distancing measures are in place.Additionally,we have strengthened our workplace first aid capabilities to prevent serious injuries and provide instant medical support w
139、hen needed.22ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance ReportAlongside these health and safety initiatives,we have also placed a strong emphasis on the continuous development and growth of our employees.Our Group remains committed to improving the skills and c
140、apabilities of our workforce through professional training programs and development workshops.To further incentivise and retain our talented employees,we have also made concerted efforts to match salaries in line with individual performance and contributions.This holistic approach to employee welfar
141、e and growth is a crucial component of our people-centric business strategy.Our Group remains steadfast in our efforts to make continuous progress towards our sustainability goals,embedding environmental and social considerations across all aspects of our operations.To achieve this vision,the Board
142、would review its environmental and social KPIs from time to time and would take a top-down approach to integrate the KPIs into the functional departments.The Board not only improved the well-being of the employees but also urged the employees to make changes in different areas,such as making good us
143、e of energy and resources and reducing unnecessary greenhouse gas(“GHG”)emissions.ESG matters that the stakeholders of the Group rate as priorities are tracked through the stakeholders engagement exercise(Please refer to the section“Stakeholders Engagement”below for details).During FY2024,the Group
144、has made achievements by actively supporting the Groups sustainable development strategies and objectives from the management team and all employees.The relevant scope,progress and achievements relating to the environmental and social KPIs would be disclosed in this ESG Report.The Group is a respect
145、able enterprise.Through implementing sustainable development strategies and improving its business performance,the Group plans to continue to create more meaningful long-term value for itself and its stakeholders.Governance StructureThe Board believes that sound ESG strategies can create investment
146、value for the Group and deliver long-term returns to its stakeholders.The establishment of an appropriate governance framework is critical to the successful implementation of the ESG sustainability strategies of the Group.Therefore,the Group had its practice of ESG governance structure with clear du
147、ties and responsibilities.The Board sets long-term policies and strategies for all sustainability matters,reviews the implementation status and progress of ESG work annually and reports on its performance.The Board also identifies,reviews and evaluates the corporate responsibility,sustainability and
148、 climate change response of the Group through internal meetings.The management team reports to the Board on a regular basis to assist the Board in assessing and determining whether the Company has established an appropriate and effective internal control system to contain the ESG risks.At the operat
149、ional level,functional units are responsible for ensuring the integration of sustainability strategies and practices into the Groups business operations and exploring new action plans or initiatives.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 23The BoardBoard members are responsible for:Developing
150、 long-term sustainable development policies and strategies Assessing and identifying risks and opportunities associated with ESG Ensuring appropriate and effective ESG risk management and internal monitoring systems Reviewing and approving policies,objectives and action plans/measures related to ESG
151、 Approving ESG reportsManagement TeamThe management team is responsible for:Developing and reviewing ESG-related policies,objectives and action plans/measures Monitoring and reporting to the Board on the progress and quality of implementation of the action plans/measures Identifying ESG risks and op
152、portunities Reviewing the ESG reportFunctional DepartmentsThe functional departments are responsible for:Identifying,assessing,defining and reporting to management on significant ESG issues Performing ESG risk management and internal monitoring Ensuring ESG policies,objectives and action plans/measu
153、res are integrated into business operations Reporting to management on progress and quality of action plans/measuresThe Board has appointed an independent consultant to provide advice on the ESG matters and assist in collecting data and information for conducting various analyses and provide improve
154、ment recommendations on ESG performance.The Group has also collected the views of key stakeholders on ESG matters during daily operations and conducted a materiality assessment to identify important ESG issues for the Group,details of which are disclosed in the sections“Stakeholders Engagement”and“M
155、ateriality Assessment”below.To effectively lead the ESG process of the Group,the Board monitors the work of all departments to ensure that they work closely together to achieve the sustainable development goals of operational compliance and social responsibility.24ANNUAL REPORT 2023/24STYLAND HOLDIN
156、GS LIMITED Environmental,Social and Governance ReportStakeholders EngagementThe Group is committed to maintaining the sustainable development of its businesses and providing support to environmental protection and the communities in which it operates.The Group maintains close ties with its stakehold
157、ers,including government/regulatory organisations,shareholders/investors,employees,customers,suppliers,community,etc.and strives to balance their opinions and interests through constructive communications in order to determine the direction of its sustainable development.The Group assesses and deter
158、mines its environmental,social and governance risks,and ensures that the relevant risk management measures and internal control systems are operating properly and effectively.The following table shows the managements responses to the stakeholders expectations and concerns through different communica
159、tion channels:StakeholdersExpectations and ConcernsMeans of CommunicationManagement ResponseGovernment/Regulatory Organisations Compliance with laws and regulations Fulfil tax obligations Steady business operations Anti-corruption Anti-money laundering and anti-terrorist financing Periodic reports a
160、nd announcements Correspondences Policy documents and guidelines Official website of the Group Uphold integrity and compliance in operations Pay tax(if any)on time Establish comprehensive and effective internal control systems and implement various anti-corruption,anti-money laundering and anti-terr
161、orist financing measuresANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 25StakeholdersExpectations and ConcernsMeans of CommunicationManagement ResponseShareholders/Investors Return on investment Information transparency Corporate governance system General meetings of shareholders Information disclose
162、d on the website of the Stock Exchange Official website of the Group Shareholders/Investors enquiry hotline,email and fax Management team possesses relevant experience and professional knowledge in business sustainability Maintain the highest standard of openness,probity and accountability Ensure tr
