News & Updates · Annual Reports
Nasdaq listed Oriental Culture Holding Ltd. (OCG.US), a member of HKFAEx Group Limited, announces its annual results after IPO.
The Group’s operating revenues for 2021 increased by 115.6% to US$37.6 million, and net incomes increased by 458.8% to US$11.4 million, both record highs. The art and collectible market has bounced back and our business operation has returned to normal as COVID-19 pandemic has mostly been under control in China, and the positive global financial market sentiment resulting from the optimism around vaccine rollout, encouraging signs of early economic recovery, and continuing government stimulus measures, fueling global market confidence. Thanks to the encouraging market environment, a record breaking 199 products (2020: 188) were newly listed on our two trading platforms, and the number of new accounts this year were more than double to last year.
Undaunted by the impact of COVID-19, although OCG’s operating results were negatively affected during the first half of 2020, it has bounced back strongly as the epidemic in China was quickly brought under control and economic activity gradually returned to normal in the second half of the year. OCG’s operating revenue for 2020 was $17.4 million, up 29.7% from $13.4 million in 2019, a record high. However, due to rising operating costs during the COVID-19 pandemic, coupled with listing expenses, and the upfront investment of Oriental Culture to expand its business expansion and system upgrades, Oriental Culture's net profit fell by 77.5% from US$9.1 million in 2019 to $2.1 million in 2020.