[Hong Kong, March 26, 2024] Cathay Pacific Junan International announced its annual results for the year ended December 31, 2023. Under the pressure of the global financial market and the challenging environment of the Hong Kong capital market, the Group demonstrated an active and steady management strategy and strong risk management capabilities. Annual revenue increased 39% year over year to HK$3,217 million, and profit attributable to common shareholders jumped 150% year on year to HK$201 million.
The company is committed to returning investors' long-term support and recognition with a high payout ratio. The Board recommended a final dividend of HK$0.01 per share. Together with the interim dividend of HK$0.01 per share already paid on September 27, 2023, the total annual dividend would be HK$0.02 per share, with a dividend ratio of 95%.
Dr. Yan Feng, Chairman and Executive Director of Cathay Pacific Junan InternationalHe said, “Despite the challenges of the 2023 market, with our diversified business strategies and focus on wealth management and institutional services, we have achieved excellent results of a sharp jump of 1.5 times in profits against the market. In the future, we will continue to vigorously develop our wealth management business, adhere to the direction of customer demand business development, provide customers with richer products and services, and build a comprehensive and leading comprehensive financial services platform.”
Fully upgrade the digital wealth management platform
Relying on technological empowerment, the Group has comprehensively upgraded its digital wealth management platform, created customized products and service models for high-net-worth customers, and used intelligent means to accurately locate the needs of retail customers. The Group launched “Junhong Global Connect”, a safe and fast global investment application, and is continuously upgrading to optimize the user experience. At the same time, in response to market changes, the Group created the HKD/USD money market fund and cash management product “Huicaibao” to provide customers with more investment options during the high interest rate cycle.
Vigorously develop customer demand-driven financial products business
In 2023, in the face of a complex market environment, the Group will continue to promote financial products business driven by customer needs, enhance cross-border transaction capabilities, and provide customers with tailor-made comprehensive solutions. During the year, the Group successfully obtained a number of important business qualifications in the industry, such as the first batch of overseas eligible participants in the “Swap Connect”, the first batch of eligible market makers in the “Hong Kong Dollar-RMB Dual Counter Model”, and the “Southbound Connect” market makers of Bond Connect, further consolidating its leading position in the industry.
Build a comprehensive, full-cycle corporate financing service ecosystem
In 2023, in a market environment where the amount of financing in the stock and bond market was declining, the Group continued to deepen business linkages with the parent company, provided full-cycle corporate financing services, and completed 4 Hong Kong stock IPO sponsorship projects. It ranked among the Chinese peers in terms of number of projects and financing amount, including “China Hydrogen Energy A+H First Stock” Yihuatong, “First Humanoid Robot Stock”, and assisted 26 companies to raise capital in the stock market as an underwriter.
Risk management protects the long-term development of the business
The Group insists on risk management as the cornerstone of its operations. During the year, the company received the long-term issuer rating of “BBB+” by the international credit rating agency Standard & Poor's and Moody's reaffirming its long-term issuer rating of “Baa2”. The rating outlook was “stable”, maintaining a leading position among Hong Kong's Chinese peers.
Building a sustainable green financial service platform
The Group actively promotes sustainable development, completed sponsorship and underwriting for the listing of new energy companies such as Yihuatong, and completed the issuance of 35 ESG bonds for customers. The total issuance scale of sustainable finance-related projects exceeds HK$80 billion. In 2023, on the basis of three consecutive years of decline in total greenhouse gas emissions at the operating level, the Group achieved carbon neutrality at the operating level for the first time by subscribing to carbon credit assets. At the same time, the company was highly recognized by international ESG rating agencies. Following MSCI's (MSCI) upgrading the Group's ESG rating, Standard & Poor's raised its ESG rating in 2023, leading the global industry by nearly 80%.
Outlook 2024
In 2024, Guotai Junan International will adhere to a steady and progressive business strategy, adhere to a customer-demand-oriented business development direction, vigorously develop wealth management services, promote cross-border financial services, and expand customer resources and diversified revenue sources. At the same time, the Group will accelerate digital intelligence transformation, give full play to the role of regional linkage, accelerate the coverage of Southeast Asian and global markets by leveraging the individualized advantages of its Singapore, Vietnam and Macau subsidiaries, and strive to provide customers with comprehensive financial services and systemic solutions to fully meet customers' overseas asset allocation needs.