163、ansparent and efficient communications by dispatching information on the websites of the Stock Exchange and the Group Continue to focus on and improve the risk management and internal controls systemEmployees Labor rights Career development Compensation and welfare Health and workplace safety Employ
164、ee activities Performance appraisal Induction and on-the-job training Internal meetings and announcements Contact via email,phone and communication applications Set up contractual obligations to protect labor rights Encourage employees to participate in continuing education and professional training
165、 to enhance competency Establish a fair,reasonable and competitive remuneration scheme Pay attention to occupational health and safety26ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance ReportStakeholdersExpectations and ConcernsMeans of CommunicationManagement Respon
166、seCustomers High quality and efficient services Ensure information and fund security Expand service channels Timely solutions to customers for helping them solve their problems Customer hotline Official website of the Group Mobile applications and other digital platforms Service complaint and respon
167、se mechanism Improve the quality of services continuously in order to maintain customer satisfaction Ensure proper contractual obligations are in place Popularise financial knowledge Set up high-level preventive controls on data leakage and hacking activities Protect consumer rights and interestsSup
168、pliers/Contractors Stable demand Good relationship with the Group Corporate reputation Fair and transparent procurement process Official website of the Group Negotiation Contracts Tendering and bidding Ensure proper contractual obligations are in place Establish policies and procedures in supply cha
169、in management Establish and maintain strong and long-term relationship with suppliers Select suppliers with due care and ensure the competitive procurementANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 27StakeholdersExpectations and ConcernsMeans of CommunicationManagement ResponseCommunity Environme
170、ntal protection Reduce GHG emissions Effective use of resources Community contributions Economic development and employment Official website of the Group Donations Pay attention to the issue of climate change Low-carbon and environmentally friendly operations Encourage employees to actively particip
171、ate in charitable and environmental protection activities Strengthen energy saving and emission reduction management Strive to maintain good and stable financial performance and business growth28ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance ReportMateriality Asses
172、smentDuring FY2024,the Board held discussions with the management team and conducted materiality assessment through various channels to identify ESG issues in which both the Group and its key stakeholders are interested and assessed the level of concern as viewed by them so as to select the relative
173、ly important environmental and social issues.For the materiality assessment,the Group has adopted the following three processes:Identification Through diverse channels and internal discussion Examines and adopts the environmental,social and governance issues of concern in the past stakeholders engag
174、ement Draws attention to emerging environmental,social and governance issuesPrioritisation Synthesises,analyses and evaluates the views of all parties to identify and prioritise potential and important issues Develops materiality matrix based on the importance of the issue to the Group and its key s
175、takeholdersValidation Interacts with the management team to validate the materiality assessment and ensure that these issues are aligned with the sustainable development direction sought by the Group Reports the materiality assessment to the Board and makes disclosure in the ESG ReportANNUAL REPORT
176、2023/24STYLAND HOLDINGS LIMITED 29Materiality MatrixMateriality assessment helps the Group to ensure its business objectives and development direction are in line with the expectations and requirements of its stakeholders.The matters of concern of the Group and stakeholders are presented in the foll
177、owing materiality matrix:Materiality MatrixImportance to StakeholdersHigh Anti-discrimination measures Labor rights protection Talent management Staff training and promotion opportunity Staff compensation and welfare Customer satisfaction Service quality Anti-corruption Anti-money laundering Anti-te
178、rrorist financing Information security COVID-19 preventionMedium Community contributions GHG and air emissions Energy conservation Climate change Occupational health and safety Operational compliance Customers privacy measures and protection Suppliers managementLow Preventive measures against child
179、and forced labor Sewage discharge Generation of non-hazardous wastes Use of water resourcesLowMediumHighImportance to the Group Environmental Employee Operation30ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance ReportIII.ENVIRONMENTAL PROTECTIONThe Group always pays
180、great attention to energy conservation,emission reduction and environmental protection.We adhere to the management philosophy of sustainable development to achieve green operation and balanced development.In response to the global environmental protection trends,we have implemented energy conservati
181、on and environmental protection measures to mitigate the environmental risks and negative impacts from the Groups business activities.We are continually promoting the awareness of environmental conservation in the workplace and to our employees and encourage our employees to reduce waste and save en
182、ergy.To maintain a balance between efficient operation and environmental protection,we have established a set of comprehensive environmental protection policies to cover air and GHG emission reduction,energy efficiency,water conservation,and hazardous and non-hazardous waste management.Our employees
183、 have also provided their suggestions to the Group on ways to protect the environment.We have formulated corresponding indicators and various measures to manage natural resources and minimise our impact on the environment.1.Management of EmissionsThe Group engages in the financial services,mortgage
184、financing,insurance brokerage services,property development and investment,securities trading businesses.The environmental impact from the Group mainly comes from its use of natural resources,generation of office and domestic wastes,and discharge of domestic wastewater.Energy conservation and emissi
185、on reduction are top priorities for the Group.We strongly focus on reducing energy consumption,improving energy efficiency and minimising our impact on the environment by undertaking various energy-saving measures(Please refer to the section“Conservation of Energy”below for details).Our waste manage
186、ment initiatives are centered on the collection of wastepaper for recycling(Please refer to the section“Conservation of Paper”below for details).Illegal disposal of regulated electrical equipment is prohibited.We use environmentally friendly office supplies and place potted plants in our workspaces
187、in aim of reducing our offices carbon footprint and to create a greener working environment for our staff.We do not allow chemicals that are harmful to the environment and wastewater that contains hazardous substances to be discharged into water pipelines.Potted Plants in the workplaceANNUAL REPORT
