Business Activity - Zero Fintech
Business Activity
The Group will actively review its loan portfolio and risk control status; conduct more comprehensive assessments of collaterals and exercise stringent loan application requirement to minimise default risk.
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Property Investment and development
The Group's completed properties for sale - Ever Success Plaza, comprising of over 440 residential units standing on 3 levels of commercial arcades and car parks, is located at a convenient and prime location with a river view in Zhongshan, Guangdong Province. The competition in the property market in Zhongshan is keen as there are abundant supplies of properties with modern design.
Money Lending
Although the Coronavirus Disease 2019 ("COVID-19") pandemic has posed extraordinary challenges for Hong Kong's economy since early 2020, our money lending business still achieved satisfactory and healthy growth for the year of 2021. The acquisition of Zero Finance Group, which was completed on 30 October 2020, has strengthened our money lending services by having an automated mobile application "X Wallet", which is supported by unique financial technology. The number of registered users of "X Wallet" increased from 43,489 as at 31 December 2020 to 62,765 as at 31 December 2021. The number of current customers of "X Wallet" increased from 4,384 as at 31 December 2020 to 8,269 as at 31 December 2021. The increase in number of current customers improved the results of unsecured loan and generated a revenue of approximately HK$54 million during the year ended 31 December 2021.
Meanwhile, X8 Finance Limited ("X8 Finance") will focus on providing mortgage loans for purchasers of residential properties in Hong Kong. Though there was a general recovery of the economy, the overall economic activity remained below the pre-pandemic level and the loan demand remained relatively subdued. The management will cautiously carry out the money lending business in Hong Kong. With the economic uncertainty and potential challenges, the management will carefully assess the credit worthiness of the borrowers as well as the quality and leverage of the mortgaged properties.