188、2023/24STYLAND HOLDINGS LIMITED 31The Groups property development business includes a redevelopment project at Fei Ngo Shan Road,the occupation permits of which was obtained in April 2019.The interior decoration and other works for this property have been finished last year.Working closely with our
189、contractors,we implemented robust waste management protocols with reference to the environmental protection legislation to properly handle and dispose of all construction and demolition waste generated during the project.This included segregating waste streams,minimising landfill disposal,and explor
190、ing opportunities for reuse and recycling where feasible.Due to the remote location of the site,the impact from noise to the surrounding environment was not significant.The solid wastes from this project were handled according to the Waste Disposal Ordinance to minimise our impact on the environment
191、.The recyclable wastes were handled by the recycler,and non-recyclable inert and non-inert wastes were sent to public filling facilities and landfills respectively.The Group adheres to the relevant government laws and regulations regarding wastewater treatment and discharge.Apart from municipal soli
192、d management,our Group also focuses on the wastewater management,the contractor has obtained a license under the Water Pollution Control Ordinance for discharging our wastewater to the appropriate drainage and sewage.All of our wastewater has been treated according to the governments standards prior
193、 to discharge.32ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance Report2.Management of Resources UtilisationThe Group recognises its responsibilities to manage its resources and minimise its impact on the environment.Furthermore,the Group is devoted to ensuring all o
194、f its resources are utilised in an efficient and wise manner.Hence,we have set up a“Green and Low Carbon Office”and encouraged employees to adopt our management principles of 5S and 4R in the workplace.The“5S”are“Sort”,“Straighten”,“Shine”,“Standardise”,and“Self-discipline”;and“4R”refers to“Reduce”,
195、“Reuse”,“Recycle”and“Replace”.Having adopted and implemented these measures,the Group has made a positive impact on the environment and the Group.In addition to our resources being utilised more efficiently and wastes being reduced,our work efficiency was also enhanced.The implementation of these ke
196、y management principles has resulted in a win-win-win situation for our employees,the Group and Earth.(1)Conservation of EnergyThe electricity of the Group is mainly used for office illumination and electrical appliances.The Group has set up a series of measures that involve raising the electricity
197、efficiency of its electrical appliances to save energy and encourages its employees to adopt energy-saving habits for using our offices electrical appliances.Environmental PoliciesEnvironmental Protection MeasurementEnergy Saving Encouraging to switch off office equipment and electrical appliances w
198、hen they are not in use.Switching off the air conditioners and lights when the conference rooms are not in use.Selecting office equipment and electrical appliances with energy efficiency labels or high energy efficiency.Minimising the energy consumption of equipment under“Standby”mode by switching o
199、ff computers and electrical appliances.Setting the temperature of air conditioning in range of 24-26 degree Celsius.Analysing statistically the energy consumption every quarter.Optimising Lighting System Switching off the lights when the conference rooms are not in use.Placing lights where needed wi
200、th suitable brightness.Keeping lighting fixtures in good condition for efficiency maximisation.Opening blinds to take advantage of natural light.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 33To implement the“Green and Low Carbon Office”concept,the Group has adopted the recommendations provided by
201、China Light and Power Company Limited(CLP)and has posted the CLP guidelines in our offices to educate and encourage our employees to use different ways to save energy in the workplace.Specifically,we have prominently displayed EMSD(Electrical&Mechanical Services Department)leaflet throughout our wor
202、kplaces to serve as constant reminders for our staff on energy-saving habits.These posters provide clear guidance and visual cues to inspire our employees to be mindful of their energy consumption behaviours,such as turning off lights and electronics when not in use,adjusting temperature settings ap
203、propriately,and adopting other eco-friendly practices.By raising awareness and fostering a culture of environmental stewardship within our organisation,we empower our workforce to become active participants in our sustainability journey.Energy Saving Posters by EMSD34ANNUAL REPORT 2023/24STYLAND HOL
204、DINGS LIMITED Environmental,Social and Governance ReportIn the reporting year of FY2024,the Groups total electricity consumption amounted to approximately 145.22(000 kWh)and the intensity is 2.34(000 kWh per employee).This represents an increase compared to the previous years data with 67.6%,which c
205、an be attributed to a key factor which is the resumption of Normal Office Operations.Following the easing of pandemic-related restrictions,our offices have resumed their regular operating hours,resulting in extended use of computers,lighting,and air-conditioning systems.While the rise in our overall
206、 energy usage is understandable given these contextual changes,our Group remains committed to actively pursuing electricity reduction measures,promoting energy-saving practices among our employees and reducing the unnecessary energy consumption.We recognise the importance of continuous improvement i
207、n energy efficiency to mitigate our environmental impact and align with global sustainability goals.Moving forward,we will explore opportunities to implement more robust energy management systems,make use of energy-efficient equipment and technologies,and further engage our workforce in developing a
208、 culture of resource conservation.By setting robust targets and closely monitoring our energy consumption patterns,we aim to drive measurable improvements in our electricity usage in the years ahead.Gasoline is mainly used in the Groups vehicles for business purpose.The Group repairs and maintains i
209、ts vehicles regularly to improve their energy efficiency,reduce the extra fuel consumption and minimise exhaust air emissions resulting from the wear-and-tear vehicle parts.Our drivers plan the shortest route and fastest way to reach the destination before using the vehicles in order to maximise ene
210、rgy efficiency.They are mindful of switching off the engine while the vehicle is stationary to comply with the Motor Vehicle Idling(Fixed Penalty)Ordinance in Hong Kong to save fuel and avoid idling emissions.The Group analyses statistically the gasoline consumption regularly,and finds out the reaso
211、ns if abnormalities are found.In FY2024,our Groups gasoline consumption amounted to approximately 13.96 tonnes,representing an increase of 51.9%compared to the previous fiscal year.This rise in fuel usage can be attributed to the increased operational demands and business activities that required mo
212、re vehicle usage across our operations.While the uptick in gasoline consumption is understandable given the growth of our business,our Group remains committed to implementing measures that will help us decrease our overall fuel usage and environmental impact.To promote a more sustainable culture,we
213、are actively exploring ways to transition our vehicle fleet towards greener,more environmentally friendly options.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 35(2)Conservation of WaterWater consumption of the Group mainly comprised bottled drinking water and water from the washrooms of our offices
214、 that were strictly used for sanitary purposes.The bottled drinking water was purchased from vendors.The water from the washrooms that was used for sanitation was supplied and managed by the property management company.Although the Group did not face any water shortage problem during FY2024,it recog
215、nises the scarcity of water resources the environment could offer.The Group constantly reminds employees of their water usage habits and to be careful not to cause any negative impact on the environment,and hence the Group always encourages its employees to establish and practice the correct water u
216、sage concept,to cherish water usage in their daily lives and to avoid any kind of wastage.For example,our Group reminds our employees about water conservation practices from time to time including not using potable water and turning off the water tap.By equipping our staff with the knowledge and too
217、ls to become active stewards of water resources,we aim to cultivate a water-conscious culture that permeates throughout our organisation.Through these educational behaviours,we encourage our employees to take ownership of their water consumption habits and actively contribute.Water-Saving ReminderLa
218、bel by Water SuppliesDepartment(WSD)36ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance ReportThe water usage at the Groups offices is managed by the property management companies.Since the property management companies have not provided water usage data in relation t
219、o our office units,as such,we did not disclose the data in this ESG Report.Furthermore,our property development project was outsourced to a contractor,and hence,water usage data for the project was not disclosed in this ESG Report.Moving forward,we are committed to optimising our water management pr
220、actices driving further reductions in consumption.This will involve exploring water-efficient technologies and engaging with our employees to promote responsible water usage behaviours.(3)Conservation of PaperThe Group actively promotes the“Green and Low Carbon Office”policy and encourages its emplo
221、yees to save paper.We have also educated our employees on how to avoid wasting paper through various measures,and have reduced our reliance on paper-based documents.We distribute files in electronic format as much as possible in order to minimise photocopying and printing on paper.In addition,we enc
222、ourage online account opening,communicate with customers via email and instant messengers,and all new customers are using e-statement.Furthermore,we fully utilise both sides of paper,conserve and reuse our other paper supplies.For example,our employees are encouraged to reuse envelopes,paper files a
223、nd paper bags.With respect to our paper recycling efforts,we collect and pass the used and recyclable papers to the recyclers for handling.We place paper saving tips next to the printers and computers to provide suggestions to employees on the various ways they can save paper at the office.Our print
224、ers have been set to default to the duplex print mode to remind our employees about saving paper and to make the best use of paper.The Group counts its paper consumption regularly and finds out the reasons if abnormalities are found.As part of our ongoing commitment to environmental sustainability,w
225、e closely monitor and seek to optimise the Groups paper consumption across our operations.In FY2024,our paper usage amounted to approximately 1.37 tonnes,representing a substantial decrease of 40.7%compared to the previous year.In our day-to-day operations,the major non-hazardous waste we generate i
226、s paper.However,through the successful implementation of our environmental management policies,we have been able to reduce paper consumption across the organisation.This decrease in paper usage can be attributed to our increased adoption of electronic documentation and our concerted effort to reduce
227、 reliance on physical printouts.Our employees have been encouraged to print on both sides of the paper whenever possible,further optimising our paper usage.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 37(4)Hazardous Wastes&Packaging MaterialsGiven the nature of our business operations,the Group onl
228、y generates a little hazardous waste such as batteries,and no packaging materials in the daily running of our Hong Kong offices.In addition to our efforts to reduce non-hazardous waste,we also have robust protocols in place for the proper handling and disposal of hazardous waste generated through ou
229、r operations.For example,used batteries are segregated and placed in dedicated recycling bins to ensure environmentally-sound management.Moreover,when it comes to disposing of old or unwanted electrical and electronic equipment,we ensure that these items are handled in accordance with the“Producer R
230、esponsibility Scheme on Waste Electrical and Electronic Equipment.”This helps us responsibly manage the end-of-life cycle of our technologies and minimise the environmental impact of e-waste.We recognise the importance of responsible hazardous waste management and remain vigilant in ensuring that an
231、y hazardous substances or by-products that may arise from our activities are properly identified,handled,and disposed of in accordance with relevant environmental regulations and industry best practices.(5)OthersBeyond ensuring strict environmental compliance,our Group has also implemented a range o
232、f initiatives aimed at actively reducing our carbon emissions and waste generation.One key measure we have adopted is increasing the usage of ceramic mugs in our office pantries instead of single-use disposable cups when serving customers and visitors.Additionally,we have encouraged our employees to
233、 use reusable water bottles and cups,minimising the purchase and consumption of disposable alternatives.Our Group focuses on lowering our Scope 3 emissions by implementing measures to reduce the paper consumption.This aligns with the growing focus on managing and reducing the Scope 3 emissions,which
234、 we will continue to commit to the environmental responsibility.These targeted initiatives,combined with our steadfast commitment to environmental compliance,demonstrate our holistic approach to addressing climate change and promoting sustainable business practices.3.The Environment and Natural Reso
235、urcesThe Group is devoted to caring about and protecting the natural environment.We believe that everyone should take part in it and we hope to create a beautiful living environment together.In order for our employees to gain a greater understanding of the importance of their impact on the environme
236、nt,we have set up various policies and measures relating to environmental protection in order to reduce our carbon footprint and lessen our environmental impact while conducting our personal lives and business activities(refer to the sections“Management of Emissions”and“Management of Resources Utili
237、sation”above for details).38ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance ReportThe Group will continue to increase its investment in environmental protection,revisit and identify the sources of wastes produced in our day-to-day operations,and manage and monitor t
238、he Groups use of natural resources and other resources.We will continue to establish and implement effective measures including the promotion of energy conservation and emission reduction,extensive use of energy-saving products,and the best use of office resources to minimise our carbon footprint.We
239、 continue to promote employee awareness of environmental protection and resource conservation,and encourage our employees to fulfil their social responsibilities and obligations in the process of business development.4.Climate ChangeClimate change is causing extreme weather events more frequently an
240、d severely,often causing catastrophic damage.In recognition of the growing threat posed by climate change,our Group has undertaken a thorough assessment and evaluation of the potential physical and transition risks that may impact our business operations.This strategic exercise has provided us with
241、a deeper understanding of the climate-related challenges we may face,enabling us to develop robust strategies and plans to enhance the resilience of our organisation.Through this comprehensive risk analysis,we have identified and evaluated a range of climate-related risks,including:RisksPotential Im
242、pactsPhysical RiskAcute riskIncreased severity of extreme weather events such as intense storms,hurricanes,or floods which may impact the operational activitiesChronic riskProlonged periods of excessive heat can affect our Groups operations by causing power outages,equipment failures,potential healt
243、h and safety issues for employees.It may also impact the productivity and well-being of staff members.Transition riskPolicy and Legal RisksOur Group may be affected by the changes in government policies,regulations,or laws aimed at reducing carbon emissions and promoting sustainability.Market RisksC
244、ustomers may shift their demand for sustainable investments such as ESG integrated investment which could lead to financial losses for our Group.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 39By proactively identifying and assessing these climate-related risks,we are better equipped to implement ap
245、propriate mitigation and adaptation measures to safeguard the continuity and sustainability of our operations.This process has also helped us recognise potential opportunities that may arise from the transition to a more climate-resilient future,allowing us to strategically position our business lin
246、es to capitalise on these emerging prospects.Moving forward,we will continue to monitor and evaluate our exposure to climate-related risks,updating our risk management strategies and plans as necessary.Additionally,we will seek to enhance our disclosure of climate-related information in line with re
247、cognised reporting frameworks,such as the Task Force on Climate-related Financial Disclosures(TCFD),to provide our stakeholders with greater transparency on our climate risk management approach.Climate change is a major concern of governments around the world.Governments may change the related polic
248、ies,laws and regulations to deal with climate change.Therefore,the Group needs to change internal policies and measures,increasing the risk of facing various negative effects brought by climate change,which may increase operating costs.The Group believes that a robust response to climate change requ
249、ires the concerted efforts of all stakeholders.As such,the Group will continue to identify and address stakeholders expectations to optimise its environmental measures in order to achieve sustainable developments and create long-term value for its stakeholders and for society as a whole.The ESG targ
250、ets of the Group provide benchmarks and future directions for the annual review of progress in greenhouse gas reduction and resources conservation,and motivate more efficient actions to address climate change.5.ComplianceAt our Group,we place the utmost importance on ensuring full compliance with al
251、l relevant environmental protection laws,regulations,and industry standards.We are pleased to report that during the FY2024 reporting period,there were no confirmed non-compliance incidents related to environmental protection that had a significant impact on our operations.This achievement is a test
252、ament to the robust environmental management systems and processes we have implemented across our organisation.We have established clear policies,procedures,and monitoring mechanisms to identify,assess,and mitigate any potential environmental risks associated with our business activities.40ANNUAL RE
253、PORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance ReportIV.EMPLOYMENT AND LABOR PRACTICESThe Group has always regarded its employees as its most valuable assets.The Group adheres to its“employee-oriented”governance philosophy and has established a comprehensive talent manageme
254、nt mechanism to attract and retain competent talents for the sustainable development of its businesses.We are devoted to creating a non-discriminatory,equal,harmonious and safe workplace;building up mutual respect and good relationships with our people;encouraging our employees to be innovative,flex
255、ible and committed when dealing with our customers and to provide high-quality services to our clients.To achieve these goals,we offer career advancement opportunities to attract,develop,retain and reward our staff,and provide them with commensurate remuneration,personal growth and career developmen
256、t training,together with fringe benefits such as retirement benefits,paid vacation days and insurance.We also promote a good work-life balance to our employees and focus on our employees physical and mental health.Moreover,we encourage our employees to maintain harmonious interpersonal relationships
257、,promote the team spirit of cooperation and unity,bravely face difficulties and do their best to overcome challenges.The Group has strictly complied with Hong Kongs laws and regulations regarding employment and labor,including the“Employment Ordinance”(Cap.57),the“Employees Compensation Ordinance”(C
258、ap.282),the“Mandatory Provident Fund Schemes Ordinance”(Cap.485),the“Minimum Wage Ordinance”(Cap.608),the“Sex Discrimination Ordinance”(Cap.480),the“Disability Discrimination Ordinance”(Cap.487),the“Family Status Discrimination Ordinance”(Cap.527),the“Race Discrimination Ordinance”(Cap.602),the“Occu
259、pational Safety and Health Ordinance”(Cap.509)and other applicable requirements and standards.The relevant information will be described in detail in the sections titled“Employment”,“Health and Safety”and“Labor Standards”below.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 411.EmploymentThe Group has
260、 established an internal management system which specifies the requirements for recruitment,promotion,dismissal,working hours,rest periods,compensation,welfare and other benefits.(1)Recruitment,Promotion,Dismissal,Equal Opportunity,Diversity and Anti-discriminationThe Group always aims to recruit ta
261、lented people and develop their potential to the fullest so that our employees can grow with the organisation.The Group advocates equal opportunity,diversity and anti-discrimination,and has established and implemented a fair treatment policy.Our job candidates are selected based on their morality,kn
262、owledge,job skills and abilities,and regardless of their ethnic group,religious affiliation,gender,age or marital status.The policy applies to all phases of the employment relationship,including but not limited to,hiring,promotion,performance appraisal,training,personal development and termination.F
263、urthermore,we handle dismissal and compensation in accordance with the Hong Kong Employment Ordinance.Performance appraisals are conducted periodically for employees to provide them with constructive feedback regarding their job performance.The Group uses the data collected from its employee perform
264、ance appraisals strictly for its own human resource purposes such as for fairly assessing and determining the level of discretionary bonuses,subsidies,commissions,year-end bonuses,salary increments and/or promotion recommendations that are rewarded to employees.These rewards are based on a number of
265、 criteria including work experience,seniority,knowledge and skills,performance,contribution,etc.The Group also operated a share option scheme for the purpose of providing incentives and rewards to eligible participants who contribute to the businesses and success of the Groups operations.On the basi
266、s of equality,we hope to identify talents who are committed or dedicated to work,willing to take responsibility,willing to keep learning,willing to continuously improve their abilities and be willing to move forward with the Group.At the end of the financial year,the gender ratio in the workforce of
267、 the Group comprised 65%male and 35%female.The Group believes that the gender ratio of the workforce is within a reasonable range.The Group will review the effectiveness of the measures and practices against the actual circumstances of the Group and will adopt new policies when considered necessary.
268、In particular,the Group will continue to monitor the gender ratio and will aim at achieving greater gender diversity in hiring all positions across the Group,such as continuing to closely monitor the gender ratio within our employee base and taking concerted efforts to attract,develop,and retain a m
269、ore diverse talent pool.This will involve reviewing our recruitment practices,career development programs,and workplace policies to identify and address any potential biases or barriers to equal opportunity.42ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance ReportAs
270、part of this ongoing evaluation process,we will closely monitor the actual implementation and outcomes of our various initiatives,making adjustments as necessary to drive continuous improvement.This will involve regularly assessing the performance and impact of our programs,seeking feedback from our
271、 employees and other stakeholders,and benchmarking our progress against industry best practices.At the end of the financial year,the number of and distribution of the Groups employees are as follows:FY2024FY2023GenderMale4040Female2227Employment TypeFull-time6267Age Group18-304431-45242446-602328601
272、111Geographical RegionHong Kong5862Mainland China33Taiwan12Total6267During FY2024,the Groups employee turnover rate is as follows:FY2024GenderMale0%Female23%Employment TypeFull-time8%Age Group18-300%31-450%46-6022%600%Geographical RegionHong Kong7%Mainland China0%Taiwan100%ANNUAL REPORT 2023/24STYLA
273、ND HOLDINGS LIMITED 43In our ongoing efforts to enhance the transparency and reliability of our social impact metrics,we have adopted a revised calculation methodology as outlined in Appendix 3,Reporting Guidance on Social KPIs.The formula of turnover rate is L(x)/E(x)*100 which L(x)is the employees
274、 in the specified category leaving employment and E(x)is the number of employees in the specified category.By aligning our social performance indicators with the recommended calculation standards,we demonstrate our commitment to providing stakeholders with accurate and meaningful ESG disclosures tha
275、t allow for meaningful year-over-year analysis and benchmarking.(2)Compensation,Welfare and Other BenefitsThe Group attracts and retains outstanding talents with competitive remuneration packages to employees.We examine the salary levels of employees regularly to ensure they are up to the market sta
276、ndard.The Group benchmarks up-to-date remuneration data in its industry and strives to maintain a fair,reasonable and competitive remuneration scheme.Staff remuneration is structured based on the staffs knowledge,skills,work experiences and educational background with reference to our job requiremen
277、ts.Basic remuneration and benefits of employees include basic salary,paid vacation days,and insurance,etc.With respect to our medical insurance benefits for employees,depending on the nature of their medical claim,we provide our employees either a partial reimbursement or full reimbursement of their
278、 medical expenses arising from illnesses,accidents or emergencies.The Group pays contributions to the Mandatory Provident Fund schemes for all employees as retirement protection benefit.Moreover,our Group offers partial or full reimbursement of educational expenses for our workforce.This initiative
279、is designed to support our employees in upgrading their skills and knowledge,which can in turn generate potential revenue for the organisation through the application of these enhanced capabilities.(3)Working Hours and Rest PeriodsThe Group pays attention to its employees health and encourages its e
280、mployees to have a good work-life balance.Additionally,the Group has maintained a five-day work week,and complies with the Hong Kong Employment Ordinance to protect employees rights of rest days and holidays.All employees are entitled to rest days and certain leaves such as maternity leave,paternity
281、 leave,marriage leave,etc.44ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance Report2.Health and SafetyAs the operations of the Group are mainly executed in an office setting while no labor-intensive work is involved,the Groups occupational health and safety risks are
282、 relatively low.However,we continue to uphold one of our most important core values which is to protect and promote the health,workplace safety and well-being of our employees in the working environment.It is our stance that our employees health and workplace safety are our priorities and we have cr
283、eated a comfortable and safe working environment for our employees.The Group takes a comprehensive preventive approach on staff health and workplace safety,including illness and injury prevention.We have clear evacuation procedures to enable our employees to take sensible and immediate action in cas
284、e of a fire accident.All employees of the Group take part to give unconditional support to build a healthy and smoke-free working environment.We recognise that the air quality in our offices may affect our employees health.Furthermore,we promote the concept of“Green and Low Carbon Office”by decorati
285、ng our offices with indoor plants to provide our staff a comfortable working environment.There were no lost days due to work injury during FY2024,and no work-related fatality occurred in each of the past three financial years(including FY2024).3.Development and TrainingA high caliber corporate team
286、is critical to the sustainable and long-term business development of the Group.To this end,the Group has established a long-term talent development training strategy and has also encouraged its staff to continue to study and take on lifelong learning.New hires are provided with on-the-job training.T
287、he human resources department together with the supervisors of each business unit have provided employees with an introduction to the Groups corporate culture,as well as helping them gain industry knowledge and briefing new employees about their job duties.As part of the Groups businesses are manage
288、d through registered institutions under the Securities and Futures Ordinance and licensed insurance intermediaries,the Group has policies in place to maintain and enhance its employees technical knowledge and professional expertise;and also provide assurance to investors that our professional staff
289、have the necessary technical knowledge,professional skills and business ethics;and are able to discharge their job duties efficiently and with integrity.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 45During FY2024,our professional staff have participated in various internal/external training in the
290、 form of seminars.The training topics include Cybersecurity and Data Protection.Our Group has also placed a strong emphasis on enhancing our cybersecurity resilience.This has become increasingly critical given the growing prevalence and sophistication of cyber threats,as well as the evolving regulat
291、ory landscape in this domain.To ensure our workforce is well-equipped to support the Groups strategic objectives,we have implemented a comprehensive training and development program.Our training topics closely follow the trends in the financial industry,covering areas such as trading analysis,the ru
292、les and compliance requirements of the Stock Exchange.In addition,we provide tuition fee subsidies to the employees who are interested in taking courses that are relevant to our business or their job duties.We believe that encouraging our employees to take relevant courses to enhance their professio
293、nal knowledge and skills will bring potential benefits and contributions to the Group.We have introduced subsidies to encourage our employees to participate in a diverse range of courses,including those focused on accounting and language skills.We are empowering our employee to enhance their capabil
294、ities and stay abreast of evolving industry demands.During this reporting period,the percentage of trained employees is 34%.During FY2024,the percentage of the Groups employees trained is as follows:FY2024FY2023GenderMale67%68%Female33%32%Employee CategorySenior Management14%12%Middle Management57%4
295、8%Ordinary29%40%46ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance ReportDuring this reporting period,the average training hour of the employee is 6.1 hour per employee.The average training hours per the groups employee according to gender are as follows:FY2024FY2023
296、GenderMale6.356.50Female5.643.96Employee CategorySenior Management9.868.00Middle Management9.396.96Ordinary2.913.89Notes:The percentage of the Groups employees trained refers to the number of Groups employees trained within the reporting year divided by the sum of Groups number of employees at the e
297、nd of the reporting year and the number of employees resigned within the reporting year.For FY2024,the percentage of employees trained are calculated by T/E*100,which means that T=employees who took part in the training and E=Number of employees.For the purpose of improving data comparability,our Gr
298、oup has made necessary adjustments to the figures reported for FY2023.The average training hours refers to the number of training hours of the employees within the reporting year divided by the sum of the Groups number of employees at the end of the reporting year and the number of employees resigne
299、d within the reporting year.For FY2024,the average training hours is calculated by TH/(x)/E(x)which means that TH(x)=total number of training hours for employees in the specified category and E(x)=number of employees in the specified category.For the purpose of improving data comparability,our Group
300、 has made necessary adjustments to the figures reported for FY2023.4.Labor StandardsThe Group respects human rights and prohibits unethical hiring practices including child and forced labor.The human resources department reviews the identity documents of the applicants during its hiring process to p
301、revent child labor.Furthermore,we have implemented various measures to prevent any forms of forced labor.For example,detention of employees identity card or other identification documents is strictly prohibited,employment contract is signed by the employee on a fair and voluntary basis,any form of p
302、hysical abuse,assault,body search or insult,or forcing an employee to work by means of violence,threat or unlawful restriction of personal freedom are all forbidden.Our employees may be asked to work on a Sunday or a statutory holiday due to special events,and their consent must be obtained in advan
303、ce to avoid forced overtime work.Our employees are compensated in accordance with the applicable labor laws and regulations.In case any possible violations are found,the Group will immediately take countermeasures to rectify and eliminate such violations as soon as possible,so as to ensure complianc
304、e operations.5.ComplianceDuring FY2024,the Group was not involved in any non-compliance incidents relating to employment,health and safety,and labor standards that have a significant impact on the Group.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 47V.OPERATING PRACTICES1.Supply Chain ManagementThe
305、 Group has communicated with service providers and business partners its environmental issues and expectations,and hopes that its service providers and business partners can cooperate with the Group to work together to fulfil the Groups social responsibility to its communities.The Group also aims to
306、 maintain long-term,stable and strategic cooperative relationships with its service providers and business partners,and cooperates with its service providers and business partners on the basis of equality to achieve a win-win situation.In order to establish an efficient and green supply chain system
307、,we select service providers and business partners that have good credit history,good reputation,high service quality,proven track records of environmental compliance and sound commitment to social responsibility.We do not conduct performance reviews of our service providers and business partners on
308、 a regular basis,as we channel our time and resources towards effectively controlling our Groups product and service quality.There were no major suppliers due to the nature of the Groups businesses.2.Service ResponsibilityThe Group is dedicated to providing high quality and professional services wit
309、h the highest degree of integrity at competitive rates.We always strive to exceed our clients expectations.Moreover,client satisfaction is vital to our future growth and to maintain sustainable development.We summarise below our approach in achieving this aim and the significant efforts that we have
310、 put into its operations:(1)Licenses and RegistrationsWe have established a team of financial specialists and insurance intermediaries that possess the necessary licenses required by laws and regulations.They are dedicated to providing quality and professional financial services including investment
311、 services and insurance products to our clients.To avoid any doubt regarding the fitness,appropriateness and professional qualifications of our financial specialists and insurance intermediaries,they are mandated to undertake sufficient hours of continuous professional training each year for regulat
312、ed activities(refer to the section“Development and Training”above for details).We also hold money lending licenses which enable us to provide relevant services to our clients in compliance with laws and regulations.48ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance R
313、eport(2)Know your ClientUnder our financial services,mortgage financing and insurance brokerage core businesses,the Group conducts“know your client”background reviews prior to opening accounts for new clients and prior to offering new clients our insurance products.This is to ensure that the most su
314、itable financial services and insurance products are provided to clients and to build up our customers confidence in our financial team.Prior to account opening and product offering,we carefully verify the clients identity,business nature,investment objectives,insurance objectives and experience,ris
315、k tolerance level,financial status,occupation,age,etc.and obtain relevant documents as proof and for our record keeping.We review and update our client profiles periodically.For the insurance brokerage services,the Group conducts suitability assessment before giving regulated insurance advice.In con
316、ducting the assessment,the licensed technical representatives take reasonable steps to understand our clients objectives,needs and wants,as well as their financial situation.After such assessment,the licensed technical representatives will source a sufficient range of relevant insurance products fro
317、m a sufficient range of insurers to offer our clients.The Group upholds high standards of integrity and professionalism throughout its businesses.In addition to the very strict account opening procedures that we have,we also have our anti-money laundering policy and procedures for our staff to follo
318、w for preventing financial crimes.(3)Customer Data Protection and Privacy PoliciesWe handle our clients personal data carefully with caution and in accordance with the“Personal Data(Privacy)Ordinance”(Cap.486)and requirements under other applicable laws and regulations.All client personal data are k
319、ept confidentially and securely.We have to inform clients about the purpose of collecting their personal data and to whom their data will be transferred(if the recipient is related to the Company).All client personal data collected can only be used for the sole purpose as agreed in advance.We have t
320、o obtain the clients consent prior to disclosing such information to other parties whenever necessary.We have also established stringent data management policy,and set up adequate IT access control and measures to prevent data leakage and to prevent the hacking of our information system.For example,
321、physical access control,firewall,anti-virus software,regular security patch,etc.We also provide information security guidelines to educate and remind our employees about the importance of information security.ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED 49(4)Customer ComplaintsWe established our po
322、licies and procedures in handling client complaints with reference to our code of conduct.The directors and top management of our subsidiaries are informed immediately once client complaints are received and the details and relevant documents must be properly kept.The complainers must be told how th
323、ey can follow up and check the status of their cases with the inspection department.All client complaints have to be investigated immediately and handled properly following the instruction of the directors or top management of our subsidiaries.The inspection department might assist in the investigat
324、ion whenever needed.All staff involved in the complaints are not allowed to participate in the investigation.In case that the incident cannot be remediated promptly,the complainers will be informed about alternative solutions that are available to the complainers under the applicable regulatory syst
325、em.The Group did not receive service-related complaints during FY2024.(5)IntegrityTo ensure the sustainable growth of the Groups businesses,we require all of our employees to conduct our businesses with integrity and in compliance with the applicable laws and regulations.As employees,it is important
326、 that they understand the Groups core values.To this end,we have communicated the Groups core values to our employees.All staff members of the Group,including directors,management and general staff are required to adhere to our internal code of conducts.In case of conflict between the code of conduc
327、ts and the laws and regulations from the regulators,the stricter of the two must be followed to an extent that the local laws and regulations are not violated.(6)Intellectual Property RightsThe Group respects intellectual property rights.Employees are not allowed to possess or use copyrighted materi
328、al without the permission of the copyright owners.By safeguarding our intellectual property in accordance with the Trade Marks Ordinance(Chapter 559)of the Hong Kong Special Administrative Region,we aim to preserve the value and integrity of our brand assets,which are central to our corporate identi
329、ty and business operations.(7)ComplianceDuring FY2024,the Group was not involved in any violation or non-compliance incidents relating to customer services that had significant impact on the Group.Furthermore,the Group did not receive any complaints concerning breaches of customer data privacy,loss
330、of customer data and intellectual property rights.50ANNUAL REPORT 2023/24STYLAND HOLDINGS LIMITED Environmental,Social and Governance Report3.Anti-corruptionThe Group firmly believes fairness,honesty and integrity are the important commercial assets of the Group.To comply with the“Prevention of Brib
331、ery Ordinance”enforced by the Hong Kong Independent Commission Against Corruption and other applicable laws and regulations,we have strengthened our internal control system,built honesty and trust,set up our operation mission with abidance by law,integrity and quality services as its cores.Incorpora
332、ting with the practical circumstances of the Group,we have strengthened the system,brought the discipline inspection and supervision works into the operation process,ensured there were channels for reporting in strict confidentiality of cases of obtaining personal interests in carrying out ones job
333、duties,briberies,extortion,fraud,money laundering in breach of policies,laws and regulations.Disciplinary actions such as termination of employment will be taken against those employees who are in breach of the Groups code of conducts.We will keep on improving our whistleblowing system and are determined to combat corruption and contribute to building a clean society.To comply with the anti-corrup
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